Homework on Finality - Questions

Blockchain and Bitcoin 101
#422

1.Finality/immutability of transaction means that once we received the transaction -that transaction can’t be canceled ore removed.
2.Nobody can change the transaction created and confirmed - no third party involved.

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#423
  1. Once a transaction is made, it cannot be reversed.
  2. If you can reverse a transaction, you have to trust the other part that they won’t do it with fraudulent purposes. Blockchain transactions are irreversible once they are confirmed.
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#424

Transaction finality means that once a transaction has taken place, such as you send btc to an address it cannot be cancelled, it is final.

It means that you as a business can trust customers not to scam you and cancel payments with their bank.

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#425

  1. Once a transction is confirmed there no way to reverse it.

  2. You know when the transction is done its final cant be changed/void.

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#426

  1. once a transaction has been made, it is irreversible and unchangeable, it will be on the blockchain forever

  2. each blockchain user is responsible for their own transactions. No third party is needed anymore. transactions can no longer be undone as in the system we know today. We therefore no longer need to trust the counterparty. This way we can do business with any unknown counterparty

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#427

  • What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be automatically reversed. They are final and that’s it.

  • How does this lead to the trustless environment that blockchain creates?
    You can trust the network, do business with strangers and not incur buyers’ scams and chargebacks. You have finality due to the proof of work and mathematical verification of the blockchain network.

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#428

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?

Answer:

  1. Once the transaction processed and confirmed on the blockchain, there is no way to reverse it. It is final.
  2. If two people want to transact, there is no way for sender of money to scam the receiver and reverse the transaction. As soon as receiver sees that money he received confirmed on the blockchain he can be sure that it is his 100%.
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#429
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • When one says that blockchain has transaction finality, it means that a transaction has been successfully processed and there is no way to get the transaction back.
  1. How does this lead to the trustless environment that blockchain creates?
  • This leads to the trustless environment that blockchain creates since we are able to verify every transaction mathematically; thus, we are able to trust strangers.
#430

1.Transaction finality/means that once a transaction is done it can’t be annulated. The information is stored in the blockchain for ever.
(If someone want to change it, he/she needs the ok from 51% of the miners.)

2.All participants can rely on the rules of the blockchain, which are immutable, so they don’t have to trust the other person or a third party.

#431

Even with a 51% attack, it’s almost impossible to double spend or alter data. In practice, you probably need much more. (which is verrrry expensive to do) it’s much more profitable to play by the rules. You spend a lot of electricity for just trying

#432

Transactions are final. Once a transaction is recorded on the blockchain it is there, it cannot be changed or altered. This means more trust.

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#433
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transaction has been confirmed and added to the blockchain it can no longer be reversed

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

When a transaction is added to the block using math and computational energy and then reported and can be verified then knowing that it can no longer be reversed is enough to give peace of mind to strangers and contracting parties.

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#434

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

    Blockchain has transaction finality meaning, once a transaction has been placed on the blockchain, it cannot be taken off, thus removing trust.

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

This gives a way for strangers to do business with each other . With the trustless environment, individuals don’t have to trust each other in a transaction.With blockchain, there are no charge backs,they trust the network and protocol. Transactions can be verified mathematically.

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#435

1 It means all transactions once are being verified are final, they can not be reversed or modify in any way.

2 In the end the trust in the network.

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#436

When we say that blockchain has finality/immutability, we mean that whence a transaction is confirmed once, it cannot be stopped or reversed.

This leads to the trustless environnement that blockchain creates by means of the mining system and Proof of Work which are used to deliver the mathematical proof that the transaction is happened and cannot be undone.

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#437

----Message d’origine----
De : [email protected]
Date : 18/03/2020 - 17:00 (CET)
À : [email protected]
Objet : [ToshiTimes Crypto Forum] [Blockchain and Bitcoin 101] Homework on Finality - Questions

Fabrice
March 18

Amri2020:
(If someone want to change it, he/she needs the ok from 51% of the miners.)

Even with a 51% attack, it’s almost impossible to double spend or alter data. In practice, you probably need much more. (which is verrrry expensive to do) it’s much more profitable to play by the rules. You spend a lot of electricity for just trying

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In Reply To

Amri2020
March 18
1.Transaction finality/means that once a transaction is done it can’t be annulated. The information is stored in the blockchain for ever. (If someone want to change it, he/she needs the ok from 51% of the miners.) 2.All participants can rely on the rules of the blockchain, which are immutable, so …

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Hello Fabrice,

Would it be theoretically possible to double spend or alter data with a blockchain based on proof of stake ?

Thanks in advance for your answer

#438

  1. It means that in blockchain, once a transaction happened, it cannot get cancelled and rolled back, other than for example in finance.

  2. Everyone can trade with each other and no one has to worry that funds get rolled back.

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#439

No, because instead loosing electricity costs, you will loose your stake when trying to cheat. And in proof of stake you can’t 51 percent attack because you don’t actually mine. Only if you could fake more stakers and have more than 51% of all the money. But don’t quote me on that because I still need to learn it better. Many POS consensus algo’s work a bit differently

#440
  1. We mean that when one block is mined that can not be undone anymore, it’s unchengable.
  2. It leads to the trustless ennviroment because we always have one truth.
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#441
  1. Transactions cannot be changed after they are verified
  2. Blockchain eliminates 3rd party who you would have to trust to verify the transactions
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