Homework on Finality - Questions

Blockchain and Bitcoin 101
#4256

when we say blockchain has finality/ immutability it means that once you make a transaction it is FINAL, you can not un do it.

This means that each party, even complete strangers can form a trust because the transactions are irreversible, no refunds, the data has already been entered into the blockchain.

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#4257

Finality means that once a transaction has happened it is final. There is no way to get it back. This helps remove trust because all transactions are final. Impossible to do chargebacks; No way for consumers to scam retailers or other commercial transactions.

Finality creates a trustless environment because all transactions can be verified mathematically. It is physically impossible because of mining and proof of work.

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#4258

  1. What do we mean when we say that blockchain has transaction finality/immutability? Finality basically means once data is written into the blockchain, it’s there for eternity.

  2. How does this lead to the trustless environment that blockchain creates? It allows participants to trust that whatever they do with their own money/data won’t be tampered with. This means two strangers, can ‘trust’ either party will fulfil their part of the transaction because they are permanent when the transaction has been accepted already into the blockchain.

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#4259
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once something is confirmed on the blockchain there is no way to reverse this - it is a decision and it is final.
  2. How does this lead to the trustless environment that blockchain creates?
    It removes the requirement to trust another party and replaces it with immutable data.
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#4260
  1. once it is done, it is done. no rollback possible ever.
  2. you trust mathematics and algorythms instead of people in an office. once transaction is made, it has been written on the blockchain and if it is a public bc then it is visible to everyone.
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#4261
  1. Blockchain has transaction finality means any transaction that is processed can not get reversed or changed after the fact.
  2. Any operator that uses blockchain does not have to trust the other party not to try to reverse a transaction or change it, we can all trust the protocol is carried out.
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#4262

  1. blockchain has transaction finality in the sense that once a transaction is sent, it is final. There is no reversing it.

  2. It leads to a trustless environment because you can essentially do business with everyone/anyone. You can’t get scammed by sending a product you’ve received payment for (or thought to have received payment for) and have the person who has already received the shipped product cancel their transaction and get their money back.

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#4263

  1. When a blockchain has transactional finality/immutability it means that once a transaction is recorded in the ledger it can not be altered or removed.

  2. This leads to a trustless environment by providing a public ledger to verify all transactions making it impossible to change or lie about transactional data. This prevents scams and takes away the need for trust between two users.

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#4264

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is verified and complete, it cannot be undone.

  2. How does this lead to the trustless environment that blockchain creates? It means that things on the blockchain cannot be changed either on the side of the sender or the recipient.

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#4265

1.Once a transaction has taken place it is final and forever etched in the blockchain.
2. You don’t have to worry about trusting the person you are transacting with. Making it feasible to do business with strangers.

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#4266

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed, it’s final and cannot be changed or reversed (unlike chargebacks via banks).

  2. How does this lead to the trustless environment that blockchain creates?
    There is no need for trust between transacting parties since the transaction is mathematically confirmed & immutable.

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#4267
  1. It means that once a transaction has been sent through the blockchain network, there is physically no way to refute or take this transaction back.
  2. By having the knowledge that you will not be scammed because there will be no way for anyone to scam unsuspecting victims. The math in the programming does not allow for variations and you are able to know how it will operate every single time you use it.
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#4268

It can’t be reversed or changed in any way.

Everyone will be certain of what to expect and trust that their transactions can’t be messed with.

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#4269

  1. This means that once a transaction is confirmed by validators on the network via consensus, it cannot be undone, edited, or altered in any other way. Double spending, refund, and chargebacks are impossible as a result of this.

  2. Users need not rely on trust when transacting as once a transaction occurs, is verified and confirmed within a block, it is unalterable. This allows strangers to transact and interact within the network trustlessly.

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#4270

Homework - Finality

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once a transaction is complete, there is no way to reverse it It is based on mathematics
  1. How does this lead to the trustless environment that blockchain creates?
  • Finality & Mathematical verification
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#4271
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once a transaction is made, it cannot be reversed or removed.
  1. How does this lead to the trustless environment that blockchain creates?
  • Since transactions cannot be reversed or cancelled, this allows people to essentially trust themselves and the system to complete the transaction without worrying about what the other party can do to the transaction.
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#4272

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It can never ever be changed or reversed.

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

When a payment is made you do not need to trust that is has happened, it is verified and immutable.

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#4273
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once the transaction is done, it can’t be reversed or changed
  1. How does this lead to the trustless environment that blockchain creates?
  • Due to the math verification, which allows trust between two strangers during a transaction
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#4274

Homework - Finality

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

Once a transaction is done, it’s done. There are no chargebacks.

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

There’s a less chance for someone to be scammed.

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#4275

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

We mean that the action has happened and there is no way to reverse it. It’s impossible. It’s about finality. And speaking of immutability we mean that we can only add data (we can’t remove or change something). So basically this database is unchangeable.

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

It leads to the trustless environment because we can easily make a deal with strangers and do not have to trust them. There is also no intermediaries and we trust only the network/system/math.

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