Homework on Finality - Questions

Blockchain and Bitcoin 101
#1870

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has been sent it cannot be reversed by the sender.
2. How does this lead to the trustless environment that blockchain creates?
If you sell something , for example , the customer cannot reverse the payment process , therefore it is possible to trust strangers without recourse to say , the legal system . Payment is final .

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#1871
  1. Each blockchain transaction is final, cannot be removed or reversed. It is physically impossible due to mining technology.
  2. It creates the trustless system by the impossibility to reverse the transaction.
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#1872
  1. It means that when a transaction goes through it’s on the blockchain no one can touch it not even yourself it is completely untouchable.
  2. You can do business with anyone. You dont have to trust anyone because blockchain shows you the transaction no questions asked you make the transaction and it is final and after it is complete blockchain blocks it. .
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#1873
  1. Once verified and accepted on the network a transaction cannot be reversed or altered.
  2. Data is verified by consensus not trusted from a single party.
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#1874
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that once a transaction is processed it will remain on the blockchain forever and there is no way to reverse it.
  2. How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless system where you do not have to trust anyone just the protocol and the math. Therefore, you can do business with anyone because everything will be stored in the blockchain.
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#1875
  1. BC transactions are final and immutable because they are irreversible and undeletable. That is where the trust comes in to play with BC.
  2. Finality and immutability lead to a trustless environment in BC because of the security inherent in the protocol where conducting business with a stranger is possible. The security of knowing the transaction will be irreversible and unmodifiable.
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#1876
  1. Transaction cannot be reversed, no charge backs
  2. Trust is not on one entity, it is on the network
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#1877

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer:
    Transaction Finality in the blockchain is when a transaction is made, and it cannot be undone.
    Immutability is when you can track transactions which give us transparency in the system.

  2. How does this lead to the thrustless environment that blockchain creates?
    Answer:
    The finality feature in the blockchain is the part that is final in a transaction from the sender, so if a transaction is made there is no way of undoing it and will be in the blockchain forever. In other words, you want to have to worry for a reversal transaction and therefore trust is not needed in the blockchain.

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#1878

Homework on Finality - Questions July 16th 2020

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

This means that once a blockchain transaction is executed it cannot be reversed and it’s recorded on the blockchain forever with no way of changing the transaction record.

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

This method of transaction method, allows the user to perform exchanges(trade) of asset, trust less with a stranger. The blockchain is mathematically secured(Cryptography) and cannot be reversed.

-Hector A. Martinez

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#1879

  1. Once the consensus of the network (mining) agrees and confirms the transaction it is added to the blockchain and is “set in stone” and cannot be removed.

  2. Once the decentralized transaction is confirmed true and is added to the blockchain it cannot be taken back eliminating potential scam chargebacks creating a trustless environment.

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#1880

#1finality is one and done no take backs if not agreeable by to transacting .#2 its person to person from any part of the world having network control for themselves for justice!

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#1881

  1. The transactions can’t be reversed or refunded. There is no central authority that would do it.

  2. I know that once I received or sent a transaction it will not be changed in a future and I know that funds are mine.

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#1882

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is accepted on to the blockchain, it can’t be changed. So the blockchain is an immutable record of past transactions.

2. How does this lead to the trustless environment that blockchain creates?
Rather than trusting in each other, transacting parties trust in the system, the network, the protocol - everything is mathematically verified. The fact that you can’t reverse transactions makes it easier for different parties to do business together and trust in the outcome.

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#1883

  1. Blockchain technology has finality because once a transaction is initiated, there are no returns.

  2. Finality together with immutability, consensus, and provenance create a trustless environment in which everything is verified by the network.

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#1884

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When consensus is reached and a new block (consisting of a cluster of transactions) is made, it’s added to the blockchains public ledger permanently. No one is able to change the content of existing blocks retrospectively.
  2. How does this lead to the trustless environment that blockchain creates?
    The only thing you have to trust is the functionality of the protocol and that’s verifiable through mathematics, so it’s not about so called “blind trust”. You can know that when a payment is received, it can never be reversed or changed by any other party.
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#1885

Nice pun :stuck_out_tongue:

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#1886

  1. When payment is made it can’t be changed or reversed.

  2. You can avoid charge backs, deal with strangers, remove the trust in that retailers can’t be scammed out of dodgy and false claims.

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#1887

1. What do we mean when we say that blockchain has transaction finality/immutability?
it can never be changed. or basically it is economically not worthwhile to change it.
2. How does this lead to the trustless environment that blockchain creates?
i trust math and the algorithm not that someone sticks to his words. I need to trust only my own capabilities that i do not make a mistake (use the wrong adress, send money by mistake etc…). Although i think this is also the big issue for mass adoption. i am curious to hear more of the threads and hurdles of bitcoin mass adoption hopefully soon.

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#1888

  • What do we mean when we say that blockchain has transaction finality/immutability?
    R: It cannot be changed, it will remain in the blockchain immutable

  • How does this lead to the trustless environment that blockchain creates?
    R: The user relies on information recorded in the blockchain, things happened as blockchain says how and when it happened

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#1889

I guess this is true in a way, people are more used to usernames and passwords…maybe that is also the reason why a lot of people rely on hosted wallets and exchanges to store their coins. Which is in fact not as safe or practical.

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