Homework on Finality - Questions

Blockchain and Bitcoin 101
#4858
  1. Finality means that ever transaction on the chain is permanent and cannot be undone.
  2. This leads to a trustless environment because it is validated by math/physics instead of trust in human beings or institutions.
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#4859

Homework on Finality - Answers

1) Q: What do we mean when we say that blockchain has transaction finality/immutability?
A: This means that once a transaction is sent/goes through that it CANNOT be reversed.

2) How does this lead to the trustless environment that blockchain creates?
A: With blockchain you can send and receive money from strangers and have confidence that the payments are legit. This is because the blockchain is trustless so we do not have to trust the other party, we simply trust the math, protocols, and miners that are verifying the transactions.

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#4860

  1. Finality means once the transaction block is added to the blockchain it cannot be reversed

  2. Finality is caused by mining and proof of work which leads to consensus.
    Consensus removes centralization which eliminate trusts , creating trustless environment

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#4861

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once transaction made is final and trusted and no charge back allowed …A transaction made is permanently recorded in database which is non modifiable …

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

  3. Transactions can’t be reversed or duplicated. There is no creating of new funds other then those generated by mining.

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#4862
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions cannot be unmade, such as with the payment card industry. Once a transaction has been made and confirmed, it is immutable, meaning it cannot be canceled.

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

It avoids the potential of customers or any 1 party scamming the other by making a payment, only to then get that payment reversed through a bank.

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#4863

1.The transactions cannot be reversed or removed, a new block is created using electricity.
2. All decisions are made and verified on the blockchain making them final. Everyone is verifying the transactions and is readable on the ledger.

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#4864

  1. Blockchain finality/immutability is when transaction cant be changed or removed.

  2. Blockchain trustless environment possible because all transaction are pubblic
    trust is in the network as an impartial 3rd party.

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#4865
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • transaction can not be reveresed & altered.
  1. How does this lead to the trustless environment that blockchain creates?
  • strangers can trust each others since the transaction can never be altered or reversed.
  • New blocks can only be created by Miners.
1 Like
#4866
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means once the transaction is completed, its not possible to cancel it, it is not possible for chargeback.

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

People trust the protocol and thus they dont need to trust other people they are working with.

2 Likes
#4867

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

  • It means that a transaction can not be reversed. Once a transaction is on the Blockchain, there is no way to delete it or alter it.

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

  • Due to finality and immutabilty we can do business with strangers(and others) without having to worry about getting scammed. It is physically impossible to change or reverse a transaction and we do not have to rely on banks or other institutions as intermediaries.
1 Like
#4868
  1. Blockchain transactions are permanent. Once a transaction is completed it is recorded and stored permanently on the blockchain. Nobody can change it or delete it.
  2. We do not need a “trusted” third party because blockchain verifies the transactions and blocks itself.
1 Like
#4869

Once a transaction is sent, it becomes irreversible.

We can transact with strangers and rest assured that transactions go smoothly since we all place our trust in the blockchain protocol, which helps as strangers cannot ask for/claim a refund; everything is done in a trustless manner that you would not need to trust strangers.

1 Like
#4870

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    that once transaction happen and it gets validated and written to the blockchain there is no way to revert it. So everybody have to triple check the receiver address before he sends the funds as it can’t be reverted.

  2. How does this lead to the trustless environment that blockchain creates?
    that complete strangers could make transfers and be sure that these transfers will get through via trustless network which blockchain is.

1 Like
#4871

  1. Transactions are final. They cannot be reversed.

  2. Since the transactions are irreversible, users can trust the system.

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#4872
  1. A transaction ton cannot be removed or changed once it has been added to the ledger.
  2. We no longer need to trust in any authorities because the data is now permanent and immutable, meaning we can trust the network instead.
1 Like
#4873

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

It means that there is no physical way of reversing a transaction. When a transaction is added into the blockchain, it cannot be reversed; the transaction will be public forever.

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

This leads to trustless environment because you can transact and do business with strangers. For example, if you are selling something to a stranger, once this person sends you the transaction, there is no way he/she can claim back the money, it’s already yours and there is no physical way to revert that.

1 Like
#4874

  1. Transaction finality means that once a transaction is completed and is agreed upon by consensus, it can not be reversed. It is done forever.

  2. This leads to a trust-less environment by removing a central authority that has final arbitration rights over a transaction, and can reverse the transaction. Instead, the system is distributed, and participants in the transaction agree with the system’s rules rather than trusting the central authority.

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#4875

There’s no way to reverse a blockchain transaction.

People can’t claim fraud or charge backs after service is rendered.

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#4876

1.It simply mean that once a transaction has taken place, it’s impossible to go back or cancel the transaction itself.
2. Trust comes from the fact that miners reach a consensus through mathematic, therefore I don’t need to trust anyone.

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#4877

once a transaction is made its final. ne return or making it disappear

we can do business with strangers because we trust the chain…

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