Homework on Finality - Questions

Blockchain and Bitcoin 101
#3695

  1. Once a transaction happens it can not be reversed. This means that all sales are final, they can not be removed from the blockchain.

  2. This creates a trustless environment due to the mining and proof of work in a single transaction. There is physical proof of the transaction occurring.

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#3696
  1. That transactions are irreversible
  2. Once the transaction has been made it canā€™t be modified, therefore the deal is sealed .
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#3697
  1. Once a transaction is done, it canā€™t be changed or canceled.
  2. We donā€™t need a third party to verify the transactions and once itā€™s done, is permanent.
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#3698

  1. Finality/immutability can be expressed metaphorically as transactions being engraved into a digital stone (block). Unlike chalk on a blackboard in comparison (centralised databases cough) information on the blockchain can not be wiped and/or altered meaning once a transaction happens its set in stoneā€¦i mean blockā€¦chain.

  2. It leads to a trustless environment as trust in a human or authority is no longer the a key component of business but rather the verifiable mathematics of the blockchain protocol governs expectation/execution. This combats current issues like chargebacks as sellers will not have to trust that customer will not abuse the chargeback system.

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#3699

  1. once the transaction is on the network it cannot be change stays there forever.

  2. The transaction can verify so nobody needs trust anymore. The people trust in the system(blockchain)

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#3700
  1. What do we mean when we say that Blockchain has finality/immutability ?
    Once a transaction has occurred, it
    cannot be undone.
  2. How does this lead to the trustless environment that Blockchain creates?
    Strangers may do business with one
    another because there is no way for
    either party to change or go back on
    the transaction.
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#3701
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction occurs, eg BTC sent from one address to another, it cannot be undone.

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

We trust the protocol and laws of physics because it does not allow for chargebacks etc to occur, where the value you received in exchange for something else to be taken away.

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#3702
  1. The blockchain is unchangeable and all transactions are final and irreversible.
  2. No third parties or middlemen to depend on.
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#3703
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be reversed, removed, or altered in any way they are final.
  2. How does this lead to the trustless environment that blockchain creates?
    Everyone knows all transactions are final, there are no opportunities for scam transactions.
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#3704

  1. The transaction has finality means that it cannot be reversed. Once a transaction is on the blockchain it is there forever.

  2. This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks.

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#3705
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?
  3. A transaction cannot be reversed - once sent and confirmed it is final.
  4. It is verified mathematically because of mining and POW.
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#3706

  1. A transaction on the blockchain has finality/immutability because it is proven mathematically in a speedy fashion and cannot be reversed once the transaction block has been added to the blockchain.

  2. Once the Block has been added to the blockchain, it is there for all to see. Trust is no longer in the equation. No more he said, she said.

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#3707

  1. Once you send a payment with Btc as an example it is final and there is no way to reverse the transaction.

  2. You donā€™t have to put your trust in a stranger since there is no way they can do a chargeback or something along those lines.

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#3708

  1. Finality means that once a transaction has occurred, it cannot be edited (immutable).

  2. Once a transaction has become immutable, then the network can verify without a doubt that the transaction has occurred, without the need to trust anyone but the math.

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#3709
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that the transaction cannot be reversible and there is no cancel the transaction once the funds has confirmed. There is no central authority that have control to direct system thru out the transaction.

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

This means that the system using the blockchain abides to the law and principle of math and physics which it was designed without having to trust a central authority to keep it running.

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#3710

once a transaction is confirmed on the blockchain , it cannot be reverted.

no third party involved, Transactions are immutable

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#3711

  1. That when a payment has arrived to the seller/recipient, itĀ“s final.

  2. In the way that we donĀ“t need to trust someone to be able to make business aka give a loan etc. You just rely on the system of verification.

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#3712

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

It means once a transaction happens it cannot be reversed or changed in any way.

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

The fact that transactions cannot be reversed or changed after they happen means that people donā€™t have to rely on trust but on the integrity and finality/immutability of transactions provided by the blockchain network as a means of verification. Hence, removing trust from the equation and creating a trustless environment where people can do business with complete strangers.

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#3713

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

We mean that when we put transactionā€™s data to the blockchain we cannot remove or edit them.

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

We donā€™t need to trust a group of people but the mathematical algorithm of the blockchain protocol.

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#3714
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • A block exists forever and after it has been verified can not be changed. It is immutable. So a single transaction once it has been process can not be changed, undone or copied. It exists as a single immutable state within a block.
  1. How does this lead to the trustless environment that blockchain creates?
  • Even though immutability makes mistakes that much more painful, it removes the threat of predators that would try to manipulate the transaction data. Now that the data exists on the blockchain it is immutable and since it has been verified by a decentralized network as legitimate, there is no need to seek out trust of from a single authority.
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