Homework on Finality - Questions

Blockchain and Bitcoin 101
#5218

  1. It means that once a transaction has been made, it can not be reversed, it can not be cancelled.

  2. This is because once there is an agreement between strangers, both parties are guaranteed success in the transaction and there is no possibility of a person receiving while the other does not, thus no scamming is possible. This leads to a trustless network as it relies on mathematics and a traceable transaction.

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#5219

What do we mean when we say that blockchain has transaction finality/immutability?
Every transaction is posted on the permanent public ledger, every block that is created cannot be reversed or changed.

How does this lead to the trustless environment that blockchain creates?
Blockchain requires no trust because everyone has their cards on the table, so-to-speak.

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#5220
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Because Blockchain is decentralized it means no one person has the power to alter itā€™s records meaning once a transaction happens and is written to the block youā€™ll have better luck turning back time then reversing that transaction.
  2. How does this lead to the trustless environment that blockchain creates?
    Because of the finality/immutability of the blockchain people using it can know for sure that no bank or third party can reach in and take anything from your wallet. Allowing one to sell things over the internet to strangers that would be way too risky otherwise without a lot of insurance.
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#5221
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    • Can not be reversed or edited
  2. How does this lead to the trustless environment that blockchain creates?
    • Once a transaction is made and validated through network consensus on additional trusted 3rd party needs to confirm the transaction
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#5222
  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?

A1.It means it cannot be changed once it has been finalised or confirmed.

A2.It allows us to transact with strangers without having to use a third party intermediary, we no longer need to trust the other person or third party as we can verify transactions.

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#5223

Homework on Finality - Questions

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

*A transaction that is confirmed by the chain is final and irreversible.

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

*Since payment made in the blockchain is final and irreversible there will be confidence in the online commerce.

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#5224
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is done is done. it canā€™t be reversed or changed.
  2. How does this lead to the trustless environment that blockchain creates?
    It creates a trustless system in that we trust not on a third party but a protocol and can be proven mathematically. All transactions are transparent can be verified.
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#5225

Transaction finality/immutability means there is no way to change what has happened, what is written in the block. Once the block is confirmed, it is set in stone for an eternity.

Because this block is unchangeable, an everyone can see it, you donā€™t have to trust each other, but can trust the network.

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#5226
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ans : Once the transaction held canā€™t be undo / chargeback the transaction. All transaction are final
  2. How does this lead to the trustless environment that blockchain creates?
    Ans : In normal central network the buyer can give a chargeback easily to get their money back. So this make problem for seller. But in blockchain we canā€™t do chargeback or raise the complaint to get the asset(BTC) back. All transactions are final.
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#5227
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    the blockchain cannot be altered once it has been created. each transaction is final. so manipulation becomes virtually impossible
  2. How does this lead to the trustless environment that blockchain creates?
    this stems from the basis for the blockchain being mathematical equoations and each block being uniquely marked.
1 Like
#5228
  1. What do we mean when we say that blockchain has transaction finality/immutability? : When a transaction is entered and verified as a block onto the BlockChain it is final and cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates? : The finality of a transaction is achieved through applying math and a protocol to enter the transaction as a block onto the BlockChain. So once the transaction is verified there are no way of changing the contents of the transaction.
1 Like
#5229
  1. Transactions canā€™t be reversed, modified or deleted.
  2. All transactions are stored publicly forever
    Trust is in the network as an impartial 3rd party
2 Likes
#5230

  1. That means nobody can cheat here. Once the transaction happen, you cannot stop it.

  2. Its important because in a traditional transaction, a buyer can call the bank and stop the transaction and say that the seller is a scammer even if its a lie. It will be much easier to do business if a transaction has finality.

1 Like
#5231

Homework on Finality - Questions

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

Once a transaction is confirmed, it is final. It is in the chain and it cannot be changed for whatever reason.
How does this lead to the trustless environment that blockchain creates?
Once the money is sent and confirmed, there is no going back on it. No entity can intervene and get your money back.

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#5232

1.) Every transaction is final and does not have an entity that will return your money to you if you wish. There is no way to recall the transaction.

2.) Blockchain is a pear-to-pear currency that can be sent anywhere to anyone even if you do not know them. Finality leads to trustlessness because you do not have to worry that a thrid party entity will recall your transaction.

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#5233

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it means when a transaction happened they can not reverse it, change it or duplicate it.

  2. How does this lead to the trustless environment that blockchain creates?
    due to finality, every one needs to be aware without blindly trusting others, so you can do business with people that you donā€™t know.

1 Like
#5234
  1. It means thereā€™s no way you can revert the transaction once done.
  2. You can sell your services or products without being worried of scammers.
2 Likes
#5235

Once a transaction goes through ,it can not be cancelled or reversed or refunded, it is final.
Why is it final because of the trustless way blockchain interacts ,the miners build blocks with data ,which are checked by the other miners,once confirmed by the group, the block is mined ,it is final.

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#5236

Love the charts! what do you use to make them?

#5237

1: Once a transaction has been agreed upon and written to the block, it cannot be undone

2: You can go and check to see exactly what happened and trust in the math.

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