Homework on Finality - Questions

Blockchain and Bitcoin 101
#5679
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Meaning once a transaction is sent and confirmed there is no way to reverse it.

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

Because the person cannot call a bank and get money back, transactions cannot be sent back because they are irreversible transactions.

1 Like
#5680

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction on the blockchain is accepted it cannot be redone/edited/removed.

  2. How does this lead to the trustless environment that blockchain creates?
    Trust is placed in the mathematics that the blockchain operates with instead of trusting the integrity of the entities doing the transaction. This creates a trustless environment where everything can be confirmed/verified by checking the math in the blockchain.

1 Like
#5681
  1. Once the transaction has been confirmed and completed, you cannot undo it, unlike the transactions on your credit card.
  2. The sender cannot take back what they sent the receiver. So if it was for some sort of service or product, they canā€™t call in and have it reversed, like you can for a credit card.
1 Like
#5682
  1. What do we mean when we say that blockchain has transaction finality/immutability? it means evry transaction that has been done on the blockchain are finalized and cannot be reversed nor cheated that is what the beauty of the finality.
  2. How does this lead to the trustless environment that blockchain creates? that means there is no creating no funds nor can the system be cheated thats the beauty of it althought it could be penetrated true those mining.
1 Like
#5683
  1. Transaction cannot be modified or deleted .
  2. it removes the need for a middle man ( 3rd party)
1 Like
#5684

  1. Transactions cannot be modified or deleted.

  2. Because all transactions are forever public and verified.

1 Like
#5685
  1. Finality, in blockchain, makes decisions made irreversible.

2)This leads to the trustless environment that blockchain creates by removing the trust that we would have in man when making business decisions, but rather, rely on math, physics, and the system.

1 Like
#5686
  1. What do we mean when we say that blockchain has transaction finality/immutability?

That the transactions cannot be reversed, they are final, inmmutable. They cannot be changed in anyway.

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

It leads by relying on physics and math, which is unique in itā€™s outcome, and therefore one single truth for everyone. Be it friend, foe or strangers.

1 Like
#5687

1.It cannot be removed, erased or cancelled. No modifications!
2. Once it is verified it is permanent. With a trustless system nothing can be altered or reversed.

1 Like
#5688
  1. Blockchain finality/immutability refers to the transaction once having been processed it can not be reversed, its is forever recorded on the blockchain.
  2. This quality of the blockchain creates a trustless environment due the transaction not being able to be manipulated once processed.
1 Like
#5689

Homework on Finality - Questions

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

A// When we say that the blockchain has transaction finality and immutability we mean that once a transaction is done theres no way you can ask them your money back, theres no way you can reverse that action once your transaction enter to the blockchain it would stay there forever.

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

A// this leads to the trustless environment because knowing that once the transaction is done it has no reverse you can first trust more in the network and second in the stranger from who you are going to receive any transaction because theres no way them to charge back their money.

1 Like
#5690

  1. It can not be changed or undone.

  2. With mining and proof of work users of the network can trust that the data that exists on the network has not been changed or edited.

1 Like
#5691

  1. Blockchain transaction finality/immutability means that every transaction on Blockchain is final. It cannot be undone or reversed. This also means that Blockchain is not suitable for every application.

  2. This leads to the trustless environment that Blockchain creates because we trust only the network and the protocol, not individuals, and every transaction is verifiable.

1 Like
#5692

1. What do we mean when we say that blockchain has transaction finality/immutability?
once the transaction happens and confirmed in the network; it cannot be change; itā€™s final; immutable.
2. How does this lead to the trustless environment that blockchain creates?
that will allow to trust the system; if someone hacks a block and modify the content; other nodes would verify the hash and encryption
thus if the network database is immutable there is no need to trust; just verified the transactions, records

1 Like
#5693
  1. ā€œwritten in stoneā€.
  2. No take-backs.
1 Like
#5694

  1. It means that blockchain transactions when started, can never be stopped or paused or undone. There is no way for anyone to stop it or undo it or reverse the action.

  2. It leads to the trustless environment of blockchain because this allows people to avoid trusting others by not allowing them to refund what is sent. No bank tellers can issue a refund. Therefore avoiding the tendency of buyers scamming the sellers.

1 Like
#5695
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are final. They cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    No one can take back transactions.
1 Like
#5696
  1. Finality means that once the transaction has taken place, it canā€™t be reversed.
  2. It is trustless because it is verified by the network, allowing 2 strangers to do business together. It eliminates fraud. We rely on the protocol, which is based on facts & math.
1 Like
#5697
  1. Finality means irreversibility [of a transaction]
  2. It ensures all play by the defined rules, at least until then. leading to ā€œbaseliningā€ that can be the reference points in the larger sequence of events.
1 Like
#5698

  1. Blockchain transaction finality/immutability means that once a transaction has been confirmed as valid through the consensus mechanism and added to the blockchain it can not be reversed/removed/modified.

  2. This leads to a trustless environment because the ruling laws of provenance and consensus are the only driving force of that blockchain network.

1 Like