Homework on Finality - Questions

  1. Means nobody can reveres or change a transaction happened.

  2. Because once you get paid scammers cant cancel the transaction!

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  1. It allows for a valid transaction to take place, you have the currency needed to
    complete the transaction, you send the currency the transaction is complete and
    cannot be changed or reversed.

  2. We know that the decentralized network came to consensus on a particular
    transaction and confirmed it within a mined block that became part of
    the blockchain.

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  1. transactions once verified by the network are complete and irreversible.
  2. i don’t have to rel on anyone to determine validity of transactions i make.

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

A transaction, once confirmed, can not be changed or reversed. It is FINAL.

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

The trust is in the network, in the math and not a person. It is the same for everyone.

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  1. Transaction finality means there is no way to alter the transaction once it has been executed and finalised.

  2. The immutability/finality protocol feature will ensure that the blockchain’s trustless environment is upheld.

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  1. When transaction is confirmed by consensus it can’t be reversed. It is stored on blockchain and cryptographically connected with all previous and future transaction and therefore is immutable.

  2. You can reliably transact with strangers by verifying all transactions on public ledger. They also don’t have an option to cancel their transaction or ask for chargebacks; transactions are irreversible.

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1. What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction is complete it can not be undone. The transaction remains written within the blockchain forever (Viking Stone).

2. How does this lead to the trustless environment that blockchain creates?
Allows business to be conducted between strangers and across boarders because the completed transaction is mathematically and independently validated which can not be undone through a mining process call “Proof of Stake”.

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  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?

  3. It means that once a transaction goes through it can never be reversed or copied,.

  4. We no longer have to trust or know the person we are dealing with as far as receiving a payment. Because once the payment is sent the transaction is final.

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  • What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions can’t be reversed, when confirmed.
  • How does this lead to the trustless environment that blockchain creates?
    There is no risk of chargebacks.
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  1. because when a transaction has been made it is finale and cannot be undone.
    2.it creates a trustless environment because everyone can verify what transactions have been made not allowing anyone to reverse a transaction
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  1. Once a transaction is confirmed it’s integrated in the blockchain. No changes possible. And new blocks are build on top of the previous one.
  2. Thus we trust maths. The consensus determines the truth, no need to know and trust an other party. We follow a protocol
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  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is recorded to the blockchain it can’t be removed. The transaction is irreversible and there for everyone to see.
  2. How does this lead to the trustless environment that blockchain creates?
    It creates a sens of trust between two party that don’t know each other. For example if you get paid in cash from an non trust-able source, that cash might be counterfeit. On bitcoin once A send funds to B and it is confirmed on the blockchain, B knows for sure that he now controls those funds and they are spendable and valid.
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  1. It basically means that once a transaction has happened in the blockchain, there is no way to reverse it. This is because of each block in the blockchain is defined by a hash, that is defined by all the transactions in the block. Also, each block references the hash of the previous block, meaning that, if you change a transaction in an old block, the block the transaction is in will have a new hash value that no blocks are pointing at, making the whole blockchain invalid. This is what Ivan means when he says it’s “mathematically impossible” to remove/change an existing transaction.

  2. You don’t need trust, because you can verify it. It’s like when a friend tells you 2+2 is 4. You don’t need to trust him, you can just count it yourself. That’s the same principle regarding blockchain and verifying transactions; you don’t need to trust that a stranger has 1000 BTC etc. You can just sum up his/her transactions in the blockchain.

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Once consensus is achieved the transaction is locked in the chain and cannot be reviersed or changed = finality/immutability.
I do not need to trust the vendor / customer for a transaction because once the chain verifies it it becomes fixed.

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1 Significa dizer que assim que uma transação for confirmada, jamais poderá ser revertida, a não ser que a blockchain sofra um ataque.

2 Devido à imutabilidade da blockchain os usuários da rede podem confiar que suas transações são seguras e confiáveis, devido às propriedades imutáveis da blockchain.

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  1. It means transactions cannot be reversed or charged back. Every transaction on a blockchain will be there for all time.

  2. It is a trustless environment because you are able to do business with people you don’t know without any worry they will scam you.

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1.What do we mean when we say that blockchain has transaction finality/immutability?
It means all transactions remain in the chain forever and cannot be removed/reversed.

  1. How does this lead to the trustless environment that blockchain creates?
    All network participants have a copy of the blockchain that can be audited by anyone and there is no need for trusting a third-party or a middleman.
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  1. Transactions cannot be reversed or changed because all transactions are verified and cannot be hacked. Miners verify transactions and as the hash rate rises it makes it harder to hack.
  2. This leads to a trustless environment because we can verify everything mathematically
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  1. every transaction is final and remains on the ledger for all to see, for ever.
  2. It removes the response of people as to them receiving the payment, it is there on the record.
  1. Transactions cannot be reversed or altered in anyway. Once the transaction data is written into the block and as the correct number of confirmations, it’s there for good. This is known as immutability.

  2. Transactions in the blockchain are permanent and visible, with encryption technology and protocols effectively replacing and third-party intermediaries. This is called a trustless trust, since no trust is required between transaction participants.

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