Homework on Finality - Questions

Blockchain and Bitcoin 101
#4637

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has been processed and the block is verified, it cannot be changed or removed.

2. How does this lead to the trustless environment that blockchain creates?
We no longer have to trust the stranger we are doing business with. The network, math and protocol will take care about the trust.

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#4638

  1. Finality refers to the absolute nature of the transaction taking place. Once a particular transaction is completed it cannot be undone.

  2. The trustless environment is created/facilitated as a result of the increased certainty in the transaction process.

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#4639
  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?

1.The transactions are approved by math and there is no way to reverse it
2. trustless is achieved by physics and mathematics.

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#4640

  1. Finality refers to the fact that once a transaction has occurred, it has occurred for all time. There are no chargebacks, as there can be with Visa, or online merchants. It is a verified transaction, and not open for discussion.

  2. This leads to the trustless environment as it allows transactions to occur between strangers and have no fear of corruption due to the transaction being based on math/physics.

1 Like
#4641

  1. Once transactions are complete, they are final. There can be no chargebacks on a btc/blockchain transaction.

  2. No need to trust a third party to carry out a transaction honestly. All transactions are verified by the network, and once verified they are final. No need to trust any centralized third party system to say something is complete when math proves its completion.

2 Likes
#4642

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    One way street. Once the transaction has been approved. There is no going back. It has been recorded.

  2. How does this lead to the trustless environment that blockchain creates?
    No chargebacks. Scams/hacks/schemes are now able to be truly combated like never before. Although they still exist, we have the tools to prevent entirely now.

1 Like
#4643
  1. Transaction is irreversible. Once the consensus is met transaction is complete.
  2. Trust is on the Network verification done using consensus.
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#4644
  1. we mean that transaction canā€™t be cancel in any way. done itā€™s mean DONE
  2. you can cooperate with strangers and you are still on the safe side of the road.
1 Like
#4645

1 When a transaction has been sent you can not take it back or cancel it, its permanent.

2 Beacause you can do business with strangers ( you dont have to trust them). The blockchain verifies the transaction.

1 Like
#4646
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transaction occur there is no way to reverse it hence it is final and state of the transaction can not be changed anymore.

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

There is no third-party involved, network will care about the transaction, and you need no trust anyone but network will verify each transaction with math.

1 Like
#4647

1. What do we mean when we say that blockchain has transaction finality/immutability? It means that once a transaction has been finalized and is on the blockchain, theres no option to reverse it, its final.

2. How does this lead to the trustless environment that blockchain creates? theres no option to hide the transaction or to claim it never happened, the blockchain allows people to transact with each other without the need an intermediate.

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#4648

1-Once the transaction has been made there is no reversing it.
2-Guarantee for payment. you dont have to worry about someone scamming a refund.

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#4649
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been made it can not be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Since everything is final, you can do business with anyone regardless if you trust the individual or not.
1 Like
#4650

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Nothing is changeable and once a transaction is done there is no reversal.

  2. How does this lead to the trustless environment that blockchain creates?
    All is verified through mathematics, POW, mining and physics.

4 Likes
#4651

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that transactions canā€™t be modified or deleted. No chargebacks, so once you male your transaction itā€™s completed and canā€™t be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    All transactions are public and no third-party company canā€™t modify or reverse any transaction.

3 Likes
#4652

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction happens it happens. You cant get it back, reverse it, or charge it back.

  2. How does this lead to the trustless environment that blockchain creates?
    by trusting the math you can feel comfortable doing transactions with strangers.

3 Likes
#4653

  1. It means a transaction cannot be undone or reversed. Once an entry on the blockchain has been made, it is permanent.

  2. If transactions or entries cannot be altered then there is no need for trust. 3rd parties cannot influence, reverse or change transactions.

2 Likes
#4654
  1. Once a transaction happened itā€™s ā€œfinalā€, no way back.
  2. Network takes care of the transaction, that way strangers can do business with each other.
2 Likes
#4655
  1. We mean when we say that blockchain has transaction finality/immutability the inability to reverse the transaction. All the transactions are final.
  2. You donā€™t rely on somebody to get and keep your money or service. Nobody can call it back or cancel at all.
2 Likes
#4656
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is recorded it cannot be reversed or charged back.

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

Blockchain removes trust through proof of word and complicated mathematical solutions. Physics does not lieā€¦

2 Likes