Homework on Finality - Questions

[CalebMcClure25]

1. Finality or immutability simply means that once a transaction is finalized on the blockchain it can not ever be reversed or manipulated.
2. You dont need to trust a 3rd party for settling transactions or trust that the person you are transacting with will try to reverse a payment later on.

[Little]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It cannot be changed once a transaction has happened. there’s no way to get funds back. none.
2. How does this lead to the trustless environment that blockchain creates?
   It is known that it is final and immutable, therefore there is no longer any need to trust others. just trust in the finality of it.

[yeoyo]

1. What do we mean when we say that blockchain has transaction finality/immutability?
When a txn has been confirmed, it is added to the ledger and is cannot be amended or retracted.

2. How does this lead to the trustless environment that blockchain creates?
The ledger records txns taken place which have been verified by the network, hence eliminating the need for trust in the retrospective claims by recipient / sender of ‘what should have happened’.

[ZacSed]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Transaction cannot be changed or undone or taken back once they have been completed. Once a transaction is done, it cannot be undone.
2. How does this lead to the trustless environment that blockchain creates?
   Once the transaction is verified, it is placed in the blockchain. This means the that transaction is finalized, cannot be undone, and thus verifiable that it occurred.

[urko]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   One that the transaction is confirmed by the network it can’t be changed in the block.
2. How does this lead to the trustless environment that blockchain creates?
   Two subjects can do business without know echoer. They trust the protocol that is verified and anyone anytime can see this transactions.

[Asit]

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

The transaction has finality means that once a transaction is made on the blockchain it cannot be reversed. Once a transaction is on the blockchain it is there forever.

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

This leads to a trustless environment because you can do business with strangers and be 100% sure that you cannot be cheated. The transaction is verified and settled in real-time by the blockchain network. And once the transaction is on the blockchain it cannot be manipulated.

[Ali_H]

Questions:
. This means that transactions cannot be undone once they have been made as mining produces blocks once a transaction has been made.
. Business can be done with strangers, who are not trusted, and there is no central authority involved so transactions cannot be refunded.

[Gaurav]

What do we mean when we say that blockchain has transaction finality/immutability?
Once confirmations on the transactions are made it can’t be reversed. Just like an accounting ledger all previous transaction data never changes. A new transaction is entered in the ledger for any future changes.

How does this lead to the trust less environment that blockchain creates?
Transactions can’t be reversed or duplicated. There is no creating of new funds other than those generated by mining.

[Emerik]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   The impossibility to cancel a transaction on the blockchain.
2. How does this lead to the trustless environment that blockchain creates?
   By the consensus of the network approving transactions

[jamesincanada]

1. Once the transaction is done it is final.
2. You can do business with strangers and not worry about trust because it can be verified.

[TuomoP]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means that transactions are not reversible.

2. How does this lead to the trustless environment that blockchain creates?
   There are no charge-backs, and that mitigates any scam related to these events.
   Bad side is, if you send crypto to wrong address…you are not going to get it back unless the address owner sends it back to you.

[Raneil]

1. In blockchain transaction finality/immutability means that once a transaction is written on the blockchain ledger it is permanent and almost impossible to change (theoretically it is possible to change, but practically not possible.)

2. It means that once a transaction is written on the blockchain ledger it has been mathematically vetted and verified, therefore it is assumed to be accurate and truthful - no trust is necessary.

[deni]

1. you can only add the data inside not change it … so when we send the transaction its final.
2. all is visible … you can not take back what you already send.

[Cryptofun85]

1. Once a transaction has been included in a block and confirmed by the validators it can not be
   canceled or reversed. It’s included forever in the blockchain.

2. Since the blockchain technology is trustless and the truth is established with consensus, once a
   transaction has been approved and included in the blockchain, it is impossible to remove it.
   If a transaction could be evaluated again, after being approved, it would undermine the
   trustworthiness of the entire blockchain.

[shaunsteckler]

1. Once a transaction is completed on the blockchain, it is final and cannot be changed.
2. the blockchain allows two strangers to complete a transaction together. the network verifies the transaction and provides finality.

[dpturner]

1. The blockchain is final and immutable because the past transactions cannot be altered or changed by any centralized authority.

2. This is dangerous to a central authority because it removes power and control.

[t3hmun]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once a transaction is confirmed it can never be undone.

2. How does this lead to the trustless environment that blockchain creates?
   Transactions are final, they cannot be reversed like they can with many other systems such as credit cards. So you don’t have to trust the other side not to undo the deal.

[Luisperez]

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means always will be there and it cant be change.
2. How does this lead to the trustless environment that blockchain creates?
   It is a peer to peer interaction so no third party can cancel a transaction already made.

[afchamp11]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means that once a transaction happens, it becomes irreversible (final).
2. How does this lead to the trustless environment that blockchain creates?
   It does not allow scams from either side of a transaction.

[kristiandoble]

1. We mean that it is physically impossible to change or reverse or alter a transaction after it has been included and confirmed on the blockchain

2. Since no one can change a transaction after it has been included inn the blockchain, you only have to trust the network, and it that way there is no issue making payments with strangers that you otherwise would not have trusted