Homework on Finality - Questions

Blockchain and Bitcoin 101
#5098

1.once a transaction is integrated into a block it can not be removed (finality) or changed (immutability)

  1. in a blockchain you do not have to trust a third party. Mainly costumer scams like we see them on paypal a lot, can not happen on a blockchain when a transaction is confirmed.
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#5099
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That all transactions are final.
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions cannot be reversed by a third party.
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#5100

1.All transactions on the blockchain are final and irreversible.
2.Since the ledger is public, all transactions can be seen and proven to have happened. The trust in the technology, not the vendor nor the customer nor the financial middleman.

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#5101
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • It means that if you sent your bitcoin to me and you didnā€™t mean it, Iā€™m very happy and youā€™re notā€¦ but lucky for you I am an honest guy and I will give it back to you, for a nice reward of courseā€¦ mwuahahaha
  • On the other note, all transactions are etched in stone of history, so serve as proof if needed.
  1. How does this lead to the trustless environment that blockchain creates?
  • You can not worry about doing business with a guy whoā€™s dressed like a clown, and his powers over you, of being a stranger will not work!
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#5102
  1. The transactions cannot be changed or erased, proven by the protocol/math/work done.
  2. Trustless because there is no third-party or middlemen to trust and that can intervene, just the protocol.
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#5103

1.The transaction cannot be reversed. It will be on the blockchain forever.

  1. The transactions are final and cannot be reversed, meaning there is no chance of a chargeback.
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#5104
  1. There is no way of reversing the transactions because the blockchain donā€™t have central entity. You canā€™t call to anybody and ask for the chargeback
  2. Everything needs to be verified and agreed upon. It removes trust
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#5105

1. What do we mean when we say that blockchain has transaction finality/immutability? It means that once a transaction has entered the blockchain, there is no way of reverting it.
2. How does this lead to the trustless environment that blockchain creates? Since transactions in the blockchain are immutable, there are many cases in which you can avoid having to trust a middleman and you can also avoid scams. For example when you sell something on the Internet you have to trust the buyer to pay you while if the transaction is done via blockchain technology, you are certain you will have the money available once the transaction has been made.

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#5106

1 - transaction finality/immutability means that once a transaction happens and it is confirmed it canā€™t be reversed or edited.

2 - it removes the need to trust because transactions on a blockchain can be mathematically verified.

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#5107

  1. when a transaction has processed its done, it cant be changed. there is no higher truth.

  2. it is the ultimate verification method. you agree on a price, a product or whatever and its there or its not.

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#5108
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Technically nothing can be reversed, and every transaction is permanent once done.
  2. How does this lead to the trustless environment that blockchain creates?
    The finality is ensured by the trustless environment which is run by mathematical rules, and not by any trusted person.
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#5109

1: It means that all transactions on the blockchain are final, meaning they can not be reversed because of the way the system, network, protocol work. Once a transaction has happened there is no way to reverse it. Finality therefore happens. It enables the system to make transactions with strangers without the trustaspect.

2: It enables trust in the network instead of a person or entity. You can do business with strangers because we trust the system, network, protocol and because we can verify it mathematically.

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#5110
  1. once you transact, you cannot take it back and it is on the block chain forever.
  2. this prevents someone from paying you then taking the money back by calling their bank, so you dont need to rely on trust.
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#5111

  1. once a transaction has happened on the blockchain there is no way to reverse it or remodle it, it is final. it cannot be recalled.

  2. parties do not have to have trust, that the others recal or remodle a transaction because it is final on the blockchain

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#5112

  1. It means that the transaction is final in that it cannot be reversed or changed.

  2. Since parties to transaction can rely on the immutable nature of the transaction, trade is easier and trust is not required.

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#5113

  1. The transactions are not reversible. Once the transaction has been made, it is complete and cannot be reversed like a bank chargeback.

  2. The mathematics is what we rely on to verify the transaction is authentic. There is no need to place trust in an individual or organisation. The blockchain leaves an audit trail.

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#5114
  1. Once itā€™s done, it is final and cannot be reversed or changed.
  2. It makes it so charge backs are not possible and a visible ledger of what has occurred as well.
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#5115
  1. It means that once a transaction is done, sent, what every, it is final. There is no calling the bank asking for the money back because it was a mistake or scam.
  2. This way you can trust the system instead of the people. You cannot demand refunds so you donā€™t have to trust the stranger to not ask for a refund to the bank.
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#5116

  1. It means the transactions cannot be reversed or changed or reverted back to previous state.

  2. No need to trust because no external party can change transaction like in centralized finance

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#5117
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • the transaction that is accepted by the blockchain cannot be reversed and final.
  1. How does this lead to the trustless environment that blockchain creates?
  • No third party is able to intervene or reverse the transaction as it is handled by a set of protocols and maths, where only verification is needed, not trust.
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