Homework on Finality - Questions

Blockchain and Bitcoin 101
#141

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

Once a transaction has been initiated and confirmations have occurred you cannot reverse or cancel the transaction in a POW blockchain.

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

A trustless environment is achieved when transactions are verified by math/protocol through the mining process in a POW blockchain…

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#142

1- Because it cannot be change or reverse, once the network verifies it it’s done and is no coming back.

2- Due the consensus/protocol of the network which is intended to verify and secure the information that can’t be change.

#143
  1. When a transaction is made it is physically impossible to reverse.
  2. Because there are not possibility to cheat anymore as you must be always truthful.
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#144

[quote=“ivan, post:1, topic:8424”]
Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    One transaction happened , it cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates?
  • because the transaction can be verified on the blockchain network
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#145
  1. This meansewhen a transaction has happend it has happend, it can not be changed.

We trust the network and the protocol.

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#146

  1. The transactions cannot be reversed. No chargebacks.

  2. Once a transaction is done, it’s done. You don’t need a third party to verify transactions.

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#147

A1. Transactions cannot be reversed.
A2. Once the system confirms the transaction, there is no risk of it being reversed, or ‘Charged Back’ like with credit card payments. Tranactions are verified according to mathematics and a globally distributed public ledger, maintained by multiple parties. There is no trust involved.

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#148
  1. it means it can not be undone, once finalized it can not be changed, it is there for ever to stay.
  2. you don´t have to trust anybody, you trust the mathematics, the strain of data that is verified everytime when there is anything added to it.
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#149
  1. Once its verified - it is irreversible
  2. You cannot go back and change something - once its done, its done
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#150
  1. Their is no way way to go back and cancel a transaction
  2. Because when a transaction is made you could trust the network, not a centralize entity, but the network have to be decentralized enough. The point here is it is for the bitcoin blockchain until no one control more than 51% of the network
#151

1 & 2: The blockchain cannot be edited , when a transaction is confirmed by the miners, it is final. It will remain on the ledger forever. There is a cost for security and this is it, that nobody has the power to edit the blockchains history. What is carved in the Stone of blockchain may never fade away. Therefore everyone no matter if they are totally strangers, can do business with each other without the fear to be scammed after the deal is done. Modern credit card chargebacks are kind of a contrast to blockchain, two different possibilities, blockchain is not for everyone, but is groundbreaking in the niches where it can be implemented and used with all its benefits.

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#152

  1. It means that no one can stop the transaction. When you send the transaction it is final, you can’t undo it. No third party can stop it.

  2. It leads to a trustless environment because we don’t have to know the person on the other end. We know the miners take care of the transaction and once it is sent we know it will be received. It can’t be duplicate or cancelled.

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#153

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    when you say that blockchain has finality/immutability it means that once a transaction has been confirmed on the network protocol makes it so it is there for good.

  2. How does this lead to the trustless environment that blockchain creates?
    It leads to a trustless environment because there is no third party between you and the networks protocol, once its confirmed the network takes care of it from there.

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#154

  1. Once a transaction is completed, it cannot be reversed or undone.

  2. All transactions can be verified mathematically. Strangers can conduct business with each other without the threat of interference from a third party.

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#155

  1. When a transaction is performed it can’t be reverse.

  2. By your transactions been final there can be no fraud against the network. It makes you be extra careful when send money via the blockchain, but you know once done right the blockchain will always be right. There is no need to trust the network just verify.

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#156

Once a transaction has happened it cannot be stopped, you cannot undo it, it is final.

I don’t have to trust the network and I can do business with people i don’t know and I can trust the protocol because the transaction will be verified automatically. This is important when we want to remove trust and do business with complete strangers.

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#157

  1. When we say that blockchain has transaction finality/immutability, we mean that once a transaction is added to the blockchain, it cannot be modified.

  2. This leas to a trustless environment because all participants using the network are bound to follow the same rules, and once a transaction has been committed, there is no way to change it.

#158
  1. The transaction cannot be reversed.
  2. We can verify transactions mathematically.
#159

  1. When a transaction is made on the blockchain it is final. It cannot be changed.

  2. We can now do business with strangers with no worries.

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#160

Hello,

once the transaction has been sent, it is not possible to call your bank or any authority figure to cancel said transaction, be it for a typo or because somebody wants to scam.

  1. Once you have your transaction confirmation (usually 3 blocks for btc) you are certain that the crypto has arrived and you have been payed. People using the network need not trust their business partner, but it is sufficient that payment arrives. With normal payment methods the payment might arrive, but then get taken away by the bank because your customer files a complaint (be it deserved or not).

Best

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