Homework on Finality - Questions

Blockchain and Bitcoin 101
#864
  1. Can reverse the transaction. Final, permanent, el finito, fin.
  2. Immutable, cannot change, thus, not dependent on trusting the sender/receiver party, once executed, it’s final.
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#865

1.Once transaction is made there is no way to reverse it. Once something is recorded into the blockchain it can not be removed.
2.Transactions are verified by multiple users, accepted and can’t be changed so that you can transact with strangers without relying on trust in a traditional sense.

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#866

1.-
It means that transactions can not be altered or modified once they’re made.

2.-
Bean sure that no transaction can be changed once made, no one needs to rely on trust on each other but on the data that transactions represents.

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#867
  1. Its just like spilling your beer. You can’t unspill it and…
  2. …everyone saw that you spilled your beer and they can never un-see it.
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#868

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality: Once transaction has happened, its happened and there’s no way to go back. It will be on blockchain forever, no way to reverse it.
    Immutability: You can only add information and can never remove it from blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    Consensus algorithm and the bitcoin network is responsible to take the decision, its upto all nodes have an mutual agreement and it leads to trustless environment as you can do business with strangers and not trust them.

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#869

  1. All transactions are final once verified by the network. No “chargebacks”.

  2. This creates a trust-less system through the verification process in the network.

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#870

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -> Transactions can not be reversed and are recorded on the blockchain forever

  2. How does this lead to the trustless environment that blockchain creates?
    ->Because as long as i know that I made the correct input, I am sure that the receiver will get exactly what I put in, all without a 3rd party that I need to trust. Therefore I can have a transaction with a complete stranger as long as it is verified by math.

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#871

Transaction are final. If a transaction is completed that varifies the legitamacy because the trust is in the protocol

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#872

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are final and cannot be undone / reversed once they were verified.

  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with anybody you don’t know - the protocols/ system guarantees that transactions cannot be changed later… (mathematically verified)

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#873

Finality that a transaction is final that can not be deleted, modified or reversed.

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#874
  1. It means that you can’t reverse the transactions and therefore we are removing the trust.
  2. Because of physics, miners uses electricity to produce the blocks in the network. We can verify the transactions mathematically by protocols and with proof of work.
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#875

1 when a transaction has been completed it can not be reverse
2 it stops scams makes sure you get paid

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#876
  1. Once the transaction is committed into the network it cannot be reversed
  2. The fact that it cannot be reversed generates trust in the integrity of the data contained in it.
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#878

’Don’t trust, Verify’
Is a better one.
And there are no coins in Bitcoin :wink:

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#879

  1. Once a transaction has been confirmed it is impossible to reverse.

  2. We no longer have to trust that someone will be able to reverse a transaction fraudulently.

#880

Yes, but it leads to be able to do business with strangers. If you got a Payment confirmed, you are 100% sure you have the money and you can ship your products without the fear of a bank canceling the transaction.

#881

  1. It means that once it is recorded on the blockchain, it cannot be deleted or removed.

  2. Finality or immutability creates a trustless environment because all approved transactions cannot be revoked.

#882

Not the sale, but the transaction is final. In case there is a problem where you need your money back for some reason, you can get refunded in a new immutable transaction on the blockchain where you can proof the refund.

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#883

full nodes also verify each transaction. Miners just also group them into the blockchain.

#884

Haha Nice analogy :grin::grin: