- Network of computers need to “agree” that the transaction is valid. Confirmed. Decentralized.
- In a centralized database, you need to trust the person is telling the truth; people can lie and no real form of validation.
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Homework on Consensus - Questions
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What does it mean when we say that in blockchain, consensus determine the truth? The network of computers need to agree. Does this transaction make sense or not? If the network agree’s it gets added to the ledger, if not it gets discarded.
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How is this different from how truth is determined in a central database? Truth is determined through a decentralized network, via a trustless mechanism. This is not that case with a central database.
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Truth is determined on the blockchain through a collective agreement from validators known as consensus. Accurate and truthful participation is encouraged through financial incentives.
Truth in a central database could be subject to manipulation or control by a single point of authority not in the best interest of the community.
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1What does it mean when we say that in blockchain, consensus determines the truth?
that at all times in every transaction in the network is supervised collectively and if for some reason the Network find something wrong will not enter the blockchain
2 How is this different from how truth is determined in a central database?
In a simple database, one individual will be assigned to decide what is true or not.
In a Blockchain, a code of truth that it’s implied since the beginning made it impossible for people to cheat
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What does it mean when we say that in blockchain, consensus determine the truth?
Its based on multiple “people” to verify the action being taken not just one. If a false block happens no one receives there incentive it “pays” to tell the truth. It is only then when the mass agrees that it is verified. -
How is this different from how truth is determined in a central database?
Central= 1 not multiple, the old way was allow one person to verify these transactions and what they deem to be truth will then pass. This leads to more corruption. Blockchain wants the masses.
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Every transaction that takes place in the blockchain can be verified by all parties and then it is determined whether or not what is being displayed is true. This means that the consensus of all the networks that verify determine the validity of the transaction.
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In a central database there is a lot of trust that people are putting into the parties involved. Whereas in the blockchain no data can be forged or lied about, it is purely based in facts and trust is removed.
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1 + 2 consensus determines truth by not relying on a central database but determines truth by verification thru consensus of many agreeing on outcome with Cryptographic checks.
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1. What does it mean when we say that in blockchain, consensus determine the truth?
the information send to the blockchain network has to be validated by consensus if the information is false it won’t be accepted.
2. How is this different from how truth is determined in a central database?
On a central database truth is determined by a single party
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1.A collective Agreement between several different parties is accepted
2. In a central database there is no collective agreement between different parties only a centralised view, which is then open to manipulation for the individual party and not collectively agreed upon in a consensus
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- In blockchain, consensus determines truth in the sense that if everyone is playing by the same rules. Then, nobody can lie and alter the truth for the running blockchain. A falsified transaction will de discarded and ignored.
- Truth in a central database cannot be trusted in the means that if the auditors are corrupt, then no different outcome should be expected.
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What does it mean when we say that in blockchain, consensus determine the truth?
It is a decision made by the multiple parties in a network that verify if what is being supplied is the truth. If it is truth and its verified it will be allowed on the blockchain. -
How is this different from how truth is determined in a central database?
a central database has information that is allowed on by one party that chooses to believe
if the information supplied is the truth or not. This can alter the truth, unlike the blockchain.
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Homework Questions [Don Michelin]
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That means that the network itself must come to a consensus on all decisions that are made ultimately removing trust and enforcing validation/truth. Incorrect data or attempting malicious behavior gets crushed by the validation offered from consensus.
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A central database is different because people can go and change the past or put in incorrect data without any rejection from the network unless noticed. That is exactly why must use trust in a central database.
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A blockchain is made up of several parties, who all have to agree on the validity of a new transaction/data before it is added to the blockchain. Therefore a consensus must be reached to validate the new transaction/data. Since there is a financial incentive for all parties to be honest, the consensus of all parties ultimately creates a source of shared truth.
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A centralized database is not a peer-to-peer ledger of transactions but controlled by a centralized governing body so the data can be falsified. There are not multiple parties who need to reach a consensus, so in a centralized database it is harder to verify the truth and so is based on trust.
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- What does it mean when we say that in blockchain, consensus determine the truth?
It means that we don’t need to trust anyone but have a network of computers verify every transaction that’s trying to be added in the blockchain. - How is this different from how truth is determined in a central database?
So it differs because in a central database no one is verifying or checking the companies to see if what information they are sharing is true . It requires trust while with a consensus it doesn’t .
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Consensus determines the truth because multiple nodes communicate with each other to verify transactions. The users are incentivized to tell the truth.
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Different then a central database because a central database can be manipulated and is not trustless.
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- Each part of the supply chain is incentivized by profit, consensus at each link of the chain makes for a better end product which ensures payment to all.
- Everyone is working blind to what happened further down the line which effect the end product, it is decentralized so businesses may not even know when or who made the error which caused the loss of income.
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The consensus determines the truth as it is a group of computers that use data to determine what is and isn’t correct, making the system trustless on the basis that there is little to no human interference.
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In a centralised database you are once again able to manipulate data.
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Consensus is the agreement that nodes will come to. If 1 node tries to cheat if the rest do not agree then there is no consensus on the cheat in question, so it is not trusted.
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In a central database 1 authority can declare something as truth. You need to trust that authority in order to operate. Conversely with consensus truth is on agreement among nodes, so you do not need to trust a central authority.
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The collective nodes or party members of the network must all agree on weather a transaction is valid or not.
In central databases there is a central authority that determines truth.
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- What does it mean when we say that in blockchain, consensus determine the truth?
When a decision is made we know many parties have been involced. We dont have to trust the information. We can just verify it.
- How is this different from how truth is determined in a central database?
When information is confirmed/added into the database within a centralised database most probably only one person made that decision to add it or not. No one outside the company or even within the company can verify it the information is true or not.
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