- In blockchain consensus determines the truth/confirms transactions by doing the math (trustless).
2)This is different than a central database since it is a network of computers. Several parties involved need to reach an agreement. The truth can not be manipulated by one party like in the central database.
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- What does it mean when we say that in blockchain, consensus determine the truth?
In blockchain, the network and nodes need to come to an agreement when a transaction comes through to the blockchain. If all networks and nodes come to a consensus find that the information is false, it will be rejected. Incentives are provided to these parties to tell the truth. It will be more profitable to tell the truth and this creates a trustless system.
- How is this different from how truth is determined in a central database?
A central database is decided by a person, single entity, company and there is no way to validate the information. It only requires a person to say that the “information” is true without a consensus.
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- What does it mean when we say that in blockchain, consensus determine the truth?
It means every party in the network has come to an agreement. If there is a dispute, then the majority = truth. - How is this different from how truth is determined in a central database?
From a security standpoint, the “votes” could be altered, or persuaded if there is not equal incentive for all parties to tell the truth.
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Consensus “A general agreement”
In Blockchain Consensus removes trust and is achieved through incentives!
What does it mean when we say that in blockchain, consensus determine the truth?
Since Blockchain is not centralized. The incentive is to report the truth because by not doing so companies will lose business in the long run and achieve loses. There for the incentive is to report the truth all the time. And when all companies do so. The “Consensus determines the truth”
How is this different from how truth is determined in a central database?
Truth in Central Database is determent by “The winner of the story that is being Told”. Companies are incentivized by “Playing Ball”. If you want to maintain your business you will compromise many times for your costumer etc…
So in the End the truth is what aspires and is reported and not the reality but it actually IS.
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What does it mean when we say that in blockchain, consensus determine the truth?
All nodes in the network agree on the truth and then write the blockchain -
How is this different from how truth is determined in a central database?
In a central database the truth depends on a single authority.
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What does it mean when we say that in blockchain, consensus determines the truth?
Each computer in the blockchain network makes its own copy of the public ledger, which is used to validate transactions as either true or false through communication between these nodes.
The operators of the network nodes are financially incentivised to work towards consensus on the validity of transactions by being rewarded with cryptocurrency when they complete a transaction block.
This is achieved through mining the transactions, which is an algorithmic process of solving a cryptographic calculation using computational processing power.
How is this different from how truth is determined in a central database?
Truth is established through consensus validation on a blockchain network, wherein multiple nodes participate in the approval or rejection of a transaction – this creates a trustless system.
Given that the computers in the network all communicate with each other, this greatly diminishes the possibility of cheating the system, as transactions put forth by bad actors will be rejected when they don’t correlate with the state of the blockchain reported by the other nodes.
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- in the blockchain you dont have to trust you can always verify - it is all about incentives - if you play by the rule you make money if you try to cheat you loose money
- truth in a central database needs trust in other people
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All users on the network decide what is true. whatever the majority agrees on is determined as being true. This is done via a consensus mechanism such as POW.
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In a centralised system a single authority decides what is true and what not. This has severe limitations such as vulnerability to manipulation, mistakes, hacks etc.
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Q
- What does it mean when we say that in blockchain, consensus determine the truth?
- How is this different from how truth is determined in a central database?
A
- When each node verifies a transaction and sees that it is correct or good then it shall pass (or be confirmed)otherwise it gets rejected.
- Basically there is one entity that decides,
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1.) By having a trust less network or computers/servers incentivized by rewards by telling the truth only confirms the importance of consensus on the Blockchain.
2.) On a central database truth is not governed in anyway. A decentralized database ensures that truth is held as a top priority.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Every node must confirm the same truth by being in agreement with reality. - How is this different from how truth is determined in a central database?
In a central database there is one authority that can determine the truth.
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- What does it mean when we say that in blockchain, consensus determine the truth?
It means that deciding what is true is based on agreement of separate actors rather than a central authority. - How is this different from how truth is determined in a central database?
In a central database administrating entity decides what is truth and can change it at any point.
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Consensus determine the truth in blockchain happens when data is decentralized and a decision on a transaction on a blockchain is reached by the nodes weather the data is true or false.
Data in a central database is controlled by a entity or company which can be manipulated whereas data on blockchain is verified by the nodes on the blcokchain which comes to an agreement weather data is true.
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Homework on Consensus - Questions
What does it mean when we say that in blockchain, consensus determine the truth?
A).CONSENSUS IS ACHEIVED WHEN THOSE WHO DISAGREE WITH THE OUTCOME AGREE TO BE GOVERNED BY THOSE WHO DO AGREE.
The source of truth is a trusted data source that gives a complete picture of the data…
How is this different from how truth is determined in a central database?
A).All the risks that are inherent in the centralized power get avoided with decentralized control. When working with a traditional database (the centralized power), there is always a risk involved that someone with sufficient-enough privileges can modify or delete critical data within the system. Administrators limit this, but even administrators can become bad actors in the system.
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- What does it mean when we say that in blockchain, consensus determine the truth?
All the connected entities in a blockchain, that continuously update the blockchain on their computers, must reach an agreement that items are actually coming from where they say they are coming from. When the past transactions prove that a new transaction is possible and mathematically makes sense, then it is verified by all of the different computers. When the transactions are agreed by all computers in the blockchain, this means they have reached consensus. This is the mechanism for determining what is true and what is not true concerning data that passes through the blockchain.
- How is this different from how truth is determined in a central database?
The main difference is that in a central database, it is one or two people making a judgement based on their personal knowledge, whether a transaction truly came from a specific place. In the blockchain, their is no human judgement, but a mathematical computation is done, recording past transactions on the blockchain, and this mechanism decentralizes the verification process. In a blockchain many computers have to agree on the veracity of a transaction rather that one single computer or one single person.
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- I can trust that the bitcoins for example really exist if someone send me some. Because of all the other attendees who proved that.
- Every digital asset or dataset is copyable and manipulable but not with the blockchain.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Consensus in blockchain is achieved when both agents involved in a transaction verify that a transaction meets the agreed terms. In other words the nature of the blockchain confirms the legitimacy of the transaction by signing a hash function in a collective way.
- How is this different from how truth is determined in a central database?
The recorded history of all transactions are piled up in the blockchain network and are immutable. Therefore truth is guaranteed in a system of faceless nodes.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Consensus means that the truth is decided and agreed on by people collectively.
- How is this different from how truth is determined in a central database?
The truth as determined from a central database is decided by the central authority therefore the truth can be can manipulated or changed based on the powers that be in the organization
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· What does it mean when we say that in blockchain, consensus determines the truth?
· The network between the nodes collaboratively must reach consensus on any transaction and any party that wants to partake into the Supply network. The agreed consensus will either result in good transactions being added to the ledger or bad transactions getting discarded in order to prevent corrupting the Blockchain system.
· In addition, everyone is incentivized for playing by the rules outlined by and for the Blockchain network.
How is this different from how truth is determined in a central database?
· In a central database silo’s can still be in non-agreement, whilst the overall Supply Chain process moves forward. Hence one individual can decide what is truth and centralized the control of the database.
· This risk for intervention is eliminated with a Blockchain decentralized database.
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[quote=“ivan, post:1, topic:8425”]
- What does it mean when we say that in blockchain, consensus determine the truth?
It means that a network of computer, nodes, verify every new transaction and they all need to agree and decide that this transaction make sense, it is true, to be included and put in the blockchain. - How is this different from how truth is determined in a central database?
In a central database one single party can decide something against blockchain where several parties are involved to accepted and confirme any new transaction to write in the data base, ledger.
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