Homework on Finality - Questions

[Samm]

1. Once an event (transactions) happens, it happens. It can never again UN-happen or be changed.

2. Finality is a keystone of trust. You can be assured that nothing that ever happened can unhappen or be modified in any way.

[ColdAppleCider]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once a transaction is inscribed on the blockchain it is there forever and cannot be reversed or manipulated.
2. How does this lead to the trustless environment that blockchain creates?
   Removes the potential for many modern examples of fraud (chargebacks, etc). This allows for efficient commerce between strangers, who trust in the infrastructure rather than each other.

[Bob_Smith]

The blockchain has finality because once a transaction has taken place, it cannot be reversed or changed. (it is set in stone). All previous data transactions also cannot be altered /changed or removed.

[Bob_Smith]

Blockchain creates a trustless environment because once you have your money it cannot be reversed.

[vrielance]

• What do we mean when we say that blockchain has transaction finality/immutability?
  a transaction on a blockchain cannot be changed and is there forever

• How does this lead to the trustless environment that blockchain creates?
  users do not have to trust each other to transact

[jpc]

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

1. Transaction finality means that the transaction is not reversable, for example chargebacks are not allowed. the results of the mathematical calculations preformed by the computers cannot be changed.

How does this lead to the trustless environment that blockchain creates?
2. The system is run by mathematical operations and therefore once the transaction meets the rules of the program and is executed and confirmed nobody can interfere with it ie it doesn’t rely on trust from any party, it is performed without the need for trust.

[Steph]

1 Tx can not be undone after it has been confirmed
2 Trustless environm because everything is verified by all participants and nothing needs to be based on trust

[Squidget]

that it is irreversible its.
you know that once you make a payment or receive a payment its yours there is no going back. you can trust that no one will take the money from you.

[sharpest]

1. Any transfer on a blockchain is complete after concensous has been agreed with the network. If a transfer was sent to an unintended recipient it can not be reversed & there is no central point to contact to reverse the transaction.

2. It means that one party does not have to trust another single party on the network; this will be achieved by concencous, meaning that one party does not have to trust or even know the other party.

[mr_e]

1. The finality/immutability of blockchain means that any confirmed transaction within the network cannot be changed. None of the information committed to the chain can be reversed.

2. Due to the fact that no changes can be made to the blockchain, the chain itself becomes the tool of auditing and verifying transactions, eliminating the need for trust.

[JBrewer]

• all transactions posted to the ledger are final and cannot be reversed - they are on the blockchain forever
• there is no trust needed between parties since all trust is in the math and the network, hence strangers can conduct transactions between themelves

[getlearned]

1. Once a transaction has happened, there is no reversal and it is final.

2. The protocol of the network is what is trusted because everything can
   be verified.

[Dale]

1. Once a transaction goes through its final and cannot be reversed.
2. We do not need a “trusted” third party or human or entity because blockchain verifies the transactions and blocks itself.

[Fran]

1)transaction cant be reversed if confirm. Ones it’s done its done cant be stop.once mining can be reversed. The only way if the reciver send it back
2) there isn’t a middleman like a bank to cancel the payment or transaction ones its done so its trustless.
Only trust the network or protocol. Can be verified mathematically by mining and proof of work

[Stefan]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   After a transaction was confirmed, it is permanently on the blockchain. It can’t be reversed. So, double check the BTC address to whom you are sending bitcoin/money.

2. How does this lead to the trustless environment that blockchain creates?
   Don’t trust, but verify! The math behind the system implies that complete strangers can do business with each other, since the network verifies and confirms. Cutting out any intermediary in traditional banking.

[CryptoBerto]

1. When we say that blockchain has transaction finality/immutability, it means that
   these transactions are irreversible.

2. Miners are incentivized to use the mathematical protocol to validate transactions
   which allow strangers to operate in a trustless environment.

[DanEvils]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   when a transaction has been sent, it is final and cannot be reversed.

2. How does this lead to the trustless environment that blockchain creates?
   it allows you to business with anyone in the world because both parties just need to trust the inscription technology on the blockchain.

[Seb1]

1. Once a transaction has taken place it cannot be undone . If an attempt is made to change the transaction or a part of the transaction the entire blockchain will know about it. The entire blockchain must be in agreement to any changes.

2. Actors either side of of a transaction don`t have to trust each other. Their trust is transferred to the blockchain network and the maths that identifies and controls the network.

[Maikimais]

1- It means that once you make a transaction you can not cancel or reverse it, you can not take your money back.

2- You don’t have to trust that the other party won’t do a cash-back, you verify the network or the protocol, thus make it a trustless but verifiable (by mathematics) environment. Once a transaction is on the chain, there is no way to remove it, because of the security provided by miners.

[Rhodi]

1. Once a transaction is verified and complete, or once consensus is built within the blockchain the transaction cannot be duplicated, erased, or changed.

2. Blockchains achieve trustless environments when then all transactions are public forever, people trust that transactions cannot be duplicated/ erased/ changed and when people also the network cannot be altered.