Homework on Consensus - Questions

Blockchain and Bitcoin 101
#3174
  1. What does it mean when we say that in blockchain, consensus determine the truth?

We mean that the decisions by several parties, rather than a single entity motivated by financial incentives allow for trustless and transparent databases. The applications of this range from miners approving transactions, to firms verifying the ingredients of food across the supply network in the public ledger.

  1. How is this different from how truth is determined in a central database?
    A central database is not immutable, nor are transactions accepted in the database only when several parties approve valid transactions only (and are financially incentivised to do so). Central databases require trust in single, central entities. One is required to trust, and cannot verify (as data is frequently private).
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#3175
  1. That a transaction is accepted and written in the blockchain when enough validators agree that the transaction is real.
  2. In a central database a database manager decides what is truth or not.
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#3176

In blockchain, every node in the network verifies the validity of incoming transactions. If the network deems them correct, they get added to the public ledger and all local copies of the ledger within the network are updated accordingly. If not, they get rejected. Truth is maintained by the consensus of the majority and is not owned by any one person or entity. In a centralized database, there is only one accounting of transactions and truth is maintained by that one person or entity, there you must trust that the owner of that database not tampered with the records.

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#3177
  • What does it mean when we say that in blockchain, consensus determine the truth?

-Collectively verified.
-do not Trust, Verify!

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

-Manipulatable
-Central entity required to verify transactions

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#3178 
     * What does it mean when we say that in blockchain, consensus determine the truth?

a collective agreement of nodes, when a transaction(data) is approved and double checked. Appended to the blockchain.

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

Central databases has a central authority(could be an Individual or certain entity) that decides the truth. * Could be manipulated/tampered truth. *

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#3179

  1. Truth is determined by a distributed network of computers, based on a set of rules. The rules are constructed so that everyone has incentives to follow and uphold the rules. Truth is determined communally, not by any centralized entity.

  2. In a centralized database one entity, be it a person, company or nation state, decides the truth. You have to trust the centralized entity to be honest and not act arbitrarily.

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#3180

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus determines truth because it requires total agreement from all parts, therefore removing trust.

  2. How is this different from how truth is determined in a central database?
    A central database is only as perfect at the user! In this example a lot of trust is required.

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#3181

  1. Consensus means a general agreement i.e. the global network of nodes have to agree that a specific transaction is valid before it gets implemented on the blockchain. It is like voting, where the majority makes the decision. So even if one person for example hacker comes out and tries to manipulate the system, the majority of nodes will detect that right away, deny his claims and verify the truth through consensus.

  2. Wise people say there are four types of truth: the absolute, the relative, the objective and the personal. In a centralized database, you can never know which type of truth the person/authority behind it decides to have. Knowing for a fact that the people operating the CPU’s that keep the blockchain up-do-date at any given time get PAID to TELL THE TRUTH, and are a GLOBAL majority, compared to the single person/authority running the central database, I think we can quickly decide which type of database is more trustworthy.

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#3182
  1. in blockchain all nodes are incentivised to work together towards the truth with financial rewards in order to verify transactions.
  2. It so not based on trust of a centralised authority and a decision of an a individual, rather that the consensus of multiple nodes.
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#3183
  1. What does it mean when we say that in blockchain, consensus determine the truth?
  2. How is this different from how truth is determined in a central database?
    Answers:
    One. Consensus determines truth due to the agreement caused by the incentive everyone shares to win.
    Two. In the data base truth is conceived by have 100% agreement from all parties.
#3184
  1. Consensus determines the truth signifies that, with incentives, those within the blockchain network are driven to determine the truth ensuring the validity of what is added to the ledger.
  2. Well in a central database we may not get to see all the changes that occurred. The central authority determines the final truth. Some things may have been altered in the database that may not have been validated by any other actors involved.
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#3185
  1. What does it mean when we say that in blockchain, consensus determine the truth?

It means that for something to be true all parties involved in the process have to agree.

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

It differs in that various components have the information necessary to determine whether something is true or not. While in a centralised system you have to trust that this “something” is being honest, without having to be checked by any other party.

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#3186

Homework on Consensus - Questions

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

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

1- Because the validity of a transaction is checked by independent honest nodes, incentivized to work honestly (cheating and dishonesty would undermine the product itself, therefore debasing the currency they are “stealing” or mining). A transaction is valid when the various nodes reach a decision and agrees together on it, reaching a “consensus”, or communal agreement.

2- A central database operate through authority and power to determine the truth, and usually they cannot be audit, checked, o defied.

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#3187
  1. All nodes are confirmed by network (many pc), real time auditing, verifying true.
  2. Central database confirmed by 1 authority, they telling what is true even if majority not agree
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#3188
  1. in blockchain the truth can only be determined by consesnsus, the other nodes/computers running the public ledger have to come to an agreement about whether or not certain transactions make sense and should be added to the ledger, and it is only through this agreement that a transaction can be added to the ledger.
  2. in a central database the central authority has the final say as to what is true. even if there is no consensus among the other users, the central figure has the power to distort the truth because it doesn’t require consensus from the other members to add or remove from the ledger
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#3189

1.all transactions on the network are verified in a trustless decentrlized model
2.centrlized data bases can be altered because they are not decentrlized

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#3190
  • What does it mean when we say that in blockchain, consensus determine the truth?

Consensus means that multiple independents need to validate the legitimacy of an occurrence. Consensus is about removing trust. And is achieved via financial incentive.

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

In a central database, a single entity is declaring something to be the truth.

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#3191
  1. In blockchain, consensus determines the try by having multiple participants (miners) agree on the truth through a verification process. This agreement by multiple participants determines the truth, because if they try to support an assertion that the majority disagree with, they will be financially punished.
  2. Truth in a central database is determined by a single entry in the database.
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#3192
  1. The “truth” is the current version of the blockchain, which is determined by nodes agreeing that the transactions are correct (i.e. “consensus”).
  2. Central databases do not have other independent nodes determining whether certain transactions are accurate or not (one independent version of the truth that is not verified and can hence be manipulated).
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#3193

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    When all of the network computers agree that a new transaction is real by means of an independent check of the ledger this creates truth. The majority answer rules. It works because of the incentive to keep value in the specific blockchain.

  2. How is this different from how truth is determined in a central database?
    A centralized database is open to manipulation. Past entries can be deleted or new ones can be added. There is no incentive to keep people from altering these database records.

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