Homework on Finality - Questions

Blockchain and Bitcoin 101
#824

  1. That means that once a transaction has been processed it can not be canceled, reversed or changed !

  2. It leads to trustless environment because strangers do not have to rely on each other but can trust in blockchain math and physics !

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#825

  1. What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction has been put into the blockchain it is final and cannot be changed.

  2. How does this lead to the trustless environment that blockchain creates? People that do not know each other can do trustless business relying only on the blockchain.

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#826

  1. that it can not go back once it’s done.

  2. That noone can cheat saying something is not, since it’s already writen on the blockchain.

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#827

  1. finality means that it is immutable and cannot be altered after the transaction.

  2. This means that transactions can be confidently verified mathematically. Takes away the element of trust.

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#828

1*Once a transaction has been sent and confirmed it is final.

2*Everyone can verify every transaction so its trustless

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#829

  1. Transaction finality/immutability in blockchain networks means that once a transaction has been verified, it has occurred, and put on the blockchain ledger forever and public for everyone to read.

  2. This leads to the trustless environment that blockchain creates because there is less potential for scams by the consumer and if a transaction is not legit, it is in the minors best interest to be honest and not verify that transaction, therefore keeping the community in check.

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#830

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means you can not change the transaction anymore. It is final!

  2. How does this lead to the trust less environment that blockchain creates?
    When the connection is made you can’t deleted. Also a great way to do business with strangers.

2 Likes
#831

What do we mean when we say that blockchain has transaction finality/immutability?
This means that the transaction is forever recorded on the blockchain database and cannot be undone.

How does this lead to the trustless environment that blockchain creates?
This leads to a situation where I can deal with someone who I do not know and who I do not have a relationship with. I will be able to deal with this stranger without having developed trust because I know that the protocols and mathematics underpinning the blockchain mean it is impossible for a transaction to be invalidated once it has been recorded on the bitcoin ledger.

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#832

  1. once transaction is done it cannot be changed as in scams or charge backs

  2. transactions are mathematically verifiable

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#833

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are irreversible and are permanent. There is no payback or incentive to do a payback if you screw up. Transactions are and will be send through the blockchain to the recipient.

  2. How does this lead to the trustless environment that blockchain creates?
    This means that you do not need to trust the person you are receiving or sending funds to, you only need to believe in the blockchain. You can conduct business with anyone in the world and there isnt anyone who can tell you not to do business with that someone. There is also no way of getting back funds ones send.

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#834
  1. Once you have made a transaction and network has confirmed it, there is no way to reverse the transaction.
  2. Everyone can verify every transaction, so you don’t need to trust anyone. Don’t trust, verify.
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#835
  1. By definition, finality means that once a transaction has been submitted and verified on the ledger, it is final. There are if’s or but’s.
  2. It leads to a trustless environment as it is purely an algorithmic outcome. You do not need to place trust in another party, that they will not scam you, or manipulate the financial system to retrace their transaction.
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#836
  1. Once a transaction happens it can not be reversed.
  2. We do not need to trust the other party because the transaction is now stored on the blockchain as proof.
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#837
  1. Transactions cannot be reversed using someone’s authority.
  2. We know the chance of frauds is limited.
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#838
  1. There are no refunds.
  2. A transaction will be approved if it fits the network’s rules.
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#839

  1. A transaction cannot be removed or reversed. therefore the user must understand that confirmed transactions are final.

  2. You are able to do business with strangers due to verification, and no transaction can be refunded or replaced.

1 Like
#840

What do we mean when we say that blockchain has transaction finality/immutability?
It means there is no way to undo the transaction

How does this lead to the trustless environment that blockchain creates?
a merchant for example can trust that a customer cannot scam them

a thought on this, potentially you would always want to make sure you do your homework and know you were dealing with a reputable company but this might make new company start-ups harder. One reason I do a lot of online shopping is because there is some kind of money back guarantee in a way though I have never had to resort to this, we would need to figure out how to make the system work for both sides so the customer does not become the scammed.

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#841
  1. when its there, its there.
  2. this lead to user being aware and would likely to know who they transact with, without having the need to trust them
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#842

  1. Because of consensus, blocks cannot be changed so every transaction is lock in and therefor final.

  2. There is no trust needed between parties in a transaction but everyone does need to trust the network. So it is not a trustless system, it is just that the trust is transferred from irrational humans to mathematically rational machines (computers).

1 Like
#843
  1. using your private key to authorize a transaction will add it to the mempool where miners will validate that you did in fact have the private key and are allowed to spend that money.
  2. the blockchain is designed to validate the authority of a transaction/action leaving behind an immutable event that all people can view and see.Typically Blockchain is a train that goes in one direction. Things that are done cannot be undone.
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