Homework on Finality - Questions

Blockchain and Bitcoin 101
#966

1 A transaction can never be undone because nothing can be removed from the blockchain.
2. Since a transaction is permanent and can not be reversed, you do not need to trust anyone.

#967

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that when transactions one has happened will be on the block chain forever and itā€™s no way to reverse it.

  2. How does this lead to the trustless environment that blockchain creates?
    the transactions can not be modified or deleted . All transactions are public forever.
    Trust is the network and everyone can verify anytime.

#968

1 - We mean that the transactions in Blockchain canā€™t get revers or change them for different amount. Once they are done there is no way to get them back and we donā€™t have to trust anyone after that.
2-The reason why we can trust blockchain network is because we can verify mathematically. That is why we can make businesses with strangers .We can trust the network , system and protocol . there is no 3rd party involve .

#969
  1. That when the transaction is confirmed by the miners it cannot be reversed or deleted.
  2. Allows the ledger to be audited with transparency as any transaction that happened in the past would be recorded forever.
#970
  1. Blockchain has transactional finality because once a party sends an transaction it cannot be reversed or removed unlike current merchant/banking networks.
    2)This creates a trustless environment between two parties doing business that donā€™t know each other, and eliminates the possibility for a scam transaction.
#971
  1. Once when transaction is done no one can change it, or reverse it, or cancel it.
  2. No need to trust organizations or people, we trust only in matematic, protocol and verifiables transactions.
1 Like
#972

Finality means once a transaction has been made it cannot be reversed

The block chain creates a trustless environment since strangers can make transactions that may not be reversed hence both parties take responsibility

#974
  1. no possibility to alter or reverse transactions. once information is on the blockchain it will stay there forever unmodified
    2)one can trust the ā€œsystemā€ and can therefore do ā€œbusinessā€ with strangers
#975

  1. Finality on blockchain network means that once the transaction is complete and majority of nodes have received the data, thereā€™s no way to reverse that action.
    The finality is such a big part of the security in the network, because after the nodes receive a block (data), it is being set, with no option to do any modifications to it.
    You can also think of it as a steel block. When the steel block is just produced itā€™s still hot, so it can be molded into custom shape, and you can do any modifications to it. But once the steel cools down it becomes solid and it is impossible to modify it.

  2. Well since there is no options to modify the content of the block or mess with the data, thereā€™s always a history of transaction and original data thatā€™s stored. It is also both anonymous, secure and transparent in a same time.
    The blockchain it self is just a base on top of which we can build programs and commands that give instructions to users and make it easier to utilize it as a tool.

#976
  1. Once verified, a blockchain transaction is permanent and immutable. The recipient now has that value and the sender cannot reverse it.
  2. A sender, or more importantly, the receiver knows by mathematical proof that the exchange has occurred and is permanent. No external authority needed, rather, the physical laws of cryptography assure it.
#977

Homework on Finality - Questions

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

Once a transaction is made, it is there forever on the Blockchain. If you send someone bitcoin, they have it, It is done and cannot be reversed or erased. The transaction is final and immutable.

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

Blockchain creates a trustless environment because it allows you to do business with strangers because there is no trust involved. They cannot take back the money. The transaction is final - there are no chargebacks.

#978

Meaning of transaction finality/immutability in blockchain -
This means that once verified the transaction cannot be reversed.
How does this lead to the trustless environment that blockchain creates -
This allows people to trust the mathematics & code of the network without having to trust the person or people that they are transacting with.

#979

  1. When we say that blockchain has transaction finality/immutability we mean that once a transaction takes place it can neither be removed or changed.

  2. Finality/Immutability leads to the trustless environment blockchain creates because we can verify mathematically that a transaction has taken place. This allows us to do business with strangers as sellers without fear of chargeback scams.

#980
  • What do we mean when we say that blockchain has transaction finality/immutability?

Once the data is entered, it cannot be erased - it can be corrected by entering correction data if both sides agree to it and the network confirms it. If the data entry is compliant with the protocol, the majority has no reason to not accept the entry, regardless of the meaning or origin of the data.

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

Two participants can transact without the need to trust each other as long as they have the trust in the network and its protocol. Once a transaction is confirmed by several participants, itā€™s written into the blockchain and there is no way to cancel it.

#981
  1. blockchain has finality because the transaction is the confirmation, and you can not go and reverse previous blocks in the chain you would have to then add another block that sends the transaction back to the other person.
  2. You dont need a third party to verify transactions like you do with a bank allowing for the system to remain uninterrupted.
#982
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    customer can not call the bank and make false claim about the product , it impossible to get you crypto back. also transaction stays on blockchain
  2. How does this lead to the trustless environment that blockchain creates?
    because now i can do business with a stranger and trust the complete transaction that took place is final
#983

  1. it means that once a transaction is recorded in the ledger, it is there forever and cannot be changed or removed.

  2. From this comes trust, because you know that when using bitcoin, the same rules applies for everyone at all times, and noone can change it or cheat.

#984

  1. What blockchain with transaction finality/immutability means is simply that once done it canā€™t be undone. Due to no one can edit or delete information once added to the ledger itself. (Trustless system) This also removes the oppertunity for scammers as there is no way around this.

  2. Blockchain creates a trustless environment because transactions are irreversible, which opens for trading/purchase between complete strangers this again goes back to information that has been confirmed canā€™t be edited or removed. So once the block is created and confirmed it canā€™t be refunded or reversed.

#985

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

  • Once a transaction is recorded to the blockchain it cannot be reversed, altered or change.

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

  • Since every transaction that is made to the network is permanent you donā€™t depend on any third parties to receive your payment.
#986
  1. The transaction canā€™t be cancelled; if you send btc that you didnā€™t wanted to send, you have lost those btc.
  2. When you pay, you canā€™t claim a refund calling your bank or other things.