Homework on Finality - Questions

Blockchain and Bitcoin 101
#1307

  1. Finality means that once a transaction has been made, it is irreversible and the transaction is recorded forever.

  2. Blockchain creates a trustless environment as a result of finality/immutability hence transactions don’t need to be validated by a central authority but by the mathematical/protocol verification of the transaction.

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#1308

  1. Because blocks can only be added, not altered, the ledgers that blockchains use, are append only. Each new block contains a hash of the last block, making the entire history of blocks immutable.

  2. Because these blockchains are distributed, besides being append only (immutable), and the network is incentivized to maintain an accurate ledger, there is a very high degree of trust in the ledger. There have been issues in both Bitcoin and Ethereum, that have led to different blockchains being created from the same original ledgers, proving that existing blockchain technology is still at a development stage. Bitcoin had two unintended hard forks. Ethereum created a hard fork to solve issues related to a hacking, which revealed flaws in the programming language that Ethereum uses, but not in the basic concepts that it is built upon.

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#1309
  1. It means blockchains transactions cannot be changed or reversed.
  2. The feature of finality creates an environment where trust is not needed, thus removing it allowing transactions between strangers.
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#1310

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

The transaction across the blockchain will not be reversible when a transfer is wrongly made.
The only way to get back the transfer data will be through the other party consensus sending it back. It means the transaction is confirmed and will not be able to have any changes.

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

Blockchain does not need a central authority to validate the transaction, instead it is by the mathematical and protocol of the network. These lead to the trustless environment.

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#1311
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction has happened, it has happened, and there is no way to reverse or erase it.
  2. How does this lead to the trustless environment that blockchain creates? Everything can be verified mathematically. There is no need for trust when you have reliable verification.
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#1312
  1. We say that blockchain has transaction finality or immutability, because the done transactions cannot be revered, even if it is by mistake.

2.This transaction finality / immutability allows participants to do business with total strangers as they can verify the provenance and nature of transaction simultaneously by mathematic database. This leads to the trust-less environment, which will be very important to global financial system.

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#1313
  1. Finality/immutability means that once a transaction is mined, remain in blockchain forever and nobody can erase or modify it, this happen because all miner spend electricity to calculate the transaction and all of them are agree whit transaction.
    2.Someone will have to use the approximately the same energy power to erase or modify the transaction.Transaction can mathematically be verifiable, is trust in math, this fact make possible the trustless environment that blockchain creates.
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#1314

1. What do we mean when we say that blockchain has transaction finality/immutability?
a. Once a transaction has been confirmed by the network and added to the blockchain, it is irreversible
2. How does this lead to the trustless environment that blockchain creates?
a. Every transaction made on the network can be verified by all parties involved. Verification is based on math instead of having to trust an intermediary
b. Nobody has the ability to physically change the transaction afterwards

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#1315

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction is made and confirmed by the network, its written in the “digital stone” blockchain ledger. Datas that are put in blockchain ledger, are finalized and irreversibel.

2. How does this lead to the trustless environment that blockchain creates?
The finalization of a transaction is made through a trustless network protocol, mining (proof of work).

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#1316
  1. in blockchain finality means that transaction is done, stored and can not be reversed.
  2. that creates that once transaction is verified and stored forever without possibility of reversing.
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#1317

Once you have committed a transaction it cannot be rolled back or cancelled.

A seller does not need to trust a stranger not to back out of an agreement. We trust the network and can be verified mathematically. The blocks are immutable.

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#1318

  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been validated, it can not be reversed. This removes Trust from the network. The way the blockchain has been designed means that it is immutable; once a transaction is being included in the block, it will be part of the blockchain forever.

  • How does this lead to the trustless environment that blockchain creates?
    The finality of the transactions removes the need of trust and enables the possibility for strangers to conduct busness with each others.

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#1319
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    There isn’t a way to reverse the transaction, a block that has been added/mined to the blockchain is immutable, it’s final.
  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain creates a trustless environment due to its finality and immutability. The transaction is in the blockchain and nothing can remove it or altered it.
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#1320
  1. blockchain has transaction finality/immutability because transactions are final and once the transaction is commited you can change your mind.

") blockchain leads to trustless environment because we can do business with strangers knowing that transactions are verified.

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#1321

1 - Once a transaction is recorded on the blockchain, it can never be removed.
2 - One is always sure that the person doing a transaction is actually allowed to do the transaction.

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#1322

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is complete it cannot be undone – it is on the ledger permanently.

How does this lead to the trustless environment that blockchain creates?
Transactions can never be removed or manipulated so strangers can conduct business with each other and not rely on trust.

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#1323

1-cannot be reversed
2-once it is done the transaction is finalized (all in one move)

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#1324
  1. When it’s done it cant be undone
  2. In the prof of work system you cant scam strangers or undo transactions.
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#1325
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that transactions on the blockchain are final without the ability to be reversed.

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

The trustless environment allows you to trust in the system without needing to trust in the parties with which you’re transacting. Nodes on the network verify every transaction using algorithms to confirm the transfer of value and add an entry to the ledger. With the used of a shared ledger system, every transaction is recorded and verified in a transparent manner, and the system creates the trust by default.

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#1326
  1. Means that when a transaction is done, it is impossible to regret and cancel it, it is done.
  2. With this system, we don’t need to be scare for scamers, because as it is impossible cancel a transaction, no one can’t take the money that arrives to our own accounts, and if we pay someone, he/she can’t say that it never arrives, because it is traceable.
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