Homework on Finality - Questions

Blockchain and Bitcoin 101
#1408
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Confirmation of Tx can never be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Thru mining, confirmation of the block, not being able to reverse Tx.
1 Like
#1409

  1. When a transaction is posted, it is final, and it cannot be undone.

  2. You no longer have to trust that the other party will uphold their end. The system ensures it for you

1 Like
#1410
  1. Itā€™s irreversible
  2. When transaction is finished, nobody can mess with it, and the trust is in mathematics, which is non speculative
1 Like
#1411

Homework on Finality - Questions

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

Once a transaction has gone through a number of validations and a block is initialized, all the transactions within that block will be set. No going back. No mas.

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

We are able to trust the consensus system as opposed to people or entries with their own incentive.

3 Likes
#1412

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It is a system that removes trust and also a system where we can do business with strangers directly using the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain is sent directly to a partner. If you accidently send bitcoin to someone there is no way to reverse the transaction. Transactions are final. There is no way to scam a trustless transaction.

1 Like
#1413
  1. It means that the transactions are irreversible
  2. Online merchants can avoid getting scammed by the buyers who cancelled their transactions after receiving their products.
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#1414

good second point, great insights

1 Like
#1415
  1. It can not be taken back, once a transaction is send it can not be undone. Nobody can modify a transaction that has been already receive by the destinatary.
  2. When you receive the bitcoin from someone, you can be sure those bitcoin belong to you. The sender can not reclaim it.
1 Like
#1416

Transaction finality is where transaction is sent, it cant be cancelled or removed. Blockchain is immutable where once transaction is confirmed it canā€™t be altered or changed.

Trust in protocol, transactions are irreversible and added to the public ledger

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#1417
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions happen instantaneously and irreversibly. There are no chargebacks possible. Once done, the transaction is set in stone. You can rely on this completely leading to the immutability of bitcoin.
  2. How does this lead to the trustless environment that blockchain creates? You trust the system, you need not trust the other party. Transactions have a Physical component as thru mining they ā€˜costā€™ energy and thus these transactions donā€™t just happen vaguely in cyberspace.
1 Like
#1418
  1. Once a transaction is sent there is no ability to recover funds/reverse transaction.
  2. There is no need for trust when the blockchain can be verified.
1 Like
#1419
  1. What do we mean when we say that blockchain has transaction finality/immutability?

The Blockchain network is setup in such a way as to establish an irreversible block created by miners proof of work that contains the transactional record. The block becomes a permanent fixture on the Blockchain ledger and can not be reversed.

  1. How does this lead to the trust-less environment that blockchain creates?

Once the transaction occurs there is no way to reverse it because it becomes an immutable record within the Blockchain ledger. It eliminates the need for trust between individuals because the parties place their trust-less-ness in the network, the protocol and the mathematical verification within.

1 Like
#1420

  1. once the transaction is completed it canā€™t be undone

  2. The fact that transactions out of no where arenā€™t possible in the blockchain.

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#1421

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

It means that once a transaction is made it canā€™t be cancelled. It will enter the ledger and go through consensus and it canā€™t be reversed.

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

This leads to a trustless environment because there are no charge backs like credit cards. Both parties know that the decision is final. The current games consumers play with credit cards can be eliminated when we have finality on the blockchain.

1 Like
#1422

  1. That once the transaction is made, there is no changing it. Nobody can change
    or reverse the transactions on the blockchain.

  2. Because the blockchain is the great equalizer in e-commerce. You donā€™t need to trust because the blockchain does the work for you, trust the code not the person.

1 Like
#1423

Blockchain has transaction finality or immutability because all transactions made are final. They cannot be altered, cancelled, or otherwise modified without consensus from the public ledger.

This property of blockchain leads to a trustless environment because no part of the transaction relies on the word of any party. All verification is done mathematically under the publicā€™s eye.

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#1424
  1. We mean that transactions cannot be reversed or deleted.
  2. Once you make a transaction you are sure that it is irreversible, and also no money can be added to the blockchain but the money mined which is already accounted.
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#1425

Blockchain has transaction finality because there are no charge backs. Once a transaction is written into the blockchain, it is there forever.

This leads to a trustless environment because the network ensures that once you have been paid, that transaction is final. The payee canā€™t scam you.

1 Like
#1426

Finality

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction finality is when a transaction becomes final. In the blockchain protocol, the transaction is final and becomes immutable, which means the transaction cannot be modified/ changed. This feature will be ideal for many different industries worldwide.

  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain s trustless. Business can be done with many different people. When transacting with someone else, the trust is not needed since the blockchain protocol can handle this. The transactions are recorded and timestamped on the blockchain for anyone to view. Another part of the trustless environment, are the nodes which will deem a transaction valid, if they all agree it to be valid. if a dishonest person attempts to claim they have a certain amount of a cryptocurrency and the nodes do not agree on the claimed amount, the transaction is ignored. The protocol protects the blockchain from dishonest people and also, chargebacks are not possible, so realistically, less scams will occur. All transactions are final.

1 Like
#1427

Ad 1) We mean that you canā€™t reverse the transaction. Nothing can be done to change or undo the transaction.

Ad 2) When a transaction is irreversible, it means one can depend on the result; thus users of the blockchain can depend on it and do not need to ā€˜trustā€™ anybody else to do business with everybody.

1 Like