Homework on Finality - Questions

Blockchain and Bitcoin 101
#5499
  1. It can not be reversed.
  2. You cannot change your mind or modify a transaction that is already marked in the blockchain.
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#5500

  1. When a transaction is made and added to the blockchain it can never be changed or refuted.

  2. It makes it possible to ā€œtrustā€ strangers and do transactions with strangers, because they can never refute the validity of the transaction after it has happened.

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#5501
  1. Canā€™t reverse transaction.
  2. Using physics, mining, and proof of work. You are able to verify.
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#5502

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    *** We mean that all transactions cannot be reversed or hidden. They are all final and forever public to all forever on the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    *** Users on the blockchain know the blockchain will record and forever show their transactions, allowing trustlessness.

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#5503
  1. Once the transaction is made, you can not go back, is final.
  2. No one can alter or modify transactions once they are done, so you just need to truss the blockchain.
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#5504

  1. Once a transaction is confirmed it is done and it is final, and it cannot be changed. Such as carvings in a stone rock, data can be added but cannot be reversed/removed and it is immutable so it is not possible to change.

  2. Because anything on the blockchain can be verified and validated by the public, so trust is unnecessary.

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#5505
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    blockchain has transaction finality means that once you send funds it is sent and transaction cannot be reverted. you cannot have your funds back without permission the the receiver.
  2. How does this lead to the trustless environment that blockchain creates?
    this lead to the trustless environment that blockchain creates because we trust the system, the code so we do not need to trust people.
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#5506
  1. Once a transaction is finalized it is in the blockchain forever.
  2. No third parties.
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#5507
  1. We mean the transaction is confirmed and cannot be reversed. For example, charge-backs cannot be made in blockchain.
  2. This assures retailers that once the money is received it cannot be returned, so customers cannot request charge-backs (thus preventing fraud).
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#5508

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction is entered in ledger there is no way you can reverse or change that transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    If we are doing some business with some person. Then we donā€™t have to trust that person to do the transaction. We only trust network because of its finality of transaction. This creates a trustless environment for conducting business on the network

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#5509

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Significa que la operaciĆ³n no puede ser cancelada ni revertida. Tampoco puede ser alterada.
    (It means that the transaction cannot be canceled or reversed. Nor can it be altered.)

  2. How does this lead to the trustless environment that blockchain creates?
    Porque toda operaciĆ³n pueden ser verificada por uno mismo teniendo la confianza de que la misma no fue cambiada o alterada, de esta forma no es necesario confiar en la otra persona para tĆŗ comprobar.
    (Because all operations can be verified by oneself having the confidence that it was not changed or altered, therefore it is not necessary to trust the other person since you can verify it for yourself.)

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#5510
  1. It means that once a transaction is verified, it cannot be reversed. It makes it impossible to double-spend, and therefore the transaction is final.
  2. It removes trust because the system is designed to make the exchange impossible to fake or undo by using math to confirm the transaction took place.
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#5511

  1. Means a transaction that cannot be reversed or changed.

  2. With the understanding that blockchain is a digital stone, like viking stone, that you can only add something to the blockchain network and you canā€™t remove any, helps to create a trustless environment thatā€™s based on verification which the blockchain technology as brought to take away the fear that subtly attached to trust.

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#5512

  1. It means that transactions cannot be reversed or altered. It works similar to a ledger where transactions made are set in stone

  2. It makes transactions between 2 parties irreversable, preventing any scams from taking place

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#5513

  1. Finality simply means that once a transaction is made it can never be erased or changed in any way on the blockchain

  2. There is no need to trust when a transaction can never be manipulated by bad actors

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#5514

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once the block is stored in the blockchain, it canā€™t be changed, it is impossible.

  2. How does this lead to the trustless environment that blockchain creates?
    Strangers can make business with strangers, removing trust from an intermediary party and placing it on the network. It is impossible for customers to ask for refunds since once the transaction has happened, it canā€™t be modified.

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#5515
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -> Transactions on the blockchain canā€™t be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    -> Because the transactions on the blockchain canā€™t be reversed, both parties have donā€™t have to trust one another. They simply have to trust the system.
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#5516
  1. Once a transaction is sent it is irreversible.
  2. Network users will be able to trust the protocols and math and not in the nature of strangers.
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#5517

  1. It means that once a transaction has been recorded and verified, the transaction cannot be reversed or altered in any way. The transaction is FINAL and IMMUTABLE.

  2. Finality and Immutability lead to a trustless environment because there is increased security in transactions in a Blockchain that cannot be tampered with by anyone. There is no need for humans to control, manage and oversee the database since the data does not require human participation.

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#5518
  1. What do we mean when we say that blockchain has transaction finality/immutability?

The Blockchain network is setup in such a way as to establish an irreversible block created by miners proof of work that contains the Mathematically verified transactional record. The block becomes a permanent fixture on the Blockchain ledger and can not be reversed.

  1. How does this lead to the trust-less environment that blockchain creates?

Once the transaction occurs there is no way to reverse it because it becomes an immutable record within the Blockchain ledger. This eliminates the need for trust between individuals because one canā€™t dispute the transaction didnā€™t occur and try to request a charge back. There isnā€™t a way to do charge backs on Blockchain. The trust-less environment exists because the parties rely on the network, the protocol and the mathematical verification within and not each other. This allows the individual to confidently transact with strangers.

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