Homework on Finality - Questions

Blockchain and Bitcoin 101
#5479
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been executed, it cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Since all information is traded over the network it is independently verified and immutably stored on the
    blockchain.
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#5480
  1. blockchain has transaction finality/immutablility because it can not be modified or deleted. Once a transaction is made it is final it cannot be returned it is mathematically not possible, only if both parties agree, maybe?

2.Once you send the transaction directly to the person, their is no Third party like involved that you can trust if something go wrong to reverse the transaction " Trusless", all transaction are in the blocks forever.

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#5481
  1. because once you send the coins/money it can not be restoredā€¦every block inside the chain from the moment its build keeps all the transactions stored and they can not be changed or erased.
  2. by doing so,it does not depend on trustā€¦but pure math,science and proof of work.
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#5482

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That the transaction cannot be reversed. A use cannot have have a change of heart, cannot instruct anyone to undo it, or to get their funds back. ItĀ“s a one way journey.

  2. How does this lead to the trustless environment that blockchain creates?
    It helps remove trust issues between strangers because the emitting party will be sure that the receiver has collected the funds and the receiver is also sure that the emitting party will not ask for a a charge back of the transaction.

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#5483

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is validated and accepted, it can not be undone and it can not be changed.

How does this lead to the trustless environment that blockchain creates?
Because it is created by mining and proof of work and it can be verifiable.

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#5484

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be reversed and you cannot call someone up to chargeback after you have done a transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    Transactions canā€™t be reversed or duplicated. There is no creating of new funds other then those generated by mining.

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#5485
  1. That once transactions have been processed they can not be reversed or modified.
  2. Having the certainty that all transactions are permanent and public forever we can trust strangers as we can mathematically verify the former thanks to the Proof Of Work mining consensus protocol.
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#5486

  1. All transactions are final and cannot be reversed, modified, or deleted once confirmed on the blockchain

  2. Itā€™s created because all transactions are forever in the blockchain, are are irreversible

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#5487

  1. Because transactions cannot be reversed or changed - once they are included on a block, they are set in stone.

  2. Because you donā€™t need to trust anybody but the protocol itself, and it is not blind trust, since everything is mathematically verified.

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#5488

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once it is added and recorded into the blockchain, it will be permanently there. There is no way to reverse or undo it.

  2. How does this lead to the trustless environment that blockchain creates?
    It means that whatever happens in the blockchain can always be tracked back. There is a record for everything that happens ā€“ that everyone can access, see, and verify.

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#5489

Answer on Finality homework

  1. when a blockchain transaction is made, it is final. It cannot be reversed. In cannot be changed.

  2. The finality and immutability of the blockchain lead to the fact that the outcome will happen with certainty, mathematically, and you do not need to trust a third-party in order to obtain that outcome.

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#5490

This means once a transaction is confirmed it cannot be reversed or changed.

  1. How does this lead to the trustless environment that blockchain creates?
    This means you donā€™t have to rely one a single entity to verify or dispute transactions, the different nodes on the network confirm transactions
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#5491

  1. We say blockchain has transaction finality/immutability due to the fact that once transaction take place, there is no way to reverse it. The transaction stays on the blockchain for good.

  2. Blockchain creates trustless environment because transactions are verifiable to all parties.

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#5492
  1. Once a block is added to the chain itā€™s data cannot be changed.
  2. The immutability of the data is built into the protocol and no ā€œTRUSTā€ is required.
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#5493
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once a transaction has happened, thereā€™s now way to reverse it. It will be on the blockchain forever.
  1. How does this lead to the trustless environment that blockchain creates?
  • You donā€™t have to trust the other person/ party, because the transactions cannot be reversed.
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#5494

  1. Transactions can not be reversed.

  2. You can do business with strangers as the incentive on the blockchain is truth.

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#5495
  1. once something on blockchain is confirmed and executed it can not be reversed, changed nor deleted
  2. by data authenticity, one can be sure that no manipulation, fraud is present
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#5496

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once it is done it cannot be reversed.
  1. How does this lead to the trustless environment that blockchain creates?
  • Since it cannot be reversed, then there is less room for scams or disputes. You do however need to ensure that your transaction is accurate, because you cannot make a mistake lest it cannot be undone.
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#5497

The nature of the cryptography and blockchain coding requires finality to ensure all transactions are truth. Truth in this case means they occurred and then have not been edited in any manner. Thus blockchain is an add only technology. There is no ability for deletions or edits. Let us assume deletions, which is a form of edit, can occur. This is what a charge-back is in credit card transactions. An authority, central in the case of credit cards such as credit card company, has the ability to remove a charge to a customer and reverse the charge so money is withdrawn from the business account. This does result in cases of fraud. If it was possible to have, besides additions, some deletion/edit changes on a blockchain, no one would trust the cryptocurrency or trust the use case for the particular chain. The trust, in the math, physics and technology, which can be demonstrated via the scientific method, allows a trustless network. One in which we are not trusting fickle humans, or corrupt humans, or humans that do make mistakes.

Noted above. The trust, in the math, physics and technology, which can be demonstrated via the scientific method, allows a trustless network. One in which we are not trusting fickle humans, or corrupt humans, or humans that do make mistakes. Science and the scientific method is built on reproducibility. One person or group of people make a claim and explain how they derived such a claim. Using science, others not affiliated in anyway with the claimant, can reproduce the science and if they obtain the same results, they are able to verify the science. Current knowledge of computing including encoding, maths, networking, physics and other technologies allow verification that blockchain and a particular cryptocurrency is a trustless network. This reproducibility and the ongoing attempts to hack blockchains by whatever hat the hacker wears shows the truth to the trustless claims for blockchains.

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#5498

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions can not be modified or deleted, they are final once they are confirmed by the nodes.

  2. How does this lead to the trustless environment that blockchain creates?
    Trust counter-party can not reverse the transaction. All transactions are available to the public.

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