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What do we mean when we say that blockchain has transaction finality/immutability?
Transactions are final - they cannot be reversed. -
How does this lead to the trustless environment that blockchain creates?
It allows two strangers to perform a transaction without concern that the transaction will be reversed/chargeback, and the transaction is easily verifiable on the network.
What do we mean when we say that blockchain has transaction finality/immutability?
A blockchain transaction has finality because it can never be changed. Once a transaction blocked is created it cannot be removed, therefore existing forever.
How does this lead to the trustless environment that blockchain creates?
This transaction finality means we place our trust in the protocol and math behind the blockchain system, allowing us to safely and securely carry out transactions with strangers. We no longer have to worry about being scammed by companies or customers.
- Finality and immutability both mean that nothing can be changed once a transaction happens. Once the transaction has been completed there is no way of changed the status.
- This can lead to a trustless environment because once the nodes have accepted the transaction the it will be complete. Therefore there does not have to be any third parties to do transactions and you do not need to know who is on the other side. Once the nodes agree it will be finalized.
- It cannot be reversed or amedn the transaction record
- Because you can ensure that once the money was transferred, recorded in the blockchain, you truly received it. And it cannot get cancelled.
- What do we mean when we say that blockchain has transaction finality/immutability?
When we say that blockchain has transaction finality, we mean that whenever a transaction confirmed in the system, there is no way to reverse that.
- How does this lead to the trustless environment that blockchain creates?
Finality make everyone in the system remove their trust on the âpartnerâ who on the other side of the transaction. Everyone just trust the system, the math, the protocol.
- What do we mean when we say that blockchain has transaction finality/immutability?
Once itâs written, it canât be removed - How does this lead to the trustless environment that blockchain creates?
that current network status can be re-calculated. So if there is doubt, recalculate will affirm the state.
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What do we mean when we say that blockchain has transaction finality/immutability?
Transactions on the blockchain cannot be changed. Once a block is added, it is final. There is no changing, modifying, and charging-back transactions. -
How does this lead to the trustless environment that blockchain creates?
The finality of the transaction removes trust. Business can be conducted by complete strangers, without trust. Since the transactions are final one can be trustless.
- What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction has been validated it cannot be changed by any means, itâs written on the the bc. - How does this lead to the trustless environment that blockchain creates?
Because everything can be verified and is immutable
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This means the transaction is irreversible.
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It eliminates the need for an intermediary to confirm the transaction
Homework on Finality - Answers
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What do we mean when we say that blockchain has transaction finality/immutability?
Finality and immutability are the ideas that any action performed on the blockchain is permanent and irreversible on the network due to the physical electricity and processing power put into said action. -
How does this lead to the trustless environment that blockchain creates?
This makes it so that not only is a third party not needed to be trusted, but NO third party can alter or dispute any transaction on the blockchain.
- What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is processed, it cannot be reversed at all so no charge backs. - How does this lead to the trustless environment that blockchain creates?
Businesses are guaranteed the payment they receive from bitcoin and stranger P2P transactions become more fast, fluid and consistent
- When transaction has been sent it is final and you canât get it back or cancel it if it has been confirmed.
2- Since it is irreversible, strangers can trust each other because when a block has been made it canât be removed.
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It means that the transaction is 100% integral and cannot be reversed. Not possible to scam.
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This leads to a trustless environment because it completely eliminates scamming, whether its the client or business doing the scamming. This makes it easier to do business with strangers and build a better relationship. All transactions are verified.
1. What do we mean when we say that blockchain has transaction finality/immutability?
Any data that is put on blockchain will remain there forever, unchanged and irreversible, until the end of time.
2. How does this lead to the trustless environment that blockchain creates?
In the case of Bitcoin, all confirmed transactions are irreversible. This lets you sell to strangers without fearing that they will first pay you, then run to the bank, tell them that the payment was due to fraud, and reverse that payment. You no longer need to trust the stranger to not scam you because confirmed Bitcoin payments can never be refunded.
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What do we mean when we say that blockchain has transaction finality/immutability?
It can never be changed. IE when you pay someone you can never get it back. This is unlike calling your bank and getting a chargeback. -
How does this lead to the trustless environment that blockchain creates?
All confirmed transactions are set in stone and are agreed upon by everyone. You cannot say that you didnât do x because everyone knows and sees that you did.
- What do we mean when we say that blockchain has transaction finality/immutability? This means that what goes on the blockchain cannot be omitted. Once something is there, it is there forever.
- How does this lead to the trustless environment that blockchain creates? This leads to a trustless environment by providing you the certainty that what has been written cannot be reversed, it cannot be physically reversed.
1 - once the transaction has happened it cannot be reversed
2 - we can do business with strangers with no fear of chargeback or scam
Blockchain has transaction finality in that it is impossible to reverse a transaction. That transaction will be displayed on the ledger forever.
This leads to a trustless environment because there is no potential for a transaction to be overriden through a scam. It exists forever.
- This simply means that once a transaction has occurred and been completed on the blockchain, it cannot be reversed and overturned.
- The trust which is established from the transaction that takes place on the blockchain doesnât occur between two strangers in the traditional sense but rather through protocols and mathematical computing generated on the blockchain network.
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What do we mean when we say that blockchain has transaction finality/immutability?
it is not reversalble - once its done, its done -
How does this lead to the trustless environment that blockchain creates?
you can verify the transaction (the network does)