Homework on Finality - Questions

[Corb23]

1. The transaction cant be reverse. No one can call the bank and cancel it.

2.If no one can cancel the transaction, you know it will happen. the protocol gonna do it.
You dont have to trust anymore.

[Hi-de-ho-neighbor]

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?- Once the transaction has been completed, it can not be altered.

2. How does this lead to the trustless environment that blockchain creates?- Users understand that the transaction is final and cannot be altered, therefore there is no possibility to change the transaction or revoke a payment as an example after the transaction is complete.

[spk]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   There are no “chargebacks” or reversals of transactions on the blockchain. Once it is on the ledger, it is there forever and cannot be altered.

2. How does this lead to the trustless environment that blockchain creates?
   You can do business with total strangers without fear of them ripping you off by claiming they never received what you sold them and calling the bank to dispute the transaction, for example. All transactions can be verified.

[Holt]

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

This means once a transaction happens it cannot be reversed.

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

This creates a situation where people no longer have to trust institutions or individuals. instead we trust the protocol and this leads to a trustless environment.

[bbss]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   A transaction, once it happened, it cannot be reversed.

2. How does this lead to the trustless environment that blockchain creates?
   You don’t have to worry that a specific transaction will be reverted by a central system, once it happened.

[CryptoDance]

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
   When a transaction has finality, it can not be reversed.
2. How does this lead to the trustless environment that blockchain creates?
   It’s prevents either party from being able to back out of a transaction once the transaction has been completed.

[Eduardo_Carrillo]

• What do we mean when we say that blockchain has transaction finality/immutability?
  That. you can not reverse any transaction that has been made.
• How does this lead to the trustless environment that blockchain creates?
  In the fact that you wont scammed when you are trading with anyone, even a stranger.

[Dianne]

1. What do we mean when we say that blockchain has transaction finality/immutability? Once confirmed the transaction is final and cannot be changed - Global protocol.
2. How does this lead to the trustless environment that blockchain creates? Trust is not a factor due to protocols - based on math- verified and confirmed automatically.

[gmean1.618]

1. The transaction cannot be reversed.

2. Neither the customer or the merchant require trust. The blockchain is all that is required to make business between strangers.

[Nat-hathai]

1. Once you execute the transaction, the network will record that particular transaction which is final. It is done and cannot be canceled or deleted. It takes out the “Trust” component because blockchain transaction holds a “Proof of Work”. It thus creates an immutable record or finality.

2. With this, one needs not have trust in the counterparty since the technology is used by the network using math to verify the facts. Therefore, it takes trust out of the equation.

[Igneos]

1. The transaction is final and cannot be undone.

2. It prevents the parties involved in the transaction from backtracking after the transaction should have been final. Therefore, there is no need to trust that the other party will ethically complete their part of a deal.

[Craft]

1. What do we mean when we say that blockchain has transaction finality/immutability? Transactions cannot be reversed, modified, or deleted. No counterparty reversals.
2. How does this lead to the trustless environment that blockchain creates? Removes trust because of math protocols.

[Schafishere]

1. Once verified by miners, a transaction cannot be versed…no charge-back!
2. It means I can do business with stranger’s without having a third party verify the transaction…it’s trust less!.

[JonathanAllen]

1. Transaction finality means that once a transaction is added to the blockchain it can not be removed .

2. This leads to a trustless environment because the infrastructure of blockchain allows strangers to connect, interact, and trade without the fear of scams.

[Ruben_Silva]

1. We mean that once a transaction its made there is no going back. Its made and its final!
2. For example. online sales, if I want to buy something or receive, I don’t have to trust in no one, I can just trust the math and immutability. This makes business with strangers much easy because we don’t need to trust them, we just need to trust in the protocol and math.

[SopheeDee]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   The transaction is irreversible. It cannot be changed or cancelled.

2. How does this lead to the trustless environment that blockchain creates?
   Again, because the trust is in the protocol, which is based on maths and physics, relating to the mining process.

[DeyanG]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   once a transaction is confirmed you can’t be revised.
2. How does this lead to the trustless environment that blockchain creates?
   You have the grantee that if someone makes a verified transition it can’t be rolled back

[Chapin]

1. It means that once a transaction is in the network. It cannot be reverted.
2. Because you know that once you see a payment on the way, you will get it.

[leewizza]

1. that once a transaction is complete it cannot be reversed.
2. because noone can scam someone saying they never received the goods and do chargebacks. it gives merchants confidence they are paid as soon as the transaction complete, not days after, if at all.

[crilee]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   • That a transaction is irreversible.
2. How does this lead to the trustless environment that blockchain creates?
   • That we don´t need to rely on trust for a transaction to be followed through.