Homework on Finality - Questions

Blockchain and Bitcoin 101
#482

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A confirmed transaction once on the blockchain is permanent; it cannot be reversed (e.g., no charge-backs).

  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with strangers, because you need only trust the math (the network) not the other party. I.e., no counter-party risk.

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#483

Once a transaction sent, cannot be reversed.

There is a proof in the blockchain, that the transaction or the data has been sent.

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#484

1.Verified transaction its posted on the network and by being immutable it canā€™t be modified .
2. Personal trust its unnecessary. System of the network creates security .

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#485

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

  2. How does this lead to the trustless environment that blockchain creates?
    You can check a transaction mathematically if you donā€™t trust it.

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#486
  1. What do we mean when we say that blockchain has transaction finality/immutability?

a) once the transaction is confirmed, it canā€™t be reversed!

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

a) Can do business with strangers due to complete trust in the protocol, not in people and once confirmed there are no chargebacks.

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#487

  1. Once a transaction has been written to the ledger it cannot be amended, retracted or changed in any way.

  2. The confidence is in the blockchain and the maths used to verify transactions, once a transaction is done it is done. The transaction is trustless, no intermediary to trust.

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#488

1.It means that once you send btc you cannot reverse or cancel the transaction neither you nor your counterparty and the transaction is open for all to see.
2. It leads there because it does not matter who you are dealing with anywhere in the world there is no trust to be broken or promise to keep, just maths to trust.

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#489
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When the transaction is confirmed it cannot be reversed or somehow changed.

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

We donā€™t need for example a bank to provides us the proof of transaction. Because the proof is automatic when the transaction is verified and goes on the ledger.

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#490

1.cant be undone.
2.you cant charge back.

#491

Transactions on blockchain are irreversible, once a transaction is confirmed on the blockchain, it canā€™t be reversed.

By every participants are trusting the rules and mathematical proofs set by the protocol that canā€™t be changed, hence canā€™t be cheated.

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#492

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That means whatever you do on the blockchain is not refundable and can not be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    The incentive program to make people expand the network.

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#493

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?

Answers:

  1. Once the information, such as a Bitcoin transaction, is processed and recorded to the blockchain network, it can never be changed or removed.
  2. This allows us to do business with people we donā€™t know or need to trust because we have received our payment which is recorded on the BTC network.
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#494
  1. If a transaction is send it is send, you canā€™t get it back or reverse it. Blockchain is open 24/7
  2. It is all about physics , we have to trust the network, its a math protocol. Miners are using electricity to confirm blocks.
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#495

  • It means; that it cannot be reversed or deleted from the ledger.

  • Basically by removing any option of scamming, or fraudulent behaviour.

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#496

  1. Once a transaction takes place it can not be reversed or taken back by a party. Another transaction would have to take place which is in agreement by both parties i.e. the receiver would have to return to the supplier what was originally transacted.

  2. Suppliers and buyer now know that a transaction is final. There is however a holding gap of satisfaction and proof of delivery in some cases. It does not solve all issues.

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#497

  1. Once a transaction has been verified it cannot be reversed and remains as a permanent record on the block chain for every one to see.

  2. It creates trust because neither the seller of goods and services and the buyer of these of these goods and services donā€™t have to rely on his or her word of payment. Which works well when both honest companies and honest people conduct business.

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#498

This tecknologie is basad on computer meth and algorithms, donā€™t need a specific person or entity to approve instead a completly network is used to verify and approve.

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#499

  1. Once a transaction has successfully been added to the blockchain, it becomes financially infeasible to attempt to rewrite/remove it.

  2. Having finality/immutability as a part of a blockchain, you are able to trust that your assets are secure and cannot be recalled by anyone for any reason

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#500
  1. It is impossible to revert a transaction!
  2. You donā€™t have to be afraid to be scammed. When the transaction got confirmed, and you received it there is no way for the sender to get his money back.
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#501

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Once you made the transaction and itā€™s in the blockchain, you cannot reverse it.
  • once the transaction shows up on the blockchain, you cannot change o erase the information
  1. How does this lead to the trustless environment that blockchain creates?

As the validation of the transaction relates upon a mathematical formula, we donā€™t need to trust someone to know that the transaction took place, and the information that shows up on the blockchain is correct.

Once you did the transaction, you cannot erase your transaction, or modify it. So the receiver can trust that he will receive the funds (in case he send Btc for exemple).

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