Homework on Finality - Questions

[Javchisau]

1. when a transaction I have made goes through, it is impossible to revert it. Immutability is something can not be changed o altered.
2. one of the benefits of Block chain is the possibility of expanding business with strangers globally. The trust on Block chain and the mathematic perfection of its operation let us forget about trusting a third party.

[mallardknundrum]

What do we mean when we say that blockchain has transaction finality/immutiability?

• Transactions cannot be reversed once they have been put into a block on the chain
• No chargebacks

How does this lead to the trestles environment that blockchain creates?

• It allows merchants to trust that the consumer won’t try to do a chargeback and get a product for free
• It allows everyone to trust transactions better

[Aaron]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once a transaction is recorded or mined and verified in a blockchain it is impossible to reverse it. Unless you were part of an unverified block that wasn’t included in the blockchain, but that isn’t your choice and you can’t really make it happen willingly

2. How does this lead to the trustless environment that blockchain creates?
   This means that every transaction is irreversible and I don’t need to trust that strangers’ funds are true in card or check.

[mrttalts]

There is no way to cancel or get your transaction back when you have already sent it and is approved by blockchain. This makes the network more trustless by giving all the control to the system and takes away lot of frauds and scams by cancelling your transactions.

[zzzsoren]

@ivan

1. What do we mean when we say that blockchain has transaction finality/immutability?
2. How does this lead to the trustless environment that blockchain creates?

Answer 1:
When a transaction are included in the block-chain it cannot be reversed or modified.

Answer 2:
You can be certain that the contents of the block-chain are only appended to.

[JorgeLopez]

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

Transactions can not be reversed or canceled because they are part of the chain included by minors.

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

If you have a business and you have to get paid, you can be sure that people will not cancel or reverse their payments through their banks.

[JDT]

1. Once the transaction is done, it cannot be revered or recalled. It’s locked into the ledger and cannot be removed.

2. If you’ve sent or received a transaction, you can know that it occurred and cannot be reversed.

[Shaakirha_Botha]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   it means that i9f you make a transaction you cant reverse it.
2. How does this lead to the trustless environment that blockchain creates?
   when a transaction is made the nodes check if the transaction is accurate.

[AG01578]

What do we mean when we say that blockchain has transaction finality/immutability? Once the transaction gets thru there is no way back, ever. It is ‘written in stone’ and nothing can change the record in the blockchain.

How does this lead to the trustless environment that blockchain creates? Since the data in a blockchain can never be changed the user can rely on the blockchain and thus on the network so it is no longer required for the user to trust the party at the opposite end of the transaction.

[elez]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Onece the nods have confirmed the transaction it can not be revoked. it is now part of the ledger.

2. How does this lead to the trustless environment that blockchain creates?
   If all transactions cant be revoked nor changed trust is immenent.

[Alex912]

1. When we say blockchain has transaction finality/immutability, it’s because once a transaction has been mathematically verified and added to the blockchain, it finalized that transaction and it can no longer be changed.

2. This leads to a trustless environment because once a transaction has been added to the blockchain,
   it becomes permanent. This provides transparency in regards to the details of the transaction and removes all possibility of fraud.

[Vegter]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   It means once a transaction has bin made , we can not reverse that transaction.

2. How does this lead to the trustless environment that blockchain creates?
   Again you can not reverse a transaction so once it is verified in the blockchain you can not change it.

[themichaelbird]

1. When we say that blockchain has transaction finality/immutability we men that once a transaction goes through it is done, it can’t be deleted or charged back or stopped. there is no way of getting it back

2. This leads to the trustles environment that blockchain creates because scams can’t happen, someone can’t say they didn’t make a transaction because there will be proof that they did

[MarkusJohansson]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Noone can for some reason cancel it after it is made.

2. How does this lead to the trustless environment that blockchain creates?
   You dont need to trust the stranger since you know the network makes the transaction immutable

[harleen]

1. Having transaction finality / immutability suggests that once something has been added to the blockchain it cannot be removed - once a transfer has happened you cannot reverse it or get a ‘cash back’. It will be on the blockchain forever.

2. Blockchain thus creates a trustless environment as there is no need to trust another party or stranger because blockchain consists of provenance and verification. The network / protocol / system can be trusted as it is impossible to reverse transactions because of mining and proof of work.

[AfroSpikeMugen]

Homework on Finality - Questions

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

• Transactions cannot be reversed and are final.

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

• One does not have to trust each other. Trust is taken away via mathematics (mining and POW) making it easier for strangers to trust that the transaction is final and they wont be screwed over by a chargeback.

[Leo_T03]

1.Once a transaction is sent to the blockchain it is not reversible.

2.Both parties of the transaction can trust once the transaction is made it can not be reversed (charge backs).

On a side note: for a crypto to be truly adopted and used as a daily payment method a refund option built into the protocol would almost be necessary.

[Hermann]

1. Finality means it is done. You can’t cancel it.
2. You verify every transaction so trust doesn’t have to come into the picture.

[Elizabeth]

1. transactions cannot be reversed or hidden
2. each transaction can be verified and is final so it doesn’t matter which parties are involved- no trust needs to be established between parties to guarantee the parameters of the transaction

[Royy]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   The finality/immutability of blockchain transactions means that all transactions are irreversible and cannot be undone.

2. How does this lead to the trustless environment that blockchain creates?
   This leads to the trustless environment that blockchain creates because each transaction requires energy consumption through mining, which has to be compensated for so there is no way to cheat the system.