Homework on Consensus - Questions

Blockchain and Bitcoin 101
#301

1.In a decentralized network, where the truth is dependant on the simultaneous calculation from multiple parties , it is very hard to hide the truth. If for example 35,000 people working on the same problem and all of those people are “programmed to tell the truth” , this can only achieve a positive result. with the constant addition of information onto the blocks , this intern paints an even ledger , more clear picture for everyone(public ledger)

2.In a centralised database all the information is controlled by the figure in charge. the figure in charge has ambitions, goals and other variable factors that would impact upon their decisions and outcome thus manipulating information/transactions thus smacking the “trust” factor into the face of say consumer, and not much else to go by besides “trust”.

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#302
  1. Consensus determines the truth through what i would describe as good witnesses. In a public blockchain, there are many witnesses, and these witnesses are kept “good” through usually a economic incentive.

The number of witnesses in the blockchain network is critical to the ability for the consensus to keep the truth. This is why Bitcoin and Ethereum networks are more viable to use as platforms that a private blockchain network.

  1. The truth in a central database is determined by the amount of trust you can have to the authors of the database and their incentive to be good. This level of trust will never be complete, as the human factor is ever a potential risk.

We here often about how databases are hacked or information is stolen or changed by disgruntled employees at a company. This is one of the big reasons for why blockchain is commercially very attractive.

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#303

1 & 2. Normally (also in central databased) we need to trust the data/transactions put in. Often not verified enough and just accepted as the truth. In Blockchain the truth is determined by consensus. Which means that data/transactions are constantly being verified by different ‘‘datasuppliers’’. Causing a situation wherein consesus is reached and the data can be trusted there it is verified.

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#304

  1. The consensus is the agreement between all parts of the decentralized network to have a transaction accepted in the blockchain.

  2. Consensual is achieve in a network of computer databases communicating with each other and verifying by checking the entire network and not only a single central database.

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#305
  1. The participants in the network have to agree on a transaction. There is an incentive for playing by the rules.
  2. Centralized, owned by an entity database could be easily manipulated.
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#306

  1. What does it mean when we say that in blockchain, consensus determine the truth? It means all the computers in the network need to agree and verify the trx.

  2. How is this different from how truth is determined in a central database?
    The truth is based on mathematics and laws not on trust!

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#307
  1. All systems must agree on something for it to be true.
  2. Distributed parties are incentivized to make sure that everyone agrees on the truth.
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#308

  1. We mean that there an agreement between the different blockchain nodes or computers, and they accept a transaction as as making sense and this consensus determines the truth.

  2. In a centralised database the truth is determined by a central organ which determine what is true or not.

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#309

  1. The truth is verified through a layer of datapoint, ergo, has to be confirmed by the rest of the network, nodes. If it’s false, then it’s gets discarded/ignored. More then a single entity has to verify the input, and therefor you can’t corrupt the data.

  2. A single entity can change the truth in the system without confirmation from the other parties participating in the system.

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#310

  1. To reach consensus network has to verify transaction by comparing it each of its own ledger. When consensus is reached it gets added into the ledger. And so ledger becomes trustless.

  2. In centralized database, owned gets to decide what is the truth and does not need permission to alter it. Corrupted database can also alter the truth.

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#311

Verify by the miners and a node stores copy

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#312
  1. The blockchain reaches consensus if al the nodes telling the truth.
  2. The central database compagny you need to trust.
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#313

  1. Consensus is a network of parties coming together to decide if a transaction is an honest transaction, it’s verified once all these parties agree that it can be trusted and is equally incentivised financially to do so.

  2. Because the decentralised system creates a trustless network called consensus, based on an equally incentivised group coming together with the same goal to verify a transaction. Auditing in real time and it cannot be undone on a decentralised blockchain system.

#314
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Everything added to the blockchain is verified as truth of all the participants and can be trusted as truth
  2. How is this different from how truth is determined in a central database?
    A private database can be edited, and can not be trusted
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#315
  1. What does it mean when we say that in blockchain, consensus determine the truth?

1 agreement between a network of computers determining truth

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

2 unlike a central database there is incentives attached to determining the truth

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#316
  1. What does it mean when we say that in blockchain, consensus determines the truth?
  • Determining the truth in blockchain by consensus is like the scientific method. Multiple individuals conduct an experiment and each one verifies the truth of the results produced. Discovery of the truth regarding blockchain transactions is incentivized by financial rewards which make the whole system function.
  1. How is this different from how truth is determined in a central database?
  • In a centralized database, the truth is not determined mathematically, but is simply asserted by the owner of the database.
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#318

  1. Consensus determine the truth by having a agreement of the networks.

  2. Central database decides the truth

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#319
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Consensus removes trust and is obtained by providing financial incentives to verify transactions and which rewards the truth. Consensus is achieved when other nodes confirm the transactions.

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

Truth is determined in a central database by a 3rd party. An auditor or auditing company. This can allow manipulation and corruption.

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#320
  1. The verification of the network determines if the transaction is valid (no just one authority).
  2. A central database does not have multiple people verifying transactions. This means we have to rely on trusting the centralized authority which could be corrupt or flawed.
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#321

  1. the intercommunication among the network comes to an agreement in order to determine the truth.

  2. the difference is that having a central database is allowing one entity to determine the truth. Decentralization allows a trust less system because an agreement has to come from many entities verifying a transaction.

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