Homework on Finality - Questions

Blockchain and Bitcoin 101
#4156

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once transactions are made they cannot be modified or deleted.

  2. How does this lead to the trustless environment that blockchain creates?
    Every transaction can be traced in the blockchain and can not be removed or modified. There is no creating of new funds other than those generated by mining.

1 Like
#4157

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it makes transaction unique and unchanged.

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

this leads to have a change on how business are conducted and eliminate fraud and corruption.

1 Like
#4158

Homework on Finality - Answers

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

That means after a transaction has happened it cannot be reversed.

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

Strangers can make transactions with one another without needing to trust each other.

1 Like
#4159

1 - It means that once the transaction has been validated and added onto the blockchain there is no way to reverse it, and the data cannot be altered.

2 - The trustless environment is created by the inability to reverse a transaction or duplicate it.

1 Like
#4160

  1. All transactions on the blockchain are validated and written through consensus. Arbitrary/isolated changes are not possible, thus the blockchain is immutable and has finality.

  2. Finality means isolated changes can not happen. There is no requirement to trust a central authority to not change transactions as it is not possible. Immutability through consensus means there is no need to trust.

1 Like
#4161

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that when the operation is done, it is imposible to modify or cancel it.
    It is done by the immutability of the blocks created

  2. How does this lead to the trustless environment that blockchain creates?
    By converting all the processes through mathematical operations, therefore you dont have to trust your partner, but verify the mathematical operation is correct.

1 Like
#4162

  1. Is that blockchain serves one purpose and that is to remove trust.

  2. Because there is no trust involved I can make deals with strangers since we trust the protocol we know for a fact that we are not going to get scammed.

1 Like
#4163

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

Once a transaction happened, there is no way to return (role) it back, this way transaction is always final. As we canā€™t change transaction data, it is also immutable.

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

As we know that transaction is final and immutable, we can rely on the network itself. So we donā€™t need to blindly trust participants.

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#4164

1.) None of the transactions can be reversed once the money was sent and the transaction itself was confirmed.

2.) Nobody has to trust a middleman to actually deliver the money, because the system does it automatically.

1 Like
#4165
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once transactions are confirmed by mulitple nodes, they are posted to the blockchain. Once posted they are final which means that cannot be changed and cannot be deleted, hence the system is immutable.
  2. How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless environment because everything and anyone can prove the validity of transactions using mathematical principles which never change. You trust the math, principles and protocols, not people or systems.
3 Likes
#4166

1- once a transaction has been sent it is final and you canā€™t cancel it

2- Because transactions are irreversible , strangers can trust each other because when a block has been made it canā€™t be removed.

2 Likes
#4167

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

A1 - Once made the transaction you canā€™t reverse.

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

A2 - The immutability of the transactions bring the certain of to be conclude, so the trust isnā€™t necessary.

1 Like
#4168

All transactions within the blockchain are one way. Blockchain transactions can all be traced back to their origin but not replaced or modified. Once a transaction is validated by the blockchain network it is set in stone. This system results in a trustless P2P transaction that cannot be reversed. The trustless system makes the consumer more cautious and the seller safer. I also think it would incentivize the best product and not the cheapest product. People would be less likely to risk money on poor quality products without a way to refund them easily.

1 Like
#4169

  1. Finality simply means that once a transaction occurs, it cannot be altered in any way. It becomes a historical fact established through the proof of work consensus achieved by miners.

  2. This eliminates the need for trusting any single entity to provide accurate record keeping as the records are established by the network itself through consensus, and this in turn eliminates the fear of the double spend problem or potential disputed claims/transactions.

1 Like
#4170

  1. What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction has been added to the blockchain it canā€™t be removed, altered, or reversed.

  2. How does this lead to the trustless environment that blockchain creates? It provides certainty to the recipient of a transaction once it has been entered into by the originator it will be honoured by the sender and that it canā€™t be reversed or cancelled by the sender. Additionally, a third party canā€™t cancel or reverse a transaction once it has been confirmed by the blockchain network.

1 Like
#4171
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It is not possible to reverse, remove or modify the transaction once it has been finalized.
  2. How does this lead to the trustless environment that blockchain creates?
    Because of the finality/immutability of a transaction trust is not needed.
1 Like
#4172
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once transactions are confirmed it cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates? There is no need for a third party to approve transactions, and you are able to trust strangers knowing that the transaction cannot be altered once it is confirmed on the network
1 Like
#4173
  1. All transactions are irreversable, when the transaction is confirmed by the network it will remain as it is ( no way to chargeback or scam ) and its written in the blockchain
  2. Strangers can trade with strangers and this removes the need for a middleman (3rd party), everything happening on the network is secure by the network
1 Like
#4174
  1. Meaning once it is added to the blockchain you canā€™t get it back eg: chargeback or refund

2.because the transactions cant changed or stopped at a later date or also refunded

1 Like
#4175

1What do we mean when we say that blockchain has transaction finality/immutability?
Because there is no possibility to cancel, to change the transaction that was made. Therefore, it is immutable.

2How does this lead to the trustless environment that blockchain creates?
It leads to an environment where we donā€™t have to trust strangers, but trust in the blockchain.

1 Like