Homework on Finality - Questions

Blockchain and Bitcoin 101
#5358

REpeating my former answer before moralis transition. All my work has been lost. I think.

Finality means that once a transaction is done it is final. There is no way to get it back. This helps remove trust because all transactions are final. Impossible to do chargebacks.; no way a consumer can scam a retailer or other commercial transactions. Finality creates a trustless environment because all transactions can be verified mathematically. It physically impossible because of mining and proof of work.

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#5359

  1. Transaction finality means that when a transaction is confirmed, it canā€™t be reversed.

  2. This means you can do transaction with strangers and they canā€™t take the money back. Everybody can verify the transaction.

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#5360

  1. To say that a blockchain transaction has finality/immutability is to recognize that proof of work is stored with every transaction. And that proof cannot be undone.

  2. This finality leads to trustlessness in that because proof of work is permanently stored in the blockchain, no other source is needed to verify a noted transaction.

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#5361

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer - Because transactions or say entries in database are irreversible

  2. How does this lead to the trustless environment that blockchain creates?
    Answer - Because the transactions are irreversible and they are added into block after a public ledger based immutable verification process via miners on the network

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#5362

There is no way to remove or cancel the transaction

Because we can rely on the network to verify our transactions

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#5363
  1. No one can ever reverse it or change it.
  2. We trust physics and math and no an organisation.
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#5364

  1. Once executed the transaction is verified and canā€™t be reversed. It is published.

  2. It is mathematically computed and protocol verified. trust is expelled.

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#5365

  1. Once a transaction is confirmed onto the blockchain, there is no method of removing nor recalling it. The transaction is final, and will be visible on the blockchain for eternity.

  2. There is no method for the individual to recall the transaction, nor amend or change the details of it.

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#5366
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When people say that blockchain has transaction finality what they mean is that all transactions are final and cannot be changed or reversed in any way.

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

Transaction finality creates a trustless environment because everyone can be sure that what when they see a transaction nothing can change.

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#5367

Homework on Finality - Questions and Answers

1. What do we mean when we say that blockchain has transaction finality/immutability?
      a. trust is enforced via mathematics (mining) and as such every transaction
         is final and can not be rolled back.
2. How does this lead to the trustless environment that blockchain creates?
      a. the strengthen of hashing alogrithms allows for trustless environment
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#5368

Blockchain Finality results from the fact that Blockchains only ever have information added to them. It is not specifically designed to have information removed, and information is added to the ledger as soon as it is processed. This does allow for security and Finality, but has caused issues when applied to scalability. As I understand it, Ethereum has contemplated/implemented methods and practices for essentially voting to ā€œprocessā€ entire sections of the ledger into compartmentalized Blocks. Allowing the chain to be downsized and also keep the secure record that makes Blockchain what it is. But again, thatā€™s how I visualize and understand what Iā€™ve read elsewhere. Could be outdated or incorrect.
2. The inability, or rather difficulty, to effectively sabotage information with a credible signature creates a trustless (or I would consider, a more trustworthy) community.

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#5369

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means, once the transaction has been entered into the blockchain, it can never be taken back. Its irresversible.

  2. How does this lead to the trustless environment that blockchain creates?
    It creates a space of TRUST amongst businesses in the retail space where all transactions are final and can never be challenged by fraudsters whereby canā€™t be tricked and not get paid.

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#5370

  1. Once and change has been written to the blockchain it cannot be removed or changed.

  2. Once an agreement has been met nobody can go back and change it.

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#5371

  1. Once the transaction happend it happend afterwards it can not be removed or modified anymore.

  2. You dont need to trust your business partner anymore. Once the transaction is verified, mathamtic work is done and added to the protocal there is no way to cheat.

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#5372

  1. Once its done its done. Its recorded on he blockchain and can not be removed.

  2. You dont have to trust that things are carried out properly bc. they are its code and mathematics which doesnt have to be trusted.

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#5373

  1. The blockchain is an evergreen ledger that stacks in chronological orderā€¦ many thousands of transactions enter the blockchain as evidenced by a time stampā€¦ and thus the transaction once posted to the blockchain it is embedded in series which cannot subsequently altered either as to its value or to itā€™s time of occurrenceā€¦ making any singular blockchain entry both immutable, and thus be definition final.

  2. The finality/immutability of the blockchain is by design a mathematical certainty unsusceptible to outside intervention/manipulationā€¦ thus precluding the need for trust between exchanging parties.

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#5374
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once transaction is validated and added to the blockchain, it cannot be reversed or changed in any way.
  2. How does this lead to the trustless environment that blockchain creates?
    If information is finite and cannot be edited or changed, it make all information on the blockchain trusted and secure.
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#5375
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    ->If a transaction has been written to the Blockchain it cannot be removed or altered anymore. It has finality. No chargebacks possible

2.How does this lead to the trustless environment that blockchain creates?
->You donā€™t have to trust the counterparty to not do a chargebackā€¦ Money sent cannot be undone

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#5376

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -> If a transaction has been written to the Blockchain it cannot be removed or altered anymore. It has finality. No chargebacks possible

  2. How does this lead to the trustless environment that blockchain creates?
    ->You donā€™t have to trust the counterparty to not do a chargebackā€¦ Money sent cannot be undone

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#5377

1. What do we mean when we say that blockchain has transaction finality/immutability?
Blockchain has transaction finality because the transactions cannot be removed or altered, they are immutable.

2. How does this lead to the trustless environment that blockchain creates?
Knowing that transactions cannot be altered and that thousands of nodes on the blockchain verify the transactions through math means we donā€™t need to trust the transactions, because we can know that they are correct.

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