Homework on Finality - Questions

Blockchain and Bitcoin 101
#5378
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Meaning that transactions can’t be reversed or manipulated, they are final.
  2. How does this lead to the trustless environment that blockchain creates?
    Because everyone doesn’t have to trust each other but they can trust network and math that can verify transactions through mining and proof of work.
1 Like
#5379

1.) its mathematically not possible to change the transaction once it was send.

2.) because of the network, every miner/node can trustless verified that the transaction is correct.

1 Like
#5380
  1. When we say that a blockchain has transaction finality/immutability we are just describing the fact that the blockchain does not, and cannot lie. It is as true of a ledger as they come. Through immutability a person could not sift back through a recent transaction on the blockchain and change it, its not possible, everything has finality.
  2. This finality and immutability leads to the trustless environment that blockchain creates because it only goes off of facts. There’s no need for trust; whether that’s someone else, or a system that is setup, the consensus, incentives, and everything working together keep the system honest.
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#5381

  1. Once its done - its done. No “Hey I want my money back, pushed the wrong button.” No. It means full and irreversible responsibility on our part.

  2. It’s easy to make business for example with strangers, as we don’t have to trust another person, but rather the system and the mathematics behind it.

1 Like
#5382

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is updated on the decentralized database, it becomes a permanent record, with no way of modifying or deleting the transaction. The transaction will remain on the Blockchain forever.
    So, for example, if you make a mistake of sending a cryptocurrency to the wrong address, you CANNOT UNDO that transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    Finality is very important to help remove Trust. I don’t necessarily Trust strangers to do business with, but do Trust in the network.

2 Likes
#5383

  1. once a transaction has been made it cant be rolled backed.

  2. it is up to the individual to be responsible for the transactions they make and does not need any third party to be the middle person

1 Like
#5384

1. What do we mean when we say that blockchain has transaction finality/immutability?
This means that transactions, once they are part of the blockchain, cannot be changed nor deleted, and is part of the chain forever.

2. How does this lead to the trustless environment that blockchain creates?
This enables all parties to implicitly trust the blockchain, knowing that it is immutable by design and impossible to alter once committed.

1 Like
#5385

  1. Once a transaction has been confirmed it cannot be reversed. Transactions are irreversible. No way to change past content.

  2. Simply do business with people you don’t trust because the transactions cannot be reversed or changed once it has been confirmed by the miners.

1 Like
#5386

  1. Blockchain transaction finality/immutability means once a transaction is confirmed and on the blockchain, it is final and cannot be removed or edited

  2. Finality/immutability of transactions on the blockchain create a trustless environment, in that it is only the network & mathematics of the protocol that people have understand in order to openly/safely transact with one another, understanding that once a transaction is final, no one can alter it

1 Like
#5387
  1. 1 What do we mean when we say that blockchain has transaction finality/immutability?
  • Performed transactions are agreed and recorded by the system and cannot we drawn back.
  1. How does this lead to the trustless environment that blockchain creates?
  • I do not need to trust a single member of the network I exchange values with as the system itself (the community of all members of the network) has verified its trustworthiness.
1 Like
#5388

What do we mean when we say that blockchain has transaction finality/immutability?
How does this lead to the trustless environment that blockchain creates?

  1. The results of a transaction are baked into the truth of the blockchain and cannot be undone.
  2. A consistent state is provided and can be relied upon by all participants and stakeholders, without having to rely on central authority, via consensus.
1 Like
#5389
  1. The sender cannot reverse the transaction. All transaction are public forever
  2. We can do business with strangers without fear that they will reverse the transaction.
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#5390

1 that cannot get the transaction back. Once the transaction is gone, it’s gone forever

2 Basically by being able to work with everyone and even strangers because you are sure once you receive the money they’ll stay with you forever no matter what

1 Like
#5391
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A blockchain transaction cannot be reversed or changed once it has been verified.

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

Due to the nature of the consensus algorithm that verifies the information on the blockchain, the information is made immutable and cannot be reversed.

1 Like
#5392
  1. What do we mean when we say that blockchain has transaction finality/immutability?

The second a transaction has been added to the ledger, it cannot be reversed. It is final.

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

It means its easier to interact with strangers, since you now that ones a transaction has been verified and added to the ledger, it is final. The person can not make anybody reverse it for him against your will if the transaction was sent to you.

1 Like
#5393
  • What do we mean when we say that blockchain has transaction finality/immutability?

Transactions are irreversible and every participant contain information about it happened.

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

The fact that when transaction happened it can`t be undone and everybody knows about it exclude trust from the deal which is obviously a weak spot in it.

1 Like
#5394
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Finality/immutability refers to the irreversible transaction.
  1. How does this lead to the trustless environment that blockchain creates?
  • All the nodes running in the network can vouch for the verification of the transaction. And no once can deny/change the transaction that has already been made.
1 Like
#5395
  1. Once a transaction is made it can not be changed or reversed. It’s on the blockchain and will be there forever.

2.Because everyone can see the transaction on the blockchain once it is verified and it’s inreverseable So there is no trust from the parties needed as you trust the blockchain.

1 Like
#5396
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is processed there is no way to reverse the transaction, it is forever stored on the digital ledger that can always be verified and unchangeable.
  2. How does this lead to the trustless environment that blockchain creates?
    Entities using the blockchain for transaction do not have to trust a third party to ensure a transaction is complete or accurate, they can instead know that the transaction is complete and/or accurate by verifying it for themselves.
2 Likes
#5397

  1. Finality means that the transaction cannot be reversed or changed.

  2. Finality provides participants with the assurance of compensation. Participants have confidence that transactions cannot be replaced or duplicated – no one can fraud the system. And are incentivized to keep it secure from fraud.

2 Likes