Homework on Finality - Questions

Blockchain and Bitcoin 101
#1287
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A: Once a transaction has been entered finality it cannot be reversed or undone which preserves immutability.

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

A: This removes the “trust” that would be necessarily be involved in a transaction if the blockchain was not being used. When a transaction has reached finality, and can not be undone, then a “trustless” transaction has occurred.

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#1288

1. What do we mean when we say that blockchain has transaction finality/immutability?
Finality means all transactions are final, no ifs, buts, or maybe. Nothing and nobody is able to change what has occur in the past, thus it is permanent, transactions cannot be modified, changed or amended.
Just like in the physical world if we lost our cash or wallet or gold/silver we cannot simply undo. what happed is just is.

2. How does this lead to the trustless environment that blockchain creates?
Having things in a clear record, that cannot be changed or modified means, we know that it cannot ever be temped, change or corrupted.
This is good in a trust-less system, as it adds an element of trust on both sides of the equations. ie. the buyer and seller. the manufacturer and customer etc.

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#1289

1. What do we mean when we say that blockchain has transaction finality/immutability?
There is no method in which transactions can be reverted, therefore they are final.

2. How does this lead to the trust-less environment that blockchain creates?
This type of environment enables the verification and validation of transactions by solving mathematical problems.

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#1290

1-What do we mean when we say that blockchain has transaction finality/immutability?
The transactions are irreversible.
2/How does this lead to the trustless environment that blockchain creates?
Trust in the network. no one can modify or cancel.

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#1291
  1. This leads me to the saying ‘buyer beware’ as all transactions are final! You as the user has to be very sure you want to make a transaction before you press send as the transaction is irreversible. There are pros and cons of this characteristic of blockhain. One pro is that scammers are locked out on both ends, either the merchant or the buyer.
    one con isthat this cannot be used for all transactions yet especially in the retail space where consumers want the right of refunds and return.
    2.With this characteristic of blockchain, one can do business with strangers more easily and not be afraid of being scammed since all transactions are verified by consensus and one party can not say the transaction never happened.
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#1292
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction in blockchain can’t be reversed once it’s confirmed.
  2. How does this lead to the trustless environment that blockchain creates?
    Once you own something or the bitcoin, it’s yours and no one else can take it away, which trigger the blockchain mining.
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#1293
  1. That means that a transaction that has happened cannot be undone.
  2. Because of this we do not need to trust anyone else. We trust the protocol and structure because every transaction is verified mathematically.
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#1294

  1. What do we mean when we say that blockchain has transaction finality/immutability? Once the transaction is confirmed It cannot be refunded, once’s it gone it’s gone!

  2. How does this lead to the trustless environment that blockchain creates? Because you can do business with anyone and you don’t have to trust them. Nobody will be prone to scammers.

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#1295
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction goes through it is registered on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    Every transaction can be verified with the math protocols.You can work with anyone and nobody can scam you.
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#1296

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions that are completed on the blockchain cannot be changed. If funds are sent and the transaction completes, it is final, there are no returns/reverse transactions.

  2. How does this lead to the trustless environment that blockchain creates?
    Because transactions are done on a decentralized platform, no middle entity (bank) is required to create a trust relationship. The network will fulfill transactions.

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#1297
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transmitted data is final and cannot be recalled.
  2. How does this lead to the trustless environment that blockchain creates?
    Data transmitted on the blockchain is verified and trusted by its math and protocol.
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#1298

The transaction or information can not be reversed once confirmed by the network.

Because once confirmed from the network it can’t be removed. We trust in the system, network, protocol.

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#1299

Transactions are recorded on blockchain forever, they are public, can be verified at any time, can never be changed/modified, can not be reversed. Once transaction complete, you can not reverse or cancel it

You don’t have to trust a bank or counterparty - transactions final and can not reverse, there is no need for trust regarding that transaction will be completed once started, stored forever, no one can cheat, opens possibility to do business with strangers

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#1300
  1. It means that once the transaction is complete, there is no way of reversing it.
  2. This creates a trustless environment as no corruption will take place. If so, it will either be denied by the ledger or it with be visible to the public.
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#1301

I assume you meant to say that we don’t need to worry about not getting paid.

#1302

In a way. Its a bit different than that. You will learn more how transactions can/cannot be changed. It requires more than just convincing. :smiley:

#1303

Not you keys, not your coins. :wink:

#1304

Nice example. I like it. :smiley:

#1305
  1. Once a transaction, always a transaction; unable to be changed over time; unchanging over time
  2. Because it can be mathematically verified.
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#1306

  1. Finality or Immutability expresses the tamperproof concept of Blockchain where once a transaction has been verified by the network, it can no longer be reversed. It is therefore integrated into one final and immutable form.

  2. Because finality is verified through the Blockchain protocol itself, rather than through a subjective authority, then anyone can transact with complete/anonymous strangers because they do not need to rely on a trustee, third party or other forms of validation.

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