Homework on Finality - Questions

Blockchain and Bitcoin 101
#4878

1- When a transaction is done and confirmed or on the way to be confirm, there is no way to cancel and/or going back.

2- There is no grey zone that needs to be analysed, perceived or agreed by a third party. It is black or white, done or not been done.

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#4879

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction was verified, this is final. Its not possible to reverse the transaction on the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    Nobody can scam anyone. Its all about that one next transaction that is being verified by the miners which are incentivised to verify the legitimacy of that one transaction. Nothing more, nothing less.

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#4880

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

  2. How does this lead to the trustless environment that blockchain creates?
    A transaction is based on fulfillment of certain criteria or requirements. Once that is done the transaction is executed regardless who is behind it.

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#4881
  1. Blockchain has transaction finality/immutability means that all transaction are final and canā€™t be reversed.
  2. This lead to the trustless environment that blockchain creates because every transaction is easily verifiable and in the best financial interest of each validator.
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#4882

  1. Once a transaction has happend, so once a transaction is added to the blockchain, it is impossible to change that transaction afterwards.

  2. This makes sure that there is no possibility of cheating with chargebacks etc. We donā€™t have to trust the client or the company, we can just trust in math and physics.

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#4883

  1. It means that the transaction can not be reversed or changed. Once the transaction is confirmed, it is done, end of story.

  2. Since the blockchain can not be changed afterwards, we donā€™t have to trust the individual we are dealing with. So it makes it easy to transact with strangers.

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#4884

  1. Once a transaction took place on the BlockChain it is not possible to reverse and a record of the transaction is permanently stored in the block.

  2. It removes the concern that for example a supplier that was paid could have the payment reversed by the buyer. It also reduces the risk of scamming as each transaction has to have proof of work to complete the transaction requirements.

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#4885

  1. When a transaction occurs on a blockchain, it cannot be reversed.

  2. It ensures that people who transact on a blockchain are not able to do things like ā€˜charge backā€™ and reverse a payment / transaction.

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#4886

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Any transaction submitted to the blockchain is permanent and unchangeable.

  2. How does this lead to the trustless environment that blockchain creates?
    -All transactions are individually verifiable and immutable.

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#4887
  1. the transaction will not be changed and it can not be reversed.
  2. since when the transaction is completed it is not possible to be changed or reversed.
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#4888
  1. When you exchange blockchain for something else of value the transaction is irreversible and final. This prevents the fraud often committed by bad actors who receive a product or service
  2. You no longer need to trust the counterparty will not renege on his obligation since they transferred the block chain to you and you possess it.
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#4889

1 when a transaction is made it can not be changed it is permanent.

2 because the transactions arent changeable and all transactions are stored in blockchain so public can see them, there is a trustless environment

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#4890

1.It means that once one transaction is made it cannot be reversed.
2.Once the transaction is done, there is no way to change it or to reverse it.

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#4891

It mean that every transaction is final and cannot be reversed or edited as their is no central party involved such as banks.

It creates trustless environment because we didnā€™t need to trust anyone can verify the transaction publicly.

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#4892
  1. Not possible to revert a transaction once itā€™s made.
  2. You trust the system , verify mathematically , no need to trust the members.
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#4893

1. Once the transaction has been confirmed on the blockchain it cannot be reversed.
2. Trusted is in the mathematical algorithm rather than the relationship between parties.

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#4894

  1. Once a transactions is set/confirmed it is final and there is physically no way to reverse the transaction.

  2. It removes the need for trust in an individual and provides trust in the network.

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#4895

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It can not be reversed. It is final.

  2. How does this lead to the trustless environment that blockchain creates?
    You can trust the protocol not the strangers. Pear to pear transactions are possible and trust less.

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#4896

  1. We say the blockchain has transaction finality/immutability because there is no way to reverse the transaction even if you make a mistake. Everything can be verified mathematically.

  2. This creates a trustless environment because now we can work with total strangers and be able to verify every transaction along the blockchain.

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#4897

  1. Once a transaction is made and confirmed it can not be reversed. There is no way of getting back the money.

  2. Because when the transaction is made you can not reverse it and this is all visible and open for everybody. You canā€™t call the bank and reverse the transaction.

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