Homework on Finality - Questions

Blockchain and Bitcoin 101
#925

  1. once a transaction is approved, there is no possibility to reverse it.

  2. by making it impossible to change past transactions

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#926

1.It is final, cannot be changed or reversed.

  1. Because it cannot be changed or reversed, there is no need to have any trust in the other person, trust is built into the blockchain already.
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#927

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

    They cannot be changed or reversed. It is permanent.

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

    That means that once the transaction happens, it is verified by a random third party and cannot be undone so people cannot scam as easily.

#928

it means once the transaction is processed there is no way back or cannot be reversed.

You do not need to trust anybody you can do business with strangers. This is the best feature blockchain has as it is immutable.

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#929

  1. Blockchain finality/immutability means once a transaction is fully verified, it cannot be reversed or cancelled, ever.

  2. Blockchain trustless system is possible because of finality and also because of mathematical verification of transactions. You do NOT need a third party institution, clearing house or person to trust.

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#930

  1. It means once a transaction takes place, there is no reversing it

  2. It enables strangers to do business together without fear of getting scammed by the other party

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#931

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once a transaction is done it can never ever be returned, this eliminates the double spending problem.

  2. How does this lead to the trustless environment that blockchain creates?
    It allows strangers to do business with each other and makes tampering with transactions impossible.

1 Like
#932

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability? - We mean that once the transaction is confirmed there is no way to reverse it and pull back the funds.

  2. How does this lead to the trustless environment that blockchain creates? - Because we can do business with strangers, because we do not have to trust them , but rather math and protocol. We do not have to worry someone may try to scamm us.

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#933

What do we mean when we say that blockchain has transaction finality/immutability?
We mean that once a transaction is confirmed, it can not be changed or reversed in any way.

How does this lead to the trustless environment that blockchain creates?
Because everyone trusts the blockchain and internet protocols, everyone agrees when a transaction is complete.

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#934

  1. It means that transactions cannot be reversed or altered. Once data is written into the history, it’s there for good. This is known as immutability . It is final nobody cant change it this.

  2. That also means nobody can accesses and changed this transaction. This way strangers can trust each other because when a block has been made it done forever. Anybody can check this transaction only.

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#935

  1. Once the miners confirm the transaction in the newly created block, there is no way to reverse it. Everyone using the network can have confidence that the money in their wallet is theirs.

  2. Without charge backs, all merchants can be confident that once money is paid, that money is theirs.

1 Like
#936
  1. What do we mean when we say that blockchain has transaction finality/immutability? It means any transaction, once completed and verified, cannot be reversed.
    2.How does this lead to the trustless environment that blockchain creates? Everyone trusts the math. No one needs to trust the other party.
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#937
  1. Once a transaction has been verified on the blockchain, it cannot be taken away, it is there indefinitely.
  2. Finality enables strangers to do business with eachother as we (our transactions) are part of a mathematically trusted system which cannot be corrupted.
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#938

  1. Un reversible

  2. Don’t need trust can by verified by anyone

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#939
  1. Confirmed transactions can not be undone ( finality) or changed (immutability)
  2. Every transaction is public and can be verified
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#940
  1. can’t be reversed
  2. no one can take back the money after they have given it you
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#941
  1. Once the transaction is done, it can not be reversed.
  2. I can do business with everyone because every transaction is recorded and can not changed or deleted.
1 Like
#942

  1. What do we mean when we say that blockchain has transaction finality/immutability? When a transaction appears as completed, it has. There is no changing the outcome after it has completed. It can be forever traced so you should be sure with what you do.

  2. How does this lead to the trustless environment that blockchain creates? All transactions that appear are true and confirmed, are exactly that. No changes can be made.

#943

1- Once a transaction has been added to the blockchain, it is final. As it cannot be edited

2- Since transactions in the blockchain are final, everyone can verify it in the network instead of the trusting a central organization

#944

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is confirmed, there is no way to reverse it.

2. How does this lead to the trustless environment that blockchain creates?
You can transact with strangers without a need for a “trusted” middle man.