Homework on Finality - Questions

Blockchain and Bitcoin 101
#5398

  1. All transactions are final and cannot be removed or modified.

    1. Transactions can’t be reversed or duplicated. There is no creating of new funds other then those generated by mining.
1 Like
#5399

  1. Once a transaction is confirmed. there is no way to reverse the transaction.

  2. Its a trust-less environment because you do not need to rely on individuals. you only need to trust in the blockchain to perform its task.

1 Like
#5400

The transaction that is verified and stored within a block can not be changed or reversed. It is thereby “Final and immutable”.

Trustless because of the above mentioned. One can rely on what is stored within the blockchain and therefore does not need to trust another person to interact.

2 Likes
#5401
  1. Not a single transaction can be reverted.
  2. You trust the protocol instead of a third party (i.e someone is sending you money).
1 Like
#5402
  1. That this transaction can’t be reverted. You can do the same transaction in the contrary way to revert the first but both are unique and can’t be modified.
  2. You only hve to trust in the algorithm not in another person.
2 Likes
#5403

  1. When we say that blockchain has transaction finality/immutability, it means that once a transaction happens, it is final and it cannot be reversed.

  2. This leads to the trustless environment because people won’t be able to scam each other. The transaction takes place and it is on permanent record that the transaction happened. The seller is on the hook for sending the product and the buyer cannot reverse the payment and scam the seller.

2 Likes
#5404
  1. once the transaction is complete, there is no way to get it back.
  2. trust from perspective of being paid out and transaction being complete. However, this is not for situations where one needs to ensure ability to call the funds back as in the case of scammer or fraud attacks.
2 Likes
#5405
  1. Las transacciones solo pueden ir en una dirección por lo que no se puede cancelar ni reembolsar.
  2. Todos los usuarios pueden ver las transacciones de otros desconocidos para confiar en la red.
1 Like
#5406
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that the transactions cannot be altered (they are permanently registered in a decentralized ledger) once they have been validated by the consensus protocol.

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

It allows for transactions to be real without having to have trust on any centralized decision maker, making it final and reliable without any intermediary other than the mathematics.

1 Like
#5407

Hola Rodrigo, bienvenido a la comunidad.

Por aqui estamos si deseas conversar

Saludos cordiales.

#5408
  1. It means that once a transaction is made it cannot be reversed. It remains on the blockchain forever.
  2. There can be no chargeback, you don’t need to trust the party you are dealing with as they cannot cancel the transaction once it is made. Every part is verified by the network eliminating the possibility of fraud.
1 Like
#5409

1. What do we mean when we say that blockchain has transaction finality/immutability?
Finality means that the transaction once it has taken place cannot be reversed or changed. It’s a done deal.

2. How does this lead to the trustless environment that blockchain creates?
Finality is important to foster the trustless environment in a blockchain. It means tranactions once logged on the blockchain are unchageable and can be verified. They won’t shift, or change or be removed.

1 Like
#5410

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once there has been consensus that a transaction has entered the blockchain, it cannot be removed. If a bad actor proposes a false entry, or that a previous entry is changed, the nodes (which previously achieved consensus) will cryptographically reject that

  2. How does this lead to the trustless environment that blockchain creates?
    I dont need to trust you to do business with you. Cryptography and blockchain finality takes care of the trust. When you say you sent me X of value Y, i can trust that you actually have that, and you are not lying.

1 Like
#5411

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transaction cannot be reversed or altered. It has happened and has been boardcasted to the whole network.

  2. How does this lead to the trustless environment that blockchain creates?
    Because the transaction cannot be modified or reverted, all nodes in the blockchain will have the same ledger. In the case a node has a transaction that does not match the record in other nodes, that transaction will be ignored. Thus, all transactions can be verified without relying on third party.

2 Likes
#5412
  1. Blockchain immutability means that no party can change the history of the blockchain.
  2. Immutability creates a trustless environment by allowing users to verify/audit the state of the blockchain.
1 Like
#5413

What do we mean when we say that blockchain has transaction finality/immutability?
It means that whenever minner verify the transaction on the block then it is there forever

How does this lead to the trustless environment that blockchain creates?
Because there are no middlemen in between. The transactions can not be duplicated or reversed

1 Like
#5414
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction has been sent it is final and you cabt get it back or cancel it if it has been confirmed.
  2. How does this lead to the trustless environment that blockchain creates?
    Strangers can trust eachother because when a block has been made, it cant be removed or duplicated.
1 Like
#5415

  1. When a transaction on the blockchain is complete (final) it can’t be reversed or canceled.

  2. With the blockchain you don’t have to worry anymore if you will get your money or if you’ll be scammed. With the blockchain you can do business with strangers, withour worrying.

1 Like
#5416

1.cannot be reversed or changed.
2.the trust is wholly in the ledger

1 Like
#5417

  1. By the very nature of how blockchain works, transactions are immutable. So transactions cannot be reversed, rather, parties would have to agree to conduct a new transaction.

  2. “Trustless” in that trust is not needed to believe in a transaction’s validity. “Trustworthy” in that one can know a transaction occurred simply by confirming the consensus.

1 Like