Homework on Finality - Questions

Blockchain and Bitcoin 101
#5459

  1. It means that when data is written, it can’t be changed, or when an transaction is complete, it cannot be reversed.

  2. because, we can mathematically verify a transaction completeness and that it cannot be changed.

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#5460

This means that when a transaction has achieved consensus by the blockchain it can’t be changed manipulated or reversed
Blockchain immutability means that trust between parties interacting is no longer needed. The transaction written into the blockchain can not be reversed, it has achieved consensus by the network.

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#5461

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • All transactions that happen on the blockchain are final and stay there for ever. Since the infrastructures is available to the public, you can go back and verify any transaction making it immutable. The immutability wouldn’t be able to work without finality.
  1. How does this lead to the trustless environment that blockchain creates?
  • Because anyone can go back and verify instead of trust.
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#5462

What do we mean when we say that blockchain has transaction finality/immutability?
It means when the transaction has been gone to the final step at confirm payment already.
It can’t be reverse back like somebody order something online and call to the bank that this transaction they didn’t do.So, plese pay my money back.It won’t happened.
That is the meaning of immutability because blockchain transaction cannot be altered or reverse back.

How does this lead to the trustless environment that blockchain creates?
The trustless environment is we can do business with the stranger on the blockchain without trust on that person because immutable and consensus ( no altered and can verify).

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#5463

Homework on Finality - Answers:

  1. Transaction finality/immutability in the blockchain means inability to cancel or change the transaction.
  2. This lead to the trustless environment thanks to the awareness that no matter what happens, every transaction will remain unchanged in the blockchain.
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#5464
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is completed, it can never be reversed.

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

There is no need for Trust because no one can alter whatever has been done. Even while transacting with strangers.

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#5465

What it means when a transaction is final is that transaction has been confirmed by the network and included in the blockchain, and miners use a certain amount of electrical energy to produce these blocks and they can not be removed or altered.

Since all transactions that occur are recorded on the blockchain, you do not need to trust a third party to verify or confirm a transaction, everyone understands all transactions are final and only need to trust the math.

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#5466
  1. Once a transaction is sent, there is NO CHARGE back or “oops didn’t mean to”. The finality of the transaction is proven through proof of work and mining.
  2. Finality leads to a trustless environment by validating with logic using math and physics eliminating the ‘he said’, ‘she said’.
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#5467
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been recorded into the blockchain the action cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    There is no need to trust a third party, a transaction can always be verified on the (public) blockchain, so the proof the transaction has taken place can be shown at all times.
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#5468
  1. It cannot be changed. It is digital stone.
  2. By trusting a complete stranger, sounds naive, this trustless environment has made this possible.
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#5469

it means that once a transaction is confirmed you cant change it

this leads to a trustless environment because you can do business with strangers

for example when you pay for this academy with crypto once the transaction is confirmed you get access to the courses.

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#5470
  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened it final, no changing it. It cannot be undone.
  • How does this lead to the trustless environment that blockchain creates?
    You do not have to trust or know the person youre doing business with because you trust the network.
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#5471
  1. Blockchain has transaction finality/immutability because it cannot be changed once something is sent it is final. All past transactions are available and cannot be changed.
  2. It leads to a trustless environment because people trust in the mathematics rather than a human entity. Nothing can be faked, hidden or manipulated because blockchain simply will not allow it.
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#5472

  1. Once committed to the ledger, transactions are “set-in-stone” and cannot be reversed.

  2. One can interact and buy/sell with strangers as you don’t need to establish trust hence a trust-less protocol, we “don’t trust instead we verify” because it is physics and maths will reason out, verify and quantify itself.

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#5473
  1. It means that the transaction cannot be reversed once it is on the blockchain.
  2. It removes the risk element of a party making a chargeback/refund after the servicing of goods.
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#5474

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    when it has happened, then it’s happened. You can not undo this.

  2. How does this lead to the trustless environment that blockchain creates?
    so one party can not undo the transaction for its own benefit.

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#5475

Each transaction is final and cannot be changed.

A transaction can be verified one the block chain. Once its made it cannot be changed. this creates the trustless environment.

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#5476
  1. Transaction can’t be stopped or reversed
  2. Guaranteed completion by nature of decentralized mining community and nodes
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#5477
  1. Once the transaction is completed, there is no going back or changing your mind. It is FINAL.
  2. Both parties know that the transaction is final and neither party has to trust the other, they each equally have trust in the math and in the network itself.
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#5478

What do we mean when we say that blockchain has transaction finality/immutability?
it can be changed

How does this lead to the trustless environment that blockchain creates?
both parties know they can not change the transactional contract, espically if they dont know each other so no previous trust

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