Homework on Finality - Questions

Blockchain and Bitcoin 101
#3795
  1. When we say that blockchain has transaction finality/immutability, we mean that each transaction that has been made cannot be removed or changed because when a transaction is validated it becomes a part of a blockchain and is therefore immutable.
  2. This leads to a trustless environement because not transactions made can be manipulated by any party involved.
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#3796

  1. What it simply means is that once the transaction is is written on the blockchain, there is no possibility of it being reversed.

  2. It leads to the trustless environment because no one can cheat when it comes to this. It is governed by mathematics and mining and proof of work which eliminates the need to trust a 3rd party or group of individuals who have the tendency to lie.

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#3797

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

We mean that in the blockchain, transactions cannot be reversed.

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

Strangers can transact with each other without the risk of their end of the trade not being met. They donā€™t have to trust one another, only need to trust math

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#3798

1 When a transaction happens there is no way of going back. It is phisicly impossible to reverse.

2 After doing a monetary transaction wont be a possible scam from others because there is no way to reverse it.

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#3799

  1. It can not be reversed. Once a transaction is confirmed itā€™s permanent.

  2. Transactions canā€™t be undone or money canā€™t be taken back.

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#3800
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has happened it can not be reversed and will be on the blockchain forever.

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

This finality/immutability removes trust. You can do business with people you donā€™t know because you trust the network/system/protocol.

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#3801

Meaning you canā€™t get it back or scam.

I makes business with strangers easier.

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#3802
  1. It means that when a transaction occurs, they canā€™t be undone, erased, or changed. They are recorded forever.
  2. It makes it impossible for businesses and customers to scam one another by claiming either that a transaction never took place or that payment was never made. It shifts the trust from the actors to the blockchain network.
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#3803

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that transaction(-s) have no way back, once it is done, it can not be cancelled

  2. How does this lead to the trustless environment that blockchain creates?
    This means that everybody trust system (blockchain), all work on same rules and nobody has to trust nobody as we all trust on same system which can not be changed.

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#3804

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once the transaction happened it canā€™t be canceled or reverted

  2. How does this lead to the trustless environment that blockchain creates?
    This is very important because it removes trust. We can do business with strangers.

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#3805
  1. It means that when transaction is made it cannot be revoked or rescinded by any manner.
  2. In the theory it allow a user to do business with a stranger and donā€™t trust him
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#3806

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

The buyer canā€™t do chargebacks.

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

The seller doesnā€™t have to trust the buyer.

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#3807
  1. You cannot reverse a transaction.
  2. Because you do not need to trust people or organizations, just the algorithm
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#3808

1)Once it is confirmed. Itā€™s done. No way back.
2) Everyone can check the transaction. Plus, this canā€™t be irreversible so it doesnā€™t matter if I trust a stranger. Once the deal was confirmed it canā€™t be tricked.

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#3809

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Every transactions approved by the block chain is final. No reverse or canceling of transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    Customers, merchants, no one can lie in terms of transactions. If something was done in the blockchain it is final.

1 Like
#3810

  1. What do we mean when we say that blockchain has transaction finality/immutability? ā€” cannot ever be returned, changed or removed, impossible. Itā€™s there forever

  2. How does this lead to the trustless environment that blockchain creates? ā€”-since itā€™s ensured itā€™s there forever, no able to deny, everything is verified mathematically

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#3811

1)It means once a transaction is done it canā€™t be reversed
2) As a transaction is irreversible one canā€™t do any scams and strangers can trust each other

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#3812
  1. Once a transaction has been made and verified by the network, it can no longer be changed, itā€™s final and remains forever on the blockchain.
  2. Since the transaction cannot be changed, you can do business with anyone worldwide and trust the net/protocol and the mathematics behind this system instead of having to trust an individual.
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#3813
  1. when a transaction is created and processed, its there, it cannot be changed.
  2. Its creating an environement where strangers dont have to trust each others because the can alwais verfy on the blokchain. Trust de maths
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#3814

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    If itā€™s gone, itā€™s goneā€¦there is no way to reverse it nor retrieve it.

  2. How does this lead to the trustless environment that blockchain creates?
    You can easily verify certain transactions and decide what to do with it.

1 Like