Homework on Finality - Questions

Blockchain and Bitcoin 101
#442

  1. You cannot change a transaction once it has been confirmed.

  2. It means that I can be assured, that once a transaction has been made, that it cannot be reversed.

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#443

Homework on Finality - Questions

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

Once a transaction has been added into a block, it cannot be changed. Therefore it has finality.

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

It means that you don’t have to trust a counterparty to complete the transaction. I also means that you don’t necessarily have to trust the person you’re transacting with. Because, upon execution of a contract a transaction becomes final and cannot be reneged.

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#444
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    can never be changed or removed
  2. How does this lead to the trustless environment that blockchain creates?
    once you can verify a transaction is confirmed, its a done deal
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#445
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is made and consensus is reached, it can’t be reversed.

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

It affords you the ability to transact business with complete strangers because you don’t have to rely on trust.

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#446
  1. Once a transaction is confirmed there is no revert.
  2. You trust the math. and not the people.
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#447
  1. Once confirmations on the transactions are mad it can’t be reversed. Just like an accounting ledger all previous transaction data never changes. A new transaction is entered in the ledger for any future changes.
  2. Transactions can’t be reversed or duplicated. There is no creating of new funds other then those generated by mining.
#448

  1. Once the transaction has been agreed upon and added to the ledger, it cannot be removed or reversed again

  2. Because, for example, you will have more confidence doing business with a complete stranger without worrying that they might do something wrong.

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#449

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It can not be reversed, its final, there are no concepts like chargebacks for credit cards.
  2. How does this lead to the trustless environment that blockchain creates?
    You can remove the trust and do e.g. business with people you don’t know because the blockchain protocol will take care of it.
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#450
  • What do we mean when we say that blockchain has transaction finality/immutability?

It means that as soon as the transaction is being confirmed, it cannot be undone, cancelled, charged back. once transaction is being done it is Final.

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

It lead to the trustless enviroment that blockchain creates by Finalizing every transaction, hence cannot be removed from the blockchain network and visible for everyone , therefor the parties involved has to follow what they agreed upon.
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#451

  1. Once a transaction is confirmed it is entered into the blockchain and cannot be reversed or altered retroactively.

  2. Finality eliminates the possibility of charge-backs which enables strangers to do business with each other because they have confidence that a confirmed transaction is final.

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#452
  1. It meas that one a transaction has been added, it cannot be removed or edited.
  2. After a transaction has been added, you know that it cannot be duplicated nor manipulated after the fact. Also anyone can verify each transaction to know that is was not a duplicated nor was “printed out of nothing” (like fiat).
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#453

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction was send it cannot be reversed and is final

  2. How does this lead to the trustless environment that blockchain creates?
    You dont need to trust the one you send the transaction, you only need to trust the network. The transaction cannot have a chargeback

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#454
  1. Once the transaction takes place on the blockchain it can not be reversed or deleted.
  2. Trustless meaning that you do not need to trust any person or entity with a transaction. you just have to trust the protocol of the blockchain.
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#455

  1. There is no reversal/change/deletion of confirmed transaction or any historical records.

  2. All evidence are transparent to all nodes. There is no need for 3rd party verification.

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#456

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that once the transaction has happened it is done/final. You cannot get it back, reverse it in any way.

  2. How this lead to the trustless environment that blockchain creates?
    There is no need anymore to trust the other party in the transaction process. Because other party cannot change the transaction once it is done - no chargebacks. It is physically impossible to reverse or change it.

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#457
  • Once a transaction is confirmed on the blockchain, it’s there forever, as it is and cannot be altered.
  • You do not need a middleman to confirm transactions. You can verify it yourself on the blockchain. The proof is there forever.
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#458

The trust lies in the network itself as the transactions are checked by multiple parties before being confirmed and added to the ledger

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#459

  1. We mean by that that every entry in the chain is final once confirmed without possibility to alter it or take it back.

  2. As i trust in the mathematical laws of the protocol i don’t need to trust a counterparty or a thirt party to not alter data or reverse transactions.

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#460

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

Once something is added to the blockchain it cant be reversed deleted or changed.

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

No one party has to trust the other. The network removes then need for Trust as both parties only need to be satisfied they want to do business. Neither can change thier mind and try to claw back.

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#461

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed by the network, there is no way to remove it. The transaction record will remain in the blockchain forever (immutability).
  2. How does this lead to the trustless environment that blockchain creates?
    You don’t have to trust somebody, who is claiming that he sent you 1 BTC, you can just look it up in the ledger: Don’t trust - verify!
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