Homework on Finality - Questions

Blockchain and Bitcoin 101
#1930
  1. Transactions can not be modified or deleted.
  2. The fact that you can not reverse transactions.
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#1931
  1. it is irreversible and can’t be canceled when it has been confirmed.
  2. the finality leads to a trustless environment where people who don’t know each other do bussiness with each other because all the people can verify the code and the whole transaction history of the blockchain .
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#1932

Finality can be described as once you have sent a transaction it´s final. It is impossible to undo, change it or revoke. It has now become coalescing with all the other blocks in the blockchain forever. Immutability is the definition that the information can´t be changed or in any other way manipulated.

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#1933
  1. How does this lead to the trustless environment that blockchain creates?

A trustless environment is now created and all participants in the blockchain can now for example do business with strangers and don´t have to trust them.

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#1934

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

Blockchain transaction finality or immutability simply means that once a transaction has been made, there is no way to reverse the action. It will be recorded on the blockchain forever.

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

If for example a currency such as BTC was sent unintentionally and confirmed, you will not be able to get it back. The finality or immutability of such a transaction removes trust. There is only trust in the network, the system and the protocol because it can be verified mathematically. Physically, a transaction such as this cannot be reversed because of mining and proof of work.

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#1935

Homework on Finality - Questions

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

Can’t get it back, reverse it or change it!

Answer:

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

Answer: People know transactions and the acoounting is there forever.

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#1936

  1. What it means is that one cannot revert or undone a succeeded transaction. There is no away to access those funds unless the receiver wants to give it back. In the some way, a transaction also cannot be deleted from blockchain.

  2. The point is that these previous features removes the need of trust. Transactions history cannot be delete, as well as received funds cannot be taken by 3rd parties.

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#1937

  1. The finality/immutability properties of blockchain mean that all transactions are final, complete, irreversible, carved into stone.

  2. This helps create a trustless community because the system doesn’t assume you trust the person your doing business with. You don’t have to trust the person your doing business with, you just have to trust the protocol.

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#1938

  1. The transaction is FINAL you can not change it, reverse it, or erase it (unless the people reject it).

  2. It means we don’t have to trust anyone to know if that transaction happened or not at all ever in the history of the universe :m: :a: R I :o2: :grinning:

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#1939
  1. A transaction can’t be changed or removed. Altough to realize it it will cost you a lot of energy.
  2. Because its impossible to spend so much enery for one party to change things in the blockchain
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#1940

  1. A transaction is final when is included in a block of the chain. And only can be removed if that block is completely changed for another one instead by the majority of miners. Once you add blocks to the chain, the following blocks depend on the previous ones… so it is immutable.

  2. Because the transactions must be included in block, and this one, mined and follow the consensus of the others nodes/miners/chain… once a transaction is in the chain, it can be verified that it is final, so you don’t have to trust anyone whether it has been done correctly or not. You just check it yourself.

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#1941

Transactions are final and immutable all that means is that they can not be undone.
This is good when doing business with strangers because they can’t say it didn’t happen or try to get the transaction undone because it final. Therefore you don’t have to trust that they won’t do anything such as scam you or do rhe transaction twice.

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#1942

What do we mean when we say that blockchain has transaction finality/immutability?
This means that once a transaction has been written into the blockchain, it can never be removed. This means that “all sales are final” and there are no chargebacks.

How does this lead to the trustless environment that blockchain creates?
This causes users to trust in the algorithms, mathematics, and protocols underlying the blockchain rather than needing to trust their buyer or seller. I don’t have to worry about being scammed because it is mathematically impossible for me to be scammed in the first place.

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#1943

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    What we mean is that once a transaction happens and is recorded in the blockchain that transaction cannot be undone. It exists in the ledge forever.

  2. How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless environment because the blockchain protocal ensures that there is consensus across all nodes in the network. The protocol can be mathematically validated and the laws of mathematics are immutable.

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#1944

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A feature of the blockchain is once a transaction is confirmed it is final and cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    It eliminates charge backs and scams. No trust is involved. The finalized transaction can be verified from mining and proof on the blockchain. It is validated mathematically.

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#1945
  1. Once registered/written in the public ledger of blockchain network, a transaction cannot be reversed hence, it is final.
  2. Due to immutability, users need not trust a limited set of people/organizations and their intentions as what goes in a blockchain is mathematically verified and scientifically impossible to reverse.
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#1946

  1. The transaction is recorded in the blockchain permanently and cannot be altered. No takesies backsies.

  2. There is security in the knowledge that once a transaction is confirmed you know you have the money, theres no opportunity for the other party to scam you or take the money back.

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#1947
  1. The transaction cannot be reversed given the math physics one way blockchain shielded by protocol server and network
  2. decisions between different participants (“nodes”) are reached by following consensus protocols, trustlessness payment channel networks
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#1948

Finality

  1. Guaranteed that your transaction is final non can alter the application its immutable- terminal
  2. minimizing trust from all actors within the system distributing amongst these global actors by incentives within blockchain protocol and rules.the sender has money authenticated by mutual trust and no double spending no fake amount money is real
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#1949

  1. It means once a transaction has happened you cannot reverse a transaction.

  2. We can have a business with strangers by removing trust.

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