Homework on Finality - Questions

Blockchain and Bitcoin 101
#4717
  1. Transactions cannot be reversed - There are no chargebacks or ways to remove a transactions. Except a hard fork but that doesn’t negate the immutability and isn’t usually a profitable solution
  2. Mathematics verifies each transaction so there is consensus. Trust in the protocol allows for transactions between strangers.
1 Like
#4718

  1. Bitcoin transactions are final and incapable of being changed. Once a transaction is completed and added to the blockchain, it can never be altered and is ‘set in stone’.

  2. Finality and the mathematic protocols blockchain is based off allow transactions to be easily verifiable, removing the need for trust. If bitcoin transactions had the ability to be altered in the blockchain, any one could easily go back and alter transactions, modifying the truth.

1 Like
#4719

you can add to the block but not subtract data.
transactions are irreversible.

1 Like
#4720

once you accept a transaction it’s irreversible
now no one can cheat by reclaim the purchased with or without a legit claim

1 Like
#4721

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been sent and completed it is final and can not be reversed or canceled.

  2. How does this lead to the trustless environment that blockchain creates?
    There is no way that strangers can’t reverse the transaction because there is no third party corporation to put any trust into. The blockchain was created to be a trustless system for everyone to use buy cutting out third party corporations.

1 Like
#4722
  1. Unabling to charge back anyone’s transaction aftwer it’s completed.

2.The idea is that in the Bitcoin blockchain the degree of settlement finality of the transactions in an existing block is increasing with every newly added and verified block. (POW)

2 Likes
#4723
  1. What do we mean when we say that blockchain has transaction finality/immutability?

it means that when you do a transaction on blockchain it is final. it can not be reversed for any reason.

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

because no one can reverse the transaction. the customer cant call bank and say it was fraud. The seller cant get the money unless the customer gets the item.

1 Like
#4724

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. It means a transaction cannot be undone and that both parties trust that the system and network will execute it and it will be impossible to reverse.

  2. How does this lead to the trustless environment that blockchain creates?
    A. Neither party involved needs to rely on the other with trust as the blockchain takes care of the transaction and nobody can tamper with it once it has been sent.

2 Likes
#4725
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • once a transaction is completed there can be no charge backs, the transaction cannot be reversed
  1. How does this lead to the trustless environment that blockchain creates?
  • 2 parties do not have to have trust in one another in order to transact, strangers can do business and no their transaction will complete and not be reversed
2 Likes
#4726

  • We mean that once a transaction is there it cannot be modified, removed or copied.

  • This means that in the environment you can always verify a transaction since it is the same across all nodes on the network.

1 Like
#4727

  1. that no transaction can be reversed or changed. once the transaction is deemed true, then it is added to the blockchain and cannot be unwritten.

  2. this leads to a trustless system because there is no scams, no fraud, no manipulation due to the fact that it has been validated prior to being written. that validation proved that the transaction satisfied requirements and is true. the protocol does not run on emotions or second guess its viability. besides all that,… the information can be reviewed by anyone and the proof will be right there in the pudding. no need too blindly trust some flawed authority

1 Like
#4728
  1. What do we mean when we say that blockchain has transaction finality/immutability?

There are no reversals, changing your mind, scamming,
or chargebacks once transactions are confirmed.

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

When transactions are final, this removes the need to trust and increases business with strangers.

1 Like
#4729

All transactions are undirectional. No party can ever claim that a transaction “did not occur,” and no transaction can be reversed.
The accuracy and finality of every transaction is committed to by the initiator of the transaction (or “sender”). If the sender has trust in the recipient such that sender is willing to initiate the transaction, then it can be certain that the transaction will be executed. So, in fact, the blockchain itself may be “trustless,” but it does NOT mean that transactions themselves need be trustless.

1 Like
#4730

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction is on the blockchain, it is physically impossible to change or remove it.

  2. How does this lead to the trustless environment that blockchain creates?
    It leads to a trustless environment because we don’t have to trust a stranger’s word or a third party. We trust the protocol that is based on math.

1 Like
#4731

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are final and nonreversible. Methods such as chargebacks are not possible on blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    With finality, you are not required to trust anyone with transactions. This system encourages you to conduct business with strangers at anytime.

1 Like
#4732

1 that when a transaction is made it cannot be reversed
2 You can do business with strangers because when a payment is made it cannot be reversed. You just put your trust in the system and its mathematical verification

1 Like
#4733

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction is confirmed, it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Participants’ trust is not required, only trust in the system which has immutability built-in already.

1 Like
#4734
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction ahs happened and been verified you can not change it or reverse it

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

It makes it harder for people to scam for example saying they didnt recieve their goods / bitcoin. and it means people cant falsly reverse charge either

1 Like
#4735
  1. We mean that no transaction can ever be reversed. It is permenant.
  2. It creates trustless because we only need to believe in the protocol - not anyone else. The playing field is level, essentially.
1 Like
#4736

1 - Cnce a transaction happens, it’s complete and cannot be reversed.

2 - We can safely make transactions without having to trust the other party to ‘scam’ us or create charge-backs

2 Likes