Homework on Finality - Questions

Blockchain and Bitcoin 101
#3895
  1. No trust involved, ans transactions are inreversible.
    2.it provides security.
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#3896
  1. It cannot be changed mathematically or physically.
  2. Blockchain is written in digital stone. Therefore it removes human trust and replaces it with mathematics and physics. The payment is made and it reflects immediately. Lack of the human element gets rid of a lot of trust in humans and replaces it with maths and physics. Once a transaction has been made it cannot be reversed.
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#3897

Transition finality or immutability means once the transaction has been approved or verified, its done. It can’t be reversed.

This leads to trustless environment because once transaction is confirmed it can not be undone. You can not try to scam sender saying you never received bitcoin or any other crypto. It is in the blockchain.

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#3898

  1. Once a transaction has happened, it has happened. There is no way to reverse it.

  2. No way for a chargeback scam, you can do business with complete strangers and verify everything.

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#3899
  1. the blockchain records every transaction once it is verified on the network and once it is recorded you can not remove the transaction from the blockchain.
  2. this leads to a trust less environment because now we rely on math and protocol.
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#3900

-There is no way of reversing the transaction, through the system that is.

  • No chargebacks, and there cannot be fraud in that sense. Strangers can do business more easily-
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#3901
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction once made cannot be changed or deleted afterwards.
  2. How does this lead to the trustless environment that blockchain creates?
    One can trust the protocol and doesn’t need to trust a specific person or organisation.
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#3902
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been made it cannot be reversed and a record of it is stored permanently on the blockchain.

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

Payments for goods or services cannot be reversed at a later time.

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#3903

  1. this means that the transaction is irreversible

  2. it relies on facts, maths and protocols - it does not rely on a person’s transparency or honesty (or the lack of)

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#3904

1.It means you can do business with someone and not be afraid to be scammed by them. can do business with strangers.

  1. Well since we know blockchain is hard to tamper with and transactions can’t be reversed.
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#3905

1 - means that the protocol is anti-scam anti-fraud anti-bug anti-falsification

2 - the block solidity structure is empowered by the increasing chain structure which create an efficient and strong network

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#3906

1.cuz transactions cannot be revoked.
2.we can do business with anyone cuz both the parties are replying on mathematics and physics.so doing business with strangers is not an issue.they cannot scam you.

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#3907

  1. Once the transaction has been done, there is no way to undo it.

  2. As it is technically impossible to cheat, therefore it is pointless to even try.

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#3908

  1. This means that once a transaction has been finalized, it cannot be reversed. The blockchain basically has no delete or eraser built into it and because of the network consensus it cannot be reversed.

  2. It leads to that environment due to the finality of the transaction. You don’t need to have faith that both parties will uphold a transaction because a completed transaction cannot be reversed or edited.

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#3909

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

Every transaction in the blockchain is final and cannot be changed or retracted.

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

Since users cannot claim that transactions never happened, or that a transaction was fraudulent, this removes trust and makes it possible to do business with strangers. Instead of trusting strangers or organizations to act honestly, trust is placed in the network and underlying math.

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#3910

  1. It means, once a transaction is made and wrapted up in a block, it can´t be changed.

  2. In case of a transaction bewteen strangers, people can be sure that if a transaction has been made it´s irreversable.

My question: If someone promises me a new shirt, I pay the shirt but never recieve it, wouldn´t my money be just gone, with no chance of getting it back?

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#3911
  1. Blockchain has transaction finality as the transaction is nonreversible once confirmation occurs across the decentralized network. It creates trustlessness as the users are relying on the protocol.
  2. Blockchain creates a trustless environment because rather then placing trust on a single entity or person, the trust is placed on the protocol or the math behind the protocol to confirm the transaction which makes it final & immutable.
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#3912

Answers:

1: Blockchain finality/immutability means that once a transaction has been confirmed no one
can go back and change the transaction, it is set in stone.

2: Transaction finality/immutability in decentralized blockchain leads to a trustless
environment because all prior transactions can be verified to see if a transaction really
occurred.

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#3913

Yes, the merchant would have to send you the money back in a new tx because the tx you used to pay for the shirt can’t be reversed. :slight_smile:

#3914

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

Transactions cannot be reversed.

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

All transactions are stored and cannot be modified or erased, no matter what they can’t be cancelled or reversed.

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