Homework on Finality - Questions

[TimInnes]

1. This means that once the transaction has occurred it can never be undone. It is final and impossible to reverse.

2. This leads to an environment that enables us to remove trust from the equation. We no longer have to rely on an individual or a company when making transactions. We can now trust the protocol and math of the blockchain.

[Huddoh]

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

It essentially means that once a transaction has occurred, it cannot be reversed

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

Disparate parties to a transaction cannot give different accounts of the nature of their exchange.

Because of finality /immutability, no party can claim to have been unaware of a transaction nor can they attempt to skew information. This prevents the incidence of fraud/scams, and provides payment protection to businesses.

Therefore, I do not have to trust in the integrity of the other parties involved due to the protocols(mathematical rules) of the network that are rooted in said feature(finality).

[miguelhurtado]

1. Means that transaction cannot be revert or cancel and all final.
2. With math equations and verifications the blockchain do not rely on trust.

[MauricioNoriega]

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

It means that transactions in a blockchain are permanent and cannot be reversed once they are executed.

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

Instead of trusting a stranger or a third party with a transaction, you rely purely on the protocol. This massively reduces the possibility of a scam/fraud by verifying, not trusting.

[DrChops]

When something is final, it means no more changes. All is agreed and all have to abide by the agreement. Which means the burden is upon the transacting parties to do all they can to ensure their transactions are correct and true. It also means we become careful not to be scammed and we do not scam others. As we now put our trust in the math and the network, we start to adapt to a trustless environment, the transaction is always correct. there is no way to hijack or hack. Our reputation in public and we have to be trustworthy in the network in order that we can transact. It means no one can fake it, hence we can use it without trusting it…all we need to do is verify it.

[Coggmik]

1. Transactions cannot be removed, changed, or reversed once they are on the the blockchain.

2. because transactions on the blockchain are final and and cannot be reversed or changed, there is no need to rely on trust that other parties will reneg on the transaction after it is complete. Blockchain creates a trust less system of transaction.

[Bernardini]

Once transactions are written onto the blockchain, they can’t be altered

participants know that transactions can’t be reversed, so they don’t need to trust the counterparty

[Bitborn]

1.)What do we mean when we say that blockchain has transaction finality/immutability?
-It means once a transaction has happened there is no reversing it.

2.)How does this lead to the trustless environment that blockchain creates?
-There is no way to reverse or duplicate transactions which avoids the need for trust.

[benlive]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once the transaction is made there is no way to reverse it.

2. How does this lead to the trustless environment that blockchain creates?
   We don’t need to trust others, because transactions are irreversible.

[admiral]

1. Once an entry has been made in the blockchain and has been confirmed, the entry cannot be changed.
2. A third party does not have to be trusted to ensure a transaction is final, so that actions based on a blockchain can be performed with confidence.

[Beki]

Once a transaction has been sent b it can’t be recalled. This means you do not have to trust the sender because once you can see it has been sent they can’t get it back

[silviyaPB]

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

• Once a transaction is confirmed it cannot be erased from the blockchain.

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

• No one can argue with the blockchain data-structure that given transaction did not happen if it was already confirmed by the blockchain. The participating parties do not need to trust each-other they simply need to trust the data-structure.

[vero]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   That once the transaction is done, it cannot be undone or reversed, it is final.
2. How does this lead to the trustless environment that blockchain creates?
   People know that when they receive a transaction, it is final and the other party cannot change it or undo it, so they don’t need to put their trust on anyone.

[Luis_M]

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means that once a transaction is created and agreed upon by the network members it cannot be reversed.

2. How does this lead to the trustless environment that blockchain creates?
   Trust in the blockchain comes trough the verification process inherent to each transaction being immutable.

[RonJambo]

1. All transactions that are accepted into the blockchain, are not removable or immutable.
   Therefore we speak of finality, when transactions enter the blockchain.

2. Alle transactions are traceable, can´t be modified and or be deleted by a single person.
   All transactions, that have ever entered the blockchain are public, forever. Or as along as the blockchain exists.

[Przemek]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   This means that once the transaction has happend is no way to get it back.

2. How does this lead to the trustless environment that blockchain creates?
   Transactions are final and immutable, what protect us and we do not have to worry that the money for the delivered goods will be charged back because it is simply impossible in blokchain technology.

[aoife98]

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

Blockchain finality means once a transaction has happened there is now way to reverse it. There is no such thing as a chargeback with blockchain

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

Finality leads to the trustless environment because you can do business with anyone, complete strangers because there is no way to be scammed, it’s physically impossible. You don’t have to trust the person you’re dealing with, you trust the system.

[hiljis]

1. The transaction can’t be reversed or changed in any way. It will be stored in the ledger forever.

2. Transactions are put into blocks and miners are those who produce the new blocks that are added to the blockchain. This makes it possible for strangers to do bussiness with eachother on the internet without having to trust eachother. This is very big problem in e-commerce and is called charge backs.

[brentstaple]

1. This means that once a transaction has been authorized by you and received by the other party, it is final. It is impossible to reverse it.

2. It is impossible to scam now when using the blockchain because the network is proving the validity of each transaction. Trust is no longer needed when the whole community agree on something.

[Helena1]

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

When we say that blockchain has transaction finality/immutability it means that once a transaction is completed it cannot be reversed, or changed in any form.

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

Transaction on a blockchain can be verified mathematically due to mining and proof work which lead to a trustless environment.