Homework on Consensus - Questions

Blockchain and Bitcoin 101
#1991

  1. The verification of transaction on the blockchain is reached by consensus which essentially means that all miners(proof of work) / validators(proof of stake) have to agree on the validity of transaction in terms of sender/receiver authenticity and funds availability.

  2. While in the central database single entity with the right authorisation is able to add transactions, in the blockchain you need all the miners/validators to reach a consensus on the validity of a transaction. Therefore, the blockchain is much more reliable.

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#1992

Homework on Consensus: Questions & Answers.

  • Consensus implies that the truth needs to be verified and agreed on collectively by the blockchain network (miners) to figure out if the transaction makes sense. If the network agrees with the transaction activity, the transaction will be uploaded to the blockchain permanently, ensuring that there will be no corruption or deletion within that agreement.
  • In a central database, there is an authority which therefore can alter and corrupt the data sent and applied to this dishonest database. Unlike in a central database, the transactions with Consensus are agreed upon the blockchain network itself, ensuring that only agreed, truthful data enters the blockchain data.

Truls-Magnus L.

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#1993
  1. consensus: A general agreement, harmony, concurrence. All transactions are validated and cleared immutably by all nodes on the network
    2.can be debased by human intervention.
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#1994

THere is no peer to peer computer network that verifies and comes to an agreement on a transaction, rather there is a central authority.

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#1995
  1. In blockchain truth is consensually agreed upon to be recorded on the ledger.

2.Instead of a central point of entry without requiring any consensus blockchain requires consensus of the network.

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#1996

I like your definition of Anarchy.

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#1997
  1. What does it mean when we say that in blockchain, consensus determine the truth?
  2. How is this different from how truth is determined in a central database?

Answers.

  1. First of all, everyone is incentivised to be honest in a blockchain and secondly it is impossible for someone to cheat as all the transactions will be verified and consent by everyone within the network.

  2. In a central data base, someone at the top might be biased or act with conflict of interest and therefore alter the data base to suit himself.

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#1998

Blockchain consensus is a general agreement between the majority of parties of a global network, based on verifiable data. Verification of all data is the key difference between blockchain and a centralized database.

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#1999

Blockchain forms a network where you no longer have to trust a company or individual with any information having to do with the transaction. With the idea of a consensus determining the truth you no longer have to question things, the nodes have to all agree before a transaction can be completed. When a transaction is verified then an incentive is thrown to the minors of the network. It all just makes so much sense and things so much easier.

In a central database you have an individual who has the ability to manipulate information, and mistakes can be made.You have to trust the entity with sensitive information. And receiving truthful verification is questionable.

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#2000

Consensus Homework Questions:

  1. What does it mean when we say that in blockchain, consensus determine the truth?

In a blockchain or any other open public ledger, a network of computers must all come to an agreement of what is true and not true. There could be some nefarious transactions/entities and therefore it’s up to the network to reach consensus (reaching trustlessness).

  1. How is this different from how truth is determined in a central database?

In a central database there is only one player who is in control of reaching consensus vs a open public ledger where the “whole” reaches a trustless agreement of what is true and not true. In a central database, the owner is allowed to change anything.

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#2001

1.What does it mean when we say that in blockchain, consensus determine the truth?
2.How is this different from how truth is determined in a central database?

1.Consensus among the network points to the truth through validation (provenance) and incentives
2. Hugh area of trust can be eliminated. Central data base assumes you accept and trust.

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#2002

Homework on Consensus - Questions
1. What does it mean when we say that in blockchain, consensus determine the truth?
When everyone know whats happened as in decentralized systems, it’s very hard to cheat. As an example if you play cards with open hands it’s impossible too cheat as all other players see all cards. Same with with blockchain as many computers determinate (checks) if an transactions is valid or not, when all have a consensus then the transaction is valid and inserted to blockchain.
2. How is this different from how truth is determined in a central database?
As a central database is only open for a certain chunk of people or authority There are only consensus in the closed group so the trust is only based on a few people, and none from outside can check whatever a transaction is true or false.

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#2003

  1. Because blockchain entails a network of computers communicating, it provides multiple instantaneous redundancies which check the data. These redundancies mitigate the risk involved with “trust”. In thus being “trust-less”, the truth, or the dependability of the data in question, is affirmed by multiple sources, or by consensus.

  2. In a central database, the truth is determined by the authority within the centralized system. Hence, you must rely on trust, which elevates risk. It lacks multiple redundant checks which rely on consensus to confirm what’s true.

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#2004

1.Consensus removes trust and make its trust-less. Nodes work together to weed out invalid transaction or fraudulent transactions. Networks validate and are incentivized to provide valid transaction by PoW and PoS.

  1. A central database is at the hands of a single person or organization that could edit or modify it wither it be on purpose or accidentally and that is show is the truth.
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#2005
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    It achieves the necessary agreement by the majority on what is the true information.
  2. How is this different from how truth is determined in a central database?
    In a central database the data can be altered / changed, exists as a single copy.
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#2006
  1. Because of consensus the trust is removed from the system (don’t trust verify), this is achieved by incentives. We don’t trust the information we verify it based on the copy of the blockchain you have.
  2. The truth in a central database is achieved by the owner of the database confirming the truth, we have to trust the database “owner” that his copy is the truth.
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#2007

1 What does it mean when we say that in blockchain, consensus determine the truth?

*Network of computer have the same info. meaning it is true. Everyone is talking to evereyone*

2 How is this different from how truth is determined in a central database?

*No consensus. Info. are on one hand and sometimes untraceable*
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#2008
  1. What does it mean when we say that in Blockchain, consensus determine the truth?
    Because Consensus is a big part of Trustlessness and the most obvious example in Consensus is democracy instead of monarchy, we don’t have one person at the top making decisions… consensus is about this idea of voting.
  2. How is this different from how truth is determined in a central database?
    The truth in a central database can be manipulated, orchestrated in a way that no one can trace it or fight it.
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#2009
  1. Consensus determines the truth means that a change cannot be accepted on the blockchain without the approval/consensus of the entire population of machines in that blockchain.
  2. In a central database approval from 3rd parties is not required, the administrator of the database can make changes and none of the parties need to approve them. It is a system based on trust and it can have many flaws.
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#2010

  1. Blockchain uses consensus of the network to determine what is truth. To change the consensus or truth, the majority of the network would need to come to a new agreement regarding the data within the blockchain. Because the network is decentralized, changing the consensus of the network is much harder.

  2. In a central database, truth is determined by the governing entity. Because there isn’t a network, the “consensus” that is reached in a central database can be determined by one or very few players.

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