Homework on Finality - Questions

Blockchain and Bitcoin 101
#382
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are unreversible and unchangeable once confirmed.Information in the blockchain cannot be changed or edited - just added to.
  2. How does this lead to the trustless environment that blockchain creates?
    As your transaction is public (in the case of BTC at least), and as the transaction cannot be changed or undone, the need for trust is removed making dealings with strangers no issue.
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#383

1: Blockchain has finality due to the fact that a certain Transaction can be put into the blockchain (by mining it), but never can be taken out once it is in there. Other blocks have been build on top of the previous onceā€™ and therefore if one block would be taken out, it is like a chain being broken. Every node has the prove that a Tx has been accepted in the network. To chance that, you would have to convince the whole network.
2: The thrustless environment of the blockchain network is being created by the fact that 2 parties involved in a Tx, do not have to thrust each other, but they thrust the network to be honest and correct. Both parties are equally ā€˜involvedā€™ without having to thrust the counterpart.

#384

Homework on Finality - Questions

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

Answer: Once a transaction is sent, it is confirmed by the miners, thereby being recorded on the blockchain forever and there is no way to reverse or refute what has been done.

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

Answer: The blockchain cannot be scammed by either the seller or the buyer. Everything is confirm by math and physics. There is a physical trace/track that is recorded on the blockchain and never goes away.

#385

  1. Blockchain transactions have finality because they are irreversible.

  2. It is a trustless environment due to the blockchainā€™s PoW.

#386

  1. That itā€™s physically impossible to change/reverse a transaction.

  2. You can transact with strangers without any trust needed. Instead we trust in the network/protocol based on math/physics that we can verify at all times.

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#387
  1. by that we mean: wen a transation happen it happen, it canĀ“t be reverse. You canĀ“t charge your money back. There is no scam.
  2. it is irreversible. We can make business with strangers, we dont need to trust, we verify everyting on the network.
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#388
  1. Itā€™s unchangeable. Itā€™s final. No amendments. Error? Your error.
  2. There is no double spend. Itā€™s trustless because itā€™s immutable and itā€™s final.
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#389

  1. thereā€™s no turning back, once transaction happen, if something wrong with it, there is no reversal

  2. the transaction canā€™t be attach to a single entity, meaning that the idea of it that everyone can prevent themselves from double spending

#390

Homework on Finality - Questions

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

When the trasactions is done you cant remove it, go back and change it . Its finality.

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

The miners on the blockchain makes this trustless. ƍts mathematics its not one person that make its trustless.

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#391
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Ones a transaction has hppend, itā€™s final, no chargeback
  1. How does this lead to the trustless environment that blockchain creates?
  • no chargeback or canceling of transaction
#392

Here we mean that miners are incentivized to make money by keep mining blocks with transactions that gets into the bitcoin network. (mempool) So we know as long as humans are greedy to get mining rewards, The network will process transactions 24/7. So we can always send money around the globe cheaply and almost instantly

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#393

Homework on Finality - Questions

  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?

ANSWER:
1 - Once a transaction has been approved, it cannot be undone.

2 - Block the scammers to carry on attacking the system as we speak.

#394

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is complete it is final, it cannot ever be changed or reversed

  2. How does this lead to the trustless environment that blockchain creates?
    there is no trust involved you donā€™t need to know the person or business because the network is trustless, you trust the maths

1 Like
#395

1.What do we mean when we say that blockchain has transaction finality/immutability?
Feature off the blockchain which means once a transaction happened, it happened and there is no way off getting this back/reverse it
2.How does this lead to the trust-less environment that blockchain creates?
Because the finality the ā€œtrustā€ is removed instead we can verify which replaces the ā€œtrustā€

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#396
  1. Transactions canā€™t be changed once they are confirmed
  2. Ppl switch they trust from other people and third parties to protocols
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#397

Once a transaction happens itā€™s final
We donā€™t have to trust anyone

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#398

1.Transaction cannot be reversed,it is final.
2.You donā€™t need to trust anyone,no third party,you can do business with strangers easily.

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#399
  1. what does it mean when we say that blockchain has transaction finality/immutability?
    on the blockchain once a transaction is verified, it cannot be changed or removed.
  2. how does this lead to the trustless environment the blockchain creates?
    you need only trust the math that blockchain uses to verify truth. can trust strangers because the transaction will be verified.
#400

  1. The Ledger has transactions, information, that cannot be reversed or altered. The information that in on chain is accurate, verified, and is updated every 10 minutes indefinately.

  2. The trustless environment consists of the information contained in the blocks. The value on the blockchain helps the retail industry with charge backs. The payment has been made. The supplier has delivered. Deal done. Trustless.

#401

1- Once a transaction or contract is submitted and verified, it canā€™t be reversed.

2- There is no worry over trusting strangers

1 Like