Homework on Finality - Questions

Blockchain and Bitcoin 101
#1187

  1. it means that once a transaction has been sent and confirmed it can not be restored, in other words when it’s done it can not be undone.

  2. you can be sure when you receive a transaction you’ve received it and it can not be taken from you without your permission.

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#1188

  1. It means that you cannot reverse the transaction once it’s done. In the financial world it’s called a chargeback.

  2. We can do business with strangers, ireversable transactions remove trust.

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#1189
  1. It means that a blockchain transaction is irreversible, once it is created is stays in the blockchain forever.
  2. Through finality, no trust is involved in doing transactions - you know that once it is executed it is immutable.
2 Likes
#1190

What do we mean when we say that blockchain has transaction finality/immutability?
Once the blockchain is created the transaction within can never be changed or removed.

How does this lead to the trustless environment that blockchain creates?
Thru mining that creates confirmation within a block, never able to change or reverse,
business can be conducted with complete strangers without worrying of trust.

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#1191

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has been confirmed It can not be reversed or removed.

2. How does this lead to the trustless environment that blockchain creates?
The transactions are backed a decentralized network that resolves mathematical problems (miners) not by entities or people.

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#1192
  1. Each transaction is final. They can’t be altered or canceled.
  2. There is no third party involved in the transaction. So, there is no need for trust. The blockchain verifies the transaction.
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#1193
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed in the blockchain, it cannot be reversed unlike calling up your bank to reverse a transaction.
  2. How does this lead to the trustless environment that blockchain creates?
    We can send a transaction and not worry about it being reversed or being scammed.
1 Like
#1194

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. It cannot be tampered with.
  2. How does this lead to the trustless environment that blockchain creates?
    A. Strangers can have trust as all transactions are verified through the blockchain and mining.
1 Like
#1195
  1. Transactions cannot be reverse, they are immutable, they are final.
    2.Nobody can take away your money once the transaction has been made, thus it is not a system where you can get a refund or scammed like many customers do nowadays.
1 Like
#1196
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain has transaction finality and immutability as once a transaction is made, it is final, unchangeable and cannot be reversed.

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

When a transaction is done, the blockchain consensus record and validate it with full certainty, thereby eliminating the need of a trusted third party.

1 Like
#1197

[quote=“ivan, post:1, topic:8424”]

  • What do we mean when we say that blockchain has transaction finality/immutability?
    It means that transactions are irreversible.
  • How does this lead to the trustless environment that blockchain creates?
    [/quote] We trust the system and the protocol because it’s based on math. Miners create blocks and therefore the money which can’t be duplicated.
2 Likes
#1198

  • What do we mean when we say that blockchain has transaction finality/immutability?
    For all intents and purposes, a transaction, once confirmed, cannot be undone. That said, there are cases in relation to minor chains eg bitcoin gold where the hash power has been so low that a reversal has indeed been possible to make.
    I think, but am far from sure, this was solved using a fork. Pls comment/correct me.

  • How does this lead to the trustless environment that blockchain creates?
    You could actually argue that trust is still there. But instead of being rendered by an institution such as a bank or other 3rd party, the blockchain machine is the 3rd party, the trusted middleman.

1 Like
#1199

1.Once a transaction is done it cannot be undone. It will remain in the chain forever.

2.You dont have to take someones word for it. You can check and verify the transaction in the chain.
Since the transaction cannot be undone you will be quaranteed to recieve the funds in the transaction

1 Like
#1200
  1. When we say that blockchain has transaction finality/immutability, it means that transactions are permanently stored on the blockchain once entered, and can not be modified/deleted/tampered with. It is a permanent record.
  2. Finality leads to trustless environment that blockchain creates because once the transaction is complete, there is no risk for reversing the transaction, like in current financial system of credit cards where chargebacks can be a negative feature of doing business, as consumers can potentially scam merchants.
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#1201

  1. Finality, in the context of blockchain, means that transactions cannot be erased once they have been recorded in a block.

  2. Bitcoin users only need to trust in mathematics and the Bitcoin protocol, not the parties with whom they are transacting. Once a transaction is executed, published and confirmed in a block, it cannot be disputed or reversed…there is no counterpary risk.

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#1202
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that transactions are final and cannot be reversed/changed.

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

Now strangers can transact with each other without having to trust that one party will attempt to reverse the transaction.

1 Like
#1203
  • What do we mean when we say that blockchain has transaction finality/immutability?

This means once the blockchain is created, there is a point of no return and there can not be any changes to that block chain ever. Example once you send someone crypto currency and the transaction has been completely executed there is no way of getting the getting those crypto currency back.

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

This leads to a trustless environment is because you do not have to be concern with other parties making changes to the blockchain after it has been finalized.
[/quote]

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#1204

  1. Once the transaction has happened there is no way to reverse it back.

  2. When the transaction is irreversible the rust is removed and everyone one can trade/transact with everyone else without knowing each others.

1 Like
#1205

  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is added or written to the blockchain it can never be changed or removed without corrupting the entire blockchain so rendering it untrustworthy and therefore useless.

  • How does this lead to the trustless environment that blockchain creates?
    If a blockchain is considered secure, healthy and active then we can trust that every transaction it contains is true and correct.

1 Like
#1206

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction’s can not be reversed. Every transaction stay’s on the ledger.

  2. How does this lead to the trustless environment that blockchain creates?
    Trust is in the network as impartial 3rd party.

1 Like