Several party’s decide if a transactions is possible and real. there must be enough funds on the address and a minority of validators that agree on the transaction.
2.
It’s not based on thrust anymore, but on data that can be verified. The validators are incentiviced to act in the network. It means honest
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I guess with swift payments there is also a consensus mechanism. otherwise it would’nt take 2 days to make a transfer 
Homework – Consensus
- What does it mean when we say that a blockchain, consensus determine the truth?
- In a blockchain the truth is determined by various nodes, that are working together in the blockchain to verify each transaction or piece of information, when the nodes are in consensus about the outcome of a certain transaction or piece of information the truth is provided in the consensus amongst the nodes due to the verified transaction.
- How is this different from how truth is determined in a central database?
- Central databases are not always very transparent, causing people to rely on the word of centralized authorities on the accuracy and truthfulness of information. Only once these regular databases have been audited later in time can the level of accuracy be determined, whereas blockchain can provide immediate accurate verification of information.
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- What does it mean when we say that in blockchain, consensus determines the truth?
Multiple parties are required to make a change to the database and all parties are incentivized, to tell the truth.
- How is this different from how truth is determined in a central database?
In a Centralized database, the owner can make changes at will and can choose to not tell the truth. All that is needed is the authority to gain access and make changes which can be challenging to verify or independently audit.
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Settlements take a lot longer than it does to display the balance on your account. Same as you can see the balance on Bitcoin before the tx is confirmed. Not sure about swift, but I think VISA can take up to 60 days 
1. What does it mean when we say that in blockchain, consensus determine the truth?
The truth on the blockchain is determined by consensus because all nodes of the network need to check and verify every transaction. No one needs to be trusted, everything can be verified. It does so due to an economic incentive (because everybody agrees that they love to make money)
2. How is this different from how truth is determined in a central database?
In a central database there is no real consensus. It’s owned/ controlled by a central entity that needs to be trusted.
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Homework on Consensus - Questions
1- What does it mean when we say that in blockchain, consensus determine the truth?
Truth is determined when transactions are verified collectively through a network of nodes that is regulated by incentives before being added to the blockchain.
2- How is this different from how truth is determined in a central database?
Truth is determined through a central or a single authority.
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1.that many different nodes can verify and have the same information, thus can confirm origin and false, true transactions or provenance of merchandise ect
- in a central database one party can determine the truth, can change without the interference of any other parties to verify
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yep it’s clear, first you have clearing, then settlement. Not as efficient as BlockChain, to minimize the saying!!! And then we don’t even talk about all costs involved! F.i. fiat-on-ramp with Visa/mastercard costs 2% on Binance; bank wire to Etana, and then syncing with Binance costs much less, but you need a Lot of time, like 4-6 days if I remember well, but almost no cost involved.
SWIFT payments usually take 2–5 working days to reach their destination, however it is possible that they can take longer due to time differences between the sending and receiving country, or multiple intermediary banks involved with delivering your money to us.
source: https://transferwise.com/help/articles/2553074/paying-by-swift
- multiple witnesses to agree if it is correct
- centralised database has no witnesses to verify something, taking someones word for it.
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- through a consensus mechanism like proof of work or proof of stake it is decided which transaction enters the blockchain
- In a central data base we are at the mercy of the controller of the data base and everybody receives the information according to what the controller allows the individual to see, while in a distributed public ledger everybody can see what has been approved by the consensus process in real time
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- What does it mean when we say that in blockchain, consensus determines the truth?
- A network of computers needs to agree what is, and isn’t true
- When a transactions comes through, the various computer nodes need to agree whether to approve the transaction, or not - reach a consensus - then the transaction can be confirmed
- How is this different from how truth is determined in a central database?
- A central database does not need, or rely upon various computer nodes to come to a consensus, more so, some nodes may fail, however, the transaction can potentially be manually forced through and approved without truth being established
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What does it mean when we say that in blockchain, consensus determine the truth?
Because Blockchain requires the distributed computing network to agree on any blockchain addition. Therefore blockchain addition(s) which do not have agreement in the distributed network are automatically rejected. -
How is this different from how truth is determined in a central database?
Central Databases can be modified by whoever has authority in their hierarchy and changes made are almost always opague to outsiders and even insiders. Therefore there is no trust.
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What does it mean when we say that in blockchain, consensus determine the truth?
When it is said that consensus determines the truth in blockchain, it means that if everyone is on the same network, it becomes impossible to cheat. All nodes have to agree or disagree for verification. -
How is this different from how truth is determined in a central database?
This is different from a central database because in a central database reliance is based off trust, you are trusting that all the ingredients listed are on the label. You are trusting that your materials are ethically sourced. Truth in the Blockchain is determined by the network verifying if all statements/receipts are true
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teamwork between nodes lets a lot of people to re affirm the transaction so it would be difficult to cheat
in a central data base there is one organization controlling all the information
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What does it mean when we say that in blockchain, consensus determine the truth?
a decision is reached and its team work between nodes collaborate to reaffirms that transaction, Consensus in a truth, without trust yet
through motivation or financial gain in support of and only of the truth, with financial loss if truth is not presented
How is this consensus truth is determined in a central database different from how truth is determined on a blockchain?
the truth is determined up front and stands as always, whereas the truth of a decentralized database stands as true until it is disputed and the truth revealed!
Until a false transaction or recorded decentralized database is true until object to be and subsequently proven to be False.
the Truth is assumed confirmed to be false.
Such lies are motivated by some other reward mechanism at conflict with the truth’s interest, whereas Truth by Consensus is a blockchain
is not required to brought in front of a 3rd party (value detractors like a mediator or lawyer or accountant) to rule on a deterministic truth.
A blockchain achieve Consensus via financial incentives yet a central database may or may not by incentive factors supporting the truth;
not exclusive to gain, personal like “i can get away with it”.
In a sense, the private database is subject to perpetual disputes requiring ongoing verification processes just to maintain a truth consensus
This make a decentralized claimed truths being subject to whim modified, if not also inimitable.
When Consensus determines provenance of Truth on a decentralized blockchain,
its trust-less truth w/ reliable provenance requires no subject authority to intervene, where equity cannot always be presumed.
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- What does it mean when we say that in blockchain, consensus determines the truth?
Consensus determines the truth in blockchain technology by requiring the entire network involved in the provenance of data within the chain to fully agree on additions being made to the ledger, prompting all involved to accurately tell the truth, through various methods of incentivization.
- How is this different from how truth is determined in a central database?
A central database lacks the network democratization required for trustless verification, for true consensus can not be authenticated if it is being routed through a vulnerable centralized point as opposed to letting the entire network securely communicate with itself. This method of consensus is determined by the minority, requiring the trust of the remaining majority of the network.
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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?
Because it relies on all nodes to confirm a transaction. -
How is this different from how truth is determined in a central database?
Consensus allows for the network to be transparent rather than relying solely on trust.
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1.What does it mean when we say that in blockchain, consensus determine the truth?
Its the communication between various people and everything is verifiable which makes it very easy to determine if someone is lying, cheating or not playing by the rules
2.How is this different from how truth is determined in a central database?
In a centralized database determining truth can be very hard as its all based on trust and nothing is transparent and verifiable
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- consensus is when everyone agrees and it is achieved by financial incentives. People get paid by being honest or telling the truth that then gets tracked in blockchain.
- it is different because people want to make money as a rule, but, in blockchain they are incentivized to tell the truth financial gains and in a regular central database there is no incentive and it can be influenced to lie or not be truthful.
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