Homework on Finality - Questions

Blockchain and Bitcoin 101
#784

This case has nothing to do with crypto basically. It’s just a seller who doesn’t deliver. You just have proof of a Payment on the blockchain. You need to be carefully who you are paying off course. Sellers of goods and services have huge benefits because of it. If they ship goods they know the transaction can’t be reversed by a 3th party. Buyers always need a level of trust. Crypto can’t stop people sending money to shady businesses

#785
  1. Every transaction that was recorded on the blockchain, will stay there forever. There’s no way to remove/change it.
  2. Nothing on blockchain can be changed, but adding new transaction to it. This allows to verify each transaction from the past. No trust required, as verification gives confidence about any transaction’s correctness.
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#786

  1. Cannot be tampered with in any practical way when the transaction/record has been distributed to a certain percentage of nodes. This does not include quantum computing for most systems!

  2. No way of reversing or changing records makes all checks, balances and security part of the process BEFORE transacting - as is wholesome, and in many ways natural.

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#787
  1. What do we mean when we say that blockchain has transaction finality?
    • It means that once a transaction has occurred there is no way to reverse it.
  2. How does this lead to the trustless environment that blockchain creates?
    • Users do not have to trust anyone when doing business. This allows them to do transactions with strangers and ensure that when a transaction has occurred there is no way for fraud. Unlike in traditional finance where chargebacks are common.
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#788
  1. You can not reverse a transaction. It is there forever.
  2. You cannot cheat and tell your supplier you did pay. It’s there for everyone to see in the blockchain. You can trust the technology 100% and you do not have to trust people.
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#789
  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?

1.No transaction can be reversed. In the blockchain data can only be added and not removed.
2.It leads to have more trustful network as no transactions can be reversed.

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#790
  • What do we mean when we say that blockchain has transaction finality/immutability?
    transactions can’t have a roll back, when it is stored and verified
  • How does this lead to the trustless environment that blockchain creates?
    you do not need to trust anybody, because the trust in the network is created via verification based on mathematics and not a single entity
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#791

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

Since the blockchain is immutable, transactions are final, permanently stored and can neither be reversed, changed nor deleted.

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

It’s a trustless environment because there’s no way of cheating or tricking the blockchain. It’s transparent for all the parties involved, even if they are complete strangers.

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#792

  1. A transaction in the blockchain network is non-reversable. That means that if the transaction has been verified it will not be able to retrace. It will be there forever.

  2. This can lead to a trustless environment because we as users of the blockchain trusts the network, not the other person that is recieving/sending the transaction.

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#793
  1. It is not possible to reverse a transaction that has been confirmed.
  2. There is no need to trust that a transaction will not be reversed or disputed once it has been confirmed.
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#794

  1. What do we mean when we say that blockchain has transaction finality/immutability? – Finality / Immutability means that once a transaction happens it can not be removed

  2. How does this lead to the trustless environment that blockchain creates? – This leads to the trustless environment as one interact with strangers as security is created through the blockchain environment.

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#795

1)They cant be reversed or canceled
2) Means that strangers know that when a transaction happens cant be reversed or cancel and is loged on the ledger forever

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#796

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    After the transaction is finished and part of the blockchain it can never be undone, or changed
  2. How does this lead to the trustless environment that blockchain creates?
    It is permanent so no one needs to trust about a false payment, or withdrawed payment
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#797

  1. Can not be change. Once transaction is done is done.

  2. Because every transaction is tracked anyone can look it up and also no one will do transaction with just someone.

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#798

  1. When we say a blockchain has finality/immutability, we mean that once a transaction on the blockchain has been verified, it cannot be reversed and it is forever recorded on the blockchain.

  2. This leads to a trustless environment as a transaction, once sent, cannot be reversed thus anyone receiving a transaction can rest easy in the knowledge that they will have the funds if it was successfully verified. Once the block has been created, it is forever part of the blockchain and undeniable.

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#799
  1. Transaction finality means the network has produced a block in the blockchain network and cannot reverse the transaction.
  2. Finality/Immutability by blockchain allows one to deal with strangers by trusting in the network/maths behind the transaction and thus creates a trustless environment.
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#800

Homework on Finality

What do we mean when we say that blockchain has transaction finality/immutability?
This means that all transactions made on the blockchain are final. There is no means by which a transaction can be reversed.

How does finality create trustlessness?
Because of finality, the counterpart is unable to reverse transactions made on the network. All transactions are public forever as a result of which it is impossible for scammers to reverse transactions and make money off of it.

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#801
  1. Once a transaction has been confirmed it cannot be reversed or changed.
  2. It removes trust by eliminating charge back scams and other dishonest transactions.
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#802
  1. All transactions are final and cant be changed.
  2. It eliminates the need for trust and allows business with complete strangers.
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#803

  1. Once a transaction is verified, it cannot be reversed or changed. The database is updated and it’s final. You cannot call your bank and ask them to reverse the charge.

  2. You can do business with total strangers because you don’t have to trust the customer/business, you trust the math. Since the transaction cannot be reversed.

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