Homework on Finality - Questions

Blockchain and Bitcoin 101
#4076
  1. Transactions are writen on blockchane and can’t be undoned or changad
  2. We don’t need to trust to anyone as transactions are writen down in blockchane and everyone knows that
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#4077
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once transaction is done, it cant be amended, canceled or funded,
  1. How does this lead to the trustless environment that blockchain creates?
  • once the transaction is confirmed its stored forever without being able to delete it, or fake it, therefore one cant lie and try claim it back via fraud statements.
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#4078

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that all transactions are final and cannot be reversed also they can never be manipulated. Creating yet another digital stone.

  2. How does this lead to the trustless environment that blockchain creates?
    Goes back to high availability creating space for transparency meaning all transactions are being reverified multiple times without mistakes.

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#4079
  1. We mean that once a transaction is confirmed on the blockchain there is no way to change or remove the transaction from the blockchain.
  2. Parties will trust the network and protocol and do not need to trust each other in order to trade. No transaction can be reversed.
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#4080

  1. adding information or transaction is possible but removing or changing is not.

  2. Like Ivan said: no more trust in the stranger is required. The job of providing trust is done by the system.

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#4081
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once the transaction is on blockchain it is irreversible. It cannot be undone.

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

The trust is in the network itself, which works based on the protocol that every user of the network abides. The transactions are verified mathematically and that makes it possible for us to do business with strangers without relying on trust.

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#4082

  1. Once a transaction has happened, there’s no way to reverse it or change it. The example used is payment via BTC. Once the payment has been sent, it can not be reversed.

  2. It leads to a trustless environment, as businesses can expect payments made to be upheld. One doesn’t have to trust another, you can simply trust the network and it’s protocols.

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#4083

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When we say the blockchain has transaction finality/immutability it means that once a transaction is made it is final and it cannot be changed, charged back or removed. It remains on the public ledger forever.

  2. How does this lead to the trustless environment that blockchain creates?
    The blockchain creates a trustless environment through finality and immutability because it verifies each and every transaction or application and therefore eliminates any possibility of scams or false information.

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#4084
  1. Fanality means that once a transaction has happened there is no way of removing or reversing it. e.g if you send me BTC, then afterwards there is no way for you to get that BTC back.
  2. This means that all transactions are final and creates a trustless environment because if you pay for goods online you know that you will be receiving them. Solves the online charge back problem where customers are lying about not receiving goods.
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#4085
  1. They cannot be reversed.
  2. When people don’t have to trust the system do what it does this creates a trustless system
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#4086

Once a transaction happened on the network it happened and cannot be changed anymore. Hence it’s final. Final stop. No going back anymore.

Since the participants of the network know this rule of finality the don’t need to trust a person or company. They know that if the transaction has been done it’s done - no going back anymore. Hence users trust in the system of consensus and verification.

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#4087

  1. Transactions cannot be undone/reversed or changed.

  2. Transactions can not be reversed

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#4088
  1. What do we mean when we say that blockchain has transaction finality/immutability? - once it’s registered in the blockchain as accepted and confirmed, you cannot take it back/storno, cannot delete it, cannot reverse it. it’s written in the “digital stone”.
  2. How does this lead to the trustless environment that blockchain creates? - strangers can do business with each other, you don’t need to know them or trust them, you trust the protocol.
1 Like
#4089

  1. Transaction finality means that it is by default impossible to tamper with data (adjust or erase it). It means that the data is there to be accessed and seen forever (however long that is nowadays :slight_smile: ) once it has been created and verified by consensus.

  2. This creates the trustless environment by making separate data verification or approval obsolete. There is no need for someone to confirm to all parties involved in the transaction or simply observing it that it happened, it also means that there is no need to obtain trust that this particular data set is the "original’ or complete one - as there is only one original final complete data set.

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#4090
  1. When we say that blockchain has transaction finality/immutability, we are saying that any interaction that occurs on the blockchain is final, cannot be changed, and cannot be broken or scammed. A new transaction must be made on the blockchain if funds are to be sent back.
    2.This leads to the trustless environment that blockchain creates by creating a record that is permanent and easy to check for truth with the consensus of the network since if a transaction happens on the blockchain, it is permanently logged and can be verified across the network.
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#4091
  1. Once a transaction has been made it is irreversible, it remains permanently on the ledger.
  2. This then eliminates the possibility of sleight of hand, and thus a party need not impart trust to the third party for a transaction to occur.
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#4092

Once a transaction is made, it is not reversible like it is with the banks where customers could reverse a charge to have a way out with scammers.

Once a transaction is on the blockchain, it can’t be reversed. This in itself creates a trustless environment since there is no third party, like a bank, to decide if the transaction should be reversed.

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#4093

  1. The transaction is final and cannot be changed or reversed. If it goes through then it stays in the blockchain system for forever.

  2. We know that transactions will not be manipulated by customers or merchants and all the transactions will be final, hence, there is no central authority verifying this process.

1 Like
#4094

1 What do we mean when we say that blockchain has transaction finality/immutability?
Transactions in the blockchain cannot be reversed or modified. When you send your bitcoin to someone it’s theirs now.

2 How does this lead to the trustless environment that blockchain creates?
Strangers can do business with each other. No need to trust a person, just trust the network.

1 Like
#4095
  1. It’s final and can’t be changed.
  2. Because it is mathematics behind we don’t have to trust a person or company.
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