Homework on Finality - Questions

Blockchain and Bitcoin 101
#4517

  1. It is like a digital stone. Once the data is written (transaction has happened), it cannot be changed or removed.

  2. The immutable network, called the blockchain network, can be used to prove historical data. Today, data can be easily modified by being the owner of the network. In the blockchain network, every node is the owner. Therefore, there is no concept of “trust”.

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#4518

  1. It means that when a transaction is confirmed/verified that transaction is now on the blockchain forever and can be viewed publicly.

  2. This effectively provides the trustless environment as there is no opportunity for buyers/sellers to mislead the recipient of missing funds for example.

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#4519

1.What do we mean when we say that blockchain has transaction finality/immutability?
When a transaction is verified there is no way to cancel or change it even if it is an error.

2.How does this lead to the trustless environment that blockchain creates?
trust is in the netword as an impartial 3rd party.

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#4520

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transcation is on the blockchain it’s there forever and can’t be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    There is no way to rewind the transaction or create funds in its place.

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#4521

Transactions on the blockchain can not be reversed or altered. Once a block is created, it becomes the basis for the next block and to change one small detail in the transaction history would mean having to change the entire state of the blockchain henceforth. That is why it is not possible to spend the same bitcoin twice in two separate transactions at the same time.
Because network consensus is required for all transactions, all transactions must be broadcasted to all participants. Therefore, because everyone is verifying everyone else’s transactions, it becomes impossible to cheat without taking over a controlling share of the entire processing power of the network. Good actors do not need to trust each other to verify each others transactions and bad actors will not be able to get transactions verified.
This is possible because the rules of the ‘game’ or the parameters for transaction processes are hard-coded into the currency and do not rely on a enforcer as traditional systems do.

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#4522
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    You cannot reverse a blockchain transaction; they are final
  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain creates a trustless environment because participants do not need to know or trust each other. Every transaction is verified mathematically.
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#4523
  1. What do we mean when we say that blockchain has transaction finality/immutability? - Transactions cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates? - You can transact with strangers and rely only on the network.
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#4524
  1. That all the transaction is final— once you send the money, there’s no turning back.
  2. It is secured that once the payment is sent, it cannot be retrieved.
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#4525

1.) When we say that blockchain has transaction finality & immutability, we mean that once a transaction is confirmed, it will stay on the blockchain forever; it cannot be reversed or altered in any way. Because of this - as powerful as blockchain is - it’s not a solution for all of the worlds problems, but it is a very good choice in use cases where an accurate, permanent record is desired.

2.) This leads to blockchains trustless environment because we don’t need to trust anybody or any entity to use the network. We are simply trusting the mathematics and the protocols used by that particular network, allowing us to do business with strangers without having to trust them.

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#4526

  1. Finality/immutability in a blockchain means once a transaction has been verified and written into the blockchain this transaction can not be revered or altered.

  2. This makes it a trustless environment because the transactions are verified via the public network and is written into the ledger. That means if a transaction is agreed by 2 parties it is then verified via previous blocks to confirm validity, once it is written into the blockchain the transactions final.

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#4527

  1. It means that every single transaction is definite, unchangeable and written in the blockchain forever. It cannot be reversed.

  2. It leads to trustless environment, because we dont need to trust any party in the system to feel safe. Blockchain is mathematically immunable to any dishonest behavior.

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#4528

  1. One the transaction isn’t and approved there is no way to stop or reverse it, (all sales final).

  2. Establishes an all sales are final mindset, no one has to worry about any shady transactions.

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#4529
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transaction occurs and is confirmed then it is final. “Blockchain has specific use cases that are very powerful.”

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

Finality is important when we want to remove trust, and strangers do business together. “Chargebacks” can be abused by customers who use as a scam. Finality can prevent reneging on transactions. As a business, this is good for receiving payments.

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#4530

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, there’s no way to remove it.

  2. How does this lead to the trustless environment that blockchain creates?
    All Ledger’s / transactions are verified by mathematics. By proof-of-work from miners.

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#4531

  1. It means that each transaction is permanently etched on the blockchain and cannot be changed.

  2. By eliminating charge backs from someone claiming that the transaction never happened. This allows complete strangers to transact business with each other because they can trust that the math underlying the blockchain protocol allows no opportunity for undoing any transaction, effectively cutting off the possibility for false claims by either party.

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#4532

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been created it is on the blockchain and it can not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    To appear on the blockchain the transaction had had consensus and this verification removes the need for trust.

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#4533

Ans.1 Blockchain transactions are not reversible , its one way

Ans.2 Un familiar clients can send/receive bitcoin by trusting the network and its protocol .

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#4534

  1. All transactions on blockchain are final and cannot be physically changed.

  2. It allows strangers to do business with one another because the trust is in the protocol, not in organizations or individuals. You can verify transactions because of transparency.

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#4535

1 once money is sent it cannot be reversed or changed in any way
2 because it is impossible to scam anyone the protocol protects the participants in the transaction

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#4536
  1. Once a transaction is done, it can’t be reverted back.
  2. no duplication or reversal of transaction
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