Homework on Finality - Questions

Blockchain and Bitcoin 101
#5318

1- Finality means all performed transactions are irreversible & immutable.

2- This immutability concept leads to a trustless environment where strangers can finally deal with one another since they don’t have to trust any thing other than the network itself.

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#5319

  1. The transaction are final, we can’t change anything on the blockchain , it will always be on it, we can’t hack it . It is forever

  2. We don’t need to double check , because we trust the math behind it and the protocol who runs it

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#5320

  1. Finality / immutability on the blockchain means that a transaction is concluded. Once a transaction is verified it is not capable of being changed or altered and it is on the blockchain forever.

  2. This leads to a trustless environment because we have confidence in the network on the grounds that we know a transaction is verified mathematically and can not be removed and or altered by any means.

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#5321

  1. Blockchain has finality/immutability in the sense that all transactions are irreversible due to the nature of the protocol and since there is no 3rd party moderating the transaction.

  2. This leads to trust because of the non-refunable nature of the transactions there can be no malicious acting to illegitimise a transaction once it is made, trust is put in the protocol and consensus vs human morality.

1 Like
#5322

  1. Once a transaction has been made and recorded it cannot be reversed. No bank to call to cancel payment.

  2. A retailer can ship a product or perform a service without fear of payment being canceled.

1 Like
#5323

Homework on Finality Questions

Answer:

  1. You mean that once a transaction is recorded on the blockchain, it cannot be reversed.

  2. It means that I can do transactions with anyone around the world because the network will confirm and allow the transaction to take place

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#5324
  1. It can’t be undone
  2. Because the a ton happens as written in the protocol not according to the person.
1 Like
#5325

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are final
  2. How does this lead to the trustless environment that blockchain creates?
    You cant be riped off within the system itself
1 Like
#5326
  1. Transactions can’t be reversed - once it’s done, it will always stay in the blockchain.
  2. People can’t scam each other by initially paying but then reversing the transaction in some way.
1 Like
#5327
  1. That the transaction can’t be reversed or deleted.
  2. By making it irreversible in which strangers can trust each other because when a block has been made it can’t be removed.
1 Like
#5328

  1. A blockchain has transaction finality/immutability, which means transactions recorded on a blockchain cannot be manipulated or removed.

  2. Finality/immutability leads to a trustless environment because immutable transactions on a blockchain are validated and if a false transaction is detected, it will be rejected by the blockchain.

1 Like
#5329

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are final due to the need for consensus to change. Theoretically a change is possible if all nodes on the network make the same change at the same time but this is improbaable due tot he vastness of th network.

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

This allows actors to rely on the the network to maintain integrity while operating as trust is build into the architecture of the system

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#5330
  1. Transactions cannot be reversed.
  2. By being able to verify all transactions, you eliminate risks such as customers claiming a legit purchase fraud etc.
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#5331

What do we mean when we say that blockchain has transaction finality/immutability?
when a transaction is happening on the blockchain it is final and can not be reversed

How does this lead to the trustless environment that blockchain creates?
You don’t need to trust because the proof will be in the blockchain, with no copies or reversals.

1 Like
#5332

  1. that it can’t be reversed

  2. because everything is finale so that people cant do a chargeback for example so that people can’t scam other people anymore

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#5333

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction becomes part of the blockchain it can never be changed.

2. How does this lead to the trustless environment that blockchain creates?
You can’t take a transaction back, so once the money is sent that’s it

1 Like
#5334

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction finality/immutability means that every transaction that has happened in the blockchain can not be changed or reversed. Every transaction that is in a blockchain block is there forever.

  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain finality/immutability is yet another blockchain feature that encourages strangers to do business together because all involved parties don’t need to rely on trust to be sure of the outcome that they all desire. They solely rely on the system, network, and the protocol to verify the authenticity of the transaction. All parties involved in the transaction know they can trust math, and that is all that they need to know.

1 Like
#5335
  1. Once a transaction it’s done, it’s done. One can not revers it.
  2. If one has the incentive to make a transaction on the blockchain and this transaction is accepted to the blockchain (=verified), the transaction is also made. With other words, the transaction can only be made if the blockchain verifies it. Trust is not needed, only verification.
2 Likes
#5336

Blockchain finality entails that once a transaction has been made it is final and cannot be changed or undone.
Blockchain creates a trustless environment by eliminating the need of a third party, and that once the transaction has been made and accepted on the blockchain it is immutable.

1 Like
#5337
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been confirmed in the blockchain - it can no longer be reversed.

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

It removes the need for a middleman/third party verification for transactions between strangers.

1 Like