Homework on Finality - Questions

Blockchain and Bitcoin 101
#4477

Sorry I posted the wrong place

#4478

1.When a trasaction is verified / done it cant be reversed
2.your transaction cannot be either charged back or changed in any way

1 Like
#4479

Homework on Finality - Questions

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

once a transaction has happened, thereā€™s no way to undo it.

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

mining + proof of work

1 Like
#4480
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality and immutability refer to the way that transactions cannot be altered, changed or removed once they are recorded in the blockchain.

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

The system does not need trust because there is certainty that transactions cannot be reversed or manipulated. There is no fear of devious or fraudulent occurrences.

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#4481

  1. Nothing be removed from the blockchain after it has been verified

  2. Because we know that the history of transactions can not be manipulated

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#4482

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means all transactions are final and irreversable.

  2. How does this lead to the trustless environment that blockchain creates?
    It helps to eliminate dishonsety that often occurs outside of blockchain. It aids against fraud and scamming.

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#4483

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction cannot be reversed once executed. Does not work on trust but on protocol.

  2. How does this lead to the trustless environment that blockchain creates?
    Not having to trust a another person or third party is what the blockchain is about. If you do business with strangers you do not have to trust them.

1 Like
#4484
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has taken place, it cannot be reversed and will never disappear.

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

Everyone using it knows that, once completed, all transactions are final.

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#4485

  1. Every transaction on the blockchain is final and cannot be changed.

  2. Trustless because each transaction is verified by math, and nodes before it goes through and has to pass unless it will be rejected.

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#4486
  1. Happens it Happens. You not not reverse a transaction.Removes Trust.
  2. No refund/Return.
1 Like
#4487
  1. Once a transaction has been approved or verified there is no way to reverse it. NO REFUNDS
  2. A customer can order something online from a website like amazon, then lie and say it never arrived to get refunded there money. With blockchain this isnā€™t possible. This might be unappealing to less tech savy people who easily get ripped off online because there is no way to get your money back.
1 Like
#4488
  1. Once the transaction is confirmed there is no getting your money hack unless you get hacked and you perform a reverse hack on the hackers but that is a very rare extreme case.
  2. When you are dealing with money everyone wants their money now, so transactions are sent confirmed and boom its that easy 247 365
1 Like
#4489

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is approved it is final and can not be reversed or changed.

  2. How does this lead to the trustless environment that blockchain creates?
    It leads to a trustless environment by letting it be known that all transactions are ā€œset in digital stoneā€ No refunds

1 Like
#4490

  1. Transactions are final, no way to reverse.

  2. Trust is taken care by the blockchain system.

1 Like
#4491

The meaning of transaction finality is that when itā€™s sent thereā€™s no way of getting it back.

It lead to trustless by strangers working with strangers. It canā€™t be returned or canceled in any way.

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#4492

Finality/immutabililty means that once the transaction is made, it cannot be undone. This makes it so that we do not have to trust a third party to stand in the middle and decide whether the transaction is valid or not. We have complete control as the sender and once the transaction is sent, the receiver then has complete control over the asset. Which essentially holds each party to their word.

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#4493
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been added to a block on the blockchain, there is mathematically no way to cancel or reverse this transaction.

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

Through trusting the blockchainā€™s network and protocol, we no longer need to have any trust in whichever party we are transacting with.

1 Like
#4494

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -It means you cannot undo an action on the blockchain. If you send someone money, it cannot be undone. If you buy something, it cannot be unbought. This is because actions cannot be removed from the blockchain, they can only be added to.

  2. How does this lead to the trustless environment that blockchain creates? It helps build trust because the other party cannot undo their actions. You cannot go back on your word in a sense. Also all actions exist on a public ledger forever.

2 Likes
#4495
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It is when you send a transaction that transaction is final and no one can recall it so you dont have to trust anyone only the system that will ensure your transaction is finalized
  2. How does this lead to the trustless environment that blockchain creates?
    I can send a payment to anyone. I can do business with strangers knowing my transactions will be performed as intended .
1 Like
#4496
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction appears on the ledger, it cannot be reversed and will always be on the blockchain.
  2. How does this lead to the trustless environment that blockchain creates?
    Trust is removed because transactions cannot be manipulated by the parties involved in the transactions. And there are no returns.
1 Like