finality

Phonetic: /ˈfaɪnəl/, /faɪˈnælɪti/

Part of Speech: noun

Category: To be determined

A transaction is considered 'final' once it can no longer be changed. In a sense, this happens once there are sufficient confirmations of the transaction, but for all intents and purposes, a transaction is final once the block that contains it is mined or validated. Keep in mind that this reflects a fundamental rule of blockchains: unlike traditional financial systems where charges can be 'reversed', there is no 'undoing' a transaction on the blockchain. Once finality is reached, the transaction is immutable.

Definition source: Education DAO - mapachurro

Sample sentence

N/A

Additional definitions

The assurance or guarantee that completed (cryptocurrency) transactions cannot be altered, reversed or canceled.

Source

When nodes representing 2/3rd of the stake have a common root.

Source

Extended definition

No extended definition. ...yet

This word came from... the ether

Date first recorded: 2025-01-31

Commentary

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