Homework on Consensus - Questions

Blockchain and Bitcoin 101
#2732

Q1: What does it mean when we say that in blockchain, consensus determine the truth?
A1: It means that all miners have come to agreement to include a particular transaction in the block, if they do NOT reach consensus it simply means the transaction is NOT agreed upon and will NOT be included in the chain

Q2: How is this different from how truth is determined in a central database?
A2: Its not 1 central database, but rather a copy of the same database all over the world, and its entries are identical on all copies, so if 1 miner tries to include a fruadelant transaction on which the other miners does NOT agree (consensus NOT reached) then it will be discarded.

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#2733

  1. Consensus determines the truth by requesting all nodes to verify that a specific transaction is accurate.

  2. Truth is validated from multiple entities by providing an incentive to all users to provide proper data instead of from one entity.

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#2734
  1. Parties came together to agree on a transaction to determine it is valid for the blockchain. They are incentive through finical incentives.
  2. This is different from central database as the information from central data base is determined generally by a single source and can be falsified.
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#2735

1.) What does it mean when we say that in blockchain, consensus determine the truth?
A: Within this context, consensus determines truth via the fact that multiple computers are verifying a transaction of sorts and being financially rewarded to do so versus the current way that business is conducted through one person/entity’s word to another. “Don’t trust, verify” through thousands of incentivized miners.

2.) How is this different from how truth is determined in a central database?
A: See above. Central databases find their decision making and truth centered in a single person or entity, which can be easily manipulated in looking out for that person/entity’s self-interest.

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#2736

Consensus

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Through mutual accountability and the necessity to reconcile divergent interests any consensus that is reached represents a reality that the majority of the network participants can subscribe to.

  2. How is this different from how truth is determined in a central database?
    A decentralized and consensus based structure incentivizes active participation in maintaining the network. Through facilitating that consensus is reached every participant’s security increases and monetary rewards for keeping the system healthy are offered. Centralized structures do not reward external scrutiny and rather incentivize malicious activity against the system for personal profit. Each actor tries to gain exclusive authority over the truth, be it legitimate or not.

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#2737

1-agreed on all the network
2-central database can cheat and control the truth

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#2738

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

    Because consensus is a group of computers/ servers that scans the transaction and correspond with each other to see if they got the same answer. You can compare Legos to it. To build a Lego house all blocks have to fit together

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

    Owner of the database can edit/ modify it at any time therefor truth can be manipulated.

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#2739

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth? Several parties have reached a consensus through verifying and not trust
  2. How is this different from how truth is determined in a central database? Consensus is a mathematical verification and the other is trust based
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#2740

  1. In blockchain consensus determines truth as a majority of the nodes have to have a consensus on the transactions that have taken place. When consensus is reached the transaction is signed to the blockchain and this is seen as the ‘truth’.

  2. This method of reaching consensus is different to a centralized consensus as it has to be agreed upon by the majority of nodes. Where as in a centralized market the banks or other third party have the final say on what consensus has been reached.

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#2741
  1. What does it mean when we say that in blockchain, consensus determine the truth?
  • Consensus in blockchain determines the truth by holding on to every piece of information, start to finish, to eliminate any lie that may be told in the process.
  1. How is this different from how truth is determined in a central database?
  • This is different because unlike blockchain, you can manipulate a central database to help with a lie or an error somewhere in the process.
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#2742
  1. This means that with consensus we can verify validity of a data point/ data set because nodes are incentivised to only add blocks that are legitimate, and are only added if a majority of the nodes agree. This allows for trustlessness.
  2. Truth is negotiable in a central database and is vulnerable to corruption/ exploitation.
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#2743
  • What does it mean when we say that in blockchain, consensus determine the truth?
    Since there is a databas between everyone, one person cant lie because people would notice that everyone else is saying something else.
  • How is this different from how truth is determined in a central database?
    In a central databas the people who control the databas can say what is true or not so you have to trust that group of people instead of trusting everyone.
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#2744

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    All of the computers on the network will verify together that the transaction is valid, making it impossible someone to submit an invalid transaction.

  2. How is this different from how truth is determined in a central database
    In a central database we must trust the accountant that the transaction data is valid

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#2745

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Truth, referring to the accuracy of the ledger, is verified by multiple data streams. This data is held on many computers, and their communication in regards to congruence/in-congruence is the consensus needed to accept or reject a data transfer. If these computers agree upon the ledger, the transfer is considered true.

  2. How is this different from how truth is determined in a central database?
    In a central database, information is simply entered and recorded. What is entered may or may not be true, and is governed by a single source.

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#2746

  1. Blockchain consensus means that the network of computers has determined the transactions to be truthful and they are all in agreement.

  2. central database has a main point of location which can be shut down and its possible only one person may have the ability to change the database and be influenced to not act in good faith.

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#2747

  1. What we mean is truth is determined by a network of nodes (computers) all of which have a copy of the blockchain and speak to one another in order to come to an agreement (consesus) to verify that a piece of data committed to the ledger (blockchain) is truth.

  2. In a central database we cannot verify truth because any individual with privilege’s to the database has the ability to manipulate the data to portray what they believe to be the truth and so other members cannot exactly know this unless they investigate via log file or check snapshots or back-ups in respects to the state of the database at different intervals. This becomes very tedious and time-consuming since it involves a lot of manual labour.

Even then this will not change what the data currently is and it cannot be verified if that data is the truth or not. Also other members may not be able to trace who is accountable for modifying that data in the first place.

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#2748

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    It means that certain activity(transaction) on blockchain is true only if it was approved by all ledgers which share database.
  2. How is this different from how truth is determined in a central database?
    With central database is easy to cheat and approve false statement, because approval comes from one centralized party.
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#2749
  1. In Blockchain Consensus determines truth by node group agreement of validity.
  2. In real world central databases companies go off a trust factor, while consensus removes trust factor and adds proof with formulas.
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#2750

The participants of the entire network talk to each other and agree on every piece of data recorded on the blockchain. If a data cannot be verified by the majority of the participants it is ignored.

A central database does not talk to other nodes with a copy of that database to constantly crosscheck every bit of information. A central database usually relies on some form of authority to become legitimate.

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#2751
  1. If there is consensus in a transition in the block chain there is an incentive, if no consensus the transaction gets discarded.