Homework on Consensus - Questions

Blockchain and Bitcoin 101
#3194
  1. The truth (correct data or longest chain) on the blockchain is determined by the agreement of the majority of nodes on the network.
  2. In a central database the truth is determined by any party that has editorial access.
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#3195

1- since all participating nodes have a copy of the ledger and verify the transaction before adding it onto the blockchain, provides an environment that requires no trust and favors verification
2- in a central database the verification process is centralized as a result allowing for data manipulation with no 3rd party confirmation

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#3196
  1. Actions are verified by multiple parties and added or left out of the ledger.
  2. In a central database you have to trust whoever controls the network
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#3197
  1. It means that the decentralized network of computers are all in agreement with each other on what transactions are valid.
  2. A central database does not have a network of decentralized computers also agreeing what happened is actually true, it leaves room for error and have to have trust that it is correct.
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#3198 
What does it mean when we say that in blockchain, consensus determine the truth? It i agreement between two or more parties, in this case a computer network communicate between each other and everybody is consent to find the cheater or to verify the true action, all decisions are double checked and verified.

How is this different from how truth is determined in a central database?
It is different because no human being can intervene in the process, it can t be removed any value, while in normal data base some human can change the document.
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#3199

strong text 1. What does it mean when we say that in blockchain, consensus determine the truth?
the validation of transaction is confirm by each blockchain node in the network

  1. How is this different from how truth is determined in a central database?
    the complete decentralized of the blockchain guaranteed inalterability
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#3200

  • What does it mean when we say that in blockchain, consensus determine the truth?
    Answer: the information is verified by the network prior to being added to the Blockchain.

  • How is this different from how truth is determined in a central database?
    Answer: removes trust, once again by verification of all on the network ( consensus)

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#3201

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

It means that every new transaction must be verified by the rest of nodes in the blockchain network arriving to an agreement, and these nodes are incentivized by doing it.

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

In a central database, the data/information could be modified by the entity which controls the database. The weight of the truth only falls on trusting the third person, because the system would be centralized

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#3202

Homework on Consensus - Answers

  1. Big part of trustlessness. If all computers in the blockchain agree to a statement/transaction as being true it gets verified, thus approving transaction to the blockchain ledger. Provides verifiable provenance. Makes it very improbable to cheat the system. Consensus is achieved by incentivizing participants to only agree to the truth.

  2. Statement must be taken at face value, based on a system of trust. The central authority controls outflow of information, and can thus hide or alter facts. Steps in the supply chain are separated into silos, therefore information is not easily verifiable.

blockchain.Ronin

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#3203
  1. It means that all parties agree, with removes trust as a factor in decision making.
  2. In a central database, accounting and transactions have to be compared to verify truth, whereas in the blockchain, it is determined through consensus.
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#3204

1 - When we say consensus determine the truth we mean that the entire chain of computer connected together in a worldwide environment partecipate in validating every single transaction. This process is guaranteed by incentives.

2 - A central database is owned by someone (organisation, authority, government or private company) which may have some reasons for change it or modify it. If the database is modified who can tell what is the truth? The trust within the blockchain doesn’t even exist anymore because it’s not necessary as all the transactions are verified.

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#3205

  1. Every block that is added to the blockchain determines the “truth” of its state. Every node needs to agree that the added block is correct.

  2. In a central database the central authority has the power to change the content of the records whenever they like. Other people have to trust this record.

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#3206

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

  • Consensus is reached when several parties are making a decision based on validation - resulting in these parties being incentivized when their job revolves in providing complete truth.

  • Consensus is based on reaching Trustless-ness in other words is - trustless trust - since no trust is required between transactions and its members included.

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

  • A central database is structured to be in good hopes of honesty within the entity that owns it and their many invested supply chains that they work with.

  • There is lack transparency since there isn’t complete reassurance that all vendors are being truthful, making it easily distinguishable in how a decentralized networks collaborates,

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#3207
  1. It means that because the network is connected to the blockchian, everyone knows everything about everyone else so everybody has to agree on a change. Therefore, it is harder to be untruthful in a system where everyone is connected.

2.In a central database, the power lies in the center and everyone has to individually communicate with the center without knowing for sure what other’s are “saying”. In a decentralized system, everyone knows everything.

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#3208
  1. It means that no one can fake some information because everyone has access to the transactions. There is decentralized network.
  2. In a centralized database you have a hierarchy, which has influence on the legibility of the truth.
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#3209

  1. Consesus means, that all computers on the blockchian agree to one state of the network. If one would try to add “false” or “manipulated” information to the network, the blockchain would not agree on that information hence no public consensus would be reached.

  2. Just like with provenence, a consensus could easily be forged on a centralized database. Truth on a central database is something we have to trust.

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#3210

1 Consensus can only be reached through a network of entities, no single party can decide on terms thus decentralizing the decision-making process making it verifiable and trustless.

2 Central database lacks transparency, can be manipulated, abused, and exploited, the decision-making process is centrilized.

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#3211

In a central database the owner can add information and call it the truth.

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#3212
  1. What does it mean when we say that in blockchain, consensus determine the truth?

It has a mechanism to authenticate and verify if the transaction is truly valid and ensure it make sense by verifying with the chain of historical transactions before being accepted into the blockchain upon the consent by the distributed network of computers with their replicated copy of the distributed ledger. Each node collaborate in a trustless way to verify and authenticate the integrity of the transactions.

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

They differ in ownerships, no one owns the blockchain database ledger. The continuous growing list of the transactions maintained is based on the consensus of the nodes in the P2P distributed network computers. The distributed ledger allows tracing and tracking anywhere and anytime online real-time without relying on a middle man or a centralized authorities or data store. A centralized database is subjectable to a single point of failures, hacking, data inconsistency, and fraudulent by manipulations.

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#3213
  1. It’s mean that all copies of database in blockchain network determinate the true.
  2. In a central database the true is based only on single copy of database.
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