Homework on Finality - Questions

Blockchain and Bitcoin 101
#563
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transaction finality/immutability means that the transaction can not be reversed or changed in anyway; it exists within the blockchain forever.

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

The “trust” factor is eliminated due to every transaction being added to blockchain without the ability to remove the transaction. As a merchant you don’t have to “trust” that the customer will not defraud you since the transaction will have finality.

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#564
  1. once a transaction has been sent and confirmed, it is final and cannot be reversed.
  2. you trust in the math. once a tansaction is confirmed you know that it cannot be reversed so as a seller of a service you can check the transaction for the confirmation and know that the goods or services have ben paid for.
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#565

Blockchain has transaction finality/immutability because it is verified by math and can not be undone therefore it is final.
It leads to a trustless environment because once a transaction has been completed it can not be reversed, so for example if you send someone money you can not get it back, it is irreversable.

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#566

A: There is no way to try and manipulate a transaction once it has been confrimed

B: You can rely on the mathematics and protocol to confrim the transactions instead of a manipulated system

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#567
  1. Once the transaction is created and validated by the network it can not be reversed or deleted.
  2. All the parties involved in a transaction can transact without trusting each other.
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#568

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, it has happened; they are final.

  2. How does this lead to the trustless environment that blockchain creates?
    Because it becomes very difficult, it not impossible, to “scam” as a customer or merchant and recall the money spent. A customer cannot go to a bank and claim they never spent that money on that transaction. The nodes have reached consensus and added the transaction to the blockchain.

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#569

  1. You can’t go back.

  2. You can’t over-write transactions, and there’s a universally accessible record on a decentralized network.

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#570
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it is written to the digital stone
  2. How does this lead to the trustless environment that blockchain creates?
    We do not need a “trusted” third party you have the blockchain
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#571

  1. Once a transaction is completed it is inreversable. It is not possble to amend a transaction, remove it from the blockchain - it is final.

  2. for instance, I am a merchant I get paid for my product and I know for certainty the money my client paid are now mine and he can’t simply call the bank, reverse the transaction and keeping my product. It is all about use case and perspective, when I buy something online I want to feel protected against not receiving the product, but on the other hand once the merchant sends the product wants to know for certainty he can keep the money he got paid or at least get his product back in return. It is all about use case. In the future using crypto I imagine I buy something, dislike it and to be able to return it and get my money back in different transaction - this way the merchant will gain trust that he actually follows the money back guarantee they market so much, because it is publicly visible on the blockchain.

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#572
  1. What do we mean when we say that blockchain has transaction finality/immutability?

it simply means that once a transaction is confirmed there is no mean to reverse it. Once it has been sent it is final and you can’t get it back or cancel it if it has been confirmed.

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

    Every transaction ever executed on the blockchain can be verified mathematically. Therefore, you do not need to trust the person you do business with.

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#573

1.The transactions are irreversible
2. When the block has been made, it can’t get removed. Everyone can verify each transaction, no trust needed.

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#574
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. When a transaction of a bitcoin has been done it is irreversible. It can’t be undone. That means no one can try to manipulate the network to get his money back. That makes it trustless.
  2. How does this lead to the trustless environment that blockchain creates?
    A. We don’t need to trust the people we do the business with nor a middleman being part of the transaction. It is only math and the math only makes the network strong.
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#575

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A) Once a transaction has been presented to the blockchain it can not be altered or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    A) Parties performing transactions between each other no longer requires trust or a trusted third
    party.

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#576

What do we mean when we say that blockchain has transaction finality/immutability? A transaction it’s not revesable, when it’s done, it’s done
How does this lead to the trustless environment that blockchain creates? When you reach Finality features you have confirmation that the node network have verify the validity of the transaction with the Censesus that are in the protocol and by doing the Math from it can execute the transaction as Final and create a transaction that will stay on the blockchain for ever.

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#577
  1. Finality means that the completed transaction cannot be reversed.
  2. You no longer need to trust that the person or company you are transacting with is honest because the transaction can be verified mathematically.
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#578
  1. The blockchain is append only, you can only add to it, not change what is already there.
  2. No one can change the blockchain to record false information.
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#579

  1. A transaction in blockchain is forever, you can never get it back. No refunds

  2. Impossible to reverse transaction because of mining and proof of work. Transactions are verified mathematically as it happens.

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#580

  1. Finality/Immutability means that once a transaction has been recorded in the blockchain its state is final and it can never be modified nor deleted.

  2. Finality leads to a trustless environment because the participants involved in a transaction do not need to know or trust each other nor a third party to perform the transaction. Since the system is immutable, all they need to trust is the system itself.

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#581

  1. Once a change is made to the public ledger it is permanent and irreversible.

  2. The trust is placed in the protocol and the mathematics that make it work, it’s not required to trust the person with whom the transaction is taking place.

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#582

Q, What do we mean when we say that blockchain has transaction finality/immutability?
A, Once the transaction is confirmed on the blockchain it cannot be deleted or changed in any way.

Q, How does this lead to the trustless environment that blockchain creates?
A, We dont need to trust anybody in the transaction,the nodes in the system do the checking of the transaction.

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