Homework on Finality - Questions

Blockchain and Bitcoin 101
#5739
  1. Block chain transactions once they are confirmed are final and cannot be changed. There has been various transactions that have been sent to the wrong address or wrong wallet. The location can be tracked but the funds that are sent are final.
  2. The trustless environment that block chain creates is people who believe in the code. They trust that the code will do what it’s created to do. The chains that connect the blocks will get longer and longer through flawless transactions.
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#5740

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction is set in stone. Can’t remove only add.
  2. How does this lead to the trustless environment that blockchain creates?
    Incentives for the miners, only trust the protocol and simply verify.
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#5741
  1. By finality/immutability in blockchain, transactions are permanent and irreversible.
  2. This creates a trustless environment since you cannot alter a transaction once it is sent. It also makes it trustless because when a pending transaction is verified/mined it shows that it was an honest transaction making it viewable to the public.
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#5742

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That transactions cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Trust is not centered or based on the sender or receiver of the transaction, but on the mechanism or protocol used.

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#5743
  1. Finality means there is no changing the transaction that has occured. There is no disputing it.
  2. Since transactions can only be added to the blockchain and not removed, this creates trustless environment.
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#5744
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that all transactions are final. Blockchain transactions can not be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    This eliminates the need for trust. Currently, with the use of banks, credit cards, etc., businesses and customers are basically operating on trust, with the mutual hope that neither one reports or attempts to reverse their business transaction with a centralized banking institution. This trust is rendered obsolete with blockchain technology.
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#5745

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made, it is final—if I were to accidentally send someone some Bitcoin, there is no way to reverse the process, nor is there a way to delete or change the transaction in any way.

  2. How does this lead to the trustless environment that blockchain creates?
    The finality of transactions removes the requirement for trust between involved parties—e.g. the merchant no longer has to “trust” that the customer is telling the truth about a chargeback claim.

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#5746

1). Once the transactions have been added to the blockchain it can not be removed, edited or reversed. Transactions will be on the blockchain forever. Creates no trust can do business with a stranger. This is why blockchain is immutable.
2). Immutability of the blockchain, I don’t have to trust or worry about someone reversing my transaction and take my money back. Once I pay or get paid it is done. I don’t have to trust a 3rd party, just the collective network.

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#5747

  1. Transactions can not be reversed once complete.

  2. Because it handles verification through mathematical confirmation.

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#5748
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once transactions have been completed and recorded in the ledger, it cannot be removed or altered ever again.
  2. How does this lead to the trustless environment that blockchain creates?
    You don’t have to trust any central authority to maintain records in the ledger, you trust the math to keep the verified transactions intact.
1 Like
#5749
  1. Once a transaction has occurred, it can’t be reversed or altered.
  2. There are no charge backs. Easier for strangers to do business with each other.
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#5750

It means that transactions can not be reversed. There are no chargebacks possible. At best, the recipient can return the same amount to the sender it received the transaction from.

It allows strangers to do business with each other. There is no risk of fraud, where the recipient says they were charged twice or never received what they ordered.

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#5751

  1. What we mean is that once a transaction is made on the blockchain it forever remains on the blockchain and there is no way to get that transaction reversed. The immutability portion of the blockchain is that once the transaction is made, we as the consumer can do the math to verify the transaction was made, there is not a person we trust to do this process, it is all done by math.

  2. This leads to a trustless environment because the company nor the customer can go back and scam the system, there is no person to trust, its trustless based on the fact that we can go back and do the math to verify ourselves that the transaction was made.

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#5752
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Right once - read many :slight_smile:
    It is s simple principle that 100% works! Nothing is deleted, all tranactions are registered.
  1. How does this lead to the trustless environment that blockchain creates?
    Due to the fact that everything is registered and nothing is deleted or erased, auditing is a powerfull and 100% credible tool! Don’t trust, Verify! :slight_smile:
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#5753

A1. Transactions cannot be reversed.
A2. Since data cannot be changed, trust is not needed between two parties.

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#5754
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions are verified matematicly by the network nodes. To reversed transaction you need to use a enormys amount of computational power which is phisicaly immposible.

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

The network protocol verifies the transactions matematicly without the need of third party verifier.

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#5755

1 blockchain has transaction finality because once a transaction is confirmed it is part of the chain and no one can delete or modify it.

2 with transaction finality we gain a trustless system because no third party decision is needed

2 Likes
#5756

  1. Finality in that no one can change the transaction, once a transaction happens it’s final.

  2. You can thus do business with strangers, because it’s not the person you have to trust, but the math.

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#5757
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It cannot be cancelled/edited/removed or charged back. Once a transaction has been made it is done.
  2. How does this lead to the trustless environment that blockchain creates?
    It enables people to have confidence in their transactions with total strangers.
1 Like
#5758
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction cannot be reversed or changed once it is finalized.
  2. How does this lead to the trustless environment that blockchain creates?
    A transaction cannot be cancelled and any transaction is verified by the blockchain. No need in third party organizations.
1 Like