Consensus determines the truth in blockchain because there are many nodes that are incentivized financially to determine what can and cannot be added to the blockchain.
The blockchain is trustless whereas a centralized database can be manipulated and there is no consensus
Consensus allows a piece of data to be added to the blockchain as numerous parties (nodes) will agree to add it and reach a consensus
Consensus is built on top of incentives in BTC for example the node computers are incentivised to tell the truth.
What does it mean when we say that in blockchain, consensus determines the truth?
Each node or computer determines truth by verifying the information on its copy of the ledger with every other node’s ledger. This means if the transaction is duplicated or false the other nodes can see that those funds never existed.
How is this different from how truth is determined in a central database?
Truth in a central database is determined by the administrator of the database and requires a level of trust between parties
What does it mean when we say that in blockchain, consensus determines the truth?
In the blockchain decentralized network, decisions are made together by consensus. This removes the trust element so you can be confident in the outcome of truth. All players have a financial incentive to tell the truth.
How is this different from how truth is determined in a central database?
Having a central database implies trust. Without a consensus, you must make a trust decision.
1.That not only one node approves the transaction and that the whole group decides.
They do that through initiates you get rewarded for being honest therefor cannot cheat the system.
2.A central database does not have groups that consensus so the information given might be false and can be changed by a person.
1.What does it mean when we say that in blockchain, consensus determine the truth?
It means that everybody decides what is the truth.
2.How is this different from how truth is determined in a central database?
In central database the authority only decides what is the truth.
it means that different parties agree that the truth is really true.
in a central database the truth can be invented by the person who owns the database and users have to trust on that.
It means there is a collective agreement about the truthfulness of the data.
In a central database you have to trust the data given to you, will in blockchain you don’t have that issue because it is a trustless decentralized database.
Homework on Consensus - Questions
-in central databases, it is based on trust where it is easier to cheat. With a consensus, since the network is incentivised by telling the truth through verification in a ledger that is public which makes it hard to cheat the system.
What does it mean when we say that in blockchain, consensus determines the truth?
Consensus is the agreement of the network. Decided upon collectively. If the network agrees that a transaction is good it gets added to the ledger. If false it gets discarded.
How is this different from how truth is determined in a central database?
In central database a single individual or central authority can choose or decide. If database is corrupted the true can be and is altered. It can be manipulated.
No one party determines if an item should or should not be added to the block chain. All parties involved in the decentralized network forming the blockchain must be in agreement that the item is valid, and only then is it added to the blockchain.
By definition, a central database is governed by one party. The blockchain is decentralized, meaning multiple parties have to be in agreement in order for the blockchain to be altered. This eliminates the need for trust in just a single party.
The blockchain enables all the participants to determine the truth by verification and tracking the data. When agreed that the transactions apply to the requirements the parties reach consensus.
Central database determines the truth by a single person or organisation. There is a lack of consensus between the parties.
What does it mean when we say that in blockchain, consensus determines the truth?
Consensus is reached by a number of independent computers checking data. Only when the information is verified as being correct by the collective can it be added to the blockchain. If the information cannot be verified it is then viewed as false. Once the block is created it cannot be edited and is available to be read by anybody.
By contrast a central database does not need consensus to verify data and can interoperate data independently.
the blockchain will always be the truth the algorithm has no other option
its different from central database because once its entered the blockchain it can never change but a central database can be edited or (man-ipulated)
What does it mean when we say that in blockchain, consensus determine the truth?
Consensus will determine the truth if multiple network decision has been validate.
How is this different from how truth is determined in a central database?
Centralized database can be controlled, manipulated and can be altered unlike consensus multiple of network validate and makes the decision.
When we say that a blockchain, consensus determines the truth. It means that all decisions are made and agreed upon through the network. All nodes must agree that the transaction is real to then all add a block to the blockchain.
This is different from how truth is determined in a central system because several parties are incentivised to be honest through proof of work or proof of stake. Making it trustless because you can verify.
In blockchain, consensus determines the truth through a network and is verifiable. Companies cannot cheat.
It removes trust by checking the entire network nodes.