Homework on Finality - Questions

Blockchain and Bitcoin 101
#1107
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer: Once a transaction has been verified in the blockchain, it cannot be reversed or modified.
  2. How does this lead to the trustless environment that blockchain creates?
    Answer: There is no trust involved. Transactions are verified by math and protocol. Therefore transactions can be made with strangers as well. The transactions will take place as intended.
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#1108
  1. That means that transactions canā€™t be rolled back. Once it is on blockchain it is done.
  2. Nobody can send you some bitcoin and then say that it was a mistake or change his/her mind after it.
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#1109

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

Once a transaction has been completed, (verified mathematically) it cannot be reversed. So we can remove trust and do business with strangers.

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

Everyone knows that once a transaction has happened, it is complete. This helps decrease ā€˜scamsā€™ and ā€˜fraudulentā€™ activity. There is no ability for a bank to reverse the charges. No trust is needed, as we have a trustless environment.
:lock: :ok_hand:t4:

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#1110

1.) Finality/immutability means that once a transaction has been recorded on the blockchain, that is final. There is no undoing it. PERIOD.

2.)This leads to the trustless environment becasue there is no need for trust. We all know that once a transaction has taken place, there can be no reversal. So one does not need to trust the person they are transacting with.

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#1111

  1. that once the record is put in database/transaction recorded to ledger there is no way of taking that back or change it in any way, it is there forever, in all copies of the blockchain, publicly verifiable. You can be sure that transction is and will stay valid without having to trust any party - you can verify.

  2. you are not depending on third party that has an access to the ledger/database and who you would need to trust that the it will not change the record in any way.
    For example to reverse the transaction after the deal has been made.

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#1112
  1. What do we mean when we say that blockchain has transaction finality /immutability.
    When blockchain has finality, the transaction is final and cannot be changed, charged back or altered in any way.
  2. How does this lead to the trustless environment that blockchain creates?
    There is no group or middle men holding data rather the blockchain is creating a place for the transaction data so that it is embedded into the blockchain structure.Energy is required to maintain the trustless blockchain.
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#1113
  1. It means when a transaction is done thereā€™s no way to reverse
  2. it does an environment that you can even do business with stranger without the necessity to know each other in a very security way,
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#1114
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is made; it canā€™t be undone.

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

Blockchain allows to do business with strangers by verifying the transaction .

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#1115
  1. Once a transaction has taken place it cannot be undone nor changed. It is permanent.
  2. The basis of approving a transaction is math and protocol. Trust is not necessary when using math and protocols because they are objective.
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#1116

1.What do we mean when we say that blockchain has finality/immutability?
This means that when a transaction has been made and had a confirmation it canā€™t be undone. This transaction will be on the blockchain forever.

2.How does this lead to the trustless environment that blockchain creates?
This creates a trustless environment because it allows us to work securely with strangers being confident of the final outcome of our dealings. We are not trusting a person but we trust the system because we verify this with mathematics.

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#1117
  1. A confirmed transaction can not be taken back. There is no charge back.
  2. This leads to a trustless environment, because completely strangers can do business with each other. You donā€™t need to trust your counterparty.
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#1118

1.If you do a trade it is done and cannot be canceled or get your money back.
2. We will not trust people , we trust the system since it build upon math or physics so we trust the fact.

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#1119

Transaction finality/immutability in blockchain means that transactions cannot be altered or deleted and remain public forever.

Because of this finality, every transaction can be verified, thus eliminating the need for trust.

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#1120
  1. Transactions on blockchain cannot be taken back. Once a transaction happens, it happens.
  2. This means that people donā€™t have to trust one another; they can trust the system since the system can be verified.
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#1121

What do we mean when we say that blockchain has transaction finality/immutability?
data there cannot be removed, replaced. once it is on blockchain, it is there forever.

How does this lead to the trustless environment that blockchain creates?
dont neet to trust other parties, it was verified on network therefor it is true.

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#1122
  1. It means that transactions or any transfer of value or information, which was already confirm by the network, cannot be rolled back.
  2. Everyone can trust the network that once the transactions is confirmed and mine in a block, it is there forever and no one can change it. Also it prevents doublespending the assets.
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#1123
  1. With finality we mean that a transaction once done is just done and we canā€™t reverse it. Immutability means that the transaction can not be changed or removed.
  2. Because there is no way to manipulate the confirmed transaction.
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#1124
  1. Blockchain is trusted by proof of work through mining that physically produces transactions mathematically. Since nothing can be modified, altered and its transparent its final

2, We have such high trust in the network , system due to this ability to verify everything that we donā€™t have to worry about trusting transactions with unknown individuals within this transparent network

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#1125
  1. you can not return your transaction after you send it
  2. you dont want other people to get charge back after you provide your part
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#1126

ā€“> only adding information is posible.

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