Homework on Finality - Questions

Blockchain and Bitcoin 101
#462

  1. Blockchain transaction finality means transactions cannot be reversible or can only be reversible from the party that currency was sent to. Immutability means transactions in general cannot be changed or modified and what is on the blockchain is true and unchanged.

  2. Immutability and finality means a trustless environment because you don’t have to worry about transactions being reversed when an item has been sent for example but not having to pay. And, you don’t have to worry about a third party changing a ledger because it all is based on math.

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#463

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed, it is permanently on the blockchain, there is no going back!

  2. How does this lead to the trustless environment that blockchain creates?
    Because once an event has been recorded, it cannot be reversed, there are no take backs.

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#464

1.- it just happens once in a lifetime, you must be 100% sure of it
2.-theres no midpoint, all white or black, true or false, 1 or 0…

#465

What do we mean when we say that blockchain has transaction finality/immutability?
when a transactions has been sent, cant get it back or cancel

How does this lead to the trustless environment that blockchain creates?
Everybody can verify every transactions so nobody needs trust anymore

#466

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is completed, it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Finality removes the ability to cancel a transaction after it has been made, creating confidence in the system.

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#467
  • What do we mean when we say that blockchain has transaction finality/immutability?
    It can not be reversed
  • How does this lead to the trustless environment that blockchain creates?
    If I know a transaction has gone through from a complete stranger, I know that the transaction can not be reversed by the stranger that I transacted with. I therefore trust in the transaction without having to know the integrity of the stranger I may have interacted with.
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#468

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are irreversible. Whatever put into the blockchain stay will stay there forever. Nobody can change it or remove it.

  2. How does this lead to the trustless environment that blockchain creates?
    Trust between people is not needed. i.e. Business, once a transaction is on the network, it will stay there forever, no one can reverse, change or remove anything. It can also be tracked. (avoid fraud and corruption).

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#469

  1. Once a transaction is recorded in the blockchain, it is there forever. It can not be undone.

  2. You don’t need to put trust into the person you do business with, or a central authority of the transaction database. What is recorded in the blockchain is irreversable truth.

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#470

  1. If a transaction on a blockchain is done and verified and money is sent from a to b, there is no way for a to get that money back. All transactions are final and can´t be changed or altered (consensus)

  2. Both sides of a transaction can see the transaction inside the blockchain thus no side can try to scam the other side by claiming the money never came or by trying to take the payment back.
    for example a seller doesnt have to worry about his customer trying to get his money back after he received his item.

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#471

Exactly, and if you need a charge back in some cases, you can do that with another immutable transaction

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#472

  1. Transactions cannot be reversed and the records of those transactions are set in stone.

  2. There is transparency, clear audit trail and transaction records.

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#473

  1. It means that once a transaction has been verified and processed on-chain, it cannot be changed, ever, again.

  2. Because the system is such, anybody within the system can trust in the system, and so, will not need to trust - trustless - each other.

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#474
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Not subject or susceptible to change transactions
  1. How does this lead to the trustless environment that blockchain creates?
  • Allows you to do business with complete strangers Without a need to trust. The code is proof…transactions are verified (provenance) (consensus) …the security and immutability Due to incentives creates a global block chain for proof of work.
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#475
  1. Saying that blockchain has transaction finality we mean that once a transaction is confirmed by the network it is not reversable. It is immutable and stored forever on the blockchain.
  2. Immutability contributes to creating a trustless environment allowing, for example, complete strangers to do business together not knowing each others, and most importantly not trusting each others. All they need to do is executing the transaction verifying that the network confirmed it.
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#476

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Not reversible and permanently recorded for public accountability.

  2. How does this lead to the trust-less environment that blockchain creates?
    No need for a 3rd party, all users are the 3rd party and can verify independently all transactions.

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#477

  1. We mean that it can’t be reversed, it is impossible to roll back.

  2. It enables people to be rest assured that once a transaction is confirmed it won’t be changed. The bitcoin has then been transferred and there is no way to modify that in any way shape or form.

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#478

1, We cannot undone the transaction.
2, The Blockchain environment created a trustless Business.

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#479

  1. It means that all transactions are final and can’t be reversed.

  2. It leads to the trustless environment because transactions can’t be reversed and can be verified on the network.

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#480

Finality and immutability on the blockchain means once a block is executed it cannot be altered.

The blockchain environment cannot be altered so it doesn’t rely on trusting a central figure.

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#481
  • What do we mean when we say that blockchain has transaction finality/immutability? Transactions cannot be redacted, they are “final”. They cannot be changed, so are immutable.
  • How does this lead to the trustless environment that blockchain creates? Blockchain ensures transactions are valid, then holds the transactions forever. It allows business to be conducted with strangers from anywhere, as all sales are transparent and final.
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