Homework on Finality - Questions

Blockchain and Bitcoin 101
#4978

  1. The property of immutability means that once an event is submitted to the blockchain, the data from within that event cannot be altered later. The data is final and essentially hardcoded into the ledger of the blockchain.

  2. The property of immutability produces a trust-less environment in the sense that there is no possibility for the reversal of an event. This means that because data is submitted to the blockchain, you can just look at the particular block of the event and saw what occurred. There is no need to trust someone to uphold the integrity of the relevant data.

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#4979
  1. No transaction can be made undone/reversed nor deleted. Once you send it, it will be sent. There is no way to change that
  2. You can rely on the transaction to go through.
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#4980
  1. It means that once a transaction is completed it cannot be undone.
  2. This makes it so no one can pay for something and get a ā€œcharge backā€ like they can with banks. Once they pay it is complete, it allows strangers to do business.
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#4981

1. What do we mean when we say that blockchain has transaction finality/immutability?
It means transaction is irreversible, itā€™s written in stone, canā€™t be edited, nullified, reversed, etc.
2. How does this lead to the trustless environment that blockchain creates?
Because a transaction originality is preserved without being altered by a third party.

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#4982
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been completed/confirmed it cannot be changed.

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

Transactions are irreversible and cannot be duplicated. Can do business with strangers without trust

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#4983

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

  2. How does this lead to the trustless environment that blockchain creates?
    Everyone trusts the network and so people who do not trust each other can still do business.

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#4984

Homework on Finality

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

What we mean when we say that blockchain has transaction finality/immutability is that once a transaction has occurred, there is no going back. It will be on the blockchain forever.

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

This leads to the trustless environment that blockchain creates due to various factors, the elimination of calling back a transaction by scammers and by allowing mathematically verifiable proof that transactions are permanent and cannot be reversed.

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#4985
  1. The transactions on the blockchain cannot be reversed. Once the transaction is completed there is no way for it to be reversed/changed.
  2. There is no need to trust a person or a group of people anymore. All the transactions can also be mathematically verified. Even if we do not trust the other person/people/business we can interact with them through the blockchain and know we can trust the system.
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#4986

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    every transaction that happens stays as is for good. You cannot change it or deny it afterwards.

  2. How does this lead to the trustless environment that blockchain creates?
    everything that happens can be verified later on by checking on the block height of the chain

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#4987
  1. After the transaction has been committed, the transaction is written in stone and cannot be changed.
  2. Blockchain creates a trustless environment because consensus determines what is committed, not a centralized authority.
2 Likes
#4988

  1. Finality means that once a transaction is confirmed, it cannot be undone.

  2. No reversals of transactions. If you sell something to someone on the internet for example, they can basically charge you back. With blockchain they cannot

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#4989

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has confirmed, there is no way for it to be undone / reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Because you donā€™t have to worry about someone trying to manipulate the transaction, or situations like chargebacks. The transaction is executed and it canā€™t be tampered with, so it doesnā€™t matter if you know who is executing the transaction or not. The program will act the same no matter what.

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#4990

1)Means all the transactions taking place are irreversible and transparent.
2)Since everything the entire blockchain is visible and accessible to anyone this allows people to transact with everyone including new companies.

2 Likes
#4991
  1. The transaction canā€™t be recalled once processed and is on the blockchain in perpetuity.
  2. It can never be changed once on the blockchain. This is assured by incentivizing miners in keeping the blockchain secure
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#4992
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    transactions canā€™t be rolled back/undone
  2. How does this lead to the trustless environment that blockchain creates?
    finality removes the need for one party to trust that the other party wonā€™t do a chargeback after receiving merchandise.
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#4993

  1. It means that whenever a transaction happens on the blockchain it cannot be reversed. It removes trust. Once done it forever exists on the blockchain. If I was to send bitcoin to you or to the wrong address, itā€™s gone, thereā€™s no getting it back.

  2. Because Blockchain uses a protocol that you can trust. Itā€™s stronger because it uses mathematics and physics, which is done with mining and the proof of work. It makes it easy for strangers to do business together because there is no trust that has to be there already.

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#4994

  1. It means that the transaction can not be changed or erased.

  2. It leads to a trustless environment by being transparent, unchangeable and final that can be verified.

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#4995
  1. Block chain has finality because once a transaction is recorded it canā€™t be erased or modified.
  2. It provides transparency of the origin of a transaction and all parties can be verified.
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#4996

Once a transaction takes place it is final and cannot be reversed.

Just the maths and the protocol, no need for trust.

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#4997
  1. Blockchain has finality/immutability as once a transaction has happened it cannot be reversed. It will be recorded forever.
  2. We can trust the system as all transactions can be verified mathematically.
2 Likes