Homework on Finality - Questions

Blockchain and Bitcoin 101
#3655

On blockchain you stipulate a smart contract with your client. The smart contract is locked on blockchain and nobody can change it. When the contract is filed you get paid.

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#3656

you answer to me? :thinking:

#3657

  1. That the is no way to change or to cancel a transaction after you get the confirmation.

  2. Noone can change or cancel a transaction on his behalf .

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#3658

  1. Once on the blockchain, a transaction cannot be reversed, removed or changed.

  2. A transaction on the blockchain will be visible to everyone. Both sides donā€™t need to try to decline the transaction, because itā€™s registered on the blockchain.

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#3659
  1. Once confirmations is done, it can not be reversed.
  2. It leads to a total trust-less environment because you can do business with total strangers which you do not have to trust at all.
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#3660
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Money can not be spended double and there is no possibility to revert the transaction

  1. How does this lead to the trustless environment that blockchain creates?

Transactions can be verified, trust is not needed anymore.

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#3661

** 1. What do we mean when we say that blockchain has transaction finality/immutability?**
Once a Transaction is sent to block for confirmation etc. the Approved/confirmed transaction is FINAL, irreversible. It is written in stone.

2. How does this lead to the trustless environment that blockchain creates?
By not depending on the trust method but more the verification process, it doesnt matter whom whe know or trust as the verification hashes are truly out of our control.

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#3662

  1. Reverse transactions are not possible on the Blockchain, once a transaction is complete it is complete and cannot be undone.

  2. We do not need to trust that the person/company we are having the transaction with will not scam us or trick us because the Blockchain is so transparent. Once a transaction is completed on the Blockchain we are safe in the knowledge that it is completed 100% and verified 100%.

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#3663

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Since we know the transaction was not double spent the miners can audit in real time the transaction is legit and final.

  2. How does this lead to the trustless environment that blockchain creates?
    Consensus between the miners indicate the transaction is real, there is nothing else to prove.

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#3664
  1. Blockchain transaction finality/immutability refers to the fact that once a transaction has occurred on the blockchain, there is a permanent, inalterable record of it that cannot be reversed.
  2. This finality/immutability leads to a trustless environment by removing any ability to alter records of transactions. Hence, once the transactions are ā€œwritten in digital stoneā€ and they cannot be altered, there can be no argument presented that counters the fact that the transaction occurred, and occurred in the manner recorded.
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#3665
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transaction finality/immutability means once transaction has happened and was confirmed, it canā€™t be changed or reversed.

  1. How does this lead to the trustless environment that blockchain creates?

That just means that we can transact with strangers feeling safe and sure that funds will not be reversed etc.

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#3666
  1. Once the transaction has taken place, there is no way to reverse it.
  2. This means that strangers can do business because there is trust in the system - itā€™s irreversible and cannot be duplicated.
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#3667

Finality- Homework
1- It means that any transaction recorded in the chain is final and cannot be changed whatsoever in any way
2- When a transaction is done and put into the chain, both aprties of it, know for sure it is done and no one of them can reverse it or cancel it in any way. Trust is not needed.

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#3668
  1. What do we mean when we say that blockchain has transaction finality/immutability? - Itā€™s a one way destination. Once it is delivered, it is irreversible. So the transaction canā€™t be manipulated.
  2. How does this lead to the trustless environment that blockchain creates? - Trust the mathematical protocol to do the right thing without blindly accepting the information. Verification by global network through consensus and provenance.
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#3669

1.)Fimality/immutability concerning the Blockchain is that when a transaction is done it is final and can not be reversed or manipulated.
2.)trustless environment is created because transactions are executed and logged by the math algorithms programmed and identical in each node. There is no human interaction we need to rely on as a point of trust.

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#3670

  1. Once a transaction has happened, it is not reversible.

  2. You are able to work with strangers. You can always be sure valuables can not be reversed or information wonā€™t be altered.

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#3671
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction takes place and said funds are sent and confirmed, there is no way to recover/manipulate and/or reverse the blockchain to recover the fundsā€¦ Yourā€™re S.O.L!!!

  1. How does this lead to the trustless environment that blockchain creates?

the transactions are immutable

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#3672

  1. It means that the transaction can not be removed or reversed. Once it has occurred, it is on the blockchain forever. e.g. No charge backs.

  2. It means that we can do business with complete strangers with out fear of being scammed. We do not have to trust each other, we only trust the network.

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#3673

Homework on Finality - Alecā€™s Answers

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transactions as recorded arenā€™t changeable. Once set in the ā€œstoneā€ thereā€™s not way to erase or rewrite it. Once you see someone Bitcoin or another cryptocurrency, itā€™s a permanent exchange that canā€™t be taken back.

  2. How does this lead to the trustless environment that blockchain creates?
    Because the transactions are permanent and the record is public, thereā€™s no need to count on a third-party to facilitate, record and verify a transaction between two parties. The transaction must go through if it can and it must be recorded if it goes through. Trust held or facilitated by a middle man/bank is unnecessary.

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#3674

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is confirmed it cannot be taken back or returned.

  1. How does this lead to the trustless environment that blockchain creates?

Transactions cannot be reversed or duplicated. The only creation of new funds is through mining.

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