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What does it mean when we say that in blockchain, consensus determines the truth?
Consensus in blockchain means that it is not one party but whole network of nodes who decide if to accept transaction or not and they are incetivised to make correct evaluation by receiving financial rewards for telling the truth. -
How is this different from how truth is determined in a central database?
Central database can be manipulated because there is an authority that decides what is true and we don’t have much power to verify the information.
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- What does it mean when we say that in blockchain, consensus determines the truth?
Everyone who validates a new block needs to agree that the data in the block is accurate. Having everyone agree makes it almost impossible to cheat because other people would have to agree to the cheating. When everyone agrees on what is true they make money adding a block. On the other hand, if someone tries to cheat, not only do they not make money, they will likely be financially penalized through slashing or some other penalty. This only works if the whole blockchain is decentralized with many different parties needing to agree. .
- How is this different from how truth is determined in a central database?
In a central database, truth is whatever the person entering the data decides it is. Such a database can have other people checking the entries. However, such checking is often done sometime later and cheating may or may not be caught.
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The miners / or computers have an incentive to tell the truth because they are getting paid to validate transactions.
A central database can be altered and there is no other computers to look at it and say, hey, this does not belong.
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Well if everybody agrees that something took place its hard for a cheater to convince something differnt.
2 the difference is in the word central. when the truth is centralized its easy to manipulate. when the truth is decentralized you should manipulate many more data if yoy want to cheat.
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Consensus determines the truth because all computers verifying transactions have to agree that the transactions are valid.
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Truth is not determined in a central database because there is only one verifier. We also said that a central database can be modified or deleted which is not a property of the blockchain ledger
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There are multiple decision makers (systems) that validate the truth.
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Very difficult to independently audit and can be corrupt.
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- When the decentralized network of computers come to a consensus about a transaction they agree on what is true.
2)If there is a bad actor entering data into the data base, we just have to assume he entered it correctly and have no way of verifying it.
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What does it mean when we say that in blockchain, consensus determine the truth?
In relation to blockchain, consensus mechanisms are linked to the people and methods associated with approving transactions on a chain. They function to ensure a transaction’s validity and authenticity. -
How is this different from how truth is determined in a central database?
In a central database, a central authority can manipulate data, the truth is determined from a single centralized entity and not from a network of entities that collaborate between each other. In blockchain, network of computers , the database is open to public no one can’t remove it .
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We say that consensus determines the truth because we need approval and verification that a transaction was indeed processed and verified by a group of computers within the network. In other words, Many are verifying the same transaction being legitimate and truthful.
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it is different because a central database is handled by a central entity and not by a group that all need to agree on the transaction.
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In blockchain, all the truth is riding along on the network for every node to see and anything that isn’t verifiable simply doesn’t go any further. The more I learn, the more genius it all seems
Truth in a central database is so easily corruptible. If the central authority does not like the truth, a different story is simply made up and distributed among the pre-programmed-to-trust-authority majority. It’s usually the exact same incentive - to make money, but the blockchain system makes money in truth and the central authorities maintain money through (mostly) lies.
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- Network of computers needs to agree about what is the truth and if a transaction will be accepted in a public ledger. Network is rewarded by financial incentives.
- In a decentralized system , the truth is determined by consensus of nodes( or other computers) , agreeing of a validity of transaction. Contrary to that, in a central database , the truth is determined by a central authority.
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[quote=“ivan, post:1, topic:8425, full:true”]
Homework on Consensus - Questions
- What does it mean when we say that in blockchain, consensus determine the truth?
Is a big part of trustless, all decisions are been double check and creating by consensus.
- How is this different from how truth is determined in a central database?
Its trust-less and decentralized. is decided by a single authority/person.
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What does it mean when we say that in blockchain, consensus determine the truth?
It means that multiple machines/computers on the network came to the same conclusion that the transaction was legitimate through a verification process. -
How is this different from how truth is determined in a central database?
A central database has a single authority in most cases that decides if the transactions are legitimate or not.
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Consensus determines truth because there needs to be a majority in favor of a transaction in order for things to be approved on the blockchain.
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This is different by the fact that central databases do not have disclose all their transactions with the network in order to back up their claims.
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To further answer the second question we must understand that central databases are controlled by one person/entity
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It means that all transactions are based on verification by network. Consensus is a trust less system which base only at approvals and verifications.
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In central database anyone can make any change to data and you have to rely on administrator honesty, when in blockchain all computers have to verified everything and achieve consensus.
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What does it mean when we say that in blockchain, consensus determine the truth?
Because theres a cpy of the ledger on every node and everybody needs to have the same copy. Everybody in the chain, miners and nodes, have it in their best interest to help the network and recieve rewards. -
How is this different from how truth is determined in a central database?
it is decentralized and no one can change data on the blockchain
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Consensus between parties establishes the records of the blockchain. It verifies each step along the way. No one step can misrepresent itself because it has been recorded by the consensus to the ledger.
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It is different because each party is allowed to represent their contribution independently. It requires trust between parties that each is truthful, whereas the consesus verifies each step so the full and accurate record is established.
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- What does it mean when we say that in blockchain, consensus determines the truth? Answer: It determines the truth because the network of computers attest to the fact that one party is saying the truth that can be mathematically verified.
- How is this different from how truth is determined in a central database? Answer: In a central database, we have to believe that the one appending the data is honest and trustworthy - something that cannot be mathematically proven, or if ever – it cannot be proven to be the same in the future.
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1: The truth is the most widely agreed on sequence of events by the participants.
2: A centralized database normally has a single, controlling entity, dictating the truth.
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