Homework on Finality - Questions

Blockchain and Bitcoin 101
#5158

1:Once the transaction is done, there is no way to cancel or return it.
2:This way the scammers will have no chance to get the money back or never send the product. You will not have to trust the person, but the protocol. This creates the possibility of strangers collaborating with each other.

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#5159
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction is complete, it is final. There us is way to reverse the payments or funds exchanged, such as charge backs.

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

A party does not need to trust another party, just trust the technology.

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#5160
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once a blockchain transaction is successful, it canā€™t be reversed or altered.
  2. How does this lead to the trustless environment that blockchain creates?
    Thereā€™s no need for the parties involve to trust each other, just the blockchain technology.
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#5161

Finality means that the transaction cannot be canceled or changed. This is a property of the network and it leads to the fact that you do not need to trust unfamiliar partners, the veracity of the transaction is confirmed by the blockchain network.

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#5162

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • A transaction done on the blockchain can never be reversed or be undone.
  1. How does this lead to the trustless environment that blockchain creates?
  • When a block in the chain is mined/finalized it can never be undone.
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#5163
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Once a transaction happens, it is a done deal and cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    -Transaction is on the blockchain forever and is irreversible.
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#5164
  1. What do we mean when we say that blockchain has transaction finality/immutability?

1A. Once a transaction is finalized it cannot be reversed so long as the protocol consensus has confirmed the transaction.

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

2A. Through the transferring of trust from the individual to the protocol. This allows any parties with access to the same protocol to interact in a verifiable manner.

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#5165

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is completed, there is not chargeback capability

How does this lead to the trustless environment that blockchain creates?
Used for specific cases and can do transactions with strangers, due miner
having creating work (math transactions).

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#5166

Hi everyone,

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    we say that when a transaction is completed then it canā€™t be reverse.

  2. How does this lead to the trustless environment that blockchain creates?
    By Physics and math.

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#5167

  1. When a transaction is enacted on the blockchain it is final, it can not be undone. Before blockchain someone could make a purchase online. Then, they could call their bank and lie and say they never made such purchase. Blockchain is immutable and can be trusted 100%.

  2. Numbers do not lie. Not being able to reverse a transaction fosters trust in the system. Blockchain is an open source network where anyone can check and verify a transaction at any time.

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#5168
  1. Meaning once a transaction done thereā€™s no going back. Its in the blockchain and you cant reverse it.
  2. The transactions are irreversible.
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#5169

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    TXNs canā€™t be reversed or altered, once the data is written itā€™s there to stay. also known as finality/immutability.

  2. How does this lead to the trustless environment that blockchain creates?
    By having a network of nodes verifying transactions through a process known as Mining, which makes the Blockchain technology a Trustless system.

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#5170

As we know when a Blockchain transaction can be cancelled but never reverted. By this we mean that ā€œwhatĀ“s done is doneā€. So you need to be extremely cautious, do everything you feel like needing to be safe. But there are pros and cons on this situations. In this you stop relying on people and you rely on the Protocol take care of it. You can Interact with strangers without been deceived, and still have the certainty that the interaction will be anonymous and secure.

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#5171

1 Transaction cannot be removed or reversed when it is done

2 The confirmation is done by verification there is no more need of an external abritrary entity to trust the transaction/action

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#5172

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

Transaction finality / immutability means that transactions that occur on the blockchain are not reversible. Once cryptocurrency is sent from one party to another, there is no way for the sending party to get it back.

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

Because all transactions are final and verified by the miners via some consensus protocol involving cryptography/math, this leads to a trustless environment where the participants on the network donā€™t trust some central authority (such as institution) and hence trust the protocol.

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#5173
  1. Each transaction is irreversible, removing the trust aspect from transaction
  2. No one can scam you by charging back their money because once transaction is confirmed by the network it is irreversible .
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#5174

Irreversibility and confirmation of sent and received tx.

No way to have either sending or receiving party commit fraud through immutability and decentralised confirmation of txs.

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#5175
  1. This means that when a blockchain transaction is confirmed there are no changes or revisions able to be done.
  2. Each transaction on the blockchain is irreversible and each miner is incentivized to verify allowing no one person to manipulate a transaction.
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#5176

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed on the blockchain, it is impossible in every way to be reversed. One method is to perform a 51% attack, but performing this on the behemoth that is the Bitcoin network would be the feat of a lifetime. Therefore, mathematics staples Bitcoin as a safe haven for transactions to be permanent and it makes commerce trustless.

  2. How does this lead to the trustless environment that blockchain creates?
    No one authority controls where financial energy is sent to on the blockchain. As for banks, they can easily reverse transactions. However, transactions are permanent on blockchains and are validated by every miner hashing the network.

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#5177

1- in blockchain environment, when the transaction took place, thereā€™s no way to reverse or cancel it. The value that has been sent to other wallet has already been approved by all the machines on that blockchain. Thereā€™s no center to ignore/cancel that process.
2- when the transaction complete, there seems no way to claim the provision which has already been paid via customer. Or vice versa for the point of view of the seller (ignoring pow).

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