Homework on Finality - Questions

Blockchain and Bitcoin 101
#804

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

Once a transaction has been appended to the blockchain, it can not be retracted.

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

Parties are unable to falsify data that has been added to the blockchain network.

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#805

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

How does this lead to the trustless environment that blockchain creates?.
There is full transparency of every transaction

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#806
  1. Once a transaction is sent and confirmed it canā€™t be reversed or changed and is final and is recorded on the blockchain forever.
  2. All transactions can be physically verified on the blockchain so we can do business with strangers & not worry about chargebacks or fraud because once transactions are confirmed they are final.
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#807

1 - The transaction has finality means that it cannot be reversed. Once a transaction is on the blockchain it is there forever.

2- This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks.

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#808

Rodolfo Pozoā€™s Answers:

  1. By transaction finality we mean that once we make a transaction it becomes irreversible. IMHO, immutability means that once we made the transaction, that information can not be modified.
  2. You donā€™t have to trust in a certain person or institution. You trust the network that is ruled by a protocol based on math
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#809

  1. Once the blockchain has been created and posted, it can not be reversed or changed.

  2. It removes the possibility of something being incorrect. The question of trust will not be raised.

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#810

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is verified it cannot be altered or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Irreversible transactions remove the trust component found in traditional transactions. This component limits transactions within a group or a geographical area. Its removal enables a wider variety of transactions, meaning more opportunities for wealth creation theoretically.

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#811

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Thereā€™s no undo button. / Chargebacks

  2. How does this lead to the trustless environment that blockchain creates?
    We can agree upon that transactions have not been altered.

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#812

Homework on Finality - Questions

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

  2. How does this lead to the trustless environment that blockchain creates?
    The turstless enviroment exists because there is no intermediary, or any third parties that anyone needs to trust, in order to because a neutral blockchain protocol functions processes transactions. I guess ā€œIn Protocol We Trustā€ should be embossed on the back of bitcoins. :wink:

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#813
  1. It cannot be reversed.
  2. Once itā€™s done, itā€™s done and no one can claim otherwise. Thus, you trust the system leaving no room for peopleā€™s claims.
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#814
  1. Once it has been confirmed, it is there to stay
  2. The entry has to have been confirmed by the network and it can not be changed or altered
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#815
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transactions are final and the trust is in the network, rather than on the individual.
  2. How does this lead to the trustless environment that blockchain creates?
    There is no trust based on the company or person, but there is trust on the network. Once there is an agreed transaction, there canā€™t take their money back.
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#816

  1. Once its done, its done.

  2. answer N1 is exactly how its leads to it.

#817

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

A: It means that the transaction that is recorded in the blockchain is not reversible, cannot be erased or changed, once done it is done it is ā€œwrite on stoneā€, so it is advised to think it twice make it once.

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

A: You do not need to trust in whomever you are making an agreement, because he cannot back off, you trust the irreversible system, the blockchain

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#818

A transaction cannot reversed as it is [metaphorically] written in stone and cannot be deleted. It is in the blockchain for ever.
As the transaction is irreversible it removes trust - we trust because we verify!

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#819

  1. That written Information, canā€™t be deleted or altered by anyone once there was a consensus and said Info has been added to the Blockchain.

  2. I as Customer or Business donā€™t have to trust third parties to hold their promise. If its On the blockchain, itā€™s settled. This allows me to do transactions with complete strangers, i donā€™t have to trust them, i only have to trust the network (and mathematics).

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#820

One a transaction is posted on the Blockchain through consensus it is final, immutable and unchangeable. This allows us to do business with strangers removing the need for trust in each other, only requiring trust in the technology.

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#821

1 - When transactions have been added to the blockchain, they can not be reversed at a later date and their validity can not be questioned.

2 - Immutability allows trust in only the protocol and maths. Users can be confident that transactions are final and will never be altered.

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#822
  1. no one can reverse a transaction after its done.
  2. everyone trusts the system because you can mathematically verify transaction history so you dont need to trust a single participant.
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#823
  1. It cannot be canceled or changed. Transactions are final.
  2. Through the consensus between the users (miners) of the network.
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