Homework on Finality - Questions

Blockchain and Bitcoin 101
#583
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    No reverse of the transaction.
  2. How does this lead to the trustless environment that blockchain creates?
    Once done it is done, no reverse action. There is no need to call back and expalin it is not happened becuse it is the ledger and no delete function.
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#584

  1. There is no way to get your money back. Transaction are final and unchangeable.

  2. The trustless environment is created because of the trust in math. All transactions are public, and once a block is created, it is there forever.

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#585

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?

Answers:

  1. Once a transaction occurs on the blockchain itā€™s there forever. No trust involved, you canā€™t change the transaction. There are no charge backs allowed.

  2. You can do business with unknowns, or strangers and the transitions are verified via mathematically calculations.

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#586
  1. if a transaction is taken, its not reversable.
  2. consens, provenance, highly available, Imutabillity for the blockchain network
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#587
  • What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain transactions are final, every transaction settles when it gets posted on the chain. Today when it comes to banks and the stock market, it can take 2-3 days and in some cases weeks before funds wind up where they are supposed to. Blockchain transactions can happen in milliseconds to at most a few hours in order to send value across the world.

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

When transactions happen in less than a minute we can have an up to date consensus on the entire network. Corrupt parties will not be able to duplicate wealth, nor will they be able to lie about a transaction that cannot be verified.

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#588

We mean that once a transaction has been done it is final and cannot be reversed.
It leads to the trustless environment as business can be trusted to be done with strangers.

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#589

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once blocks and cast by miners they are forever part of the chain

  2. How does this lead to the trustless environment that blockchain creates?
    chargebacks are not possible

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#590
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once money has been sent it canā€™t be charged back, the transaction is final
  2. How does this lead to the trustless environment that blockchain creates?
    Knowing that when you receive money, some one like a stranger, canā€™t scam you and ask for the money back.
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#591

  1. Transaction finality or Immutability itā€™s mean the transaction can not be changed or to remain unaltered.

  2. Because the blockchain was created based on protocol and mathematics

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#592

  1. The blockchain has finality/immutability because once a transaction has been completed there is a permanent record of it that cannot be changed.

  2. It allows strangers to transact with each other without worrying that the transaction will be reversed after services have been provided or a product has been accepted.

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#594
  1. It means that once a ā€œdecisionā€ in the blockchain is made, as far as it is a decentralized blockchain, there is no way to reverse it.
  2. In a decentralized blockchain I do not have to trust the party im making business with as long a the network that works on math / physics agrees that the given information is correct. - I always can verify
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#595
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • As blocks are mined and transactions are confirmed it is irreversible. The blockchain allows the transaction to be irrefutable as the entire network has reached consensus.
  1. How does this lead to the trustless environment that blockchain creates?
  • Blockchain cannot allow the ability to double spend, create new funds, reverse a transaction or duplicate the action. As there are no third parties and the network is incentivized to follow the original protocol the information cannot be corrupted.
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#596
  1. Transactions on the blockchain are final once they have been verified and confirmed by the miners. They can not be reversed or altered.
  2. It is impossible to remove or change a transaction afterwards, this makes is so that you donā€™t have to trust a third party for your transaction to be processed. It also eliminates the possibility of fraud.
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#597

1.) It means once a TX has been issued, it remains on the blockchain forever and cannot be changed.

2.) Strangers are able to interact because there is no way for scammers to reverse their charges. There is no opportunity for chargebacks.

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#598

1 A blockchain has transaction finality because once the transaction has occured it cannot be reversed. It is sealed
2 Blockchain through its finality of transactions via mining / proof of work insure that it is a trustless system

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#599

  1. it canā€™t be reversed

  2. we can trust that once the money has been sent it is sent forever

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#600

  1. Finality means that a transaction cant be changed or reversed. Once the transaction is outā€¦then its out.

  2. Because nobody can cheat you and take back the payment. So trust is no longer needed for payments.

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#601

  1. Once a transaction has happened, it cannot be reversed or changed. A record of that transaction is on the blockchain for the life of the blockchain.

  2. No one can cheat, so you do not need trust to transact.

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#602
  1. It means that once a transaction occurs in cannot be reversed or modified, it becomes immutable.
  2. If transactions are immutable and validation happens in a decentralized manner than there is no need to trust third parties.
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#603

  1. Transaction cannot be modified or reversed/deleted once they are stored in the blockchain (after beeing confirmed by the network)

  2. Because transactions cannot be reversed, itā€™s easier to do business with strangers. You donā€™t have to trust them (or any third party), as transactions cannot be undone (fraud) and anybody can read any verify the transactions on the blockchain.

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