Homework on Finality - Questions

Blockchain and Bitcoin 101
#5699

  1. When we say that blockchain has transaction finality/immutability, it means that every transaction made is done, and you can’t get your money back if you made a transaction on accident. This is actually good because it prevents scam.

  2. Finality makes blockhain home of trustless enviroment because trust isn’t needed for any transaction you make, you really have to just rely on pure science and math that makes blockchain work.

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#5700

  1. Once the transaction is confirmed on the blockchain it cannot be reversed or undone.

  2. This leads to a trustless environment because the transaction can be proven mathematically.

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#5701

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once transaction complete it’s physically unchangeable.

  2. How does this lead to the trustless environment that blockchain creates?
    The final transaction become immutable therefore strangers can make transactions with trustlessness action.

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#5702

  1. What it means is that all transactions are final and there can be no altering or chargebacks. This allows for trustless payments and no scams.

  2. It leads to the trustless environment because it removes the need to trust anyone but the system and the system has no biases it just runs the way it was designed to run delivering the truth!

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#5703
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once a transaction has been included in the the blockchain it cannot be reversed, altered or cancelled.

  1. How does this lead to the trustless environment that blockchain creates?
    You not need to worry about participants trying to reverse transactions once it is done.
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#5704

What do we mean when we say that blockchain has transaction finality/immutability?
Finality/immutability in blockchain is made apparent by the fact that transactions are recorded in real time and by the fact that they cannot be reversed or undone. In order for someone to receive the crypto/assets that they have sent out, they must request that the recipient of their assets send it back to them as a new transaction

How does this lead to the trustless environment that blockchain creates?
Finality and immutability help create trustlessness in the environment by forcing transactions to occur in one direction. This ensures that all users understand that the crypto exists where it was last sent and that the crypto hasn’t been lost, re-traced,
or recycled

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#5705
  1. it means that once a transaction is confirmed, there is no way to get the money back or reverse the transaction.

2.there are many ways a customer and a seller can deceive each other, but with immutability the transactions can’t be reversed, making deception by reversing the transaction impossible.

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#5706

  1. Once transaction is made it can not be reversed.

  2. Can deal with strangers because transaction is verified by network.

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#5707
  1. To be impossible to be modified by anyone
  2. We no longer need to trust on it, we only verify it
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#5708
  1. it is final, it can’t be resent back, frauded, etc. it shows as transaction everyone can see

2.can trade and buy with anyone knowing that it is verifiable

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#5709

  1. Data entries in the blockchain cannot be reversed once instantiated.

  2. Transactions or exchanges of value cannot be reversed once performed, eliminating the possibility of certain scams where either the consumer retrieves back its money from a central authority after a transaction, or where the merchant doesn’t send its product in the first place.

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#5710

1 when a block is created with all the transactions in it there is no way to reverse this transaction

2 by giving everybody the security that when a transaction is made it is settled

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#5711

  • What do we mean when we say that blockchain has transaction finality/immutability?
    There is no way to reverse or change a transaction once it has been processed.

  • How does this lead to the trustless environment that blockchain creates?
    Since there are no chargebacks all sales and transactions are final.

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#5712
  1. Once you make the transaction you can’t reverse it.
  2. Each person knows that it’s irreversible so you can work deals with strangers and trust the network.
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#5713

  1. When a transaction has been completed, there is no way to reverse it. That transaction is set in stone and will remain forever.

  2. We do not need to trust the party we make the transaction with. We just need to trust the protocols of the blockchain. We trust the protocols of the blockchain because we can verify them mathematically.

1 Like
#5714

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

  • Finality means that there is no reversing of a transaction. Immutability means that once a transaction is on the blockchain there is no way to take this off. This fact can bite smart-contract authors who thing that “delete” means remove from total existence. Thanos failed to snap everything away and the blockchain enforces this memory.

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

  • It leads to the trustless nature of the blockchain by saying upfront all your actions on a blockchain will be public knowledge with, or without you making it public.
1 Like
#5715

  1. Blockchain transactions cannot be reversed or changed.

  2. If nothing can be changed, it is easier to trust when you know the transaction you make is final.

1 Like
#5716

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It’s Irreversible and permanent.

  2. How does this lead to the trustless environment that blockchain creates?
    This has created an opportunity for strangers to transact by verification and leads to no chargebacks.

1 Like
#5717
  1. What do we mean when we say that blockchain has transaction finality/immutability?

What is meant when we say blockchain has transaction finality/immutability is that once transactions are made & confirmed, they are irreversible and are not susceptible to change. They are recorded on the blockchain forever & can never be removed.

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

Unlike a centralized system, you can not approach your bank & request a chargeback. The transaction finality & immutability on blockchain leads to a trustless environment because it is based on math, not blind trust, and there is no intermediary involved in authenticating or processing a transaction.

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#5718

Finality means we are reliant on a process/system that we trust so we dont need to trust in strangers the process cant be reversed.
This means if we agree something on the block chain the transaction will automatically be executed and cant be reversed

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