Homework on Finality - Questions

Blockchain and Bitcoin 101
#1970
  1. A confirmed transaction cannot be reversed or changed.
  2. It is trustless because a purchaser can’t reclaim his transaction once completed. The vendor can trust that he has received his balance and that won’t change.
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#1971
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Because once the transaction made on blockchain it cannot be changed.
  2. How does this lead to the trustless environment that blockchain creates?
    Because this is identified by how we program it and it will follow the rules.
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#1972

1.it means that when a transactions has been sent it is final and you can’t get it back or cancel it if it has been confirmed.
2. this can be used in corrupt countrys, strangers can do business with each other withouf fear of fraud. dont trust - verified! amazing tech!

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#1973

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed and added to the blockchain then it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Knowing that transactions cannot be censored, corrupted, changed, duplicated or lost creates trust because on a peer-to-peer level each person knows about the transaction, it happened, so no charge backs.

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#1974
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. Once the transaction has been verified it can’t be removed.
  2. How does this lead to the trustless environment that blockchain creates?
    A. Transactions can’t be reversed by either party.
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#1975
  1. A transaction cannot be undone nor charged back to return the money.
  2. Strangers can do business knowing that the transaction is final and cannot be changed or duplicated. The network verfies the data ensuring honesty of the transaction.
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#1976

1- We mean that the transaction that we sent is not reversible is finale

2- Because we trust the math the system of the network not the people.

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#1977

1-The transaction has finality means that it cannot be reversed. Once a transaction is on the blockchain it is there forever. It means that when a transactions has been sent it is final and you can’t get it back or cancel it if it has been confirmed.

2-This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks, when a block has been made it can’t be removed.

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#1978
  1. What do we mean when we say that blockchain has transaction finality/immutability? It can’t be reversed.
  2. How does this lead to the trustless environment that blockchain creates? You can not request money back.
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#1979

  1. When a transaction is unable to be reversed/undone, this is what is meant by blockchain having transaction finality/immutability.

  2. This leads to a trust-less environment as the network can be verified mathematically. Therefore allowing anyone to do business with strangers and not having transactions being reversed once verified, in turn having finality.

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#1980
  1. Once a transaction is on the database, it cannot be removed; making blockchain like digital stone; once you have carved the information, it cannot be reversed, and therefore blockchain transactions are finalized once verified.
  2. The finality of blockchain transactions allows for a less riskier structural environment because the database is created and maintained by mathematical verification. This decreased risk then creates a mindset of trustlessness for the blockchain users because the blockchain environment is inherently trustworthy by the fact that it is up and running; it is inherent in the way it works, therefore there is never a lack of trust that it will perform its function.
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#1981

  1. When a blockchain transaction occurs it must be confirmed nodes and mined into a block, once the block is created the transaction is permanently recorded and can never be changed. There is no possible way to reverse a transaction.

  2. The blockchain is a trustless invironment because all transaction / data stored on the blockchain can be traced to its origin. Each transaction is confirmed by burning electricity and coming to a consensus with other nodes proving the each transaction happened and can exist. Once created the transactions are permanent and the trust for security of the transactions legitimacy is removed.

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#1982

  1. Transactions can’t be reversed.

  2. The guarantee of a transaction does not depend on a centralized third party, but it’s instantly verified by the network.

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#1983

  1. Once a transaction is completed and verified (or confirmations) it is now on the DLT forever. It cannot be changed. Unless development of the chain does a massive undertaking to fork the code and ‘roll back’ to a certain point. This is usually only done when a major change is needed… not for your individual transaction that was done on accident/etc.

  2. There is group verification so that you do not need the other party to ‘trust’ you.

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#1984
  1. Once a transaction has been verified and confirmed by the network it cannot be reversed.
  2. It it does so by having a tamper proof history of transactions. You don’t have to trust anyone, you can simply download the ledger and verify yourself.
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#1985
  1. Transaction finality in blockchain means once a transaction is confirmed, that’s it - physically no way to reverse the transaction.
  2. Blockchain creates a trustless environment in that, because of finality/immutability of the transactions, you don’t need to trust the stranger you are doing business with - you trust the network and the protocol.
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#1986

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Once a transaction has been approved by the network of computers with the ledger, and the transfer has been made in the blockchain, it can never be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    -Trust is not relevant in this situation because every transaction is mathematically approved and every transaction once processed is made final. No reversals.

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#1987

  1. Once confirmations on the transactions are mad it can’t be reversed. Just like an accounting ledger all previous transaction data never changes. A new transaction is entered in the ledger for any future changes.

  2. Transactions can’t be reversed or duplicated. There is no creating of new funds other than those generated by mining.

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#1988
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that when you have done a transaction, it is written in the BC forever and ever as you cannot delete or update anything on the Blockchain so you cannot reverse any transaction made.

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

It leads to the trustless environment cause you are able to do businesses and agreements with strangers, once they or you have made the transaction it cannot be retractable.

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#1989

Hi @ChrisZaic! :slight_smile: Welcome to the forum! :smiley:

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