Homework on Finality - Questions

Blockchain and Bitcoin 101
#5820
  1. Once the transaction has been confirmed the data can not be changed by anyone.
  2. Since I can verify the transaction and (mathematically) know that the data will not be changed I don’t need to trust a third party.
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#5821

  1. Blockchain transactions are final and immutable meaning that there is not a way to create a chargeback or to reverse or tamper with any of the data once consensus has occurred and the data block has been created.

  2. This leads to a trustless environment because I can trust that the transaction I create cannot be tampered with once consensus has taken place. I am not depending on third parties to verify the transaction, bitcoin math is doing it for me.

1 Like
#5822
  1. Nothing can be erased from the blockchain. Once a transaction occurs, it is final.
  2. There is no room for manipulation and also in the first instance requires consensus before approved.
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#5823
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain transactions have finality/ immutability in that once a transaction happens on the blockchain, it has no way of being erased, reversed, changed, added to or reduced.

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

Parties involved in a transaction can decide to do business even if they don’t know &/ Or trust each other, because verification of values spent & received in transactions on the blockchain network are being performed by incentivised miners utilizing math & electricity.

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#5824

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When we say that blockchain has transaction finality/immutability, it means that once a transaction is confirmed and recorded on the blockchain, it cannot be altered, reversed, or deleted. This ensures that every transaction is permanent and tamper-proof, establishing a trustworthy and unchangeable record of transactions.

  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain’s transaction finality/immutability leads to a trustless environment by ensuring that once transactions are recorded, they cannot be tampered with or falsified. This means participants in the network don’t need to trust each other or a central authority to ensure the integrity of transactions. Instead, they rely on the blockchain’s inherent mechanisms, which enforce the permanence and accuracy of the transaction history, fostering trust through technology rather than through personal or institutional credibility.

#5825

What do we mean when we say that blockchain has transaction finality/immutability?
If it has happened, nothing can be undone or be reversed. For example. If you send Bitcoin somewhere, it is gone regardless whether it was pointed correctly or not.

How does this lead to the trustles environment that blockchain creates?
It means no "scamming/fraud/ is possible. For example a customer gets a good, but pretends not to have receive it and then lets the bank know to get his money back. This is not possible if using blockchain-technology. It is less trusting in a person, but more trusting in the network/system itself. It enhances doing business with each other without knowing about each other.

#5826

1/ transactions cannot be reversed
2/ Because each transaction is made from a distributed consensus and immutable when done

#5827
  1. A transaction cannot be reversed. It is absolutely impossible, because they always are final and immutable.
  2. Since transactions can’t be reversed or altered, the system provides the needed trust in the transaction.
#5828
  1. The transaction is there forever and cannot be reversed
  2. The transaction is physically impossible to remove after proof of work which does not need any trust
#5829

  1. When we say blockchain has finality/immutability, it basically means that any transaction that takes place in the blockchain is irreversible.

  2. A trusless environment is perfect when you do business with someone you don’t know.

#5830
  1. What do we mean when we say that blockchain has transaction finality/immutability?

all transaction are final in the sense that once confirmed they cannot be reversed (or very hard to do so). therefore, after network participants have confirmed that a particular transaction is done, no one can reverse it.

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

I don’t need to trust that you will pay me I need to see the network validate the transaction between us. Strangers can transact because we wait for the network to do the validation for us

1 Like
#5831
  1. A transaction can not be remove or alter
  2. As it is a public ledger and verified by nodes
#5832

Homework on Finality

  1. Once a transaction is done, it cannot be pulled backed or changed.
  2. Because it allows you to be independent and control your own money, for instance, you can do transactions with strangers. On the other hand, each transaction is stored and verified by the entire network for all eternity.
#5833

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    You can not undo a transaction. All transactions are final.

  2. How does this lead to the trustless environment that blockchain creates?
    You do not have to trust the person who is paying you. Someone is not going to call thier bank and ask for their transaction to be reverced when they buy something online. It might happen after you have shiped it.

#5834
  1. It can not be reverse
    2 . by rewarding the miners
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#5835

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a block or transaction is created it cannot be deleted, removed or reversed

  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with someone that you don’t know. miners get insensitive for participating and making sure that all the data is correct

1 Like
#5836

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction finality and immutability mean that once a transaction is added to a block and confirmed by the network, it cannot be altered or reversed. This ensures that the blockchain maintains a permanent and unchangeable record of all transactions.

  2. How does this lead to the trustless environment that blockchain creates?
    Because transactions on the blockchain cannot be altered or removed once agreed upon and added, trust is established through the ability to verify the immutable record. This verification process eliminates the need for trust in any single party or authority, creating a trustless environment.

#5837

  1. When a transaction takes place it is final, which is why ensuring details like wallet addresses are correct before sending currency anywhere. There is no recourse available following a transaction.

  2. When a blockchain is used to validate a transaction, the protocols are handling the details. There is no chance for human error or deceit.

#5838
  1. Once a transaction is recorded on the ledger, it cannot be reversed
  2. Once you make a transaction, you do not have trust anyone that the transaction will not be reversed
#5839

1 the tx cannot be reversed. Its definit
2You trust the network . nobody can interfere the transaction or reverse it. It is physically not possible