Homework on Finality - Questions

Blockchain and Bitcoin 101
#1830

1- It means a transaction cannot be change or deleted. It is there forever.
2- People cannot manipulate the data in the blockchain to their advantage.

1 Like
#1831

What do we mean when we say that blockchain has transaction finality/immutability?
They cannot be reversed.

How does this lead to the trustless environment that blockchain creates?
The receiver of value can be sure that the transaction is final and non-reversible,
hence is guaranteed that a counterparty/stakeholder is not able to take action to reverse the transaction.
The counterparty/stakeholders do not have to be trusted, only the network has to be trusted, i.e. a trustless environment.

1 Like
#1832

  1. Blockchain having transaction finality/immutability means that once a transaction has been sent onto the blockchain their is no call backs, you can’t refund it or get your bitcoin or eth back it is final.

  2. This leads a trustless environment where you don’t have to trust random people around the internet to do commerce with, you just need to trust the physics behind blockchain technology and know that you can check and verify every transaction on the blockchain.

1 Like
#1833

There is no way for a transaction to be removed because once the transaction is on the blockchain is final.

You no longer have to trust an entity, or individual with your information. no one can manipulate data. Once it is on a blockchain its final.

1 Like
#1834

Once a transaction is confirmed, there is no reversal; confirmed transactions are final. One party does not need to trust another party, especially regarding receiving payments, as the protocol verifies the transaction mathematically.

1 Like
#1835
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?

A. Once a transaction has taken place it is over and cannnot be changed once confirmed.
B. Because through math and the creation of blocks on the chain trusting peer to peer is not required.

1 Like
#1836

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that the transaction came to consensus, they transaction went through, it’s finalize, it’s permanently on the blockchain and “immutability” meaning that it can never be changed or altered

  2. How does this lead to the trustless environment that blockchain creates?
    You can trust strangers because you can trust the math protocol. It makes it trustless. Two strangers can interact on a transaction. The other party can’t take back the money.

1 Like
#1837
  1. It can’t be reversed or undone
  2. By allowing parties unknown to each other to trust a shared transaction.
1 Like
#1838

  1. transactions cannot be reversed, nor the data deleted or hidden.

  2. one doesn’t need to trust the character of the end user of their transaction. the math and protocols guarantee the integrity of the transaction, regardless of who is doing it. hence you can safely do business with a stranger.

1 Like
#1839
  1. Finality means transactions once confirmed through the mining process, cannot be reversed. There can be no “chargeback” like there is with credit card and paypal transactions
  2. Finality creates a trust less environment because it now enables strangers to transact with each other as there is no fear of either party committing fraud against the other.
1 Like
#1840
  1. It means that it is immutable and unchanging. Once a transaction is verified it cannot be undone.
  2. A trustless environment is created because the ledger is processed and verfied by other nodes confirming that the transaction is valid.
1 Like
#1841
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once added data (blocks) can not be removed or altered: they are there forever.
  2. How does this lead to the trustless environment that blockchain creates?
    We do not have to trust someone or a company, but the network and used protocol, It is mathematicaly verifiable.
1 Like
#1842
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  2. How does this lead to the trustless environment that blockchain creates?

Answers:-

  1. It means that a transaction is permanently recorded in the blockchain and no one has the ability to alter or erase it. Therefore it is final once the transaction has happened.

  2. This allow anyone to deal with any strangers even they don’t trust them because once a payment is made, it can not be reversed. So people do not need to trust others to do business with them.

1 Like
#1843

1.- It can not be reversed or cancelled, once transaction is made, it is engraved in the blockchain
2.-No more trust is needed among the transactions, as mathematics can prove it

1 Like
#1844

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction was recorded, there is not way to remove it or take it back.

How does this lead to the trustless environment that blockchain creates?
Participants do not need to worry that the transaction will be reversed at some later stage so transacting with strangers becomes a lot easier.

1 Like
#1845

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

*It can not be reversed*

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

You dont need trust you have system

1 Like
#1846
  1. Transactions can not be reversed
  2. We trust the network and not the parties.
1 Like
#1847
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been done on the blockchain it cannot be undone.
  2. How does this lead to the trustless environment that blockchain creates?
    It leads to a trustless environment by assuring everyone that once a payment is made by a customer for example, this payment cannot be requested back anymore. Once a transaction is made, it is verified by all other participants and that cannot be undone anymore.
1 Like
#1848

  1. Blockchain transactions can’t be reversed or refunded after the transaction has been verified.

  2. Because transactions can’t be reversed, both parties can be assured that one another will not take back money after the transaction has been made.

1 Like
#1849

  1. Finality/immutability in blockchain means once a transaction is recorded, it is there forever, it cannot be undone

  2. This leads to a trustless environment created by blockchain by providing a permanent record/database, with all transactions viewable/verifiable globally, enabling honest transactions to go ahead amongst complete strangers

1 Like