Homework on Finality - Questions

Blockchain and Bitcoin 101
#4136

  1. It cannot be altered or reversed.

  2. It means you can do business with complete strangers in the knowledge that the system, network and protocol is safe based on mathematical protocol and that mining+proof of work=verification.

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#4137

  • What do we mean when we say that blockchain has transaction finality/immutability?
    it cannot be altered once it is recorded on the blockchain.

  • How does this lead to the trustless environment that blockchain creates?
    people donā€™t need to thrust each other. The blockchain will tell the truth

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#4138
  1. It means that once transaction is confirmed you cannot reverse it
  2. Because you cannot reverse transaction you cannot be scammed that way and this is removing the need for trust
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#4139

Assignment:

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • It means that one a transaction or data point has been added, its non reversible, meaning the decicion is final, forever.
  1. How does this lead to the trustless environment that blockchain creates?
  • All parties verifies the information so no trust is needed for information to be saved.
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#4140
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A: It means that all transactions are final and canā€™t be reversed and the trust is in the network via mathematical protocol thatā€™s verified.

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

A: By verifying via mathematical protocol.

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#4141
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That transactiomns cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    Through the fact that no-one have the possibility to reverse a transaction, so everybody trusts the decentralized network and not an intermediary
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#4142
  1. Finality means transactions are irreversible. Once it has been done, it is done. You can not take it back on blockchain.
  2. This leads to the capability of doing business with strangers as nobody can cheat other parties.
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#4143

once transactions are confirmed and in the public ledger these can not be removed or reverted.
Participants trust in the protocol since all transactions are verifiable and confirmed mathematically by the network

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#4144

  1. By finality, we mean that the transaction cannot be reversed. It is permanently a part of the blockchain and is immutable.

  2. Because of itā€™s permanent nature, we donā€™t have a middleman who could reverse transactions after the fact.

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#4145

Homework on Finality - Questions

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

-Essentially, it means that the transaction is irreversible: no ā€œcharge backsā€ allowed, once a transaction is made: it cannot be altered or nullified.

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

-By being open, verifiable, transparent, and immutable, blockchain creates a trustless environment that allows complete strangers to interact and transact together.

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#4146

1- transactions cannot be altered or deleted once they have been recorded here

2- because we trust this network system, we do not even need to trust strangers from across the globe while doing business with them.

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#4147
  1. Once a transaction is entered on the blockchain it cannot be changed or removed.

2.There is no need to trust because all transactions/entries can be verified.

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#4148

  1. The transactions cannot be reversed. Once transactions have occurred on the blockchain you canā€™t get your tokens/coins back.

  2. A vendor or consumer donā€™t need to worry about the other party calling the bank / for a transaction reversal. You can do business with a stranger an not have to rely on them being trustworthy.

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#4149
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been confirmed it is there forever on the blockchain and can not be tampered with.

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

No one person has to trust another as the transactions are done on the blockchain and are verifiable by math!

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#4150
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made it cannot be reversed or altered in any way. It is Final. The record is permanent.
  2. How does this lead to the trustless environment that blockchain creates?
    This eliminates fraud on the transaction level and because all individuals can verify the transactions for themselves. Finality gives people confidence.
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#4151
  1. Once a transaction has been made it can not be reversed.
  2. The transaction can not be altered or rescinded after it has been sent to the blockchain.
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#4152
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It mean once transaction execute, that transaction will be recorded into the blockchain, and no one able to make changes, cancel or delete.
  2. How does this lead to the trustless environment that blockchain creates?
    No human taking the control of the blockchain. Is the protocol and mathematics to be trusted. All transaction been recorded and not able to delete in each node and it is public. So it can be verify by anyone.
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#4153

  1. Once a transaction is added to the blockchain there is no way to reverse it.

  2. It removes trust because everyone knows all transactions are final. Business can be done with strangers.

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#4154
    1. Transactions on the blockchain cannot be reversed once they have been verified by the nodes on the network. There is no way to undo or reverse this. The data cannot ever be altered.
    1. This immutability build trust in the blockchain. We can make transactions with complete strangers as everything is recorded permanently.
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#4155

  1. When we say that blockchain has transaction finality/immutability we mean that no transactions within the network can be altered, reverted or deleted by anyone. The transactions are final and permanent.

  2. Transaction finality leads to the trustless environment that blockchain creates base on the fact that absolutely no one can alter, revert or delete any transactions, therefore there is no need to trust ā€˜any oneā€™ because there is simply ā€˜no oneā€™! Thus a trustless environment.

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