Homework on Finality - Questions

Blockchain and Bitcoin 101
#121

1.What do we mean when we say that blockchain has transaction finality/immutability?
It means all transactions remain in the chain forever and cannot be removed/reversed.

  1. How does this lead to the trustless environment that blockchain creates?
    All network participants have a copy of the blockchain that can be audited by anyone and there is no need for trusting a third-party or a middleman.
1 Like
#122
  1. Transactions cannot be reversed or changed because all transactions are verified and cannot be hacked. Miners verify transactions and as the hash rate rises it makes it harder to hack.
  2. This leads to a trustless environment because we can verify everything mathematically
1 Like
#123
  1. every transaction is final and remains on the ledger for all to see, for ever.
  2. It removes the response of people as to them receiving the payment, it is there on the record.
#124

  1. Transactions cannot be reversed or altered in anyway. Once the transaction data is written into the block and as the correct number of confirmations, it’s there for good. This is known as immutability.

  2. Transactions in the blockchain are permanent and visible, with encryption technology and protocols effectively replacing and third-party intermediaries. This is called a trustless trust, since no trust is required between transaction participants.

1 Like
#125

  1. Once transaction is made it can’t be reversed. No double spending.

  2. You can trust payments once you seen the transaction being confirmed. No need to worry about being reversed.

1 Like
#126
  1. What do we mean when we say that blockchain has transaction finality/immutability?

That means transactions are not reversible and a reference for them is stay in the blockchain system forever.

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

Strangers can do business with each other because they trust the system rather than trusting one another.

1 Like
#127

  1. When a transaction is confirmed, it cannot be modified nor erased. It can be mathematically proven.

  2. It leads to a trustless environement because we can have trust that the transaction will not be modified nor erased. Trust is in the code. And electricity is consumed to provide this trust.

1 Like
#128

  1. The network has reached the consensus and included a transaction in a block it is not changeable anymore and therefore final.

  2. If a transaction has reached finality there is no way to change or reverse the transaction.

1 Like
#129

What we mean when we say that blockchain has transaction finality/immutibility is that once a transaction happens it cannot be reversed.

This leads to the trustless environment that blockchain creates becuse the transactions are immutable - once the transaction has been enacted, it cannot be reversed - it is encoded into the blockchain forever.

1 Like
#130
  1. Once an Input/Output is placed, it can not be changed or removed backwards, its there forever.
  2. We can rely on the system, once, Input/Output can not be adulterated or retracted, and that it was verified by the participant nodes of the Blockchain. Eliminating, than, double-expending and charge-backs.
1 Like
#131
  1. Once a transaction has been made and accepted on the blockchain, it is impossible to reverse it.
  2. Therefore, you do not need to worry that the other party will get their money back after they agreed to pay you for a good/service
1 Like
#132

Homework on Finality

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

  • it means that it is not possible to reverse a transaction after it got confirmed from the network

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

  • Trustlless business models are possible because blockchain transactions can’t get manipulated.
1 Like
#133

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

It means when a transaction has been made is final and can not be modified, deleted or reversed meaning it has finality/immutability.

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

It leads to a trustless environment because the network is a trust impartial 3rd party where transactions are public which give you the ability to transact with complete strangers and no party can revers the transaction.

1 Like
#134

Homework on Finality.

  1. Blockchain transactions are final and immutable. This means that once a transaction has been accepted into the blockchain, it is not able to be reversed nor is it able to be changed. The transaction is physically put into the chain (using electricity?) as thus it is not able to be changed back.

  2. Having a final and immutable transaction that is verified through a consensus network creates an environment that removes the need to trust because each transaction is physically verified. I think. :slight_smile:

1 Like
#135

What do we mean when we say that blockchain has transaction finality/immutability?
We mean that evert transaction is final. For example if you sent money, you can not claim it back.

How does it lead to the trustless environment that blockchain creates?
You do not need to trust anybody. Since the blockchain network has copies of the transactions. Everything is transparent and different entities have copies of the transactions. The transactions cannot be changed.

1 Like
#136

  1. Once verified, the transaction is concluded and irreversible

  2. Verification is done by un-biased, non-partisan parties, and is therefore not open to manipulation or fraud

#137
  1. Once a transaction is complete can not be undone. It’s final.
  2. Both parties understand this before the transaction is made.
#138

1. What do we mean when we say that blockchain has transaction finality/immutability?
Finality/immutability means that a transaction cannot be removed, deleted or reversed after it has been carried out on the blockchain.

2. How does this lead to the trustless environment that blockchain creates?
Parties are able to have trust in the blockchain system, rather than in each other, that a transaction has indeed been undertaken and it cannot be reversed, like how money can be recalled by a bank’s customer.

#139

1 A transaction admit in the blockchain is final. The transaction can not be reversed, the transaction can not be changed.

2 you can relay on it , if the transaction is confirmed, admit in the blockchain, the transaction is final, not possible to reverse or change.

#140

Once a transaction has been verified, it gets added to the blockchain forever and cannot be changed.

Once a transaction has been made and consensus has been achieved there is no way to reverse it.

1 Like