Homework on Finality - Questions

Blockchain and Bitcoin 101
#2110

  1. it means that once transaction happens there is no way to reverse it.

  2. because you can’t get scammed by someone doing a chargeback.

1 Like
#2111

  1. This means that once a transaction has been performed, it is final. It cannot be reversed under any circumstances.

  2. This leads to the trustless environment because transactions on the blockchain network can be verified and tracked by anyone so no need to take anybody’s word for it. Check it yourself! Discover the truth!

1 Like
#2112

  1. Transactions can not simply be reversed or changed by anyone.

  2. This leads to total truthfulness because we are not relying on a third party verifier that could possibly alter or change the transaction. Once the transaction is committed it can not be removed as its now for public viewing

1 Like
#2113

– Once a transaction is made in the system, it can no longer be reversed. It is final and cannot be retracked.

– Finality allows each participant in a given transaction to be sure of every finalized process. Even if you are making a transaction with strangers, your transaction is guaranteed to be legitimate and irreversible due to the finality of the blockchain.

1 Like
#2114

Once a transaction is confirmed it cannot be reversed.

This creates trust because a transaction is recorded on the block network for all to see and cannot be altered.

1 Like
#2115

  1. Because the the Blockchain is immutable, once the data is placed on the Blockchain its there for ever and can’t be changed, Finality. No way of either party to change their mind or try and undo any part of the transaction.

  2. The transparency, immutability, and finality make it almost impossible for bad actors to take control of a Blockchain.

1 Like
#2116

Homework on Finality - Questions

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

The transaction is permanent and can not be reversed.

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

I know if I provide a service or product to a customer that my payment can not be pulled out of my account a week later.

1 Like
#2117

  1. The transaction is not reversible.

  2. You do not have to worry about scammers finding ways to get their money back after they have paid you, this opens the doors for more business with strangers as the trust element is not needed.

1 Like
#2118

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    What we mean is that a transaction can not be undone once it is confirmed, and that transaction will be part of the blockchain forever and can not be modified or changes

  2. How does this lead to the trust less environment that blockchain creates?
    Because you can now do business with people you do not know or trust, because you know that can not do a charge back or change the transaction in any way. You no longer need to trust anyone to do transactions, you just need to trust math and the protocol

1 Like
#2119
  1. Finality/immutability means that once an input/transaction has been placed, there is no possible way to pull back or change that action. Blockchain has transaction finality because it requires no trust between the sender and the receiver.
  2. This creates an open and trust-less environment by taking the trust from the user and sender and placing it within a mathematically verifiable, unchangeable system of transaction.
1 Like
#2120

Once a transaction leaves your computer it is not reversible , all details of that transaction are permanently stored on the blockchain.

This negates the need for trust. We can do business with anyone the legitimate transaction lies in the system itself.

1 Like
#2121

  1. It means that the data is permanent and cannot be reverse, erase or edit.

  2. Due to the immutability and cryptography characteristics that are built into the blockchain protocol, we are certain that the transactions and data are final and it can be verified and proven mathematically.

1 Like
#2122
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it means all transactions are final and can’t be changed or tamper with .

How does this lead to the trust less environment that block chain creates?
we have a trust less protocol , no one person controls the environment therefore you have a community of people ensuring that the protocol stays trust less by given them incentives .

1 Like
#2123

  1. Transactions are final.

  2. You trust the system and can verify that the transaction has been made. As long as the system works then there is trust.

1 Like
#2124

  1. Transactions that recorded on the blockchain is irreversible. Meaning once is on the blockchain it is there forever, no one will be able to remove or edit it.

  2. Due to the nature of blockchain, information can be easily tracked and be verified on the blockchain network, strangers will be able to do business with each other and confirm it on the protocol, instead of trusting their words.

1 Like
#2125

  1. That once a transaction is created and recorded on the blockchain there is no way to cancel it or reverse it. It also can’t edited or changed in the future once it’s there its always there.

  2. Well it allows for basically no accounting fraud or cooking the books from central authorities or institutions. It puts the power in the hands of the community who are incentivized to do as they say.

Reminds me of me when donald rumsfeld came out and said the pentagon had just misplaced or lost 2 trillion dollars. Poof, gone. It still hasn’t been able to have a proper audit till this day, that should tell you something about any centralized authority government business or anything that isn’t transparent or have any real accountability.

1 Like
#2126

1. Finality means that once a transaction is confirmed, that it can’t be taken back, and 2. This makes the database trustless because the one paying cannot cancel or place a stop payment with their bank once the deal is made.

1 Like
#2127

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means all transactions are mathematically final. There is nobody you can contact to reverse a decision made on the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    There’s no trust needed in a system that mathematically verifies all transactions. So long as you’re sure about your decision that you’ve made on a blockchain, you don’t have to worry if the person you’re transacting with wishes to scam you or not. ALL transactions are final. They can never reverse a transaction and any claim they make isn’t to be weighed more than the mathematical proofs built into the protocol of the blockchain.

1 Like
#2128
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction happens (and verified by nodes!) it is final and will be on the blockchain forever. Like the viking stones you can only add but never remove transactions.

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

You no longer need to trust because you cannot duplicate or reverse or otherwise fake your intentions. The finality is a result of the mining verifying the transactions. It cannot be reversed which creates a trustless system because there are no charge backs.

1 Like
#2129

Finality/immutability means that once a transaction has occurred there is absolutely no way it can be reversed. This prevents one party from rescinding their payment in case they want to obtain something without paying for it.

If you can understand this principle it allows for dealing with strangers by adhering to protocol - once you send something/complete a transaction there is no way to get it back due to this protocol, and vice versa.

1 Like