Homework on Finality - Questions

Blockchain and Bitcoin 101
#5579
    • It means that all transactions are not reversible and are final.
    • It leads to a trustless environment by not having to worry about things like charge-backs, no one has access to your wallet to take back any funds after a transaction.
1 Like
#5580

1. What do we mean when we say that blockchain has transaction finality/immutability?
Finality : It means that it’s the time it takes to have engraved our transaction in the blockchain. It’s basically the average total time it will take (based on the time it took for the pervious blocks) to valide the current block.
Immutability: It’s because once finality is reached (= the block containing our transaction has been engraved), the transaction is engraved in the blockchain rock, so it cannot be undone -> immutable.
2. How does this lead to the trustless environment that blockchain creates?
Because once the transaction is sent, it’s just a matter of time before it gets immutable, so the only thing we have to trust it’s time, no controlling authorities (servers etc…).

1 Like
#5581

1- Once a transaction has happened there is no way to get it back .no need to be approved from bank.

2- No need to be approved from bank, No trust third party.

1 Like
#5582

1 - All transactions in blockchain cant be changed
2 - i dont understand this question at all, when says “trustless” that word is about it is trust or if is dont trust ?, the only way that i think is trust and if this is the case the trust is based on your are own of your information and decisions to take into the blockchain without 3rd part

#5583

if we see the traditional solutions to assuring trust between parties revolves around the implementation of a central authority or intermediary that acts as the implicitly trusted mediator. But Blockchain creates a trust-less environment where interacting parties do not need to trust each other or a third party since all information being transacted across the network is independently verified and immutably stored on the blockchain.

1 Like
#5584

thanks Maki, i see now the word that i not understand in that moment, and the word is “trustless” ( is a new word for me ) , because that word in spanish using the translator is :

image
image732×301 16.6 KB

and if i translate the same to english again :

image
image745×414 22.1 KB

only this word confuse me a little bit, but now i think understand what is “trustless”, may be is a opposite of “trust” :slight_smile: :heart:

1 Like
#5585
  • What do we mean when we say that blockchain has transaction finality/immutability?
  • How does this lead to the trustless environment that blockchain creates?
  1. Once transaction happens, there’s no way to reverse the transaction. It stays on the blockchain forever.
  2. Blockchain creates trustless environment because all transaction are verifiable on the blockchain and cannot be changed.
1 Like
#5586

Transactions are irreversible, once the transaction has happened, it has happened.

No room for scam!

1 Like
#5587
  1. Transactions, once written, are irreversible (immutability) so no one can cheat.
  2. No one relies on trust in others but rather verify the shared ledger, only past transactions reflect the reality that can be then trusted, that’s why we speak about a trustless environment.
2 Likes
#5588

  1. What do we mean when we say that blockchain has transaction finality/immutability? That the information received and confirmed, thus added to the blockchain cannot be altered or removed, no charge backs in other words.

  2. How does this lead to the trustless environment that blockchain creates? Because the information cannot be altered it is thereby incorruptible. Self policing is a requirement of using the network. People have to be very certain they want to make the transaction.

2 Likes
#5589

  1. It means that once a transaction has been added to the blockchain there is no way to change or reverse it. Once a transaction is confirmed it is on the blockchain forever.

  2. IT leads to a trustless environment, because now you trust the technology not the buyer or seller. There is no way for a buyer to retract their money after the purchase has occurred, and there is no way for the seller to not send the item purchased. Both parties must have the money and item of value to buy and sell in order for the transaction to go through.

1 Like
#5590
  1. Finality in blockchain means . Once the confirmation is done for transaction it can not be reserved.
  2. It means that we can not take way the decentralized system thereby the trustless system is created
1 Like
#5591

  1. Once data is written in the history it is there for good, you can not “undo” it.

  2. Transactions are final we trust the mathematics. There is no charge backs etc.

1 Like
#5592
  1. It means that ledgers confirms transactions that cant be changed. not even reversed as the blockchain can only be added to not deleted from.
  2. Because only true transactions can exist on a blockchain,
1 Like
#5593
  1. Once a transaction is done and agreed upon it cannot be altered or undone. It simply is.
  2. It leads to the trustless environment because participants in the network trust the network, and aren’t relying on trust of a particular transaction. Again it comes down to math and the protocol
1 Like
#5594

1- once it done no one can change it
2- by mining

#5595

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Each transaction is irreversible once completed

  2. How does this lead to the trustless environment that blockchain creates?
    -No need to trust 3rd parties to verify as terms of every transactions would have been understood by parties involved

1 Like
#5596

Ans.:

  1. the transaction can not be inverted once confirmed

  2. all the transactions can be verified by math protocol through a network of decentralized computation nodes

1 Like
#5597

1.) Finality/immutability in blockchain means that once a transaction is processed and verified through mathematics into a block, that transaction cannot be taken back or repeated.
2.) This leads to a trustless environment because each user on the network knows that their transactions are mathematically verifiable, and those users can now conduct business with whomever sharing the congruent network of blockchain.

1 Like
#5598

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

In Bitcoin, every transaction is verified to be valid by the nodes, and included in the block by the miners. Therefore each and every confirmed to be send and valid transaction is FINAL. There is no way to remove data from the blockchain after it has been added. Therefore from then and forever onwards that Bitcoin is not your Bitcoin anymore.

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

Whenever you receive Bitcoin, you are sure that once it is confirmed to be send to you. It is yours. And only you have permission to spend that Bitcoin. There is no way for anyone to to “cancel” or “freeze” a transaction once it has been send.

Once the transaction leaves the mempool and is validated by the miner thats that.

Therefore you don’t need to “trust” the one sending you Bitcoin, because it is your Bitcoin once you have it.

2 Likes