Homework on Finality - Questions

Blockchain and Bitcoin 101
#644

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that it can not be changed nor reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Trustless because it is immutable and on a network with consensus and can’t be changed. Miners create blocks and once created always on the chain. We don’t trust organizations for ovbvious reasons but Blockchain is trustless finality. Can’t be changed. Verified finality.

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#645

What do we mean when we say that blockchain has transaction finality/immutability?
Transactions cannot be reversed= Finality

How does this lead to the trustless environment that blockchain creates?
Network=Verified=block created=transaction=irreversible=trustless

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#646
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction / a piece of information is added to the BC, no one can remove / modify it on the BC

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

Transaction / information is immutable and final . Everyone agrees to trust the protocol and the network itself in the process of verification.

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#647
  • What do we mean when we say that blockchain has transaction finality/immutability?
    That you can not reverse a transaction once it has happend - meaning when enough nodes on the network have agreed on it. As opposed to the banking payment networks, where you can make a claim with the bank that then reverts your payment if they believe you where a victim of fraud
  • How does this lead to the trustless environment that blockchain creates?
    You do not have to trust the counterparty you are dealing with - only trust the blockchain. If someone transfers money to you, you can rest assured it is your money when the network has confirmed the transaction. No one can revert the transaction.
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#648

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been finalized, it cannot be reversed and remains in the ledger forever.

  2. How does this lead to the trustless environment that blockchain creates?
    You can be sure that once the transition has been finalized, it remains valid forever and cannot be reversed. Even if I do not trust the other person, I can always trust the transaction.

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#649

  1. Transactions confirmed on the blockchain network are final and cannot be reversed.

  2. Network standards remove trust and vulnerability by ensuring the finality of transactions, allowing complete strangers to conduct business globally without fear of being scammed.

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#650

What do we mean with:

finality:
Once the transaction or informational transaction is executed, the transaction can not be charged back.There is no going back. It can not be altered with.

immutability:
The transction will be in the blockchain forever, as long as the blockchain exists in the consensus system.

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

We only have to trust the protocol, not the network participant because the opposite side of the transaction won’t be able to change or undo the transaction you have created.

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#651

  1. Transactions cannot be changed or reversed once they are recorded on the blockchain. If I send my bitcoin to you accidentally…oops, oh well… no give backs.

  2. The environment has no emotion since its based on mathmatics. It doesn’t require trust in an institution or individual, therefore no trust required = trustless

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#652

  1. “Finality” means that once a transaction has happened, it has happened. There is no way to undo it, or reverse it (like letters and symbols carved into an old rune stone).

  2. This leads to trust, since I can trust the math and the protocols that all actions are final. If it is done, it is done.

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#653
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that any transaction recorded to the blockchain cannot be manipulated/duplicated and cannot be reversed.

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

A consensus by all nodes verifying all transactions and posting as final to the blockchain allows for instant verification of any transaction going forward. This allows for a trustless network where all transactions are not reversible and verifiable.

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#654
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction occurs, it is final, and can not be changed.
  2. How does this lead to the trust-less environment that blockchain creates?
    Because I know that once you send me an amount of value, there is no way for you to try to charge back that amount. Because we both trust the system, we do not need to trust each other regarding payment as bitcoin is immutable and we can independantly verify.
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#655

  1. You cannot change or reverse once the transaction is complete.

  2. It eliminates scammers/cheaters through verification and consensus.

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#656

  1. Past entries can’t be changed.

  2. Participants can be sure that transactions can’t be redeemed. No trust is needed because the blockchain itself guarantees the validity of a transaction.

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#657
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction(s) cannot be reversed. No possibility of a charge back. The transaction is forever in the blockchain once confirmed
  2. How does this lead to the trust less environment that blockchain creates?
    No third party required as the blockchain verifies the transaction through the network. The transaction cannot be reversed.
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#658

A:

  1. Once a transaction has been confirmed there is no way to reverse it.

  2. Relying on math for finality allows people to do business with strangers without worrying about being scammed.

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#659

Hi,
1, When transactions happen- there is no way to cancel or change it
2, Because we can verify transactions and there are immutable - when I confirm that transaction happened, I am sure that ill get my money/pay etc…

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#660

Q1. What do we mean when we say that blockchain has transaction finality/immutability?
A1. Once a transaction has been accepted and occurred, it cannot be erased, cancelled or changed. It is there forever!!!

Q2. How does this lead to the trustless environment that blockchain creates?
A2. Anyone utilizing the network can be certain that whatever is being displayed on the blockchain is true. It has been accepted by consensus on the ledger and has not been altered or manipulated in any way.

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#661

1 once a transaction is done, it is not possible to undo it or to change it on hindsight
2 by trusting in match, proof of work and mining, we can do business and pay with people we don’t know. we don’t need a central party for trust. Blockchain takes care of decentraized trust

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#662
  1. Once a transaction has been completed, there is no way to reverse the transaction and it cannot be changed.
  2. How does this lead to the trustless environment that blockchain creates?
    You can do transactions with strangers without trusting them. Once a transaction has been made and confirmed it is final. No chargebacks or refunds.
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#663

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The done transaction cannot be undone/reversed

  2. How does this lead to the trustless environment that blockchain creates?
    You do not need to trust 3rd parties while doing transactions with them. All you need to do is VALIDATE !

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