Homework on Consensus - Questions

Blockchain and Bitcoin 101
#261

What does it mean when we say that in blockchain, consensus determine the truth?
Consensus allows for information to be verified and therefore removes the need for trust between the parties. All of the ledgers will verify the data via consensus, which in turn determines the truth.

How is this different from how truth is determined in a central database?
A central database is control by an entity in which that entity determines what the truth is.

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#262

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    consensus is removing trust and its achieved through incentives.

  2. How is this different from how truth is determined in a central database?
    in a central database you need to have trust, mabye some will manipulate

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#263

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Each transaction is a representation of an agreement. If this doesnā€™t exist, and the transaction isnā€™t valid, the network will not accept the transaction, because it is not true and the network is not incentivised to accept the false transaction.

  2. How is this different from how truth is determined in a central database?
    There is no Incentives to reject a false transaction, or to accept a good transaction.

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#264
  1. In blockchain, consensus determines the truth because in a decentralized system, everyone within the network gets to determine if a transaction should be accepted within the blockchain or not. With blockchain, telling the truth makes more money than lying, so users within the network will most likely have the incentive of telling the truth.
    2.In a central database, the decisions are made by a small group of people or one person. Not many people have a say in the decisions of a central database, which is when the trust factor comes into play. Consensus in blockchain is meant to ensure a trustless system for all to use.
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#265
  1. It means that in blockchain the nodes are being incentives to be in consensus with each other, there needs to be POW or POS to within the nodes to reach consensus on the blockchain by verifying the nodes.
  2. In blockchain truth is determent by trusting the nodes having consensus on the ledger, which is run by the network. Decentralized consensus.
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#266
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Information needs to be verified by different computers from the network before writing it in the ledger. Information needs to be correct so they can get an incentive. It is hard to write false data.
  2. How is this different from how truth is determined in a central database?
    In a central database only one actor is in the movie, it can participate as judge and jury. It is easier to manipulate data
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#267

  • What does it mean when we say that in blockchain, consensus determine the truth?
    In blockchain each potential transaction needs to be verified by a majority of nodes before it gets included in the blockchain. It is impossible to have a fraudulent transaction with such a large number of nodes as against a single entity confirming a transaction.

  • How is this different from how truth is determined in a central database?
    A central database is not independent and can be manipulated. The data record can be entered into the database without verification and can be willfully edited/manipulated and so cannot be trusted.

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#268

Homework on Consensus - Questions

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

  2. How is this different from how truth is determined in a central database?
    No PoW or PoS because itā€™s centralized.

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#269

  1. When we say that consensus determines the truth, we are talking about how everything can be verified through blockchain technology. We know that it is true because all parties involved are communicating and verifying information so that when one party or component of any given situation makes a claim, then we know that it is true if it is accepted into the public ledger. If it is not true, then this will be evident based on what has been recorded.

  2. In a central database, there is an entity which has the ability to manipulate information because they are in control of said database. Since information can be deleted and/or added, instead of only added to the record, this makes it easier to ā€œcheatā€ or deceive the other parties involved.

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#270

All transactions that are recorded on the public ledger (blockchain) have to be agreed apon by the other computers that are on the blockchain in order to be accepted=consensus=truth.
A central database is controled by a central computer, government, company, or bank that tells you what the truth is whether itā€™s true or not.

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#271
  1. Networks of computers are able to reach an agreement if something is true or not and then placing it in the chain when verified. Provenance cannot even work without a consensus of truth.
  2. Central databases can manipulate, edit, delete or add information because it is controlled by the one who owns the data.
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#272

Most humans are designed to make the least possible effort for their survival which means vices such as theft, cheating and lying are prevalent in our society and unfortunately leads to inefficiencies which slows growth and innovation. In the blockchain we as humans through various forms of computer code programming are able to instruct computers to read the myriads of nodes containing the public, permanent and unchangeable ledger and verify it before it is placed on the blockchain. This is called a consensus and the miners are paid to maintain this virtuous status quo.

In a central database it is very difficult to verify if the data is corrupted because multiple parties have different versions of consensus.

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#273
  1. It means that all the participants verified the new transactions
  2. truth is determined only by the authorities
#274

  1. All nodes in the blockchain are working together to verify all incoming data. If the information is not true, its not submitted to the blockchain.

  2. Consensus in the blockchain are not your typical set of rules that are strictly followed such as central databases. Instead it uses incentives to promote honesty.

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#275

  1. In Blockchain, Consensus determines the truth because Consensus is reached by participants in the network with a common incentive coming together to validate and confirm transactions made on the Blockchain. This a decentralized method validation.

  2. This is different to a Central Database because in a central database there is no Consensus where multiple participants validate. Final Truths are determined by a central authority.

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#276
  1. What does it mean when we say that in blockchain, consensus determine the truth?

That the network as a whole decides what isnā€™t approved and what is approved and that which is approved is the data that will be on the blockchain.

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

In a central database the ones who has the control over that database can write whatever they want. They donā€™t have to agree with anyone.

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#277

Consensus refers to each node needing to agree with the authenticity of the transaction beofre the transaction is allowed.

It is different from a centralised model in that there are many different points that need to agree to verify the transaction that can then not be changed, as oppsed to a central authority being in control of the transaction.

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#278

  1. Consensus determines the truth in blockchain because consensus is required for a network of
    computers that must all agree on a transaction. If all the computers agree, then the transaction must
    be true.

  2. In a central database truth is determined simply by the input of information. There isnā€™t a network
    deciding and agreeing ahead of time what info should go into the database.

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#279

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

  • In order for a transaction to be REAL, each participant in the network needs to validate it, verify it. When they all agree we say thereā€™s CONSENSUS in the network, therefore the transaction goes into the ledger and we have truth.

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

  • In a centralized database the truth is decided by an entity, the data can be modified or adjusted to the will of the owner that database.
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#280

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    All parties involved only have to agree on what it true and what is not true. If the consensus is true it gets added to the ledger.

  2. How is this different from how truth is determined in a central database?
    There is no consensus in a central database, so no way to determine what is truth.

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