Homework on Consensus - Questions

Blockchain and Bitcoin 101
#2111
  1. IN BLOCKCHAIN CONSENSUS DEFINE THE TRUTH , BECAUSE EVERYONE (Miners) ARE INCENTIVATE

2 ) DECENTRALIZATION

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#2112
  1. Consensus to determine the truth is process by agreement, the central network grouping supports and double checks the allotted amounts or ingredients by way of incentives (honesty) implying trustlessness
  2. no single authority that all transactions are genuine on the network agreed with consensus accepted to the database
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#2113

Homework on Consensus - Questions

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

immutable record where several computors systems agree on input if majority agree then it is true.

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

central database is govern by one central authority and depending on the verasity of the input it can be either tue or not. IT can be gamed or mistakes can be made intentionally or accidently. Blockchain is trustless several parties involved and all have to come to a governed agreement (consensus) through all input from all part of supply chain.

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#2114
  1. A decentralized network, where several parties make any decision together, as well as made on several basis, do double check, confirms that consensus determines the truth. how, the answer is by removing the trust & giving the proof of work to verify & be confident.
  2. in a centralized database,which is governed by a central authority. No transparency , so as no verification & so left with trusting whatever is been there.
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#2115
  1. Truth is determined by multiple confirmations on what is true. Without this, it is not added to the blockchain; as it has no authentication.
  2. A central database has no confirmation of what is true. Truth is given on a blockchain by the network agreeing that an input is correct and verified by the network.
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#2116
  1. When a data is collectively determined to be true by the other blocks and nodes it is deemed verfied/accepted and added to the blockchain.
  2. In a centralized database truth is determined by the central authority and is at their discretion.
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#2117
  1. What does it mean when we say that in blockchain, consensus determine the truth?

A simple network of nodes which are working together to maintain credibility, with the object of trusting each other in making the the correct decision , verify and accepting what is true and discarding any fake input .

  1. How is this different from how truth is determined in a central database?
    A consensus will need to be reached between network nodes, this is a collective work based around a positive process of gaining incentives for being truthful.

A central database can edit, add ,remove, modify whoever ever it pleases without trail

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#2118
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    There is a financial incentive to validate the blockchain. Since all nodes in the blockchain are driven by this profit incentive it is in the best interest of the entire network that everyone plays by the rules. Thus any one node trying to deceive all the other nodes will be called out.
  2. How is this different from how truth is determined in a central database?
    “Truth” can only be determined through an after-the-fact auditing process. Even then, there is no guarantee that the centralized database has not be manipulated to hide dishonest activity.
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#2119

  1. It means everyone determines the truth. There is an insentive for people to tell the truth which is money.

  2. In the central database some people will tell lies and encourage the first false transaction and there is no money involved so everyone just says:

    WHO CARES!
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#2120

What does it mean when we say that in blockchain, consensus determines the truth?
In a blockchain, many computers must agree on the validity of a transaction. This majority consensus is what determines whether or not a transaction is considered true. Because this can be calculated algorithmically, the blockchain does not require trust.

How is this different from how the truth is determined in a central database?
Data stored within a central database is considered true if the establishment that owns the database declares it to be true. Customers or users of the data must simply trust the establishment.

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#2121
  1. Everyone in the the blockchain agree that the information in the chain is true due to traceability and verifiable by all, hence forces contributors to supply truthful information to stay included in the blockchain.
  2. If you receive information from a central entity you have to trust that whatever they claim or say is the truth, because they have full control of the information, they can show or hide anything, to ensure your business with them.
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#2122
  1. Consensus determine the truth because it verifies and validates the correct network information.
  2. In a central database there is an authority that might not be truthful and can alter the database.
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#2123
  1. Consensus (agreement or “the Truth”) on a blockchain is achieved when all of the parties that verify the blocks on the chain agree that the transaction is valid based on all the other transactions previously recorded in the chain. This multiple party consensus relieves us from needing to trust the source of the information or transaction, and thus becomes the “TRUTH”

2)Central Databases can be altered. They stored in one central location on a single server or collection of servers, making them vulnerable. The maintenence of these servers and the information stored on them is a single entity which acts as a single authority. The blockchain is comprised of many many units of “nodes” which are called upon to analyze the the transactions and the data being transacted within and verify them as congruent, possible and accurate. This creates a multisignature trustless environment that is verified, ans therefore accurate.

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#2124
  1. Consensus is agreement to the actual occurrence of an event/transaction by multiple nodes in a global blockchain network and not by a single entity/source. Transaction becomes part of ledger through decentralized consensus and hence, the truth
  2. This is decentralized and hence, truth determination cannot be influenced/tampered by a single central authority.
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#2125

  1. Through the use of consensus, many nodes independently verify each transaction. There is no one entity deciding what is true or not true.

  2. In a central database, one entity controls the information and can manipulate the truth. Information in a centralized database is also more susceptible to attack/corruption by an outside party.

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#2126

1 - Blockchain is decentralized and all participants have the incentive to pursuit the truth, to make the transactions work, it will be better for all participants.

2 - A centralized data base is more fragile, due to the fact that if the owner made a mistake or manipulate the system, it will corrupt the data. The owner have more weapons and incentives to do bad things, and do not pursuit the truth.

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#2127

1: it means all nodes must be in agreement to tell if what is being said is true

2:it is different because on a central data base if something is changed it will stay changed however in consensus every other system must verify that what is being changed is true

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#2128

  1. It means that the network of computers have agreed on the transaction through verification. There is incentive to verify the truth.

  2. Central database does not have network of computers agreeing and having consensus on a transaction. Quality assurance can be compromised.

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#2129
  1. Consensus determines the truth when the network agrees that a transaction is valid, and the tx will be confirmed and added in the block, which will be added to the blockchain.
  2. Central database can be controlled by the central authority. There is no agreement with everyone involved.
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#2130

  1. Consensus is a network where all decisions are being checked and verified. It is incentivised to tell the truth and achieved through financial honesty.

  2. In a central database, it is controlled and influenced by trust. In consensus it is a group of networks that verify and check to make decisions.

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