Homework on Finality - Questions

Blockchain and Bitcoin 101
#5198
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once transaction is sent it will never come back. It will stay there forever.
  2. How does this lead to the trustless environment that blockchain creates?
    You can verify all the transactions even when dealing with strangers/trustless environment.
2 Likes
#5199
  1. As soon as a transaction is validated, it is added to the blockchain and stays there forever.
  2. Because of the finality, it is impossible to change or reverse a transaction. Blockchain can then work without trust authority.
2 Likes
#5200
  1. It means that once you make a transaction you cant get your money back
    2.It becomes a trustless environment because people will scam you that you didnt bring them that product whilst you did
2 Likes
#5201

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?
    Answers:
  3. Finality/immutability means that once a transaction is done it cannot be recalled or changed
  4. It leads to the trustless environment because it is transparent and can be verified by both buyer and seller. Consequently it removes any form of charge-back. There is no need to trust anyone or system as every transaction can be verified and remains immutable.
2 Likes
#5202
  1. Once you complete the transaction u can not ask for a refund, there is no double spending
  2. You can do business with strangers and do not have to trust them
2 Likes
#5203

  1. Transactional finality/immutability means that once a transaction in the blockchain is confirmed, it cannot be altered or reversed. It stays in the ledger forever.

  2. This leads to a trustless environment by not allowing scammers to claim a chargeback, thus enabling people to do business with partners they do not yet know.

2 Likes
#5204

1.it is finale you canā€™t change the blockchain once a transaction has been confirmed.

  1. Because you trust the network not the people you do business with, once a transaction is on the blockchain it canā€™t be changed.
2 Likes
#5205
  • What do we mean when we say that blockchain has transaction finality/immutability?

Transactions done with blockchain are irreversible due to the automated nature of a smart contract. The moment it is approved is the moment it is recorded and becomes integrated into the blockchain, which is why it is not reversible.

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

It is irreversible, because there is no central authority to approve or override transactions. This makes them final, but also resistant to interference in other ways, therefore not dependent on ā€œtrustā€.

2 Likes
#5206
  1. Once a transaction is made in blockchain, it is final and cannot be reversed/changed.
  2. It leads to a trustless environment by having all the transaction for public review forever and none of the parties involved cannot reverse transactions once made.
1 Like
#5207
  1. Once confirmed, a transaction is final and there is no way for the money to be reclaimed after the action.

2.Enables people to pay / receive and do business with strangers as everything is verified mathematically through the network. No need to reply on the other personā€™s word or action.

1 Like
#5208

Blockchain transactions have finality because they cannot be reversed. Once a transaction is submitted and accepted there is no going back unless the other party decides to return the funds, this is at the sole discretion of the receiver of the funds and has nothing to do with the blockchain itself though. This leads to a trustless environment where uses of the protocol do not have to wonder if the transaction went through and if the funds can be stolen afterwards.

1 Like
#5209

  1. Finality/Immutability means the transaction is unchangeable, can not be undone once on the ledger unlike traditional electronic transactions.

  2. Because the transactions are immutable it can be trusted that there will be no charge backs like in a traditional bank.

1 Like
#5210
  1. when the transaction went through, there is no way to reverse it, and it will be recorded in the blockchain forever.
  2. it purely rely on mathematics system to verified transactions, no one needs to trust each other in order to make transaction.
1 Like
#5211

  1. Trx finality means that there is physically no way to go back and change transactions. They are set in stone per se.

  2. Trx finality/immutability allows perfect strangers to do business with one another and rely on a mathematical protocol instead of trusting that trxs will not try to be reversed once a good or service is delivered.

1 Like
#5212
  1. Whwn a transaction is made, there is no possibility to return the funds. A transaction stays forever in the database.
  2. You dont have to trust the other user. You can easyly make transactions with strangers.
1 Like
#5213
  1. Transactions cannot be undone and is recorded on the blockchain which cannot be deleted
  2. Anyone can transact safely with strangers
1 Like
#5214

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be reversed, since the information added to the blockchain is decided by consensus.

  2. How does this lead to the trustless environment that blockchain creates?
    Transactions are verified by the network and cannot be reversed, therefore strangers can make transactions with each other without fear of one party cheating on the ledger.

1 Like
#5215

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has been sent it is finalized and you can not get it back or cancel the transaction once it has been confirmed by the miners.

  2. How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless environment because it ables you do to business with strangers without having to trust them because they canā€™t get their money back once it has been sent.

1 Like
#5216
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction has been made, you cannot reverse it/take it back.
  2. How does this lead to the trustless environment that blockchain creates?
    strangers can make transactions that cannot be removed or reversed between each other.
1 Like
#5217
  1. We cannot reverse the transaction once it was made. If we sent bitcoin, there is no way to get it back unless the receiver send it back.
  2. Because of finality, both sender and receiver understand that once the transaction is done, it cant be reversed.
1 Like