Homework on Finality - Questions

Blockchain and Bitcoin 101
#4096

Once transaction is done it’s impossible to change it, undo or manipulate.

All transactions are transparent and you don’t have to trust any authority to be sure all data is true. You trust the math and the protocols.

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#4097
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has been done, it cannot be withdrawn or modified.
  2. How does this lead to the trustless environment that blockchain creates?
    You can trust the other party because they can’t reverse transactions. All transactions are public.
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#4098

  1. When a transaction is done, it can’t be undone.

  2. Because you can’t undo a transaction the blockchain will always be transparent and trustless. It is a system that runs on a network of nodes. All of the nodes need to be in consensus with each other to preform a transaction. If one node has different data then the other nodes, this will be noted by the other nodes ( who all have a copy of all transactions ) and the transaction will not be accepted in the blockchain.
    In a centralised database you will alway have a third party that is able to remove or adjust the data. It means that you have to trust the third party that they don’t change anything or remove anything.

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#4099

Homework on Finality
1- That’s means once a transaction happens can not be undone.

2- Because you trust only the math and protocols within the network you will be able to do business with a stranger.

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#4100
  1. It means that once a transaction has been done, it becomes irreversible. It allows for scam free interactions.
  2. The trustless environment it’s reached because all the participants trust in the system that has been based on the laws of physics and math. All transactions are transparent and visible to everyone.
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#4101

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

You cannot reverse the transaction!

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

People cannot call up their bank on reverse the transaction! but at the same time everyone can see you made the transaction. Also BTC can only be spend once and no double or infinite spending of funds.

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#4102
  1. the transaction is permanently added to the blockchain and can’t be tampered with.
  2. no need to verify the person you’re doing business with as the blockchain is the proof of the transaction that has happened. There is trust in the protocol.
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#4103

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    If a transaction is sent it is final. If you made an mistake, sorry there is no way to get It back.
    This means there is no trust involved. We trust the system and the protocol. We can verify it mathematically

  2. How does this lead to the trustless environment that blockchain creates?
    We trust the system and the protocol. We can verify it mathematically and this is why you do not need a trust

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#4104

it means once the transaction is sent or verified. it cannot be reversed and it cannot be changed.

2 This leads to a trust-less environment as it means everything needs to verified and once itsa sent its visible and set in stone it cannot be changed. Everyone can verify transactions so no needs trust anymore

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#4105
  1. Transcations can not be reverted. Charge Back does not exist.
  2. You can mathematically prove the transaction. If it was sent it’s also going to reach it’s recipient.
    The paying Party can’t physically revert the payment.
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#4106

  1. Once a transaction has been sent within blockchain it cannot be undone, ever. Each and every transaction on blockchain is finalized once sent and cannot be changed ever again.

  2. This leads to the trustless environment that blockchain creates because everything is based on math and protocol, leaving no room for trust and only for verification of truths.

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#4107

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been completed and the network agrees, it cannot be undone and it cannot be changed. – it is immutable

  2. How does this lead to the trustless environment that blockchain creates?
    You are not relying on or trusting a central resource. It is based on the maths, the protocol, and the consensus reached by the network.

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#4108

  1. transactions can never be restored or switched back. Only forward, not backwards

  2. because the blockchain is basically physic and maths. You can not not trust something that is true.

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#4109

  1. It means that once a transaction has happened, it has happened and you can´t take it back. It is impossible to charge it back.

  2. Because you can´t scam the system, you can always trace a transaction and we can always verify it. There is no way to reverse it.

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#4110

1.It means that once the transaction is done it can’t be reversed or cancelled.
2.Because everything can be verified therefore you can do business with strangers without having to worry about anything.

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#4111

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

A blockchain is said to have finality/immutability because each individual node on the network holds its own, updated, verified copy of the ledger, and this ledger cannot be tampered with, without miners on the network rejecting the new ledger as fraudulent. This decentralized network then, has assurances built in to the protocol that the current state of the ledger is true, and any transactions made cannot be reversed or cancelled, giving the transaction finality and immutability. This process of creating finality holds true for data such as supply chain records and merchandise inventory, as well as financial transactions.

Question 2) How does this lead to the trust-less environment that blockchain creates?

Blockchain creates trust-less environments by not expecting end users to trust the intentions of any one centralized person or group. It achieves this by utilizing a decentralized network of nodes and miners that use financial incentives to confirm and update transactions on the ledger, this ledger is held by every node on the network, can be freely audited, and provides transparency to transactions. No trust is required, only a sophisticated use of mathematical protocols and code.

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#4112

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that when a transaction happens, it happens. It is final and there is no way to reverse it.

  2. How does this lead to the trustless environment that blockchain creates?
    There is no need for trust, since you rely solely on math and protocol. You can do business with people you don’t know and they can’t scam you.

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#4113

1. What do we mean when we say that blockchain has transaction finality/immutability?
Finality in blockchain means that all transactions are final. This makes it so there is no potential for scammers to do chargebacks after receiving a product. This is a great thing for people that need to make sure that their payments are final and confirmed, however, this does require users to be very certain they are using the correct addresses and that the people they are paying will deliver.

2. How does this lead to the trustless environment that blockchain creates?
Finality leads to a trustless environment in blockchain because all the transactions are documented in the block forever. Transactions cannot be changed or reversed by a third party, and they are supported by the consensus of the network which allows for exact final transactions to occur and remain forever as they are originally meant to be once confirmed.

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#4114

1. What do we mean when we say that blockchain has transaction finality/immutability?
Transactions cannot be reversed. Once the transaction is verified, it is final and cannot be removed from the blockchain.
2. How does this lead to the trustless environment that blockchain creates?
Blockchain allows senders and receivers to transact without needing to trust that the transaction would not be reversed. Because of finality, each transaction is final, as trust is placed in the network rather than individuals.

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#4115

1.) It means that after you send a transaction, you cant get the transaction back or change something in it afterwards.

2.) You dont had to trust your customers, when the payment is at your wallet its finality. They dont can get the money back to scam you.

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