Homework on Finality - Questions

Blockchain and Bitcoin 101
#5539
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once transaction happened it happened and it is not reversible.
  2. How does this lead to the trustless environment that blockchain creates?
    It makes it easier to make business with strangers
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#5540

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been finalized it is irreversible.

  2. How does this lead to the trustless environment that blockchain creates?
    A transaction that takes place between unknown parties do not need to trust each other. Once it is on the blockchain it is there permanently and can be verified by anyone.

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#5541
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transactions has been processed it cannot be reversed, modified, charged back.

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

Anyone can go back and verify instead of having to trust. Both parties understand that the transactions are final and they trust the math.

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#5542

  1. When we say that blockchain has transaction finality or immutability, we mean that a transaction made can never be changed.

  2. This lead to the trustless environment because I donā€™t need to trust people that Iā€™m doing business with. They cannot take the money back.

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#5543
  1. Transactions once processed are completed and written into the blockchain. There is now way to reverse or amend this transaction.
  2. Due to the fact that transactions cannot be manipulated, this allows for a trustless environment, as regardless of the intentions of the other party, they cannot reverse or alter a transaction.
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#5544
  1. It means that when transaction is done it can not be undone.
  2. Transactions transparent and can not be reversed, so it creates trustless environment.
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#5545
  1. Means the transaction has been finalized and cannot be undone.
  2. you no longer have to trust that the transaction was made because you can verify.
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#5546
  1. When we say that blockchain has transaction finality we that once a transaction happens on the blockchain there is no reversing it is permanent you cannot get a refund.
  2. Transaction finality leads to a trustless environment because you can do business with everybody and transactions made are permanent and cannot be reversed or manipulated.
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#5547
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction has been made, it canā€™t be taken back.
  2. How does this lead to the trustless environment that blockchain creates?
    a third party cannot reverse a transaction. this means not only is the record of a transaction or activity is irreversible, the action is as well.
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#5548
  1. It means that a transaction can not be reversed .
  2. it means you donā€™t have to trust the other person to be honest with the transaction and not cheat you out of what is yours.
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#5549
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions confirmed on the blockchain are irreversible.

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

Cash can be counterfeit. Checks can be returned unpaid. Card transaction can be disputed. Conventional financial transactions require a certain amount of trust. Counterfeit, NSF, and charge-backs are simply not possible using blockchain. If the transaction is confirmed, the user can feel confident that the money is actually available and cannot be clawed back somehow.

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#5550

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    If a transaction happens it never can be changed back.

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

You can verify with no doubt that the transaction has happened and it is done and can not be changed.

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#5551

What we mean by that blockchain has transaction finaltiy, is that once the transaction is send to the adressee, it canā€™t be returned or changed anymore.

This will create a trustless environment, because there canā€™t be any scams like for example customers charge back and other transaction frauds. People can trust the blockchain and itā€™s maths.

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#5552

  1. It basically just means once a transaction has been made, it cant be reversed.

  2. it means a stranger doing business with another stranger can trust that a transaction has been made once its on the blokchain

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#5553

  1. When we say that a blockchain has transaction finality/ immutability we mean that the transcations cannot be reversed once added to the blockchain.

  2. This leads to a trustless environment because for all applications in which blockchain can be used the ability to have unchanged transactions are essential.

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#5554

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that we can perform worldwide, not reversible, people trustless, protocol/math full of trust transactions between people for business/personal purpose.
    This is fantastic.

  2. How does this lead to the trustless environment that blockchain creates?
    Because, whatever actors that send or receives transactions, the maths is the rule. All rely on the maths, on the checking of transaction.

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#5555
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has happened, it has happened. It cannot be removed from the network.

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

Since everything in the network can be verified and mathematically proven, there is no need to trust anyone.

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#5556

What do we mean when we say that blockchain has transaction finality/immutability?

All transactions are final and can not be reversed. Transaction are transparent recorded on open ledger

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

Transparency, consensus,security, immutably, finality, trust in protocol and verify with mathematics

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#5557
  1. Finality within blockchain essentially means that any transaction that is done on the network cannot be reversed. It is not reversible like fiat transactions where you can easily call your bank to cancel any transactions you claim to have not made; the moment you buy/send crypto, it is practically written in digital stone.
  2. Because of blockchainā€™s immutability, it creates trustlessness where you donā€™t have to rely on a central authority to safeguard your transaction. There is no room for different versions on what really happened on a specific transaction because the moment it initially went through is the single true transaction as approved by nodes and accepted as the primary blockchain, removing any ambiguity about what happened with a personā€™s money.
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#5558

Q1. What do we mean when we say that blockchain has transaction finality/immutability?
A. Blockchain has immutability in the sense that every transaction confirmed on the network cannot be retroactively altered and therefore carries a great finality that can be trusted, although this isnā€™t the best platform for reversing erroneous transactions.

Q2. How does this lead to the trustless environment that blockchain creates?
A. By means of its immmutability and through its consensus protocol, blockchain becomes a reliable and accessible database that eliminates the need for third party intervention.

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