- To achieve consensus multiple parties are involved to prove that a transaction actually have taken place and that all factors are true.
- Usually only one party is involved in a centralized database and cannot be verified by other parties.
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- What does it mean when we say that in blockchain, consensus determine the truth?
A: Verifying through a network of individuals that this information is true. - How is this different from how truth is determined in a central database?
A: It is different in that through a central database truth is determined through a single entity.
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A collaboration of verification to provide a trustless system of network approval.
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A centralized database is open to error and corruption.
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1 Because in blockchain consensus, all of the nodes agree on the truth and no single node can cheat. Everybody agrees on what happened.
2 What is different is that on a central database there is no way to verify what the central authority says is true. Said authority may easily lie/cheat.
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Rather than having to identify an expert or a panel of authority figures to confirm an event or a fact, consensus means that the participants as a whole agree to something. So if the parties involved with an activity agree, then we have consensus. We don’t need everyone to agree, just a majority.
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In central database, truth is determined by the entity that controls the record keeping. For example, if you are in a dispute with your neighbor over a property boundary line, the county records department is the entity that has the “truth.” In other words, whatever they determine is where the boundary line legally and practically is, even though in reality it may be in another place.
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1.We have a network of computers to verify what is true or not because every computer has a copy of this public ledger blockchain.
2. There are incentives because all the computer on the network has to agree on every transaction before being verified.
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It means that transactions must be verified to be true by other computers in the network before it is accepted and determined as the truth.
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In a central database, only one authority (administrator) is required in order to be able to make changes to the database. This is the opposite of a decentralized network with consensus.
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- What does it mean when we say that in blockchain, consensus determine the truth?
- Consensus happens when the network agrees on state changes. The network is willing to reach consensus because of economic incentives.
- How is this different from how truth is determined in a central database?
In a central database the central authority decides whats true or false.
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- with consensus the truth is achieves in a objective manner, “consensus”, on the contrary of trust which is an highly subjective manner of achieving truth.
- in a central database there’s a central authority that decides the truth
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Blockchain - a transaction or shared ledger cannot operate without different nodes verifying the transaction. These nodes are the different parties in the system or network who are the custodian of the transaction information in the network. They all have to agree by consensus whether any information logged in the network is to be accepted or rejected. As a result, they are given financial incentives for verifying the truth of the information.
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Central database, has one authority who controls the network and determines whether transaction information logged to the system is true or false. This makes the system vulnerable to manipulation.
On the other hand, decentralised system with a distributed ledger operates by consensus to determine the truth of the transactions and in return are paid financial incentives for doing so.
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In blockchain various decentralized public nodes have to come to a consensus or agree that a new transaction is valid based on the pre-determined network rules and whether a transaction can be added to blockchain data. As a result, the truth of the transaction is reached through blockchain consensus.
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In central databases only one single copy of the database exists making it centralized. Various individual public nodes don’t have to come to a consensus to prove the truth in a transaction. As a result, the data can be manipulated by the central governing body of the database or can be corrupted and hence, this type of central database is not trustless like blockchain decentralized databases that have to come to a consensus making it trustless.
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- Consensus means that all parties participating agree about whatever is being transacted.
- A central database does not require everyone to agree on a transaction. The truth is whatever the centralized authority wants it to be.
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Consensus makes sure that new added transactions are legitimate because it’s incentivized to follow the rules and generate money.
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A centralized database is owned and managed by an entity and can data can easily be manipulated to its own benefit.
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Answer: Consensus is achieved by financial incentives such as money to tell the truth. If a computer or node on the blockchain is not truthful regarding a transaction, then it’s loosing money. Therefore, it’s advantageous to be truthful on the network or no financial incentive is achieved.
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Answer: There is no financial incentive built into a central database to determine truth. A company or database admin may determine what is truthful on a central database because the have the right to add, change, or delete information in a central database.
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Independently verified results are accepted as truth.
In a centralized database truth is subjective to the view of the central authority.
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1)Several parties verify the truth/validity of something.
2)The truth is determined by whoever has control of the central database.
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Verified by a group. All decisions are double checked by the group.
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Central database is built on trust and can be manipulated, does not need verification.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Once a consensus is reached, the transaction or information is added to the blockchain - How is this different from how truth is determined in a central database?
In a central database, a central authority or entity makes the final decision on what stays and what doesn’t stay on the database.
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What does it mean when we say that in blockchain, consensus determine the truth?
In blockchain there are a network of computers (nodes) that performs a consensus, validating all the information presented within that ecosystem. This provides a trust less platform. -
How is this different from how truth is determined in a central database?
A central database is a non immutable database, allowing the ability to enter false or erroneous information for a desired result, it does not rely on other computers to verify these results.
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Homework on Consensus - Questions
1. What does it mean when we say that in blockchain, consensus determine the truth?
Verification that a transaction is true on the blockchain comes from the consensus of the decentralized community.
2. How is this different from how truth is determined in a central database?
The decentralized community forming the consensus is financially incentivized to truthfully verify what is true and what is not, avoiding one centralized figure or group making a false statement or manipulating the database.
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