Homework on Finality - Questions

Blockchain and Bitcoin 101
#684
  1. Once a blockchain transaction goes through, it is impossible to reverse or alter. It is final and can’t be changed.
  2. There is no risk that a transaction can be rolled back - i.e., I buy something from you but then call bank / network and say “it didn’t happen, fraud” and try to reverse funds. Once it’s confirmed it’s done.
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#685

  1. Transactions are like writen in stone. You can’t change the tthings you do, once it is registerted.

  2. You can’t hack or recall a transaction.

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#686

1/ The features on Blockchain called Finality it is when a TX (transaction ) has been sent and approved on the Blockchain it cannot be reversed , it will be on the network forever.
it’s bring no trust involved to compare with a retail industries or Banking systems.

2/ Finality feature brings a trust-less system well known with the blockchain technology .
It is lead no trust involved if you do business with a person you don’t know , The TX can not be reversed once validated that in fact it’s avoid to be scam.
Very important things is that we trust the protocol who is a back up with POW - Physic - Mining - Node - Math, that leads to trust-less efficiency

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#687
  1. When we say blockchain has transaction finality/immutability it means it cannot be changed
  2. Blockchain creates a trust less environment by being final and immutable thereby the transactors do not need to worry about each other nor the transaction.
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#688
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    After a transaction is posted, users are unable to rollback or chargeback the transaction. Basically, once its verified, its set in stone.
  2. How does this lead to the trustless environment that blockchain creates?
    Imagine going on amazon at night while drunk. You browse around and purchase multiple items and pay through bitcoin. In the morning, the items are delivered to your door and you decided that you no longer want them. The vendor is protected as in they produced the goods that were requested and met their requirements to have it delivered ASAP. You are unable to “chargeback” because the vendor held up their end of the deal and you decided that you no longer want the items. It protects the vendors and at the same time, protects users in another scenario. Scenario 2 on how it can actually protect you. Let’s say for example, you and your wife are in a custody battle over assets, you decide to keep 100% of the bitcoin while she keeps everything else that was agreed upon. You send the remaining balance out of your joint btc address and she verifies the transaction as well to your new addresss. She is unable to go back and reverse the transaction after the court settlement to try to gain it all.
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#689

1 - Once a transaction as been confirmed by the network it becomes immutable and it can not be changed.

2 - Thank to finality, we can do business with parties that we might not trust as once that the transaction or information as been added on the blockchain it cannot be changed.

2 Likes
#690
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    no refund
  2. How does this lead to the trustless environment that blockchain creates?
    business with stranger is ok
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#691

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?

  3. Its means that once a transaction has been verified and made, it is FINAL. There are no chargebacks and its impossible to retrieve any BTC once sent.

  4. It leads to a trustless environment because it uses physics, and mining, and PoW to create a block. This allows us with no need to trust a single person or business, but to just trust in the Blockchain ecosystem because it has so many checks and balances.

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#692

  1. Once a transaction is approved it can never be reversed or erased . It is final . If you send your bitcoin and it’s approved you can not get it back .

  2. It allows you to trust strangers because they cannot simply call their banks and try to reverse the funds .

2 Likes
#693

  1. When transaction is final, it can t be reversed.

  2. Transaction can t be manipulated. No trust needed

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#694

  1. Finality in blockchain means that once a transaction is made it is final, there is no form of charge backs

  2. This leads to a trustless environment because once a payment is finalized you know where it is as to where if it was an order made on a website there is the possibility that someone can issue a charge back and you lose out on the transaction

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#695

  1. Immutability or finality means that once a transaction is made and confirmed on a blockchain network that it can’t be simply undone. It’s kind of like etching something in stone, once it’s etched, it can’t be un-etched.

  2. The finality of the transactions leads to a trustless environment because there’s no need to worry about the transaction being reversed, such as the case with charge backs on internet sales.

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#696

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, there’s no way to reverse it.

  2. How does this lead to the trustless environment that blockchain creates?
    You only need to trust the network and can therefore do business with strangers

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#697

Ones a transaction is validated, it cannot be removed. There is no possibility of charging back.
2.
You don´t have to trust strangers or third parties. You are trusting on a network (and the protocol, which is mathematically proven), which cannot be hacked, manipulated or retroactively changed. Now strangers can do businesses with each other, because there is no possibility to cheat.

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#698

1 it means every transaction that goes through is final and cannot be reversed /once its done its done
2 because of the finality every transaction is final and you dont have to worry a 3rd party will scam you or that the recipient would ask for his money back etc.

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#699

what we mean when we say that we have transaction finality is that when we make a transaction on the blockchain it’s done permanently you cannot go back and change it so this makes it become a network where strangers can buy and sell with not having to worry about getting scammed

this also helps create a trustless network by allowing the transactions to not be held by a third party but be held by math and stored permanently

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#700

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made, it cannot be reversed/unmade.

  2. How does this lead to the trustless environment that blockchain creates?
    It removes any chance for the person on the other end to try and scam you buy reversing transactions. All transactions are. governed via mathematics and hence there is no peer-to-peer trust required.

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#701

1
Every transaction receiving consensus is stored on the block the block replicated on the network. More, in the protocol of a blockchain there is no possibility to copy a transaction and this way create another beneficiary.

2
As the immutability doesn’t let anyone reversing a transaction, so there is no need to trust a particular node of the blockchain because everyone execute the same code and apply a prodocol.

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#702

What do we mean when we say that blockchain has transaction finality/immutability?
Transactions cannot be changed once they are made. No chargebacks as is possible with banks.

How does this lead to the trustless environment that blockchain creates?
You just need to trust math and be sure you want to go through with the transaction knowing fully that it can’t be reversed.

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#703

  1. because once a transaction is stored in a mined block and verified (more than several depth confirmations) by the network as correct it is ‘end of history’ (finale) for that transaction; even if the block becomes ‘orphan’ (block is replaced by a twin block in a far away distant winning forked chain) most probable is that the same transactions are all re-included anyway as they were in this 1st block as long the ‘miners’ are fair playing with same consensus rules.

  2. a network accepted transaction into a block cannot be rolled back meaning once you get the transaction confirmed several times depth, no one needs to trust you because it is done forever as ‘history written in the rock’ and accepted by the network consensus, so no one needs to trust you because everyone just can confirm in the blockchain if that transactions was ‘done’ or not because no one can change that once confirmed several levels

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