Homework on Finality - Questions

  1. When an input or change to the network occurs it is irreversible.
  2. This leads to a trustless environment because users cannot scam or cheat the systems algorithm.
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We mean that once a transaction has been added to the blockchain, it can never be removed or changed, because of the way blocks are created. Each transaction has a permanent effect on what follows, and although it might be theoretically possible to unwind a transaction, in practice this would never be the case.

Because there is such a high degree of trust in the network itself that the blockchain records what actually happens, there is no requirmrnet to trust the other party in a transaction. If, for example, they claim not to have received payment, the blockchain itself will determine whether or not that is true. So at that level, trust between trading partners or contractual parties is not required for a transaction to reach agreement.

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  1. A blockchain has transaction finality/immutability because once the transaction has occurred it cannot be undone; blockchain is built upon permanent sequential transactions.

  2. Permanent sequential transactions allow for a trustless environment because each transaction has hard/direct evidence in the blockchain and is immune from circumstance.

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A blockchain has transaction finality/immutability because the transaction can not be reversed or modified. Once a transaction is complete it can not be changed on the blockchain ledger.

Trust is not required to do business on blockchain with a stranger because trust lies in the protocol of verifying transactions with math and proof of work through mining.

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  1. That once a transaction is verified that it cannot to reversed.

  2. Because both parties know that the transaction is verified by the network so they don’t have to trust each other to do business.

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  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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