Homework on Finality - Questions

[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?
    Unable to be changed ever.
  2. How does this lead to the trustless environment that blockchain creates?
    Being non reversible and already achieved provenance, it removes the need for trust.
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Yes it’s simply electronic gold

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[1] We mean that once a transaction is done, it can not be deleted or changed.

[2] Well, there is provenance. One can audit the info in the blockchain to see the history and find the truth in a matter.

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  1. Unable to reverse the transaction because of the decentralisation of the blockchain. Any transaction, even if accidental by the sender (can only be by sender), is irreversible.
  2. No one entity has any control over any transaction, only the sender has control over whether they send the info or not. It’s in the sender’s interest to be correct because once sent it’s either rejected by the decentralised system or it cannot be reversed.
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  1. What do we mean when we say that blockchain has transaction finality/immutability? - Once a BTC payment through blockchain has been confirmed it cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates? No need to trust a 3rd party in this model.
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  1. Once a transaction is confirmed on the blockchain, it is irreversible and cannot be altered. It will be on the blockchain forever from that point forward.

  2. It allows a person to do business with strangers on the internet, without the fear of being scammed or having money stolen from you. Once transactions are confirmed, there can be no reversals or charge backs.

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  1. That when a transaction has been made, there is no way of reversing it.

  2. Because you know that when something has arrived, it wont go anywhere.

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  1. Block finality/immutability means that there is no way of reversing transactions that are on the blockchain once they are confirmed.
  2. Once done everyone is able to confirm that the transaction happened, everyone in all parts of the world see the same transaction and so is trustlessness achieved.
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It means that when for example a transaction has been sent there is no way to revert back to before and the transaction is therefore immutable.
2.
Becouse the transaction is immutable and the parties have a inherit trust in the math and physics behind blockchain thereby enabling a trustless system.

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1/ Transactions are irreversible and stored on the blockchain indefinitely
2/ Exchanges and transaction between strangers can happen as trust is not needed

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  1. We mean that transactions on the blockchain cannot be reversed or edited. Once a block has been mined, it is there forever and this can be mathematically verified.

  2. Since transactions cannot be reversed once their owner block is in the chain, one can mathematically verify that those transactions are valid. This means that one must only trust in mathematics and the protocol itself as opposed to a person or institution.

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  1. You cannot modify the transaction, or delete it.
  2. All transactions are there for the public to see.
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  1. When the transaction was done , its done without possibility to remove , change , get back money etc.
  2. You trust in the network .Mathematicly you can verifz if the transfer is done . Phisicly the transfer is irreversible .
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  1. The blockchain has transaction finality/immutability because once a transaction has been confirmed on the network, it is set in stone, it cannot be changed, it is there on public record forever. There can be no refund, cancellation or duplication.

  2. There is no need for trust as it relies only on mathematical verification and proof of work by the miners. Business can be done with strangers without having to rely on trust as once terms between organisations are agreed and transactions done, there is no going back!

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  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is entered into the blockchain ledger, it cannot be reversed. It becomes read only information that exists within the network not in a centralized location.

  • How does this lead to the trustless environment that blockchain creates?
    In blockchain chargebacks are not intrinsically possible, so once strangers carrying out a transaction have settled on the terms of the transaction, the transaction itself is unbreakable once entered into the blockchain.

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ANSWER:
1- Once you confirm a transaction and that transaction has been added to the blockchain (i.e processed and confirmed), it can practically never be changed.

2- If you are selling an item or doing business with a stranger you can for example check the block explorer and see that they sent you your Bitcoin or within a few minutes actually have possession of the payment. You cannot have a customer reverse or duplicate a payment and defraud you.

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  1. Transaction finality means that once the transaction is confirmed, there is no way to revert it.
  2. This leads to trustless environment because cosnumers as well as providers cannot cheat and/or modify the transaction later in time
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  1. Transactions are final in the sense that once a transaction has been made, the funds have been sent and there is no way to reverse the process. It cannot be reversed and this is also why it is immutable because there will never be a way to change or alter this protocol.

  2. It leads to a trustless environment because we don’t need to rely on banks to facilitate the payment, when we can rely on the blockchain algorithm which is powered by math and protocol to verify true transactions. This in turn creates trustless environment because everything is verified by the blockchain.

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  1. Finality means that info added to chain is forever and it can not be reversed back, changed or removed.

  2. Due to finality no trust is needed between blockchain users. Any strangers could do business with each other without bothering about the trust.

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What do we mean when we say that blockchain has transaction finality/immutability?
Each transaction is final and cannot be edited, it is written in stone and cannot be erased.

How does this lead to the trustless environment that blockchain creates?
Because it eliminates the blind trust in people and secures verifiable trust in the network.

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