Homework on Finality - Questions

Blockchain and Bitcoin 101
#5338

  1. Transactions are irreversible. You are in charge and 100% responsible for your financial behavior.

  2. Public and irreversible transactions achieved through consensus create the trustless environment

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#5339
  1. The transcations that happened can not be reset and reversed
  2. The transactions are public and validated through the consensus of the miner and proof of work
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#5340
  1. When a transaction is made it is permanently recorded onto the blockchain and cannot be deleted.
  2. This creates trustless environment because strangers can send money and do business with each other and the transactions can be verified and they arenā€™t able to be refunded or deleted or tampered. Everything is verifiable.
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#5341
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that once the bitcoin is sent over to another wallet, there is no possible way to have it back

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

This is kinda a gray area, since the bitcoin sent there creates trust for both parties that the money will be there, but also the trust it wont be returned

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#5342

1. What do we mean when we say that blockchain has transaction finality/immutability?
Transactions cannot be reverted or modified. If you send money by error to an address, you cannot claim it back once it has been verified by the network. The transaction will be on the blockchain forever. As another example, a payment cannot be hidden if you send fraudulent money it will be visible forever as coming from your address.

2. How does this lead to the trustless environment that blockchain creates?
Once a transaction is done and verified, this is it. A customer cannot buy a product if they donā€™t have enough fund in their wallet. A customer cannot buy a product and then ask for a refund for X reasons. A company cannot sell something to a customer and then claim they havenā€™t received any moneyā€¦ Not only applicable to financial transactions.

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#5343

  1. It means that the blockchain network cannot be altered after a block of data/transaction has been added to the blockchain, transactions or data canā€™t be edited or extracted, once imputed, itā€™s permanently there.

  2. Because of the immutability of the blockchain, itā€™s trustless, users of the blockchain donā€™t have to bother about any form of loss of data or transactions, manipulations or practices, thereby making the blockchain network trustless.

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#5344
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once added to the blockchain cannot be erased, it will stay forever.
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions stored forever, all parties trust each other.
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#5345

1.- Finality means that when a transaction is validated through consensus and included into a block, it is impossible to undo it.
2.- The very fact that a transaction is inmutable brings the trustless environtment that is inherent to the blockchain, as anyone can be totally sure that the transaction will not be reverted by any way.

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#5346

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that once a transaction is processed and written on the blockchain, it cannot be removed nor edited.

  2. How does this lead to the trustless environment that blockchain creates?
    It enables two unfamiliar parties to make a trade, verify the transaction and rest assured that the trade is not physically able to be reversed, without ever having to trust one another to be honest.

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#5347

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction has been made it cannot be reversed

  2. How does this lead to the trustless environment that blockchain creates?
    ā€“> blockchain has very specific use cases; I can feel safe doing business with strangers, because we trust the protocol because we can mathematically verify it

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#5348

  1. It means once a transaction occurred it has occurred. It will be on blockchain forever and there is no way to reverse it

  2. Every transaction on blockchain is final once confirmed. You donā€™t have to worry about chargeback

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#5349

  1. Saying that blockchain has finality means that once a transaction has been confirmed, there is no altering or reversing it.

  2. This leads to a trustless environment because it removes the need to trust that transactions are accurate.

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#5350

What do we mean when we say that blockchain has transaction finality/immutability?
Once itā€™s done, itā€™s done. Thereā€™s no way to revert it.

How does this lead to the trustless environment that blockchain creates?
This ensures all transactions will be firm, any strange party can transact with another strange party without any worries.

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#5351

  1. Transactions canā€™t be reversed/called back.

  2. Because the security is built into the protocol, you can trade with strangers that you do not trust, supposedly. You still might not get what you bought thoughā€¦

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#5352

  1. That is true, due to that once you make a transaction of a type of crypto as payment it is permanently gone from you. Since it is finalized in the blockchain it is impossible to undo a transaction.

  2. It leads to a trustless environment cause you cant turn around and undo transactions or falsify that you paid for something and it was never given and want to get your money back. Once itā€™s gone itā€™s gone.

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#5353

  1. Means that once transaction has been added to the blockchain it can not be removed/reverted back.

  2. By making the transaction final without any 3rd party involved.

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#5354

it is impossible to reverse a transaction once confirmed on the blockchain even if u mistakenly sent to the wrong address
it makes it impossable for scammers to get there money back by talking to there bank or smt to cause a chargeback basically the finality is the reason for the trustlessness

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#5355
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once transactions have been sent, they canĀ“t be reversed.

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

Technically, you donĀ“t need to have trust in order to check whether the transactions was received or not. In the traditional retail industry, the customers could contest that the transaction never happened, even if it actually happened. Blockchain lets everyone to check whether it happened or not.

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#5356

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that a transaction cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    By making it so that transactions cannot be changed by an opinion of another; where no trust is involved.
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#5357
  1. What do we mean when we say that blockchain has transaction finality/immutability?

We mean that transactions are final and can not be rolled back on the blockchain.

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

Because there is no need to trust another party as the protocol means that transactions are final and that money once paid canā€™t be taken back.

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