Homework on Finality - Questions

Blockchain and Bitcoin 101
#3955
  1. each transaction cannot be reversed.
  2. as we trust the protocol not the people.
1 Like
#3956
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cant be reversed and that removes a lot of trust.
  2. How does this lead to the trustless environment that blockchain creates?
    Its simply not possible to get your products f.e. but cancel the payment process afterwards.
1 Like
#3957

1 once transaction has happen, there no way to get it back.
2 people trust the network, we can transac with strangers all transaction is verified, we can pin point everything. we can easyly track any user that is not honest.

1 Like
#3958

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    There is no way to change registered transactions. Each transaction is final and can’t be reversed. The transaction are stored and distributed on the blockchain network.

  2. How does this lead to the trustless environment that blockchain creates?
    Each user can be sure that the transaction will be valid and can’t be cancelled afterwards. You don’t need to know or trust the opposite party.

1 Like
#3959

  1. By saying that blockchain transactions have finality we mean that the blockchain transaction cannot be reversed by the sender once the transaction has been confirmed by the network.

  2. Finality lends itself to creating a trustless environment in that I place my trust in the blockchain network and its protocols and not in the person with whom I am transacting business.

1 Like
#3960
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • It means that once a transaction has happened it has happened and there is no way to get it back. It will be in blockchain forever.
  1. How does this lead to the trustless environment that blockchain creates?
  • Once you send me money, I have it. There is no physical way for you to chargeback this money. No way to scam me. It’s impossible to reverse it. Finality is very important when we want to remove trust when we make business with strangers for example.
1 Like
#3961

  1. when you send it and it is confirmed that’s it. so always check address :slight_smile:

  2. if we agree on something and “make the deal” i cant sudenly change my mind and want my things back.

1 Like
#3962

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

  • The transactions can’t be reversed and modified.

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

  • All transactions are public and final, you trust in the system and the math, not the partner you have business with.
1 Like
#3963

  1. When we say that blockchain has a transaction finality we mean that once the transaction has been verified there is no way to receive your money back.

  2. This leads to a trustless environment because once somebody has paid for you good or service they cannot contact their back to issue a payment reversal. It is physically impossible to get your money back once the transaction has been verified so people can’t scam their money back from you after you’ve given them a good or service.

2 Likes
#3964

  1. Once $$$ is sent/received it is final, even if sent to an incorrect address.

  2. Mitigates fraud, as trust in the process and the protocol not a stranger or business, etc. mathematically confirms validity of transactions.

1 Like
#3965
  1. This means that once a transaction is written to the blockchain it cannot be removed or altered.
  2. This eradicates the exposure of fraudulent activity within the blockchain adding to the security protocols, it also means that once a transaction to the blockchain is made it cannot be reversed or manipulated so the transaction is instantly verified.
1 Like
#3966

  1. Why is it important for blockchain networks to be high availability networks? Because if the network will crash or stop working nobody will trust it any more and the system will collapse and bitcoin will lose all value.

  2. What is it that enables blockchain networks to have such high availability? - Because the network is running - 24/7/365, Nodes are incentivized for mining so each node wants to be connected all the time.

1 Like
#3967
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once something is done in the blockchain, the action is final and irreversible, public and everlasting.

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

Third parties or middlemen are removed and replaced by transparent codes that cant be altered or modified. The code is law. The network does the verification.

2 Likes
#3968
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions in the blockchain are permanent and cannot be changed once completed.

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

These transactions do not rely on a promise to provide something other than the exchange of information providing the ability for strangers to do business with each other without needing to trust one another to perform after money is exchanged.

1 Like
#3969
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction happened/confirmed – it is final, and it cannot be reverted. We cannot call to the Bitcoin bank and say that this transaction should be cancelled as mistake happen. So, this means that every transaction cannot be changed anymore, and will be imprinted in the blockchain network forever.
  2. How does this lead to the trustless environment that blockchain creates?
    This immutability of transactions (not possible to revert) leads to a possibility of making transactions between strangers – without a need to trust each other. When transaction is verified there is no need in trust.
1 Like
#3970
  1. It means transaction will be with us forever. Are we happy about it or not it doesn’t matter.
  2. If transaction once executed always be with us we will forget about many frauds that could happen with us so we now have more trust. Less fraud -> more trust
1 Like
#3971

1 - transaction finality/immutability means that once a transaction happens and it is confirmed it can not be reversed or edited.

2 - it removes the need to trust because transactions on a blockchain can be mathematically verified.

1 Like
#3972

Homework on Finality

  1. What do we mean when we say that blockchain has transaction finality/immutability? If a transaction is send its send no way to get your money back. No charge back

  2. How does this lead to the trustless environment that blockchain creates? Transactions received are safe of charge backs and i can be sure i will not get scammed.I don´t have to trust my transaction partner. I can trust and rely on the blockchain and the network.

1 Like
#3973
  1. Once a transaction has gone through it can’t be reversed.
  2. We don’t need to trust the person, only the blockchain (not blind trust, but a trust based on maths)
1 Like
#3974
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    a- Blockchain has transaction finality and immutability in the sense that transactions cannot be reversed. This allows for a trustless relationship on the network.
  2. How does this lead to the trustless environment that blockchain creates?
    a- Finality and immutability leads to a trustless environment because you are essentially trusting the network protocol rather than the other side of the transaction. Blockchain enables real time payments that cannot be reversed unlike traditional centralized finance today.
1 Like