Homework on Finality - Questions

Blockchain and Bitcoin 101
#5138

  1. What do we mean when we say that blockchain has transaction finality/immutability? There is no way to reverse a transaction. No trust involved. Can do business with strangers.

  2. How does this lead to the trustless environment that blockchain creates? You can verify transactions mathematically through Proof of Work and Mining

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#5139
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once you have sent a transaction it is FINAL! It cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    For example, it allows us to do business with strangers. We donā€™t need to trust in a person or a business partner.
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#5140

  1. There is no charging back or changing transactions.

  2. Strangers can do business together without the fear of being scammed.

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#5141

  1. It means transactions on the blockchain cannot be reversed.

  2. Finality prevents any type of frauds or scamming, a transaction sent is stored on the blockchain and itā€™s there forever, which leads to strangers trusting and dealing with each other.

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#5142

  1. A transaction that has been verified canā€™t be changed or reversed.

  2. People can perform transactions without the fear of loss

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#5143
  1. What do we mean when we say that blockchain has transaction finality/immutability ?
    The confirmation of the transaction that that is finality is secured can be trust and it canā€™t be change.
  2. How does this lead to the trustless environment that blockchain creates ?
    Lead to create and do more business with people.
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#5144

  1. Once confirmed on the network, it cannot be changed. We can be certain that the transaction has been implemented and can never be recalled.

  2. We do not have to trust a person or an entity to ensure the finality of transactions. In that sense, it becomes trustless.

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#5145
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is verified and approved by the network that transaction is irreversible. A transaction is a value proposition between parties that offers a good or service for an agreed amount of currency.

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

The network is made up of miners. Miners verify transactions. A miner is incentivised monetarily to verify each transaction is trustworthy, ie there is currency available to complete the transaction.

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#5146

  1. Once a transaction is validated by the network, there is no way to cancel or delete it.

  2. There is no room for fraud because the trust lies in the protocol.

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#5147

  1. Once a transaction is submitted then you cannot undo it. It is on the blockchain forever, whatever address you sent your bitcoin to now has that bitcoin and you cannot get it back. That is why it is important to always double check the address you are sending to.

  2. Everybody knows that transactions are final, so you do not have to worry about somebody paying you then later taking back the funds they sent you without your permission. Once the bitcoin is in your wallet only you (or somebody that has your private key/ seed phrase) has control over it.

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#5148

its mean once transection has happend it cant be reversed / delete

2 .because of immutable nature, and verification process its lead to trustless enviroment that blockchain creates.

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#5149
  1. Finality means that once a transaction has happened, it cannot be reversed.
  2. Since the transaction cannot be reversed, you donā€™t need to worry that a customer will call the bank and reverse the transaction. You can do business with strangers. You donā€™t need to trust your customer. You trust the network.
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#5150
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is made it cant be altered or reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Each transaction can be verified on the network using math allowing transactions between total strangers without the need to trust them. Once the transaction is on blockchain it is complete.
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#5151

  1. Transaction Finality / Immutability means All transactions are final and cannot be reversed.

  2. Finality leads to a trustless environment for blockchain networks because it eliminates Fraud / Double transactions

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#5152
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means thats once a transaction is created, it cannot be changed or reversed. it will be on the network forever.

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

This creates a trustless environment because we are not trusting but verifying. So by this we are able to do transactions with strangers without having to worry about doing business or getting payment. And because there is finality and immutability we are trusting the math and protocol so that in turn becomes trustless environment.

2 Likes
#5153

  1. Once a transaction has happend it cannot be undone.

  2. When doing buissness with strangers you donā€™t have to worry about being scammed by charge backs.

1 Like
#5154

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once you make the transaction it is done. Done=Done! You cannot get it back like the current way of (for exemple) banking. These days it is stil possible to buy a product online and the call your bank to get your monet back. It is a no fair system.

  2. How does this lead to the trustless environment that blockchain creates?
    Because (for exemple) two parties agree to a transaction, they in fact truts the network and the protocals, not the person or company itself.

2 Likes
#5155

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions on the blockchain are stored forever and are unchangeable. Unlike a bank where they can reverse and delete transactions.

  2. How does this lead to the trustless environment that blockchain creates?
    You are trusting mathematics and not people and corporations.

1 Like
#5156
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction has been completed its final, it cannot be altered or reversed whatsoever. Once the block has been created and the transactions on that block have been confirmed they are there forever.

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

Once Finality has happened itā€™s happened, it cannot be reversed whatsoever and by relying on math and the protocol of the blockchain and not having to deal with the person/organization, this removes trust allowing transactions to be verified and confirmed mathematically enabling strangers to do business with each other easily.

1 Like
#5157

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has happened, itā€™s impossible to reverse.

2. How does this lead to the trustless environment that blockchain creates?
Since transactions canā€™t be reversed, finality removes trust, this enables strangers to do business with each other, without fear of chargebacks.

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