Homework on Finality - Questions

Blockchain and Bitcoin 101
#1650

  1. Once a transaction is initiated, it can never be reversed. It will always appear in the blockchain network.

  2. It allows anonymity with transactions due to a mutual trust with the network, i.e. complete strangers able to transact securely with one another.

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#1651

Homework on Finality - Questions

What do we mean when we say that blockchain has transaction finality/immutability?
Ones a transactions is confermed by the blockchain of is final. There is no possibility to revers the transaction.

How does this lead to the trustless environment that blockchain creates?
Because transactions are made irreversible by the blockchain you can trust your transaction is safe. You do not have to trust the other person on the other side of the transaction because the math behind the blockchain is making the transaction trustless.

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#1652

(1) Blockchain transactions have finality/immutability because once a transaction has happened, there is no way to reverse it. When it is verified and published to the blockchain there is no changing it. There is some nuance to this, the network must have enough hashpower or diversified staking to ensure that there is not a way to conduct a 51% attack.

(2) This leads to trustlessness because you do not need to trust what a node, person, or company says, you can simply verify this truth on the blockchain with high immutability. The data in the blocks are concrete.

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#1653

Homework on Finality - Questions

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

A blockchain has finality/immutability which means that once a transaction is completed and finalized then it is permanently on the blockchain and it cannot be altered or reversed.

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

The finality and immutability of blockchain leads to a trustless environment. This environment that blockchain creates is a transactional system where parties can transact without trust in each other. The trust is in the fact that the network verifies transactions and once completed transactions cannot be removed or changed.

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#1654
  1. When a transaction has happened, it has happened (finality), no way to get it back, it will be on the blockchain for ever, we cannot reverse the transaction (immutability).
  2. We trust the protocol, the network, not the people.
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#1655

1 it means that transactions are final. Once it happened there is no way to remove it or reverse it.
2. We trust the math and the network so we donā€™t have to trust people. We can do business with strangers. We call it trustlessness.

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#1656
  1. What do we mean when we say that blockchain has transaction finality/immutability?

We mean that transactions are final and canā€™t be reversed. Once the transaction has been confirmed on the blockchain there is no way of removing the transaction.

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

This leads to a trustless environment because sellers and buyers donā€™t have to worry about the counter party in a transaction reneging on their agreement. Buyers and sellers can be complete strangers with no trust in one another and still conduct business because the trust is in the blockchain protocol.

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#1657

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Blockchain transaction finality is one of the specific use case of the protocol such that any confirmed transaction on the ledger can never be reversed, chargeback or recovered incase of accidental transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    It does so by enabling stranger access to do business with each other because of the trust that recipient of a transaction can not be charged back once the agreed sum has been sent and confirmed on the network.Therefore business owner can not be scammed after delivery by recalling a transaction.

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#1658

Q1. What do we mean when we say that blockchain has transaction finality/immutability?
Transactions on blockchain once verified on the network via consensus and accepted into the network cannot be reversed. This is to build trust on the blockchain network.

Q2. How does this lead to the trustless environment that blockchain creates?
Unable to reverse transactions once accepted on blockchain builds trust on the network and removes trust on 3rd parties. This enables business among unknown people.

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#1659

What this means is this means is once the transaction is completed it is done. It can not be removed and it can not be reversed

How does this lead to the trustless environment that blockchain creates?
This creates a trustless environment because everything is traceable, and recorded and cannot not be altered. The transactions is set in stone and recorded. By doing this it takes trust completely out of the equation because the proof is in the mathematics and the scientific methods, and the public ledgers on every node.

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#1660
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction is processed, it is impossible to retract it.
  2. How does this lead to the trustless environment that blockchain creates?
    You trust the network because itā€™s based on math but you donā€™t need to trust the ā€œstrangerā€ on the other end of the transaction.
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#1661

A bockchain has transaction finality because once the block has been written, it cannot be erased or changed in any way. So once a user sends a message or a transaction using the blockchain, it is done. It is non-reversable.

This leads to the trustless environment within the blockchain by creating a process of verification using math. This affects the miners who are physically spending electricity to mine the blocks. The nodes verify the information and reach consensus. So one does not have to rely on trusting an individual or a corporation to process payments for example but rather- trusts the mathematical, verification process and the finality of the minerā€™s nodes performing the opperations.

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#1662

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

Transaction finality/immutability means that when the transaction is confirmed, it is final.

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

Blockchain creates a trustless environment because the protocol is already established. Therefore, everyone knows that the transaction will be confirmed and cannot be erased.

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#1663
  1. It means that blockchain transactions cannot be reversed or modified once they are created.
  2. it removes trust, participants in the transaction can mathematically verify whether the transaction has happened, and they know that the transaction cannot be reversed.
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#1664

It also eliminates the need third parties to check if the transaction happened :slight_smile:

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#1665

  1. Once a transaction is on the block, it is final, an there for the world to see, itā€™s transparent.

  2. Due to finality, there is no way for any party to reverse or alter the transaction, therefor removing the need to trust anyone before a transaction takes place.

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#1666

  1. As once a block is written to the chain it cannot be removed, the chain is immutable meaning that any transaction is final and cannot be removed or reversed.

  2. Everything on the chain is immutable and therefore can be taken as fact not need to verify when reading.

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#1667
  1. When TRANSACTION is DONE, there is no way BACK= its FINALIZED ,nothing can be done ,nothing can be change
  2. Because there is no WAY BACK, because everything is TRANSPARENT & PUBLIC = this creates TRUSTLESS ENVIRONMENT = you donā€™t need to trust anybody, you can do your business with any stranger
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#1668

  1. finality means that no transaction can be reversed or altered.

  2. Finality removes the need for trusting people.

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#1669

  1. This means that once transactions have been accepted into the blockchain it is impossible to reverse it. It is final and unchangeable.

  2. This is great for a trustless environment because everyone in the network knows that once a transaction has been accepted into the blockchain, it can be relied upon and people can act accordingly.

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