Homework on Finality - Questions

Blockchain and Bitcoin 101
#4056

1 What do we mean when we say that blockchain has transaction finality/immutability?
There is no way to get a transaction back, change, or delete it after it has been finalized. No chargebacks or things of that nature.

2 How does this lead to the trustless environment that blockchain creates?
It allows you to make transactions with people or customers that you do not know because there is no reliance on trust as you can verify the transaction mathematically. The block has been created in public record and can not be altered.

2 Likes
#4057

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means transactions are final and can not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Finality removes the trust because you can trust the network and protocol to verify the transactions mathematically, and no chargebacks can happen since itā€™s not reversable.

2 Likes
#4058
  1. What do we mean when we say that blockchain has transaction finality/immutability?

We mean when we say that blockchain has transaction finality/immutability that it cannot be removed from the blockchain. It stay on it forever.

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

This lead to the trustless environment that blockchain creates because it is verified mathematically and cannot be changed. A merchant or a customer cannot do a chargeback. It eliminates scamming as there is proof of work that is carried out by miners who produce blocks.

1 Like
#4059

  1. Transactions that have finality cannot be undone or changed. Once a transaction has happened, it has happened and is final.

  2. This leads to a trustless environment because the party sending and receiving cannot lie or change any details about the transaction once the transaction has occurred.

1 Like
#4060

  1. Once confirmed it is practically impossible to reverse a transaction.

  2. Dealing with strangers becomes easier as you can be sure that once the bitcoin hits your wallet the sender cannot cancel/recall the money.

1 Like
#4061

Once the transaction is confirmed - cannot be cancelled it is done!
you dont need to worry or trust anyone ā€¦ it is done !

1 Like
#4062
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality alludes to an idea where once an exchange has been finished, it canā€™t be returned. All in all, if an exchange has been committed to the blockchain, it will not be revoked or moved back. This feature is particularly significant in monetary organizations, where once an exchange is completed, the customer can be sure that the exchange is unalterable and final.

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

The term trustless alludes to the distribution of trust between users, as opposed to a central entity. No single entity can rule or control this network, and regardless of whether a few elements attempt to enforce some regulations, they can only go so far because the network is owned collectively by its users instead of a single entity.

1 Like
#4063

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are final, irreversible, so once it happened there is no way to remove it

  2. How does this lead to the trust-less environment that blockchain creates?
    With blockchain we donā€™t need put our trust on any third party but instead verify everything mathematically trough the network and protocol

1 Like
#4064
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transaction is final, it can not be undone, modified or deleted.
  2. How does this lead to the trustless environment that blockchain creates?
    Seeing that the transaction cant be undone, modified or deleted it leads to trust in the Blockchain
1 Like
#4065
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been made it cannot be reversed/charged back. All transactions are final.

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

Because for example if someone was to buy something with lets say PayPal from my website. The product arrives at their house and then they go and tell PayPal that it was a scam. They get the money back Iā€™ve lost my product and money. With Blockchain there will never be that uncertainty whether or not you ever get paid.

1 Like
#4066

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

We mean that any transaction on the blockchain is irreversible, it cannot be altered when its processed in any way.

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

The blockchain enables trust by making it possible for strangers to interact financially, because the trust issue lies in the network itself. The mathematical infrastructure determines the trust in itself.

1 Like
#4067

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction has been done it is physically impossible to reverse it.
2. How does this lead to the trustless environment that blockchain creates?
You donā€™t need to worry about fraud and you donā€™t need to trust the person with whom you are doing the transaction. Once the transaction is done the money is yours.

1 Like
#4068
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transactions has been sent it is final and you canā€™t get it back or cancel it if it has been confirmed. Finality is a one way street one a transaction has been completed it can not be reversed in addition immutability means the information contained within the block can not be changed or removed only added to.

  1. How does this lead to the trustless environment that blockchain creates?
    Everybody can verify every transactions so nobody needs trust anymore. It is up to all parties to take responsibility for the terms they agree as they data can not be reversed or changed. It is the non compromising rules of the network that allow money to be sent without knowing or having to trust the other party as the network provides the consensus.
1 Like
#4069

1.) Once a transaction is confirmed, there no way to get the money back.

2.) Once i get BTC in my wallet, i can trust the protocoll 100% that my BTC will not get refund (if noone else have the private key).

1 Like
#4070

1-Transactions submitted and processed by miners on the blockchain is now final. It cannot be reversed or modified.
2-The inability to change, delete or reverse blockchain transactions creates an environment where trust of others (centralization) is not needed, therefore ā€œtrustlessā€.

1 Like
#4071

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

We mean that once a transaction is confirmed, it cannot be reversed, hidden, removed, or altered in any way.

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

All transactions are public and trust is in the network of computers, not central 3rd-party authorities to verify them, approve them, etc.

1 Like
#4072

  1. What do we mean when we say that blockchain has transaction finality/immutability? once a transaction has been verified and added to the ledger it cannot be removed.

  2. How does this lead to the trestles environment that blockchain creates? you are not relying on a third party for verification of a transaction. You know that once it is verified and added that it is final and cannot be removed or modified.

1 Like
#4073

1. What do we mean when we say that blockchain has transaction finality/immutability?
When a transaction is made on the blockchain it can not be removed - itā€™s final and there is no way to do a charge back.

2. How does this lead to the trustless environment that blockchain creates?
Because all transactions are immutable and no one can do a charge back - there is no trust needed in transactions or a central authority.

1 Like
#4074

Once a transactions has been made it cannot be undone or changed

Because all the participants needs to verify the actions being made

1 Like
#4075

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that it is not possible to reverse the transaction once it is completed. If I send BTC to someone, its not possible for me to take it back, to dispute the transaction, etc.

  2. How does this lead to the trustless environment that blockchain creates?
    It removes the possibility for fraud in the form of chargebacks. It makes the transaction final and irreversible. There is no trust required on either end of the transaction. Once it is completed it is complete and that is that.

1 Like