Homework on Consensus - Questions

Blockchain and Bitcoin 101
#2151

Good answer @thryv! :raised_hands: Welcome to the forum! :smiley:

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#2152
  1. Consensus determines the truth means that in a blockchain network every party has to be in an agreement in order to add data to the ledger, if they are not in agreement the data is discarded.
  2. This is much different from a central database because it becomes much more difficult to cheat when one actor wants to go against the rest. Without blockchain consensus a bad actor would be able to make bad inputs, allowing room for error.
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#2153

1- It mean that everybody can verify in the blockchain the transaction.

2- In the central database not all transaction are verifiable and registered in the transaction
on the blockchain are all verifiable trough consensus

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#2154

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Through multiple confirmations, from independent nodes, the truth can be reached because each node is incentivized to tell the truth. Since the information cannot be changed/corrupted later on it stands into the future as a record of the truth, based on mathematics.

  2. How is this different from how truth is determined in a central database?
    Information can be changed, corrupted or lost and no matter whether it is intentional or by accident the truth from a centralized authority can be influenced in ways that the Blockchain cuts out.

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#2155

1.) Consensus essentially gives people the incentive to tell the truth through fear of losing money if they were to give false information.

2.) In a central database, people just give and receive information, having to trust that it’s right, but not being able to check for themselves. The difference is that consensus uses the incentive of wanting to gain money, and not lose it. This makes people highly more inclined to tell the truth.

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#2156
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    A. Truth is determined by everyone who maintains a copy of the blockchain.
  2. How is this different from how truth is determined in a central database?
    A. In a central database truth is determined by the one entity who controls it and is much harder to verify.
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#2157
  1. Consensus determines truth with different nodes verifying information with each other.
  2. In a central database, truth is determined with trust, not verification.
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#2158

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    -Before any data is put into the database, the network of computers must first agree on the validity of the data. In this system, users benefit by being honest because they are thoroughly vetted by the network of computers that have a copy of the ledger.

  2. How is this different from how truth is determined in a central database?
    -In a central database, the creator of the database is the one that determines how users interact with the database. If the creator of the database is corrupt, they can corrupt the data at their own benefit.

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#2159

  1. In blockchain, truth is determined by consensus, meaning that a transaction is verified by many nodes coming to an agreement, so you can be confident that it is the truth.

  2. Truth in a central database is determined by the person or entity that input the data, so you would have to trust that that person/entity is telling the truth.

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#2160
  1. What does it mean when we say that in blockchain, consensus determine the truth?

When all the participants in the Ledger-BC are incentivized to protect the truth, they will never allow a fake version so that it can ensure the transparency in the network.

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

In a central DB you need to trust on the people behind that entity and there is a high risk of modifying or deleting records so there could be a lack of trust and confidence on that entity which is no 100% reliable. Furthermore, centralized DBs are more easily to get hacked.

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#2161

  1. Consensus is the agreement of the network on state changes based on most recent transactions. It means that the truth is decided and agreed on collectively by the people.

  2. In a central database a single copy database copy or single individual chose what is truth. If the database is corrupted then truth is doubtful.

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#2162

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

  1. It means that the network which is based on public information that can be matched by every players cannot be temper. Off course it is based in incentives (people gain money being honest)

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

  1. Centralized systems are based on trust, but human being it is not trustable so in order to have a Democrat system the blockchain is trustless. You don’t trust people you verify.
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#2163

1.) Consensus determines the truth buy having all the various nodes in the blockchain checking with one another to verify that a transaction or information from a company’s claims are true. This makes everyone play by the rules so to speak because this information is made public for anyone to check.

2.) This is different than a central database because central databases are almost always in possession of the company in question and the only information you could get from them is what the company has entered, (Meaning they could fudge the info to make them look better.) In short, you would have to trust what the company is telling you. (This database system has already failed us horribly.)

Through blockchain consensus, the computer nodes running on the blockchain verify the transactions and information based on the info entered into the blockchain which is made public for everyone to see the facts or truth. This is a system that no one would have to place their trust in these companies anymore because we have a verified chain showing the facts.

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#2164

  1. Consensus is how each other computer in the network verifies and all agree upon what is true in the network which means no individual can change that.

  2. Truth in a central database is assumed or trusted to be true, without any native measures to verify if the database is true or is corrupt.

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#2165

With the blockchain, consensus determines the truth because of incentives. The way the blockchain is structured, with transparency, it forces people/companies to be honest. Incentives encourage honesty.

  • With a central database, people can’t be sure they are looking at accurate information because there is no transparency - there is also not as much of an incentive to be honest.
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#2166

What does it mean when we say that in blockchain, consensus determine the truth?
No single party is capable is capable of deciding or verifying data. A decentralized network of validators verify only “true” data and are incentivized to do so. This removes trust and confirms validity

How is this different from how truth is determined in a central database?
Centralized databases can be edited to show what information the data producer wishes to convey, this requires a high level of trust in the data being “true” and is difficult to validate without consensus.

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#2167
  1. Data gets verified by the network of users.
  2. Blockchain is peer to peer and requires no third party to establish trust.
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#2168

In a central database, there is no real time input and There is ONE source of truth that can be easily manipulated for financial/regulatory/supplychain gain.

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#2169

  • What does it mean when we say that in blockchain, consensus determines the truth?
    It means that the computers or nodes of the bitcoin blockchain will come to an agreement on what is true and what is not. It requires mining to reach consensus, and miners are given the incentive of newly minted coins.

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

In a central Database truth can be altered and entered, there is not a decentralized consensus in a central database. The truth may not actually be the truth, and there is no way to prove that what is interpreted as the truth has not been altered in any way. Individuals control the truth in a central database.

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#2170

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
  • All computers on the network have to agree on the transaction for it to be completed
  1. How is this different from how truth is determined in a central database?
  • In a central database, there is only one entity determining the truth of the transaction, which can lead to manipulation of the database and transactions.
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