Homework on Finality - Questions

Blockchain and Bitcoin 101
#4377

Once you make the transactions, there’s no reverse.

By not trusting on a third party. But, be able to trust the network and protocols.

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#4378

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


    Once the information/transaction happens on blockchain then it is there forever.

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


    You cannot reverse transaction once it is written on blockchain. Anybody can check and audit what is written on blockchain, it is mathematically confirmed and can be verified.

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#4379
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction takes place on the blockchain there in no way to reverse it, and it is final.
  2. How does this lead to the trustless environment that blockchain creates?
    Since all blockchain transactions are final, therefore you can do business with people that you might not otherwise trust enough, because in a blockchain transactions there is no doubt that the transaction can go trough or cancelled/reversed.
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#4380
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ones a transaction is confirmed, there is no way to roll back the transaction.
  2. How does this lead to the trustless environment that blockchain creates?
    There is no central party that can roll back the transaction, which is possible with buying stuff online.
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#4381

  1. It means that when you send a transaction, it is final, you cannot reverse it. It is physically impossible to reverse a transaction once it is confirmed.

  2. Because as the receiver of a transaction you can be sure that the sender cannot just take his transaction back from you once he received his goods/service/whatever.

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#4382
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -its means that it is the transaction that accrued is finale and irreversible and any transaction that occurs was true through immutability
    2- How does this lead to the trustless environment that blockchain creates?
    transactions are final and no returns or refunds or any type of alternation can happen once the transaction is on the blockchain and it can be viewed by anyone.
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#4383

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

  • It simply means that once a transaction gets written into the block, it can no longer be changed, and we can trust that which doesn’t change.

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

  • because the transaction data cannot be altered it can be trusted and so trust is lost amongst ourselves and instead, vested in the protocol. Hence the term trustless, the need for trust in a third party is eliminated by a well built blockchain’s immutability and finality.
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#4384

  1. Finality means that blockchain transactions are final. Because blockchain is verified mathematically, and it is not possible to reverse transactions.

  2. This leads to the blockchain’s trustless environment because individuals can simply verify the mathematical protocol instead of having to rely on trust from a third party intermediary like a bank.

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#4385
  1. Finality in blockchain refers to its irreversibility. Once btc is sent and confirmed by the network it is final.
  2. Finality leads to trustless environments since the network is using electricity and therefore physics to finalize the transaction. It is etched in stone and cannot be reversed. We trust the math and the physics and not the people or entities.
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#4386
  1. What do we mean when we say that blockchain has transaction finality/immutability? Blockchain Finality/Immutability means that once data is added, it’s part of the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates? It changes the trustless environment to one of validation where one just have to confirm the data. Users can be assured that hackers have not changed or manipulated the data.
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#4387
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are irreversible. There is no way to undo a blockchain “build”
  2. How does this lead to the trustless environment that blockchain creates?
    The trustless environment is lead by the action of mutual agreement never being broken in the space between the point where the agreement is initiated, where the block is made and the finishing of the verification of the blockchain interaction.
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#4388
  1. Finality/immutability means nothing can be reversed or undone in the blockchain.
  2. This leads to a trestles environment because you cannot be scammed out of your money or cannot be charged back.
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#4389
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that any transaction made on the network is irreversible. You cannot get it back due to proof of work.

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

This leads to a trustless environment because there’s no mediator involved, and the person receiving the transaction cannot reverse it either.

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#4390

  1. each transaction is visible in the ledger
    no transaction can be changed after it was approved by the network

  2. There is no need for trust between parties, the network and the mathematical validations are the only trust (needed)

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#4391

Once a transaction is done, you can not reverse it, its forever

You do not have to trust anybody, you trust the system, mathematics

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#4392

Transaction finality means that all transactions that are done cannot be undone. It is impossible to reverse a payment once the currency has been transferred.

Trustless environment is created when we no longer need to trust the customer not to recall his or her payment once the service has been paid for.

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#4393

Finality: transactions cannot be rolled back, undone, refunded or changed

Trustless: transactions are always executed as intended (unless human error on sending), hence no reversals. however to be noted that this may not suit everyone or every application out there.

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#4394
  1. It means that the transaction is irreversible, once it’s done its done.
  2. With there being finality in block chain the transaction is final and it allows you to transact with a stranger, because the transaction is done via a protocol which does not allow reversing of the transaction, there is no need to trust the other party, the network verifies and records the transaction publicly.
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#4395
  1. blockchain transactions are irreversible.
  2. it enables you to do business with strangers or unknown companies without the worry of a charge back or reversal of payment. All parties in the blockchain can trust the process do to proof of work, incentive, and math.
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#4396

  1. All transaction is added to the blockchain which cannot be changed. It’s an absolute record of all activities done by parties.

  2. Given that it can be mathematically check and verified you don’t need to believe it. It’s an absolute truth.

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