Homework on Finality - Questions

Blockchain and Bitcoin 101
#4677
  1. once confirmed and sent, the transaction cannot be reversed.
  2. Sellers will not have to trust a buyer will not revert payment resulting in loss of funds and the item.
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#4678

  1. Once the transactions are completed, they canā€™t ever be changed. They are immutable.

  2. By being public and final, itā€™s possible to inspect the blockchain transactions anytime and know for sure whatā€™s happened.

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#4679

Finality means that once a transaction is done, it cannot be reversed. It is on the blockchain forever. This leads to a trustless environment in that you can proceed with transactions without fear that you cannot trust.

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#4680
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    If the transaction is sent and confirmed in blockchain there is no way to cancel or reverse the transaction.
  2. How does this lead to the trustless environment that blockchain creates?
    The transaction cannot be cancelled or reversed. If the transaction is confirmed in the blockchain, it can be fully trusted that transaction is made.
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#4681

The transaction will be verified by the ledger before entering the blockchain, when confiremed there is no way for it to change ever! Rule number 1 in blockchain.

Every transaction have no more need for third party. Even if u do business with a scammer this system provide the safety needed. And the best part i like about the blockchain tech, is it get rid of the lies thats all over this planet in every way!

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#4682

1- it means that when a transactions has been sent it is final and you canā€™t get it back or cancel it if it has been confirmed.

2- By making it irreversible in which strangers can trust each other because when a block has been made it canā€™t be removed. Bitcoin for example, if a transaction had been made and confirmed it canā€™t bee cancelled or refunded.

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#4683

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It mean that a transaction that has been verified by the blockchain network cannot be reversed

  2. How does this lead to the trustless environment that blockchain creates?
    The fact that a transaction that happened cannot be reversed or be duplicated, it removes the need to trust the party you are doing business with.

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#4684

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions which are once accepted by the network can not be reverted

  2. How does this lead to the trustless environment that blockchain creates?
    People have to agree to the terms before the transaction, once the transaction happens neither side can scam the partner by reverting the transaction

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#4685

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When the transactions is confirm the miners have mine the node for the tranaction in to the block, where you can not reclaim your transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    Because itā€™s for p2p with put a 3p.

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#4686

When a transaction has been executed in the blockchain, it is final, It can not be reversed and/or reverted in any way, form or fashion. This helps lead to a trustless environment where people around the globe that do not know each other can conduct business because each operation is mathematically verifiable to its entirety and it can not be changed or altered in any way, form or fashion, hence creating a trustless environment.

2021-04-12T23:19:00Z

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#4687

  1. It means that the transaction cannot be reversed or changed. Once transaction is sent it is added to the ledger as a new block.

  2. Because with finality and imutability is creates information or data that cannot be changed, reversed or deleted. It creates a trustless community, public transactions that can be accessed by anyone

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#4688

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once it is written, there is no turning back.

  2. How does this lead to the trustless environment that blockchain creates?
    Being that nothing is changed/removed on the blockchain, all things being final, you can better ā€œtrustā€ the system held accountable by proving the data correct via network consensus.

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#4689
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Whenever the transaction is completed or confirmed on blockchain then it is not reversible. Once the block is written it cannot be edited.
  2. How does this lead to the trustless environment that blockchain creates?
    Once the block is written on blockchain, it is considered as final. This way we can only trust the network and its protocols. The fraud can be avoided. You can do business with strangers.
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#4690
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means once the transaction happened itā€™s happened. Thereā€™s no way to change it back.

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

Finality removes the trust once the transaction is happened itā€™s happened thereā€™s no central authority through which it can be reversed. We can verify the transaction mathematically without any intermediary by removing trusted 3rd party.

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#4691

What do we mean when we say that blockchain has transaction finality/immutability?
In blockchain, after transactions, there are no charge-backs, therefore no way of scamming anybody. Once a transaction is approved and confirmed into the blockchain network, it is final, and verified.

How does this lead to the trustless environment that blockchain creates?
By having transactions verified, and with transaction finality/immutability, this allows you to trade with anyone, even if you donā€™t know them or trust them. The failsafe of the system removes trust from the equation.

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#4692

What do we mean when we say that blockchain has transaction finality/immutability?
This is a transaction that cannot be returned or erased once it has been executed.

How does this lead to the trustless environment that blockchain creates?
The middle man is removed from the transaction, thus trust isnā€™t reliant on a banker to finalise the transaction.

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#4693
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This mean that transactions recorded on the blockchain are final and cannot be altered.
  2. How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless environment whereby participants no longer rely on trust because the protocol allows for each transaction to be provable and verifiable.
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#4694

Homework - Finality

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

Finality on the blockchain is the completion of transactions that are verified and written/held on the network by consensus in math/physics. All transactions are final and undebatable due to proof of work(provenance). The ledger or blockchain operated by miners is undeniable and is complete with no room for errors. The only errors are human. Our commands in transaction are our own and once made on the blockchain are final. All transactions on the blockchain are written in code as law.

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

Finality is the trustlessness that is adhered to by a collective of computers storing all transactions simultaneously. because all components using the blockchain have incentivized honest work, the system will always work to create a trustless environment held together by the law of code, mathematics and physics.

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#4695

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

If a contract has been validated and completed, or consensus has been reached within the blockchain, it cannot be re-created, deleted, or modified.

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

Donā€™t just believe but double-check! Since the network verifies and checks transactions, the math behind the mechanism means that total strangers may do business with each other. Getting rid of all intermediaries of conventional banking.

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#4696
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality means that once a transaction has been confirmed, it canā€™t be reversed. It is forever a completed transaction the blockchain. Immutability means that the transaction that was completed can never be changed in any way.
  2. How does this lead to the trustless environment that blockchain creates?
    You can perform a transaction with anyone anywhere in the world, and know that if the transaction is confirmed they you will both receive the desired goods that were specified in the transactions. If there is fraud, the transaction canā€™t be performed.
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