1- Everyone is incentivized to tell the truth because they’re rewarding financially when they do and penalized when they don’t
2- In a central database there’s an authority that decides what the truth is who may not always be telling the truth
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Consensus determines the truth means that there is verification and agreement amongst those responsible for participating in the network.
On the contrary in a central database there is a central authority that determines what is truth or not truth, what is priority or not, what is important or not.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Because consensus if achieved through incentives. You get rewarded for telling the truth and therefore everyone reaches consensus on a transaction.
- How is this different from how truth is determined in a central database?
Central database rely on the trust. Wherefore on Blockchain everything gets verified by the network and we don’t need trust.
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- Consensus- when network desides to verify a transaction.
- In central database the truth is desided by authorities or single parts.
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1 - Consensus determines the truth by allowing mutiple parties to be involved in the decision-making process of whether or not to accept transactions onto the blockchain. Each node on the network is given a financial incentive for being honest - for example, when dismissing fraudulent transactions from being accepted onto the blockchain.
2 - Determining truth in central databases requires you to trust the central authority governing the database. This is because central databases are able to be corrupted; transactions are able to be removed and manipulated and also because transactions are not verified by multiple parties.
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[quote=“Baidis, post:5, topic:8425”]
- Consensus is the agreement of the net work on state changes based on most recent transactions. If 1. Consensus is the agreement of the net work on state changes based on most recent transactions. If the network agrees a transaction is good it gets added to the ledger and if the network finds it to be false it gets discarded.
- In a central database a single copy database copy or single individual chose what is truth. If the database is corrupted then truth is altered.
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In order for a transaction to be approved on the blockchain, it must first be agreed upon by a network of computers.
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A central database is overlooked by at least one individual, that person has the power to make any changes to the information available without the agreement of any outside parties.
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Blockchain consensus determines truth by verifying from many copies of the database and they all need to agree on the network in order for it to be true.
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On a central database it is determined true by a single copy of the database. It means that the person or company that controls the database can determine what is the truth.
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1. It means that all decisions are made together and every decision is controlled.
2. We dont need to trust single entity, but the whole network can vertify if this entity is lying or not.
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Different nodes come to an agreement to add the transaction to the blockchain. The process is decentralized and all computers have a copy of the ledger, which decide if a transaction makes sense or not?
The difference is that in blockchain all computers are incentivized to tell the truth.
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- It means one agent cannot corrupt the system, for anything that goes against the code will be rejected by the others that share the blockchain, and any change to the code needs to be approved by the majority to occur.
- In a centralized database, he whom controls the keys can do whatever he wants.
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What does it mean when we say that in blockchain, consensus determine the truth?
For example, in the Bitcoin blockchain, computers work together when a new transaction comes through to determine what is true and what is not true. Collectively the different nodes come together to an agreed consensus decision, being incentivised to tell the truth through financial gain for doing so. -
How is this different from how truth is determined in a central database?
A central database does not have to verify its information with a collective. There is also no gain for them to tell the truth and perhaps sometimes more to gain by skewing the truth.
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- It means that the true is decided and argeed by everyone who is involved in the blockchain.
- It is different in a way that the truth cannot be changed by 1 single entity, whereas in a central database the truth could be modified by a 1single authority.
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- What does it mean when we say that in blockchain, consensus determine the truth?
It means that all parts of the decentralized network need to agree when adding a new block in the chain. In other words, new transaction can be made only if all computers agree with each other and verify it (consensus). You can check any transaction and information in a decentralized system (trustless system).
- How is this different from how truth is determined in a central database?
Central database is often govern by some authority which can easily manipulate data. So you need to trust central database because it is not transparent system unlike decentralized system which enables you to check every information so you do not need to trust ( Do not trust, verify-principle).
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- What does it mean when we say that in blockchain, consensus determine the truth?
It means that a group of computers (nodes) that are financially incentivized to “tell the truth”. When a majority of these entities agrees, the transaction is added to the (immutable) ledger.
- How is this different from how truth is determined in a central database?
A centralized database has an administrator. They can change whatever they want!
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Homework on Consensus
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What does it mean when we say that in blockchain, consensus determine the truth?
In blockchain consensus determine truth because all who are part of the network needs to agree to each transaction and they are financially incentivate to play with the rules. -
How is this different from how truth is determined in a central database?
With blockchain everything can be verified and because consensus to each transaction is build in top of incentives, so there is no need of trust, instead with central database one need to trust or make audits to control that the authority that runs the database is not cheating.
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Consensus means multiple validators work together to validate one data set. If consensus is not reached then the data is read as false and thrown out. For example, if someone transacts a double spend and one validator confirms the transaction, but the others do not.
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Validation is done by one source like a bank so it is entirely controlled and can be altered such as Enron.
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Consensus is a mechanism developed in a blockchain network to use as medium of agreement by multi entities or nodes in the network to decide whether or not changes should be made at any given state in the network in a decentralized way without a single person deciding what to be done in network. That way consensus keeps the network completely trustless.
In central database one single person or a few group of individuals decides the state of the network, and can alter any data in the network as they deemed fit. That makes the network completely depend on trust.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Do not need to trust anybody, everything is verified. - How is this different from how truth is determined in a central database?
Central DB requires Trust.
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- What does it mean when we say that in blockchain, consensus determine the truth?
When an information is put in the database consensus will determine whether it’s true or false information and if the information that got put in database is false it will be discarded. - How is this different from how truth is determined in a central database?
On Central database a single person have the authority that decides the truth, but on Consensus that data will be determined by different central authority.
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