Homework on Finality - Questions

Blockchain and Bitcoin 101
#502
  1. Transaction finality means that once you made a transaction and that this transaction was confirmed you can’t reverse it. The transaction stays in the blockchain database.
  2. You don’t need to trust anyone you don’t know to make a transaction. It is to the network to decide impartially wether a transaction is validated or not.
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#503
  1. The counter party can’t reverse transactions, transactions cannot be modified or deleted. The transaction is mathematically verified.
    2.The Trust is in the Network as an impartial 3rd Party.
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#504

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

Finality is the assurance or guarantee that cryptocurrency transactions cannot be altered, reversed, or canceled after they are completed. … So, when it comes to blockchain technology, transactions are termed immutable due to its finality nature.

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

since the transactions are immutable once they are made in the block , this makes a trustless environment

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#505

  1. Once the transaction is finalized it can not be reversed.

  2. The transaction is based on the laws of physics that represent the absolute truth.

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#506

  1. Once a transaction is made it can not be reversed.

  2. Since the transaction can not be reversed, it is “set in stone” and makes it hard to decieve or manipulate the transaction/deal/recipiant.

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#507

  1. Transactions can not be changed and can be verified on the blockchain.

  2. Finality removes trust and can be verified. Can “do business” between strangers in a trustless environment.

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#508

Answers:

  1. The transaction is final and cannot be reversed on the block chain.
  2. If you can’t reverse or duplicate then its secured by mining, electricity, physics, and thats proof of work.
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#509
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is sent and confirmed on the blockchain, it cannot be reversed. The blockchain is immutable because it cannot be changed once a transaction is confirmed.
  2. How does this lead to the trustless environment that blockchain creates?
    This leads to the trustless environment that blockchain creates because when everyone understands the rules of protocol, they only need to trust the math. With finality, you don’t need to trust the other person to not follow through, becuase one a transaction is sent, it cannot be undone.
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#510

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that each transaction is final, so you cannot call it back.
  2. How does this lead to the trustless environment that blockchain creates?
    You are not trusting the person or the company, you are trusting the network. Based on this I can make business with strangers.
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#511

  1. Blockchain’s finality exists because transactions cannot be reversed.

  2. In this environnement, users don’t have to trust other when they say they paid them : they just have to look on the blockchain, see if the transaction is confirmed or not.

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#512
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer: It cannot be modified.
  2. How does this lead to the trustless environment that blockchain creates?
    Answer: If transactions cannot be modified, network participants don’t need to trust each other to know the state or existence of a transaction or to do business.
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#513
  1. Once a transaction has been sent, there is no way to claim it back.
  2. As everybody knows about the finality, the rules are clear and double checking of transactions are obsolete.
#514

  1. it means that once a transaction has been made it can not be reversed, the transaction will stay on blockchain forever.

  2. Because we don’t have to trust the people, the reason we trust blockchain is because we can verify it mathematically. We trust the system, the protocol.

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#515

  1. It means that once an addition to the chain has been approved (e.g. transaction) it cannot be reverted!

  2. It eliminates trust between transacting parties. Enabling for business to be done between strangers securely without fear of misplay.

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#516

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -When a transaction is confirmed it is confirmed without the ability to reverse the transaction. A mistake can not be undone.

  2. How does this lead to the trustless environment that blockchain creates?
    -If you have received BTC for example, you can be 100% sure that you have received this transaction (after some confirmations at least) . There is no possibility of the transaction being reversed or undone.

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#517

  1. We mean that the transaction is trustless, permanent, and final. Once the transaction is enacted there is no way to reverse the transaction without a new transaction being started.

  2. This enables a trustless environment by eliminating scams and dishonest behavior from the equation. You can verify mathematically thats once a transaction has happened, it is physically impossible to reverse the transation.

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#518
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When one party within a transaction sends bitcoin via the blockchain, and that transaction is processed and verified by the miners, the transaction is irreversible and final.

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

There is no need to have a third party monitor or verify the transaction. The miners anonymously process the transaction, making it trustless. The finality of the transaction eliminates the ability for the sender to complain to a central authority that might reverse the transaction because it is impossible to reverse. Finality is an important part of the trustless environment because if the sender didn’t mean to send the bitcoin, they shouldn’t have in the first place. Eliminating the central authority essentially eliminates the possibility of collusion and corruption.

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#519
  1. It means that once a transaction is done, it will be on the blockchain forever and it is irreversible.
  2. It is trustless environment, because we don’t have to trust as everything can be verified mathematically.
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#520

  1. It means that when a transaction is confirmed on the blockchain it is impossible to reverse, change or delete it. Every confirmed transaction is immutable.

  2. This gives us a secure and thrustless layer to make transactions with strangers (persons or businesses), and we don’t need to trust them since all transactions on the blockchain are final and immutable and can be easily verified. We trust in code and universal math.

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#521

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

Well we all trust the protocol, because we can verify it mathematically, once a transaction has happened its physically impossible to reverse. there is a chain of blocks that are created with a mathematical protocol, which is impossible to alter, manipulate,break, or change…!!

2/ How does this lead to the trust-less environment that blockchain creates. ?

Blockchain creates a trust-less environment through its protocol of mathematics,being able to trust the verification of each block being created through the blockchain public ledger database.

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