Homework on Finality - Questions

  1. That the transaction cannot be reversed.

  2. Both parties know that the transaction is verified by the network so they don’t have to trust each.

  1. Once a transaction is confirmed it’s final. It can’t be changed, reversed or deleted.

2 an irrevocable transaction no longer requires trust to make it happen. this allows people the opportunities to do business with everyone else.

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  • they cannot be reversed
  • you don’t need to trust anyone, the blockchain verifies that it’s truthful
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  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once done, something cannot be undone

  2. How does this lead to the trustless environment that blockchain creates?
    transactions cannot be reversed by either party (either accidentally or maliciously)

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1)It means that once you make the payment, it is impossible for any refund.
2)Because you do not need to trust anyone, but you just need to trust the internet and its protocol.

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  1. a blockchain transaction cannot be reversed, the programming of the blocks has already contiued

  2. by removing the 3rd party and relying on consensus, there is no need for an external 3rd party to control/check the transactions are valid. The system itself does that

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  1. The term transaction finality when referring to block chain means the transaction once processed does not allow for returns or any exceptions, this can cause issues for businesses or persons wanting to allow for that kind of reversal action.

  2. The above leads to a trust-less environment because the program must work if it does not work the entire network fails.

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

Transactions added to the ledger cannot be erased or changed without consensus from every node in the network which, let’s face it, is very unlikely.
2. How does this lead to the trustless environment that blockchain creates?

Since no one can change or erase what’s been added to the blockchain there’s no incentive to lie. It’s a public and immutable ledger.

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1- Unfortunately, Joe Schmo can not call anyone to get a refund or dispute the transaction. Sayonara.

2- Once I decide that I want a transaction to be made on the blockchain, I know that this will translate into a finality. Proof of work, done.

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  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A1. Once a transaction has been verified and appended to the blockchain it
    cannot be reversed. It is permanent as long as the network is kept alive.

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

A2.The finality of the transaction means that we can remove trust and be
able to do business with strangers because we are relying on the math
and protocol and not on humans deciding to do the truthful thing.

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  1. When you refer to blockchain having transaction finality, you are referring to the fact that once a transaction is written in the blockchain it cannot be changed or unwritten
  2. People cannot go back (or take back) their transaction that is publicly available
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  1. Once a transaction has happened, it is final. There is no way to take it back.
  2. Blockchain removes trust from individuals to the network as all transactions can be verified mathematically.
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  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once any data is added to the blockchain it cannot be undone. All transactions or data are final.

  • How does this lead to the trustless environment that blockchain creates?
    Because the finality feature based on programming rules requires no human involvement to make a decision whether good or bad motives, it allows a trustless environment to survive.

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What do we mean when we say that blockchain has transaction finality/immutability?
You can not reverse your action.
How does this lead to the trustless environment that blockchain creates?
information or transactions are kept forever and as such you can verify any and all transactions. I don’t have to place trust in anyone that i action was done , I can verify,No need for trust

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  1. No way to reverse the transaction

  2. People cannot do a chargeback after receiving the product or service

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

A. Electricity is used to timestamp hashes, documenting records of transactions permanently, creating a block within the blockchain. Everything is final in the ongoing database.

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

A. Records in the blockchain database cannot be modified after they have been timestamped, thus creating a verified finality.

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  1. Its physics.

  2. Math never lies.

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  1. Meaning that once a transaction occurs it cannot be altered or reversed.

  2. It allows you to do business with any stranger or person without the fear of being swindled for your money or service in the form of a cancellation or chargeback.

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  1. Once a transaction is made, it’s finalize, there is no way to reverse or changing it.

  2. Strangers can do business with each other with blockchain knowing the transaction that is made cannot be reversed and verified through public ledger.

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  1. It means that once you make a transaction it can not be re-written.
  2. This leads to a trustless environment by solidifying the fact that transactions can only be added.
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