Homework on Finality - Questions

Blockchain and Bitcoin 101
#1910

  1. Finality means once the transaction has been confirmed by the network it cannot be reversed. Immutablity means once the transaction has been confirmed by the network the data on the block can no longer be deleted or altered, only added to.

  2. It means no one can alter the terms of the deal partway through. It is stored on the blockchain as a transaction now. There is no need to trust a third party to confirm the transaction as the nodes on the network have confirmed the transaction as valid. If one party or the other did not have the agreed upon sum, the network would reject the transaction as invalid.

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#1911

  1. what we mean when we say that, blockchain has transaction finality/immutability, isā€¦ That once a transaction is made, it cannot be reversed.

  2. It leads to the trustless environment that blockchain creates, by proof of work. and mining. it is backed by physics. and it is always verifiable.

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#1912

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

ā¦ Once a transaction is made it cannot be reversed.(itā€™s final.)
ā¦ no refund
ā¦ no Money-back Guarantee
ā¦ no do-overs
ā¦ no takebacks
ā¦ no chargebacks
ā¦ no quarterbacks
ā¦ no exceptible excuses
ā¦ no ā€œlet me speak to your superviser/managerā€
ā¦ just done and done

2.How does this lead to the trustless environment that blockchain creates?
ā¦ The environment created is one of absolute and sole trust in the math of the protocol/math and the protocol(the caluculator).
ā¦ and in the system of finacially incentized miners
ā¦ all parties can fully trust that the variable of manipulation is out of the equation.

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#1913

*** What do we mean when we say that blockchain has transaction finality/immutability?**
Data and transactions on the blockchain cannot be reversed/deleted or changed.

*** How does this lead to the trustless environment that blockchain creates?**
Exchanges on the blockchain donā€™t depend upon knowing and trusting people involved in the transaction; the transaction is rooted in mathematics and strangers can trust this math instead of the integrity of the people involved in the transaction.

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#1914

which creates a sense of win win for all involved in the transaction.

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#1915

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has been confirmed by a number of nodes and is written into the ledger it cannot be removed for the whole of time.
Thatā€™s pretty final!

How does this lead to the trustless environment that blockchain creates?
It means we do not have to trust an individual or organisation to transact over the network via blockchain.

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#1916
  1. That a transaction performed on the blockchain network has a character of irrevocability.
  2. Players on the blockchain can mathematically verify any transaction; therefore trust is moved from the eclectic human being behavior to the integralism of the finality of the network system.
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#1917
  1. When a transaction occurs it is final. There are no charge-backs with BTC. The deed has been done!
  2. This creates a trustless environment due to our trust in the verifiability. By trusting in the math, the protocol, the mining of the blockchain, we create the finality mentality and adhere to said finality mentality.
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#1918
  1. Finality means that once it is on thereā€¦ it will always be on there. And it can not be changed or altered.
  2. You know for certain that it happened and you do not need to worry that someone altered it for their own gain.
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#1919

It means that once a transaction has been confirmed Itā€™s Final. There is no way to undo it and reverse the transaction.

  1. Because transactions between people and strangers no longer involves trust , no need to trust he will send the money and then reverse it, you can trust in the mathematics of the programming .
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#1920

  1. Once a transaktion is accepted/confirmed by the blockchain it canā€™t be undone or reversed

  2. Since the transaktions are irreversible, Itā€™s easier to make busniness with strangers since you donā€™t have to trust them. For example: you donā€™t have to worry about scammers that pay for a service/Product and later takes back the transaction.

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#1921

Finality in blockchain means once a block is created/confirmed it cannot be reversed. It is there for ever. For example, if I send money to B I cannot recall it once the transaction is confirmed. Finality leads to trustless environment in the blockchain because I can do business with strangers without fear of being scammed because I know that once the transaction is confirmed no party can reverse it. No party has authority to alter an already confirmed transaction.

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#1922
  1. Ity means that it cannot be reversed. Once a transaction is on the blockchain it is there forever.
  2. This leads to the trustless environment because you can do business with strangers and do not have to trust them.
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#1923
  1. It is not possible to change a transaction once completed.
  2. In a merchant use case for example, it would be impossible for a charge back to happen whilst goods may be en route to their destination.
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#1924

1- That when a transaction has happened there is no way to get it back.

2- This is a reason to trust the network. It was made so that people stop stealing online, buying things and saying that it never reached them. When a transaction is submitted, there is no way to cancel it.

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#1925

  1. Once a transaction is made it cannot be reversed, it is locked on the public ledger forever. There is no way to charge back the money from a transaction as may be possible with centralized bank,

  2. This means that business with strangers is possible without needing to rely on trust. The trust lies within the math and protocol of the network.

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#1926
  • What do we mean when we say that blockchain has transaction finality/immutability?
    all transactions are final it can not be reversed and there is now way to get your money back.
  • How does this lead to the trustless environment that blockchain creates?
    If it can not be reversed strangers can start trusting each other and there cant be any chargebacks.
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#1927

So consensus comes into play here again. Once data is part of the blockchain it can nolonger be changed. Same with any transaction once processed and verified as part of blockchain it canā€™t be undone.

Fear of stop payments and charge-backs forces some retails to accept abuse/ unfair treatment from some customers, however business recoup losses from other customers which intrans higher cost for all players.

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#1928
  1. This means that once a transaction is verified and becomes part of the blockchain it cannot be reversed.
  2. This leads to a trustless environment because you donā€™t need to worry about the funds being rejected, cancelled or refunded.
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#1929

  1. Simply put is that every verified transaction is final and cant be reversed.

  2. It leads to a trustless enviroment because you dont have to trust anyone or anything, you can actually see the facts which have been recorded on the blockchain and turst the facts and nothing but the facts.

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