Homework on Finality - Questions

Blockchain and Bitcoin 101
#5559
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Because when a trasaction is done you can’t reverse it.

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

Because you don’t trust with the people, you trust the consenseus and mining. You trust the math.

1 Like
#5560

The transaction cannot be reversed or undone the payment is final and irrevocable.

It allows the user to trust the network and not a stranger and do business securely with unknown people.

1 Like
#5561
  1. It means that once transaction done it is forever it can never be removed or changed.
  2. We don’t have to trust any one for something mathematicly it takes care of trust.
1 Like
#5562

-We mean that once a transaction is done ,verified and included in the blockchain we cant reverse it.
-This removes trust because we can know that past transactions havent been manipulated so we are actually verifying them and not trusting.

1 Like
#5563
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transactions on the blockchain cannot be reversed. The structure of it cannot be broken.
  2. How does this lead to the trustless environment that blockchain creates?
    If I wanted to do business with a complete stranger, I can trust that the transaction will be processed properly because of the laws of the blockchain. Once processed, there is no reversal or scams to undo that transaction on one end. I do have a thought on this that I am not sure how the blockchain could validate in the case of strangers transacting over blockchain with one party sending money or bitcoin and the other sending a used good. How does blockchain verify when that transaction is processed that the person on the receiving end is getting the quality they expected in an item?
1 Like
#5564
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    written once and can never be undone.
  2. How does this lead to the trustless environment that blockchain creates?
    things can be verified by math and mning and phsics.
1 Like
#5565

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened there is no way to reverse, change or alter the transaction it is permanently on the chain

  2. How does this lead to the trustless environment that blockchain creates?
    Since it cannot be changed or reversed, you can prove that a transaction was made unlike what we see in the typical financial space where someone can deny a transaction or say it didn’t happen and get their funds back whereas the on the chain once a transaction is made it is made and added to the chain, you never have to doubt this because it can not change or be removed. Everything is verified on the blockchain

1 Like
#5566
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction happens you simply cannot reverse it whatever happens in the blockchain stays permanently in the blockchain.

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

Trust is simply removed due to the blockchain procedure as in the transaction stays within the blockchain ledger so when it comes to money sent and recieved proof of work is already established through a series of mathematical calculations and therefore fraud is eliminated however this does not mean that you might receive your physical product from a seller because that can be altered however successful payments/transfers cannot be altered as there is proof following that

1 Like
#5567
  1. Blockchain has finality because once a transaction happens, there is no way to reverse or change it afterwards.
  2. This leads to a trustless environment because there is no room for scams or human fraud. Participants put their trust in the math and protocols of the network, which does not allow for changes or reversals of transactions.
1 Like
#5568
  1. What do we mean when we say that blockchain has transaction finality/immutability?

They are irreversible and cannot have charge back.

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

It builds trustless environment in blockchain by understanding that if crypto is sent that its going to go to that address you tell it to go to and unless the person receiving it sends it back its not coming back through any other mechanism. The math does what its told and its just code doing as its instructed to do.

1 Like
#5569

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction has been confirmed there is no way to reverse it, all transactions are final.

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

1 Like
#5570
  1. “What happens in Vegas, stays in Vegas.” Once transaction happened, it cannot be reversed. It stays on the blockchain. All transactions are final and they cannot be changed/removed.
  2. Transactions are permanent on the blockchain. Manipulation is not possible. We don’t need to trust the middleman (eg. bank) to perform the transaction for us. On the blockchain the transaction can be verified. Trust in some other party becomes useless.
1 Like
#5571
  1. Simply means, once the transaction has been approved, it cannot be reversed or changed.
    2.This leads to a trustless environment because there is no means the counter party can reverse the transaction and there is no third party involved except the network which is a consensus.
2 Likes
#5572
  1. transactions can not be reversed. Once they are approved they are there forever
  2. this enable complete strangers to transact with together with the trust factor completely taken out of the equation as every transaction is mathematically verified
1 Like
#5573

  1. When a blockchain transaction has finality, it means that once it is complete… it can not be reversed or changed. Transactions are set in stone.

  2. This leads to a trustless environment by allowing for strangers to not have to worry about anyone cheating them when completing a transaction.

1 Like
#5574

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

All transactions are final and can not be reversed.

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

It makes sure that once you have received a transaction, the sender cannot scam you through chargeback. You can rely on the network to make sure that your funds are safu.

1 Like
#5575

  1. It means that when a transaction is made and is valid to put on the blockchain, once it is executed, it cannot be canceled or erased.

  2. This leads to a trustless environment because parties on either side of the transaction, seller/buyer, cannot take advantage of each other. Buyer charge back is an example of this.

1 Like
#5576

1That once done it can’t be changed.
2It can’t be reversed.

1 Like
#5577
  1. It means that transactions made cannot be undone or altered by anyone.
  2. It leads to a trustless environment because of the fact that, again, transactions on the blockchain are permanent.
1 Like
#5578

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is sent, it cannot be rescinded.

  2. How does this lead to the trustless environment that blockchain creates?
    The trust is in the system, the protocol, not the people. This means that strangers can transact with one another, they can easily do business without knowing who they are.

1 Like