Homework on Finality - Questions

Blockchain and Bitcoin 101
#1489

phew lets hope i edited it right this time
What do we mean when we say that blockchain has transaction finality/immutability?
How does this lead to the trustless environment that blockchain creates?
Answers

  1. It means that once a transaction is on the blockchain it cannot be reversed.
  2. Because the blockchain is public and tansactions have been verified by miners it is trustless and everyone knows the transaction cannot be reversed.
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#1490

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

    Once a transaction has been added to the chain it cannot be undone, it is there forever.


How does this lead to the trustless environment that blockchain creates?
    
    Since the chain is immutable you do not have to trust the person you are engaging with in the transaction. It eliminates the need to trust the other party since the transaction cannot be reversed once verified. If you send someone money and change you mind after the fact you are out of luck.
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#1491

What do we mean when we say that blockchain has transaction finality / immutability?
A transaction cannot be canceled or altered after it is processed and added to immutable chain.

How does this lead to the trustless environment that blockchain creates?
Instant finality of transactions and the ability to verify transactions on your own without 3rd parties means 100% transparency and security to recipients of transactions, that can be 100% sure that received transactions can never be altered and are truly received. No single central instance as in traditional banking system has the power to reverse or change transactions. Further the decentral network has no interest in reversing any transactions. It´s done, it´s done. This opens the opportunity to do business with strangers.

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#1492

1 - it cannot be changed once embedded in a block
2 - the network is trusted. the buyer or seller do not have to trust each other because the network is reliable and impartial

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#1493
  1. Impossible to reverse. Once done - in blockchain forever.
  2. Eliminates the trust aspect because it cannot be undone and relying on math.instead to secure it.
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#1494

Hi, so Transactions CAN be modified or deleted, if there is (accidentally or not) just one participant in the bitcoin network. I agree it would be difficult to achieve that. But never say never :slight_smile:

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#1495
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once transaction is confirmed, it is copied into all databases, and becomes part of network, and part of all of this comparing and consensus.
  2. How does this lead to the trustless environment that blockchain creates? If you can verify any transaction from the past, you do not need to trust, you just check it if it is true or not.
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#1496

Blockchain transaction once it is confirmed by the network has finality in that it cannot be reversed by anyone and has immutability in that it cannot be changed in anyway.

These transactions are trustless in that you don’t need to trust the other party or a third party not to scam you by reversing the transaction on you. You only need to trust the protocol which is proven to work.

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#1497

1: it means that when transactions are completed they cannot be altered afterwards therefore final.
2:It is trustless because it depends on math and independent nodes for confirmation and cannot be reversed no one entity can rewrite the past.

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#1498

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

This simply means that the transaction is final, there is no way for it to be changed, deleted or reversed.

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

It creates ultimate trust because it is final, so trust is now not a factor to consider.

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#1499

  1. Blockchain transaction finality means that once a transaction has occurred, it is impossible to undo that transaction

  2. This leads to the trustless environment as all parties involved in the transaction know they can trust the network even if they don’t trust each other

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#1500
  1. Transaction cannot be reversed and a charge back requested. Once stored on the blockchain it’s permanent and immutable.

2.Through pure mathematics and network consensus. Once stored the transaction is immutable and physically verified.

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#1501
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A. Finality means that the transaction is final and it cannot be reversed or charged back, once the transaction is mined and verified that is the end of the matter. This ties in with immutability as fraud, bribery or dishonest behaviour cannot take place.

  1. How does this lead to the trustless environment that blockchain creates?
    A. It enhances secuirty and makes it a trustless environment as trust is not based on an individual, but on the blockchain through mining (proof of work…etc.)
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#1502
  1. When you push send, enter, or return, that’s it. No do-overs. The deal is done.
  2. Personal responsibility. People either do their homework, educate themselves and trust their own judgment before they commit or they pay the consequences.
#1503

1. What do we mean when we say that blockchain has transaction finality/immutability?
The transaction is final. Is imposible get it back.No charge backs.

2. How does this lead to the trustless environment that blockchain creates?
We can created or do business with estrangers .

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#1504

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

  • once transaction confimed it it is final, unable to change later
  • garbage in - garbage out

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

  • all transaction public for ever
  • trust counterparty can not reverse transactions
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#1505

A: Once a transaction is completed it cannot be reversed. There are no chargebacks with bitcoin.
A: If chargebacks were possible you could not trust that once you received funds in bitcoin they were actually yours. A buyer could receive services or products and then steal the payment back.

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#1506

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been completed, it cannot be changed or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    All parties involved are aware that they must know exactly what they are doing in order to execute a transaction as you can lose money if mistakes are made. Transactions are verified mathematically therefore the trust is in the network rather than individuals.

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#1508
  • The transactions cannot be reverse and are public forever.The transactions cannot be deleted, duplicated, refunded.

Q2. How does this lead to the trustless environment that blockchain creates?

There is no charge back, you can audit and verify yourself, so this lead to an environment where you just need to Trust in Math protocols brought through a consensus of the Decentralized Network and you don’t need to Trust in People or Third parties anymore.

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#1509
  1. What do we mean when we say that blockchain has transaction finality/immutability? ---- When transactions are made on the blockchain you cannot hit the undo button. The transaction is final once it has been made.
  2. How does this lead to the trustless environment that blockchain creates? Once the transaction is made, it will be verified if there is sufficient funds and then the transaction will occur. People don’t have to worry about doing sketchy business anymore because they can confirm the transaction is real.
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