Homework on Finality - Questions

Blockchain and Bitcoin 101
#5779
  1. after the transaction is done nobody can remove it
  2. you can not decline the transaction thats already done
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#5780

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality means that once a transaction has taken place on the blockchain it cannot be reversed, therefore, its final and recorded forever, no chargeback is possible.

  2. How does this lead to the trustless environment that blockchain creates?
    The science of math, protocol, and the mining involved means that you dont have to trust anyone in order to verify a transaction has taken place, you simply rely on the math and protocol of the blockchain, hence, trustless.

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#5781
  1. Each transaction is final.
  2. Because we cannot alter the blockchain there is no trust needed.
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#5782
  1. Transactions cannot be reverted back once it is approved.
  2. Since it is immutable and cannot be reverted it leads to a trust less environment.
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#5783

  1. What do we mean when we say that blockchain has transaction finality/immutability? Once the transaction is submitted it cannot be reversed or edited.

  2. How does this lead to the trustless environment that blockchain creates? Because everything is verifiable it doesnā€™t matter if you know the other entity or not.

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#5784
  1. The transaction is not reversible and is verified with math.
  2. Strangers can do business with one another b/c we all trust the protocol because we can verify it mathematically.
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#5785

1- it means that when a transactions has been sent it is final and you canā€™t get it back or cancel it if it has been confirmed.

2- By making it irreversible in which strangers can trust each other because when a block has been made it canā€™t be removed. Bitcoin for example, if a transaction had been made and confirmed it canā€™t bee cancelled or refunded.

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#5786
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. It means that there is no way to reverse a transaction once it has been completed. It is recorded on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    A. Because people can do business with people they donā€™t know anything about and the transaction will be final for both parties.
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#5787

  1. It means that no transaction can be reversed, so once the transaction was confirmed there is no way back.

  2. Network participants have to be aware of their actions and noone can be scammed for example.

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#5788

  1. when the transaction is complete its final and immutable. I cant be reversed. Say adios to them lost funds

  2. it take takes the need for trust away. you dont have to worry about scammers scamming

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#5789

  1. Blockchain has transaction finality/immutability when transactions are irreversible and cannot be changed or modified once they are recorded on the blockchain.

  2. Blockchain creates a trustless environment by allowing users to transact directly with each other without the need for a third-party intermediary. This eliminates the need for trust between, as the transaction are secured and validated by the blockchain network.

#5790
  1. Transaction finality or immutability in the context of blockchain refers to the fact that once a transaction has been confirmed and added to the blockchain, it cannot be altered or deleted. This is achieved through the use of cryptographic algorithms and decentralized consensus mechanisms that ensure the integrity and security of the blockchain ledger.
  2. The trustless environment in blockchain refers to the fact that participants in a blockchain network donā€™t need to trust each other or rely on intermediaries to validate transactions. Instead, they can rely on the mathematical guarantees provided by the blockchain technology to ensure that transactions are validated and recorded accurately. This eliminates the need for a central authority or intermediary and creates a more secure and transparent system for transactions.
#5791

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finished transaction is final, thereā€™s nothing anyone can do to reverse it, or give chargeback.

  2. How does this lead to the trustless environment that blockchain creates?
    because no intermediaries are required to make transactions, they would serve no purpose.

#5792

  1. It means that, once the transaction happened, it happened and thereā€™s no going back. Essentially, itā€™s not possible to revert it, such as time itself. Everything we do (or that we donā€™t do) in our lives is permanent in a certain way and thereā€™s no going back.

  2. It means that each individual does not need to trust each other because once the change has happened, itā€™s immutable. Since, as I said before, thereā€™s no going back, you have to be absolutely sure of what youā€™re doing because you know you wonā€™t be able to delete or reverse it later.

#5793
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Once a transaction has been added to the blockchain, there is no way to reverse or cancel that transaction. It is simply impossible due to the nature of the blockchain. Youā€™d have to change more than 50% of all the blockchain databases spread around the world.
  2. How does this lead to the trustless environment that blockchain creates?
    -There is no central instance you have to trust with your money and transaction. For example with Mastercard you have to trust them with your data and that they charge you the correct amount. In blockchain there is no central entity that can decide. There are miners spread around the world who are incentivized to make money based on mathematical algorithms.
#5794

  1. What do we mean when we say that blockchain has transaction finality/immutability? ā†’ it means that transactions cannot be reversed, when a transaction has happened, it has happened, thereā€™s no way to go back.

  2. How does this lead to the trustless environment that blockchain creates? ā†’ you simply trust the network and the math behind it, instead of trusting a third party.

#5795
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction has been made its final and cannot be reversed or changed.

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

Minerā€™s secure the network, security and validate transactions on the blockchain database is running efficiently. Funds or transactions cannot not be duplicated.Trusting the network not companies to reduce risk of scammers.

#5796

  1. When we say that blockchain has transaction finality/immutability, we mean that once a transaction is added to the blockchain, it cannot be altered, deleted or reversed. In other words, the transaction is permanently recorded on the blockchain and cannot be changed. This is achieved through the use of cryptographic hashing and a consensus mechanism that ensures that all nodes in the network agree on the validity of the transaction before it is added to the blockchain.

  2. The immutability and transaction finality of blockchain creates a trustless environment because it removes the need for a trusted third party to verify and validate transactions. In traditional financial systems, transactions are verified and processed by intermediaries such as banks or payment processors, who act as trusted third parties. With blockchain, the immutability of transactions and the consensus mechanism ensure that no single party can manipulate or alter transactions. This means that participants in the blockchain network can transact with each other directly, without the need for intermediaries or trusted third parties. This leads to a trustless environment, where transactions can be securely and transparently processed without the need for a centralized authority. Additionally, because the ledger is immutable, any participant can audit and verify the entire history of the blockchain, further increasing transparency and trust.

#5797
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    when the translaction is done that cant be undone or retaken
  2. How does this lead to the trustless environment that blockchain creates?
    things cant be duplicated and miners secure it
#5798

Transactions on the blockchain are final which means that a transaction cannot be changed once implemented.

Blockchain is solely based on math and protocols which means it is quite easy to do business with strangers due to the fact that trust is no longer an inherent barrier.