Homework on Finality - Questions

Blockchain and Bitcoin 101
#1530

Finality means final any transactions can’t be reversed but immutability tracking the transaction it will lead to traceability.

#1531

  1. Once done the transaction can not be changed or reversed. period due to the design of the protocol.

  2. Because neither party can change or renege on a transaction once completed.

1 Like
#1532

Finality and immutability that when a transaction is made it cannot be reversed or edited.

It enables you to do business with strangers

1 Like
#1533
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A: There is no way to reverse at transaction once it has been confirmed in by the network.
  2. How does this lead to the trustless environment that blockchain creates?
    A: Mathematics and physics removes the need for a trust… making blockchain trustless.
1 Like
#1534
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions are permanent which can’t be reversed and are marked on the public ledger forever
  2. How does this lead to the trustless environment that blockchain creates?
    Because all transactions are publicly available anyone can view them. It is a truth machine with nothing to hide
1 Like
#1535
  1. All transactions are final and cannot be reversed because they become permanent once added to the ledger.
  2. All trust is in the protocol which is verified by the blockchain, and transactions cannot be altered or reversed/removed. The ledger can be audited.
1 Like
#1536
  1. Transaction cant be altered, changed or reversed it makes it immutable.
  2. Because you cant reverse the transaction, so you cant cheat so trust is not needed.
1 Like
#1537

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that the transaction cannot be reversed. Once it has happened that is it.

  2. How does this lead to the trustless environment that blockchain creates?
    People can do business with anyone, they no longer need to trust individuals as they can verify all transactions on the ledger.

2 Likes
#1538

Thank you for the correction…much appreciated.

1 Like
#1539
  1. Once a transaction has been accepted and written to the blockchain - it cannot be deleted, reversed or altered.
  2. Immutability leads to trust in the network. Allowing anyone to transact with anyone and letting the network act as an impartial 3rd party.
1 Like
#1540
  1. it’s not reversable after the transaction is confirmed
  2. once the transaction is confirmed and therefore final, one can rely on that and not on the other party
2 Likes
#1541

  1. Transaction finality / immutability means that once a transaction has taken place and has been verified in the network, it is an irreversible/unchangeable transaction.

  2. By having transactions that are irreversible and unchangeable all the people that use the blockchain network can be certain that there is a perpetual record of all the transactions they make and that under no circumstances, this transactions can be modified. These features add transparency and security to the transactions and as a consequence trust is no longer an issue between two parties, thus, leading to a trustless environment

2 Likes
#1542

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Every transaction is final and cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    The rules of the blockchain decide the interactions between participants, so there’s no one to trust.
1 Like
#1543

1 - transactions cannot be reversed, deleted, edited, or lost, once executed.
2 - because transactions are all public and final, you don’t have to rely on “trust” - the code ensures transactions can be trusted, so no trust is actually required.

2 Likes
#1544
  1. Once a transaction is validated on the network you cannot reverse it
  2. Because i can do business with a stranger i do not need to trust this individual i just need to trust the protocol
2 Likes
#1545
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once the transaction occurs there is no way to go back…it’s final.
  2. How does this lead to the trustless environment that blockchain creates? Transactions themselves are final and there is reversing the transaction which would then require trust.
1 Like
#1546
  1. A transaction cannot be deleted or reversed, it is always on record.
  2. Because scams cannot take place (as opposed to with banks, where you can do a reversal)
#1547
  1. It means that when a transaction has happened it cannot be reversed.
  2. Because the transaction cannot be reversed it remove a lot of trust, because it can be verified mathematically.
1 Like
#1548

  1. The transactions are final - irreversible - no option for chargebacks from the bank

  2. Allows us to do business with strangers as transactions are verified mathematically.

:upside_down_face:

1 Like
#1549

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it means that transactions or data, once verified cannot be changed without the verification of the network which verified it in the first place. regardless if the data or transaction was made by mistake. Or under false promise of a trade from outside of the blockchain. ?

  2. How does this lead to the trustless environment that blockchain creates?
    because data and transactions once verified by the network really are final in accordance with the unchangeable protocol. their really is no way to undo/recall transactions or data.

quick question, Could a blockchain be created with a protocol enabled to have some kind of double verification process?
For example: If a buyer wanted to buy something with a cryptocurrency and the seller had to post the item, they could see that a payment was made and was outside both the seller and the buyers control then send the item being bought through the post and the buyer, when proof of postage was well established and also un-retractable the buyer and seller would both have to re confirm payment? the currency could just be burned and re mined (in accordance with this theoretical double verification protocol) if either side went back on the deal? i feel like this could be twice as secure (if a little slower). It’d certainly require some ironing out though.

1 Like