Homework on Consensus - Questions

Blockchain and Bitcoin 101
#2511

1.The blockchain consensus determines the truth means that most of the miners in the blockchain agree on the outcome of transactions to be valid.
2. The truth is what ever the central database administer make it be.

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#2512

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    The network agrees a transaction is good, so a false cannot be included

  2. How is this different from how truth is determined in a central database?
    There is only single copy, which must not be corrupted but cannot be totally protected in which case truth can be altered.

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#2513
  1. since it is incentivised people only approve the right transactions.
  2. this is unedited and cannot be altered later as it is a public ledger.
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#2514

  1. Blockchain determines consensus through its network of computers. The computers analyze the blockchain and verify that the transaction is true. If a majority of the computers deem the transaction to be true, consenus is reached and the transaction is added to the blockchain.

  2. In a central database, consensus always is determined through third parties. Contained as a single copy. Because blockchain is decentralized, a network of computers coming to consensus and public, rather than a private third party, true consensus is created.

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#2515
  1. When we say in blockchain that consensus determine the truth, it means that multiple parties verify that the data being added to the network is the truth, otherwise it is not accepted.
  2. In a central database, truth is solely determined by whoever own the central database. In the blockchain, instead of relaying on a single party to determine what is truth or not, truth is determined by a multitude of parties by having them all communicate through the network and reaching a consensus.
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#2516

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

Consensus is reached when all or the majority of all nodes in the network have verified on their own copy of the blockchain that a transaction is honest.

Meaning that in a decentralised network only the truth prevails due to the decentralised nature of the network combined with the incentive to “play by the rules”.

The more time passes and the more blocks come after said transaction the more true it becomes.

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

The decentralisation makes all the difference here.

In a regular centralised database the truth is determined by a third party or a simple trust in the company or owner/creator/editor of the database.

A blockchain is “real time audited” making it trust-less.

A central database is subject to bad actors not telling or displaying the truth.
Meaning there is a need to trust involved!

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#2517
  • What does it mean when we say that in blockchain, consensus determine the truth?
    The transactions recorded on the public ledger are only those that have been verified by multiple parties. If one of the nodes is not satisfied that the transaction is legitimate then the transaction will be disregarded.
  • How is this different from how truth is determined in a central database?
    The “truth” is determined by a centralised group of people and that truth can be manipulated and is not independently verified
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#2518
  1. Consensus means that all the parts of the network agree on the information that is given to them and it is verified by others, it fits with the rest so it is verified.
  2. Consensus is incentive, meaning all parts of the network are forced to play by the rules because they are rewarded, that create trustless filed, If not they are in reality loosing. In central database we have to trust that they give us the real information of transactions(products) witch is not true in most cases.
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#2519
  1. In Blockchain there is a public ledger on a network of computers that can be verified to see if its always being truthful and everyone can come to an agreement.
  2. In a central database there is no way to completely verify there were no bad actors involved in consensus.
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#2520

  1. Consensus is the various computers incentivized to confirm if each transaction made on the chain is valid. It ensures each transaction is trust less and those who verify are rewarded.

  2. Truth in a centralized database is subjective to individuals who operate it and relies on trust and human interaction. Blockchain does not rely on trust and therefore becomes truth through its existence in its public visibility to the entire world.

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#2521

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
  • We say this because consensus in blockchains is achieved in an ideally completely trustless and decentralized manner. There is no one point of attack that could be used to cripple the chain or get it to produce a false piece of information.
  1. How is this different from how truth is determined in a central database?

  • Central databases, at one point or another–sometimes MANY points and/or another–rely on a third party or parties to confirm information. We don’t need this situation:

  • Company D is worried that Company B, their primary supplier of beaver eyelashes, is lying about how organic these eyelashes are. Company B receives their eyelashes through Company A’s services, so Company D reaches out to Company C to audit Companies A and B.

  • Still with me here? Beaver eyelashes totally normal and are a product one can buy? Got it. Let’s keep going:

  • Company C does some research and says, “Yep, Company A provides the highest quality of beaver eyelashes to Company B,” thus satisfying the needs of Company D.

  • But wait…what if Company B was LYING ((shocked gasps amongst the crowd))?! They knew Company A’s beaver eyelashes weren’t fit for a lowly peasant but they were the cheapest so they didn’t care! As a result they actually bribed Company C with a tempting amount of DogecoinDark (this example took place a few years ago) and a false audit report was given to Company D!! Somebody could get hurt trying to use these beaver eyelashes and alllllll Company C cared about was getting that sweet, sweet Bitcoin Platinum.

  • I think I messed up somewhere along the way. Either way, digital provenance and consensus make everything MUCH easier to verify and greatly reduce the opportunities for bad actors to screw things up for goodly townsfolk such as ourselves.

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#2522

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    On the blockchain we have a number of nodes which need to work together (have consensus) to approve a transaction. Hence the truth is done together or through consensus.

  2. How is this different from how truth is determined in a central database?
    In a central database the truth is controlled by a central authority - there is no consensus or incentives from the different parties/nodes to ensure the truth of the transactions.

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#2523

  1. Consensus in blockchain is a fault tolerant mechanism systems used to achieve the necessary agreement required on a particular data among networks of computers.
    It is decentralised, trustless and several parties are involve and check the validity of the transaction and are in agreement. Consensus is achieved by means of financial incentive to tell the truth.

  2. In central database truth is determined by a single centralised authority that reflect mainly the organisation bottomline. There is no consensus. Management or the one incharged determine what is true within the framework of the law.

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#2524

Interesting read :joy: not sure if its actually true.

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#2525
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Consensus in blockchain mean all parties involved agree and verify something to be true. Ledger is checked and verified allowing it to be added to the blockchain. Financial incentives for being honest.

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

The truth is determined by central database are based off of what a company claims but not always verified. Companies are trying to make money they won’t always play by the rules. It’s almost the opposite from blockchain consensus because they don’t get financial incentives for being honest, most companies will cut corners or find the cheapest way to make profits while lying to the other parties involved.

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#2526

Since all connected nodes have access to the same ledger, they must all agree on what new information is added to it.

A centralized database records their own information as they see fit, whether it reflects reality is unverifiable.

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#2527
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    -Truth is determined by a consensus of computers in the network. A false or invalid transaction will not be confirmed by the network. Since there is no consensus for a false transaction, it is rejected.
  2. How is this different from how truth is determined in a central database?
    -In a central database, we need to trust that the maintainer of the database is using proper, honest procedures to update, modify and add to the database. With consensus, there is no need to trust – only to verify.
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#2528
  1. Consensus determines truth in blockchain means that the information that on a block is being agreed upon or verified by several nodes on the network.
  2. Truth on a central database is different than on blockchain in that a single agent is asserting what the truth is, as opposed to a group of agents agreeing.
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#2529
  1. If the majority of the voters agree on something that will be the ‘truth’

2.There usually a central administrator (1 person) decides what is ‘truth’

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#2530

It means that the consensus is the agreement of the network participants who are incentivized be truthful.

Truth in a central database is determined by singular relationships of trust built up over time. Trust that is not verified by other participants.

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