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It means that when a transaction gets initialized validation from all active nodes is required in order for the transaction to go through. The majority of all active nodes must agree that the transaction is valid or the transaction gets labels as bogus and it gets ignored. If most nodes do not agree with the transaction then you don’t get the permission/consensus to have the transaction be broadcasted over the blockchain.
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In a centralized database, if someone is trying to do a bogus transaction, they would only need to change the information at one point which would be only the centralized database. Once the centralized database gets changed the transaction will go through because it would be seen as a valid transaction. On a decentralized database, this change would need to occur in most active nodes in order to have the transaction be broadcasted across the network.
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What does it mean when we say that in blockchain, consensus determine the truth? It means that the truth is not someone version of the truth. It is based on the consensus of the network in the verifiable transaction chain in the ledger forming the consensus.
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How is this different from how truth is determined in a central database? It is removing trust through consensus. As opposed to unverifiable denominators potentially posing as truth.
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What does it mean when we say that in blockchain, consensus determine the truth?
It means the all computers participating in the network must agree or reach a consensus about a transaction to accept that transaction as valid and include it in the blockchain. If the transaction is wrong, the computers on the network will not agree (not reach consensus) and the transaction will be invalid and not be included in the blockchain. -
How is this different from how truth is determined in a central database?
In a central database one person or group determines the “truth” and it is not determined by having others double check it to reach a consensus. This opens up the central database to mistakes and manipulation which can be avoided in a blockchain.
- Consensus is achieved by all nodes in the system verifying the same information
- In blockchain, consensus is incentivised with financial rewards (unlike other databases)
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What does it mean when we say that in blockchain, consensus determine the truth?
It means that a network of computers(nodes) are in agreement that the data provided is valid. -
How is this different from how truth is determined in a central database?
It takes away trust which is achieved through incentives. Whereas in central database you are expected to be honest and truthful.
- What does it mean to have consensus in a network of computers?
- Why is Nakamoto consensus so important?
- What are the basic requirements to ensure consensus?
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What does it mean when we say that in blockchain, consensus determine the truth?
Nodes on the blockchain are in agreement on the current and new blocks of transactions. They are incentivized to participate in consensus. -
How is this different from how truth is determined in a central database?
Centralized databases house data that must be trusted from a central authority. The data can be manipulated due to it’s centralized location through several points of failure.
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A fault tolerant determinant a computer uses in block chain system to achieve total agreement on a single data value among different systems in crytocurrencies
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Data is fed from different systems and organised into a single location. There is only ONE single reference point. It is different in that truth is arrived at through consensus i.e. through majority opinion.
It basically means that all participants in the network agree on a single truth.
In blockchain, several parties are involved in decision making. And it is the consensus mechanism in place that makes it possible for all parties involved to agree on what is true and what is not true.
Consensus allows for decisions to be made together between multiple parties involved instead of single entity or central authority, creating trustless environment where no one need to trust and everyone can verify.
This Consensus mechanism is made possible by financial incentives that creates an environment where telling truth is financially beneficial.
In terms of blockchain and it’s decentralized design, the truth is determined by several parties which differs from central database where single entity or central authority has the power to control and determine what is true.
Homework on Consensus - Questions
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What does it mean when we say that in blockchain, consensus determines the truth?
That means that other nodes in the network checked the transaction, and “agreed” that it is true or false. -
How is this different from how truth is determined in a central database?
Not all users can verify it. Trust is needed in that kind of database.
- What does it mean when we say that in blockchain, consensus determine the truth?
It is determined through an agreement confirmed on several nodes that the transaction is true.
- How is this different from how truth is determined in a central database?
On a central database there is only a few that is in control, meaning there could be manipulation.
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It means that the transaction has been checked and agreed by the nodes that it is either true or false. If verified true, it will be added in the blockchain, else it will not be added. Hence, it will be difficult to cheat the system.
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It differs from the central database in the sense that there is no single entity that is controlling what can be true or false. In a centralized database, whoever controls it has the power to alter the transactions without letting everybody know. So, in a centralized database, it is possible to be cheated.
[quote=“ivan, post:1, topic:8425, full:true”]
Homework on Consensus - Questions
- What does it mean when we say that in blockchain, consensus determine the truth?
When the whole network agrees on the transaction to be true it is add to the ledger, if the transaction is proven not to be legit the network will not approve its legit. - How is this different from how truth is determined in a central database?
Central database is built off of trust and individuals who can alter its information, which makes verification subject to being corrupted.
- What does it mean when we say that in blockchain , consensus determined the truth ?
In consensus there is a network of computer that when there is a transaction everyone get an incentive or money to the truth - How is this different from how truth is determined in a central database ?
In a central database you have to believe one person/company but with consensus it is a network of different players saying the same thing that you have to believe.
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Consensus among the nodes on blockchain that the transaction is valid determines whether the block is added to the blockchain. A percentage (51%) of the nodes on the blockchain must agree that the transaction is valid, and this decides the truth. Trustless. The nodes verify.
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Trust in a centralized database comes down to trusting the entity that has ownership/administration of the database. It is difficult to verify.
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What does it mean when we say that in blockchain, consensus determine the truth?
The computers that the blockchain consists of are evaluating transactions. Consensus determines which transactions are approved. -
How is this different from how truth is determined in a central database?
In blockchain consensus removes the need to trust a centralized actor. The nodes are incentivised financially for approving honest transactions.
1.Consensus is a system designed for all members of the network to tell or agree on what is the truth through incentives.
2. A central database in most cases has a superior authority calling the shots, which could cause bias or lies based on the centralized incentives to meet its mission.
Homework - Consensus
Consensus is reached when a majority of participants on the blockchain agree that a transaction is valid. That transaction is committed to the blockchain ledger as “the truth”. Participants are incentivized to reach consensus.
In a centralized database the administrator/owner determines what gets added or removed to the database (the truth). Users may not agree with the change and must trust the third party. Centralized databases are also vulnerable to malicious changes and data corruption.
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What does it mean when we say that in blockchain, consensus determine the truth
It has to be agreed upon by nodes of at least 51% has to agree to the truthfulness. To be considered trustworthy. -
How is this different from how truth is determined in a central database.
In a central database, info can be erased and rewritten and can be tampered with as the ledger can be viewed and corrected and adjusted.