Homework on Finality - Questions

Blockchain and Bitcoin 101
#61
  1. Transactions cannot be reversed
  2. Because you can do business with strangers
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#62

1.What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction is made on blockchain it’s is un reversable and is final.
2.How does this lead to the trustless environment that blockchain creates?
Peers or strangers can do transactions among themselves without trusting anyone.

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#63
  1. What do we mean when we say that blockchain has transaction finality/immutability? Finality and immutability means that once the transaction has occurred, it cannot be taken back. The transaction is final. Immutability allows transparency, tracking and accountability of the blockchain.
  2. How does this lead to the trustless environment that blockchain creates? Finality leads to a trustless environment by there being no need to trust a person. My trust is in the system, the protocol, the physics component of the blockchain in that it cannot be changed and in the mathematics component that is verified mathematically.
2 Likes
#64
  1. Transactions are irreversible and forever stored in the blockchain.
  2. There can be no discussion or argument between two parties about a transaction because the transaction is irreversible
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#65

  1. When a transaction is made you can not take it back. Nothing can be undone.

  2. This way we do not have to trust each other. When we decided to do something there is no going back. Math rules.

#66
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction is complete, it cannot be changed, deleted, or reversed
  2. How does this lead to the trustless environment that blockchain creates? The lesson said that the vendor does not need to trust the buyer (who will not be able to go back to their bank and reverse the charge). I feel this just swings the pendulum back, the buyer will now have to trust that the vendor will send the correct product… block chain will not help that issue. Not all buyers who use this protection are scammers.
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#67
  1. It means all transactions that get written to the blockchain are not changeable and will stay there forever.
  2. It means that we do not need to trust each other to do business. As long as both parties in a transaction are using the same blockchain solution, we know that inherently the system itself will ensure the viability of the transaction (prevents double spending or sending funds that don’t exist or changing the transaction after it is already sent).
2 Likes
#68
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction is performed on the blockchain it is there forever and it can not be reverted.
  2. How does this lead to the trustless environment that blockchain creates?
    Because every transaction can be traced down in the blockchain and it can not be removed or replaced so all a user has to trust is the the blockchain itself.
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#69

What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality means that once a transaction has taken place it cannot be reversed. Blockchain technology produces immutable or unchangeable transactions because of the add-only feature of the distributed ledger. Transactions cannot be taken back or altered so there is no way to do chargebacks or scam the system.

How does this lead to the trustless environment that blockchain creates?
Using blockchain we can do business with entities around the globe safely. We don’t have to trust an individual or company or third party because we trust the protocol and the math behind it when blockchain transparently records all transactions. Auditing transactions can be done in real time. The system is trustless.

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#70
  1. That once it is confirmed it will stay that way for the life of the chain, cannot be changed.
  2. I don’t need you to stick to the deal that we made. No charge backs or stop payments. Currently that is one of the reasons that banking takes so long to transfer funds from one to another.
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#71

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
Because work has been applied before a transaction is recorded in a block, reverting the blockchain would cost work as well, and this cost grows exponentially as new blocks are added on top of the one block in question. So no participant has any economic incentive to try to roll back the blockchain as it would simply cost more, and probably lead to nowhere, than simply contributing to the main chain immutability. At the end, this finally means: once a record is there, it is there, for good.

2. How does this lead to the trustless environment that blockchain creates?
Such immutability is secured by all network participants and by clear rules, therefore enabling one not need to trust since simply verifying is possible.

3 Likes
#72
  • What do we mean when we say that blockchain has transaction finality/immutability?
  • every accepted transaction is cast in stone.
  • How does this lead to the trustless environment that blockchain creates?
  • immutability enables the verification/consensus process using math and physics without trust.
2 Likes
#73
  1. When the transaction has been made there is no turning back. it’s written on the viking stone.
  2. U can resive money from a stranger and no that the money is yours now, u dont have to trust the person. don’t trust verify
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#74

1 transaction cannot be reversed.

2 There are no banks/paypal/credit card companies in the middle which I can ask to reverse the payment. We are fully responsible ourself

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#75

  1. There is no way to reverse/change the transaction once it is on the blockchain. It is there forever.

  2. Depending on your use case, blockchain might be the solution for you if you want to do business with strangers and don’t allow charge backs or you want to guard against getting scammed.

#76

What do we mean when we say that blockchain has transaction finality/immutability?
Non reversable no charge back
How does this lead to the trustless environment that blockchain creates?
When a transaction is made it is final

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#77

Once a transaction is done no one can change it.

Generated by mining.

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#78

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -When transaction is done its done. There is no possibility for chargeback. Its like if you buy drugs and give the cash to the big bald guy then after the weekend you go like “The product was so great but I want my money back.”. So it wont happen.
  2. How does this lead to the trustless environment that blockchain creates?
    Since especially in retail business the chargebacks can happen. If customer above paid the product via credit card and afterwards calls to the bank that he/she never received the product. Now the bank can do a chargeback and the bald guy will never get his/her money. With blockchain this is not possible since when transaction is done theres no possibility for chargeback and when the transaction happens its verified by the network that customer actually had the money.
#79

It means once the transaction is completed it is final. There is no way to reverse it.

This leads to doing transactions with complete strangers. A trustless environment.

#80
  • What do we mean when we say that blockchain has transaction finality/immutability?
    registrations are added to the blocks and verified by multiple parties for a reward
  • How does this lead to the trustless environment that blockchain creates?
    you dont need to trust who did the transactions only that what happened remains registered
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