Homework on Consensus - Questions

Blockchain and Bitcoin 101
#2571
  1. What does it mean when we say that in blockchain, consensus determine the truth?

consensus helps determine the truth by having all the computers on the blockchain talking to each other to reach an agreement, verify and confirm all incoming transactions to the blockchain, mathematically.

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

Since it’s decentralized and trustless it makes it different from a central database because the decision isn’t being made by one single party, but it’s made by a community or several parties to come to agreement to add the transaction to the blockchain. For example, in a supply chain, the middlemen in the chain can not lie about any changes that have been made because all parts of the chain are aware and can track what each section is supplying to each other in the pipeline.

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#2572

1-By a total verification of each part of the network (consensus). Truth in the whole blockchain ecosystem is reviled and approved.

2-Centralized, easy to manipulate,

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#2573

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Several parties need to agree to come to a consensus. In blockchain, the transactions are checked by several parties. They receive incentives to check the transaction as a reward. In order to receive the incentives the several parties will do the their best job to be accurate. When multiple parties are doing their best to be accurate, most likely the outcome will be that it is truth since reputation is important to continue business.

  2. How is this different from how truth is determined in a central database?
    In a central database, only the owner needs to verify. No consensus is needed from others.

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#2574

  1. consensus is All parties involved agreeing that a certain action has taken place.

  2. people are given financial incentive to be honest incentive’s. Also the fact that you have access to info about the company you are dealing with that you dont get in a centralized inviroment.

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#2575

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth? a network of computers that can reach consensus. at all times all decisions are made together with several parties that agree and disagree on the truth.

  2. How is this different from how truth is determined in a central database? in consensus all the computers and incentivized to tell the truth. everyone in the network is confident everyone is telling the truth by verifying the network. achieved through financial incentives. becomes difficult to cheat.

central database the truth is determined by the owner and can be manipulated at any time.

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#2576

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Blockchain design is built based on consensus and this consensus is possible through incentive :muscle:of all participants in the blockchain. All nodes, computers or entities representing the blockchain are being incentive, and motivated to flag, verify and validate transactions in the blockchain. The motivation is to earn money, while being honest :smiley:

  2. How is this different from how truth is determined in a central database?
    In a central database, people and entities trust third parties and transactions may not be verified all the time. If a supplychain organization have hundreds of companies, there is no way to verify if all parties have been performing in the most honest possible way. Let’s take as an example ingredients of milk :milk_glass: we drink everyday.

    png-transparent-breakfast-cereal-milk-the-most-interesting-man-in-the-world-brian-griffin-milk-child-breakfast-meme
    png-transparent-breakfast-cereal-milk-the-most-interesting-man-in-the-world-brian-griffin-milk-child-breakfast-meme920×500 19.9 KB

If the supplier of a supplier of a supplier change slightly an ingredient, nobody will now at a higher level. With blockchain and consensus, all data is stored and validated by all parties and computers members of the network. :earth_africa:

Keep grindinig :muscle:
Keep coding :writing_hand:

@dapp.coding

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#2577

1.In blockchain you need consensus by the network to get verified. It makes it impossible to cheat , because if you would lie or cheat you would get rejected by the network. Therefore consensus determines the truth.

  1. In a central database companies don’t have the incentive to tell the truth… in a central database companies can say or claim whatever they can get away with to make more money. In blockchain consensus is achieved by financial incentives, they can gain more money by being honest.
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#2578
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Consensus determines the truth, where all the nodes in the network of computer comes to an agreement on whether or not to accept a particular transaction based on the public distributed ledger it holds.

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

This is different from how truth is determined in a central database where in the blockchain network, the truth is not dependent on 1 party but on all parties for all transactions.

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#2579

  1. It means that it can be accepted as the truth because most if not all participants of the network confirmed the entry as valid.

  2. A central database is not a good source because you have to trust the author that the dataset is correct.

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#2580
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Consensus determines truth means that all acting parties (nodes) in the network come to an agreement on who owns what. Trust is not established by two people exchanging value, in fact, the two people exchanging value often do NOT trust each other, nor do they need to. It is trust, without trust. The trust is established by all acting parties (nodes) in the network. The nodes verify if the transaction is valid, then proceed to confirm it.

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

In a central database, truth is determined by a single entity, usually the central authority of the database. Centralized databases cannot exhibit a democratic nature as they are controlled by a single party in self-interest. For example, the amount of US dollars in every Wells Fargo account is determined single handedly by Well Fargo. Should a breach of data or attack on Well Fargo occur, the truth can be easily altered as there is only one authority determining the amounts in each account.

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#2581

1.Consensus is formed when the network of computers holding a copy of the blockchain verify that the transaction is correct. Consensus is determined through the verification process.

2.Central databases decide on what is the truth without verifying with an outside database, it decides based only on the information held on it’s own database. This truth is subject to the only information held at the central database.

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#2582

  • When we say that in blockchain, consensus determines the truth, it means that it is decentralized and many, many parties are financially incentivized to verify the info… Once all parties agree or reach consensus on what information is true or valid it gets submitted into a block in the chain. No consensus reached and you’re not getting in the chain.

  • Consensus is different from how truth is determined in a central database because it is decentralized and all parties must decide and agree before any information is submitted to a blockchain. In a central database, whoever has access to the database can just type in whatever they want and call it the truth.

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#2583
  1. It means truth can be verified because many nodes hold the truth and they come to an agreement
    about a transaction’s validity.
  2. In a central database, you’re relying on one party and it (truth) requires trust of that centralized
    entity.
2 Likes
#2584

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

In a decentralized network, independent nodes are financially incentivized to reach consensus on what information should be added to or omitted from the blockchain. Since the integrity of the blockchain is not founded upon trust in a central authority, one must only trust in the blockchain itself and the mathematics that supports it.

How are nodes selected for transaction verification?

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

In a central database, truth is not ascertained by way of consensus; it may be defined as any independent user wishes. This undermines the universal belief that, in order for data to be useful, it must be reliable and verifiable.

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#2585

  1. In Blockchain something is only true if all the actors can verify it otherwise its not. Something can be absalutely true but if the blockchain cannot reach consensus then it is not. So the saying “Consensus determine the truth”

  2. In a centralized system architecture there is no voting by the participants, the party holding the keys decides what is true and whats not.

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#2586

There are open blockchains (Bitcoin) and there are permissioned blockchains (a private company network). In an open blockchain any one can join the network and become a verifier or node, as long as you play within the boundaries of the blockchain. There are different types of nodes. Light nodes like a wallet which does not hold the full copy of the blockchain and then there are miner which hold the full copy of the blockchain. Also there are different types of consensus mechanisms like POW, POS, DPOS etc to name a few.

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#2587

  1. Consensus determines truth on the blockchain by verifying with all nodes on the blockchain. This is done mathematically by rewarding with incentives to determine the truth on the blockchain, it does not need a central authority verifying the truth of the block. Therefore it allows for the network nodes to automate the decision making process of the truth.

  2. A central database can be manipulated by humans and non humans alike. This allows for possible manipulation of the truth. Consesus on the blockchain is an inherit mathematical programmatic quality in the blockchain therefore the truth cannot be manipulated by outside party’s.

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#2588
  1. With the consensus, everyone in the blockchain makes verification mathematically and when the majority / consensus of the record in the blockchain has the same record of states / solutions it becomes verified truth.
  2. Trutch determined in a central database relies on a single or a main database for that specific truth and it can be easily manipulated in comparison to the consensus derived truth.
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#2589

1 What does it mean when we say that in blockchain, consensus determine the truth?
the consensus is based on multiple computer network chain which acts on inputs , the final confirmations of any inputs is decided by majority of network agreeing on similar opinion. as the the blockchain network is build to incentivised for honesty and righteously so the output of the any input of the consensus network is truth . also any individual blockchain node can confirm the transactions legitimacy with all other network nodes thus way it is impossible for any individual network to has a false output .

2 How is this different from how truth is determined in a central database?
its quite simple in central database values are confirmed by the authority or central government , for an example a employee reports to its team leader then team leader reports to the manager then the manager would report to the company secretory and then then CEO , now the CEO can not directly confirm the output to the lower level employee and same way a minor level employee can not confirm exact input with the CEO , this central database system can be corrupted and manipulated easily
blockchain data base are validated by consensus network in which all individual nodes are equal in terms of confirming a decision . each nodes are equal and also they can verify legitimacy of any inputs individually to each other . this validated data store immutable in central database it can be modified .

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#2590

1.What does it mean when we say that in blockchain, consensus determine the truth? People are incentivised to tell the truth as they are rewarded financially for doing so.

2.How is this different from how truth is determined in a central database? In a central database, there’s no incentive for telling the truth, there’s no transparency, and data can be altered

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