Homework on Consensus - Questions

Blockchain and Bitcoin 101
#221

  1. together on the blockchain truth is determined through consensus by being incentivize to determine the truth and finding false transactions.

  2. without the truth mech of the blockchain you have to trust each and every individual and take what they say as truth.

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#222
  1. When we say in blockchain that consensus determines the truth we are saying that the network of devices have to be in agreement that a transaction is valid before it is added to the blockchain.
  2. This is different from how truth is determined in a central database since an administrator or power user can decide to remove or add entries without any validation and the database will accept it regardless if it is true or not if the user has that privilege, this is different since in blockchain no user has that authority since the network as a community mathematically determines what is valid.
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#223

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Truth is not determined by one voice/authority - it is determined via agreement among many participants. If many agree, then it is determined to be true.

  2. How is this different from how truth is determined in a central database?
    In a central database, truth is whatever the authoritative power says it is - whether true or not.

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#224
  1. It means that all parties of network (miners) agreed and proved that information (transaction) was sent correctly
  2. In blockchain truth determines by consensus, when in a central database - by some authority ( one person or group of people)
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#225

  1. It means that the participants in the network consensus have a incentive to be and keep each other honest to reach a decision to receive their reward as apposed to being dishonest forfeiting their reward.

  2. In a central database “truth” is decided by whom ever manages the database.

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#226
  1. Provenance cannot be achieved without consensus. Consensus removes the need for trust. People are incentivized to tell the truth through monetary gain.
  2. In central databases, transactions are not immutable and the data can be manipulated.
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#227

1- In Blockchain the truth is determined by a general agreement of a network of computers (nodes) which all are connected to the same uneditable database

2- A central database does not need verification from nodes which makes it vulnerable to fraud

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#228

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. It means that a network of computers have agreed to accept a transaction.

  2. There are monetary incentives for each one in the network to tell the truth. its a verified truth

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#229

1.This means that a ll nodes actively work together to reach a collective decision of which transactions/assets are valid or not. This joint decision becomes the truth.
2. In a database, a single entity or select few decide what is true. This can be done irrespective of whether the bulk of the users disagree.

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#230

consensus determines the truth means that all the nodes of the blockchain must agree with the information before it is accepted.

truth in a central database has one authority. how can we be sure that one authority can be trusted?

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#231
  1. Blockchain is a game with many participants. In this game we are have incentive to play by the rules and not cheat. If someone shows up to our game gives the data that doesn’t make sense, the majority of participants can verify their own ledgers and come to agreement that new player break the rules, and we don’t include his input into our databases/ledgers/blockchains.
  2. In central database truth determined by an authority figure. Imagine that you are a kid and the only central database is in your parents. You go to them for information and if you ask too many questions, they tell you “because I said so”, which means I am an authority figure, stop asking so many questions and just do as I say. You want see for yourself, but ultimately they hold the keys to what you can and cannot do. If they have an incentive to misinform you, they can exercise that opportunity, especially when pain of your annoyance overcomes their love for you as their child.
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#232

  • What does it mean when we say that in blockchain, consensus determine the truth?
    In Blockchain, every participant of the network is incentivised financially to tell the truth and is financially penalised for being dishonest. Only when the network agrees on a transaction making sense will it be viable and the network of participants ‘‘rewarded’’ for the reliable and verifiable information.

  • How is this different from how truth is determined in a central database?
    All trust of any one entity or person is completely removed and all information is entirely publicly available and verifiable. What would usually be information locked away and kept private by a company or government becomes truly transparent and available for full inspection by any member of the public.

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#233
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Blockchain has many people, independently determining whether a transaction is true or not in a transparent and easily accessible database. This is a decentralized system wherein those doing the confirming are financially incentivized to determine what is true. Together they form a consensus which makes verifiable transactions possible.

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

In a centralized database there is only one or a few determiners of whether a transaction is legitimate. A centralized system requires trust on the part of its users that the confirmations of transactions are true because those confirmations are made by just one or a relatively small number of people in a less transparent database.

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#234

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the
    truth?
    A copy of the blockchain is stored locally each on a network of computers, all of
    which must reach a decision, then double-check that decision in order to reach a
    consensus, which is a network-wide agreement to add a verified transaction to
    the blockchain. A blockchain ledger transaction is fully verified data, a reflection
    of, or representation of truth. Verification removes any and all necessity to take
    someone’s word as truth. Trust less. Verify more.

  2. How is this different from how truth is determined in a central database?
    A central database contains data taken as truth simply because the information
    was entered as part of a record. There is no verification process ensuring the
    entered data is accurate or true.
    A database owner/manager solely provides data which can be subject
    to interpretation/manipulation and/or error, a potentially manufactured record built
    with bias.

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#235

  1. it’s the participants in the network that agree on the validity of transactions/information, if it is deemed invalid it will not be put in the blockchain.

  2. the Central authority, whoever controls the database, determine truth

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#236
  1. Consensus is the agreement of the network on state changes based on most recent transactions. If the network agrees a transaction is good it gets added to the ledger and if the network finds it to be false it gets discarded.
  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 altered.
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#237

  1. Each participant of the network has to act according to commonly agreed consensus rules in order to be incentivized, therefore there is no need for additional trust. If a particpant is dishonest, he is not acting for its own best interest.

  2. In central database we have to trust that the data stored on the database will not be alerted by the authority that controls it. The rules are set by center authority and we have to trust that those rules will not be changed.

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#238

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    A bogus transaction will not reach consensus (through consensus algorithms) and so will be discarded. The a valid transaction will always be valid for all network participants, therefore it’s true.

  2. How is this different from how truth is determined in a central database?
    With a central database you don’t need consensus, you only need to trust the database in its determination of what is true or not true.

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#239

1: Only when 100% of all nodes have the same version of the truth, the tx will go true.
2: There is only 1 copy, not open to anyone, and one person can change the database and then the truth is easily changed.

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#240

Homework on Consensus - Answers

  1. Consensus determine the truth in blockchain by communicating with all networks to agree weather a transaction is correct or false information.

  2. Its different because in a central database the companies make their own truth.

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