Homework on Finality - Questions

Blockchain and Bitcoin 101
#604

#1. When someone have done a transaction, it´s impossible to reverse it.
#2. You don´t have to trust the ones you´re doing business with, a done transaction is a done transaction!

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#605
  1. What do we mean when we say that blockchain has transaction finality/immutability? Finality means once a transaction is has confirmations on the block chain it can not be reversed.
  2. How does this lead to the trustless environment that blockchain creates? This means no bit coin can be double spent creating a trustless network.
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#606
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once a transaction has been made is final, cannot be changed, reversed or removed.
  2. How does this lead to the trustless environment that blockchain creates? Because of it´s inmutablity, there´s no trust involved, everything is recorded in the ledger and cannot be altered, hence enabling proof that it took place. it doesn´t rely on trust at all!
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#607
  1. Once the block has been created it is non reversible & changeable.
  2. I don’t need to trust the vendor or customer for transactions.
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#608
  1. A transaction cannot be changed/reversed and will be on the blockchain forever.

2, Because every transaction can be proven mathematically,this removes trust so that strangers can transact safely and securely and scamming cannot exist.

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#609

All transactions are public and permanent and forever on distributed ledger. Participants and counter parties can not reverse transaction and prevents charge backs which essentially makes blockchain trustless.

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#610

It means that the transaction cannot be reversed or duplicated. Once a transaction is made, it is FINAL.

The validation of transactions is based on pure mathematics, not opinions, and math does not care about wether you trust in it or not. Math is math.

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#611

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that transactions (once confirmed) can not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Because we trust in the network (in mathematics), not another person/gatekeeper that can decide to reverse a previously set transaction.

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#612

  1. Once a transaction has been made it can’t be reversed.

  2. There is no way to cancel the transaction.

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#613

What do we mean when we say that blockchain has transaction finality/immutability?

  1. It can not be reversed it is final, the transaction. It is written for ever in the ledger

How does this lead to the trustless environment that blockchain creates?
2. By verification of all the nodes in the network. So I am trusting on the network Protocol en Math. a trustless network

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#614
  1. Once the transaction is happend, it has happened. There is no way to get it back. It will be on the blockchain, no way to reverse it. Just like an accounting ledger all previous transaction data never changes. A new transaction is entered in the ledger for any future changes.
  2. Transactions can’t be reversed or duplicated. There is no creating of new funds other then those generated by mining.
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#615
  1. When a transaction has happened, it has happened its not possible to reverse/get back money. Trustless network.
  2. We can mathematically verify a transaction.Not possible to change the blockchain, you can only add to it.
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#616
  1. Once transactions are confirmed they are final and can not be reversed.
  2. You do not have to have trust in the other party that you are dealing with.
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#617
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction occurs, it cannot be reversed/changed.
  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with strangers because the proof is based on mining/physics/proof of work.
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#618
  1. Once the transaction has achieved consensus it can’t be reversed. In other word you can not do a chargeback.
  2. You are trusting in the network and blockchain protocols that the transactions are final and immutable.
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#619
  1. That the transactions are final, no way to get it back or cancel ones that transaction is been confirmed.

2.Because allows to anyone verify that transaction, and can not be manipulated by the receiver or the sender.

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#620
  • What do we mean when we say that blockchain has transaction finality/immutability?

Once its been confirmed on the block on the blockchain it cant be changed or refunded, its permanent.

*How does this lead to the trustless environment that blockchain creates.
In short its POW and mining like you said. every part of the blockchain network has its part.

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#621

  1. Once a transaction has happened, it has happened. There is no way to get it back. There is no way to reverse it.

  2. You can do business with people you don’t know, because ultimately we trust the system, the Network. And the reason we trust is because we can Verify it MATHEMATICALLY.

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#622

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transaction cannot be rolled back or changed. It is what it is and is irreversible.

  2. How does this lead to the trustless environment that blockchain creates?
    Because it allows us to believe that the ledger/blockchain has not been compromised and each transaction really did happen within nothing being fudged. It is immutable, and the blockchain in itself is trustworthy.

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#623

1 - Finality and immutability on the blockchain refers to the inabilty to change or manipulate transactions after they have been processed. This prevents the ability to do charge backs and allows greater trust when making a transaction.

2 - This leads to an environment of trust not necessarily between parties but a shared trust in the protocol and network that is provided by the blockchain. This creates a trust less environment in that there is no need for any level of trust in a third party or parties when transacting on the blockchain.

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