Homework on Finality - Questions

Blockchain and Bitcoin 101
#4316

  1. As soon as the transaction is confirmed, it cannot be reversed and it removed the trust for the strangers.

  2. Trustless is on when mining and mat are done.

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#4317

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

Due to how blockchain is built, once a transaction is made and added to the blockchain it can not be reversed or manipulated in any way

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

Strangers can make transactions with one and other without having to trust eachother or a third party due to once a transaction is made and verified and added to the blockchain they are irreversable

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#4318
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once transaction has been sent it can’t be undone.

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

Trust is removed since transactions are irreversible and strangers don’t have to place trust on one another not to reverse the transaction.

"The limits of my language dictate the limits of my world’'

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#4319

Well, young padawan. Transactions themselves are truly based on principle of finality, but a ‘‘rollback’’ (coordinated reversal of actions that took place on chain, which also depending on who you side with could also be known as 51% attack) is not a thing that can be taken seriously. Yeah, that is a daunting possibility, which certainly would take an insane amount of resources, computing power, coordination and perhaps down right evilness.

You can read about these kind of scenarios being contemplated, it you haven’t yet:
https://crackingcryptocurrency.com/crypto-community-rejects-idea-of-bitcoin-chain-rollback-for-binance/

“Life is a comedy to those who think, a tragedy to those who feel.”

2 Likes
#4320
  1. What do we mean when we say that blockchain has transaction finality/immutability? - It means that transactions cannot be reversed - you cannot get back what you already paid.
  2. How does this lead to the trustless environment that blockchain creates? - The fact that transactions cannot be reversed removes the need to have trust in doing business with peope (strangers). Instead, the trustless environment ensures the trust in the system and its protocol.
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#4321
  1. What do we mean when we say that blockchain has transaction finality/immutability? What happens on the blockchain, stays on the blockchain.
  2. How does this lead to the trustless environment that blockchain creates? The risk of chargebacks is gone. What is done is done.
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#4322

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

  • When a transaction is accepted by the network it is an information on the blockchain. As we know from before, there is no way to delete or change an information on a blockchain.

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

  • When you give me money, I don’t need to trust you, that you won’t call your bank for a chargeback. When I get the money - it is mine. No matter what happens. You can only do another transaction in the reverse direction, but that will make one transaction more and not one transaction disappear.
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#4323
  1. What do we mean when we say that blockchain has transaction finality/immutability?

there is no centralized service or intermediary to reverse the transaction.

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

we trust the math and the protocols; not centralized services that can make arbitrary decisions.

1 Like
#4324

Finality/immutability for blockchains mean that once a transaction is complete it cannot be reversed.

This eliminates trust, because there cannot be any charge backs.

2 Likes
#4325

  1. Once a transaction happened, it will remain on the blockchain forever. There’s no way to reverse it. If you accidentally performed a transaction, you won’t be able to get it back.
    Transactions are final to prevent scammers to charge back with their banks once a transaction has been made.

  2. It creates a trustless environment so that people can even do business with strangers. It can be verified mathematically and therefore transactions can’t be reversed.

1 Like
#4326

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once information is written and verified to the blockchain, it cannot be destroyed or changed.

  2. How does this lead to the trustless environment that blockchain creates? Finality/immutability makes it very difficult for information to be falsified, taking away the trust aspect and allowing us to conduct transactions with anyone without fear of malpractice.

1 Like
#4327
  1. Transaction finality means that all transactions are final. There is no way to reverse a transaction, so it is on the blockchain forever.
  2. This leads to a trustless environment because strangers can do business with one another because they just need to trust the math and physics of the blockchain instead of a central authority.
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#4328

What do we mean when we say that blockchain has transaction finality/immutability?
-transaction is highly un-revertible
How does this lead to the trustless environment that blockchain creates?
-all people in the network can verify the transaction. trust only your self

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#4329

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions on blockchain are final and cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Strangers can do business with each other because all transactions are verified mathematically without need for a trust.

1 Like
#4330

1.Means it cant be reversed, it is finalised, it will be on blockchain forever.
2. Meaning we can do business with anyone without knowing who they are and what their intentions are. Once transactions are made and confirmed, they are final.

1 Like
#4331
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transcation has happened it cannot be reversed. It will remain on the blockchain forever.

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

Once a transcation takes places it is verified by a computer (miners) so therefore no cjance of transaction being charged back

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#4332

  1. Once the transaction has happened, it cannot be reversed.

  2. This prevents scams and allows each party in a transaction to verify it mathematically through the blockchain. Strangers can trust the network instead of depending on each other’s good will.

1 Like
#4334
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is confirmed (through consensus) it cannot be undone. It is placed in the blockchain and it it is public. All nodes are can see it and unless the majority of them decides and agrees on change it can not be modified

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

where every transaction is public and immutable is trustless. One doesn’t have to rely on his trust to the counterparty when considering to make transactions with him, not even a middle man.

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#4335

  1. It means that once you made a transaction it s not possible to take it back - the information will be on the block forever.

  2. because every step that is made is registered and there is no possibility to take it back !

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#4336

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that all transactions are final, after you transfer your BTC to someone else, it now belongs to them, there is no way you can do a chargeback, it is forever saved on the blockchain database (ledger).

  2. How does this lead to the trustless environment that blockchain creates?
    Transactions can´t be reversed, so people can´t do a chargeback after they´ve bought something from you. It allows for accountability and trust.

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