Homework on Consensus - Questions

Blockchain and Bitcoin 101
#2451
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    When we say that consensus determines the truth behind blockchain, we mean the truth is decided by the people. They will be telling the truth because they are incentivized to do so. They are incentivized to tell the truth because they will receive money from it. It they lie they will lose money.

2.How is it different from how the truth is determined in a central database?
In a central database it is different because a single individual can is determining what the truth is.

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#2452
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    It means that a number of nodes has to agree or reach to a consensus about whether to approve a transaction, so that it is included in the block. These nodes acts as the gatekeepers of truth, they together decide what is true. These nodes are incentivised to maintain the integrity of the block.
  2. How is this different from how truth is determined in a central database?
    There is no consensus mechanism in databases.There is a central authority whom will maintain the record of truth. Here the central authority has to be trusted that they will maintain the truth and there is no mechanism to verify it.
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#2453

If there is consensus about which block contains the verified truth, the chain moves on in that direction instead of the non truth block

In central db truth is the value that is in the table. (With maybe an added history of mutation table.)
But it isn’t constantly verified by everyone

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#2454

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus is simply everybody agrees with something, and hence that something becomes the truth. In blockchain, every network node verifies the transaction and agrees that that transaction is genuine, so that transaction becomes the truth.

  2. How is this different from how truth is determined in a central database?
    In centralized database, the truth is verified by a single party and everyone else has to trust the decision made by that single central database. In blockchain, the truth is verified by all nodes of the network. The decision is made collectively by all nodes of the network aka concensus.

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#2455

  1. It means that when trust is removed with incentives as rewards, all the computers in the network will have to approve that a certain transaction is legit thus reaching consensus.

  2. In a central database,a single entity can manipulate an outcome and achieve the intended result without prior agreement with all the other entities in the network.

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#2456

  1. to say that consensus determines the truth mean that all nodes in the chain have verified the transaction as true.

  2. In a central database there is trust because people don’t have there time or mean to verify + in a consensus there is incentive to tell the truth (financially) in a central database the opposite is true

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#2457
  1. It means that because it is in everyone’s self interest to tell the truth they will. In addition, lying on the blockchain is very difficult, almost impossible.
  2. When one party has full control the truth is whatever they want it to be, no one checks them on the information or records they spread, keep, or erase.
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#2458

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Multiple parties must come to agreement (consensus) before information is added to the blockchain and all parties are given financial incentive to tell the truth and financially penalized for being dishonest.
  2. How is this different from how truth is determined in a central database?
    A centralised database relies on trust meaning the party adding data is trusted by the party relying on the data without the existence of a consensus mechanism to verify truth.
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#2459
  1. Transactions are verified within the blockchain network. Therefore, trust is eliminated.
  2. In a centralized database a “trusted” party verifies the transactions
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#2460
  1. Consensus determines the truth because there are a large amount of individuals agree that the statement is true and there is validation by verifying with others.
  2. Truth can be skewed in a central database because there is one overseer who filters what can and cannot be broadcast as the truth
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#2461

  1. It means that, as in life in general, what is or is not true about individual transactions or events is determined by adequate agreement about that truth between a group of truth-checkers who are each financially incentivized to tell the truth. So it provides Trustless, verifiable truth.

  2. A central database can be completely opaque to outside observation and can be “cooked” according to the goals of the database keeper. So Truth is established by trusting what the database keeper says is true.

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#2462

  1. That the collective(network of computers) comes to an agreement on a transaction.

  2. In a central database you never know what information it contains and how it’s used and if it’s the truth or not due to lack of consensus. Decentralized database needs consensus to operate and create trust.

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#2463

  1. Blockchain is decentralized and trustless, because truth is considered together and double checked because it is checked and needed to be accepted by all the network.

  2. In the central database one party can determine the truth and everyone has to trust. In blockchain consensus determines the truth and you don’t have to trust anyone.

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#2464

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    All nodes in network make decisions using consensus rules.

  2. How is this different from how truth is determined in a central database?
    Decisions making in a central database is made by the authority and they determine what is truth or not.

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#2465
  1. Consensus: The participants of the system must agree on the validity of the last block to add, and therefore, this last block becomes part of the ledger.
  2. A central database has criteria that may or may not reflect the truth. We can see this by looking at SEC listed companies modifying their statements for past corrections. This would not be possible with a blockchain.
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#2466
  1. It means that the computers in/on the network all agree or validate the information contained in transaction.
  2. Centralized transaction is one person deciding on truth of information. Blockchain is trustless, decentralized
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#2467
  1. What does it mean when we say that in blockchain, consensus determine the truth?
  • It means that the network participants decide upon an incoming transaction whether it is legid or not mathematically. Once confirmed, the transaction is added to the ledger.
  1. How is this different from how truth is determined in a central database?
  • In a central database there is an owner of the database which may biased in deciding on the truth.
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#2468
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Consensus determines the truth as a truthful decision is made by all the nodes in the network. Thus, it is a decentralised trust-less system relying only on the verification of the network as a whole.

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

The truth on a central database may only be determined by one entity. Thus, those on reliance on the data place are placing trust on that entity to be telling the truth. This answer cannot be verified by those who are placing their trust in the central party.

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#2469

1.when all the computers or nodes involved double checked,verified and agreed that it’s true.
2.central database is a owned by private sectors or organizations manage by owners of it,the one who manage it will determined the truth, while consensus are managed by multiple nodes or computers through verification.

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#2470

  1. The truth is verified by the entire network

  2. In a central database data can be changed. You can never be sure about how real or true is your data.

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