Homework on Consensus - Questions

Blockchain and Bitcoin 101
#4036
  1. What does it mean when we say that in blockchain, consensus determines the truth?

If all computers in the network agree that a transaction is correct, this will push the transaction onto the blockchain. If there is no consensus, there is no truth in the transaction which means it is ultimately rejected.

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

Central database is based on trust. There is also no incentive to tell the truth or there can be incentives to lie. This leaves the question of whether you can actually trust what is occurring.

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#4037

Answers :

  1. It means that a majority of nodes have agreed on its truth and it will be stored on all nodes within the blockchain.
  2. This is different because on an centralised database there is NO need for consensus because the authority or owner of the database determines what’s true or not. Therefore if an singular authority tried to say something is right it would be wrong in blockchain because an majority would have too say it was truth.
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#4038
  1. What does it mean when we say that in blockchain, consensus determines the truth?
  • The blockchain consensus determines the truth through each node on the blockchain validating the transaction before it is added to the chain. There is a sense of trust that established between the nodes on the blockchain. Each node has to concur that the block of information that is added to the network is legitimate.
  1. How is this different from how truth is determined in a central database?
  • Central databases are controlled by single entities that have total governance of the database. The entity doesn’t have to validate the information with another party, before the information is added, deleted, or modified. The Controlling Authority of the database lacks Two Person Integrity (TPI), which could potentially create incentives to manipulate the database as it sees fit.
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#4039
  1. When we say that in blockchain: The consensus determines the trust; it mean that the blockchain is a decentralized ledger and has a network of computers all over the world that are all verrifying the transactions made and all agree inbetween that a transaction is valid.
  2. A cental database is owned by some third party and the party owning the database makes rules on which data is correct and which transactions are valid.
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#4040

1.Has to be accepted by the network before it can be add in.
2. because it is difficult to cheat.everything is veryfied on the network and can be tracked. No matter who you are you have to play by the rules, cause other way it will not work

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#4041

  1. Consensus supports trustlessness since it assures the truth through the process of consensus verification

  2. In a central database trust is huge and often abused with exaggerated claims of a products quality or efficacy and these claims may not be easily verified

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#4042

  1. Consensus means all the computers/nodes must agree for a transaction to occur otherwise it will deemed invalid.

  2. In a traditional database, the creator can add, remove data at anytime. This calls to question the validity of the data. Consensus ensures that date is valid and verified by all users.

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#4043
  1. Because the nodes verify the data, it becomes agreed upon and immutable and transparent.
  2. Whatever authority is over a centralized database can change things. It also is often not transparent so that you can verify the information.
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#4044

  1. It means that the majority of ledgers in a decentralized network must agree that the transaction is valid or invalid before it can be added to the chain.

  2. In a central database, an entry is the entry, it has not usually been reviewed for accuracy. Therefore it can be corrupted. As the name central database implies, there is one dbase and thus can be modified or corrupted via central authority or error.

  3. Blockchain MIGHT be corruptible IF a bad actor gained control of a vast majority of the nodes / ledgers in a blockchain network. That’s some massive computing power.

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#4045

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

It means that in blockchain, for a transaction to be registered, there needs to be the agreement of a network on the veracity/validity of that transaction. Thus, truth depends on the network reaching consensus.

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

In a central data base, the truth is determined by the owner of the ledger, who can alter the data-base.

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#4046

  1. Consensus is the agreement by multiple separate entities that something happened. If multiple, separate entities all agreed something happened then it becomes of the permanent record of what happened.

  2. In a centralized database there is no agreement by different entities. Whatever is in the database is the “truth”, but also vulnerable to manipulation as any change doesn’t require consensus.

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#4047

1 There has to be an agreement between all the independent participants of the network, accepting the transactions made. This way its possible to keep honest information because the participants are motivated on saying the truth by earning money by it.

2 In a centralized database its very difficult to check if the transactions have been manipulated or not. Through independent networks its easy to check the veracity of the transactions because everyone has access to a copy of the database and everyone must agree on accepting it or not.

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#4048

  1. What does it mean when we say that blockchain consensus determine the truth ?
    Consensus is that it verifies the truth through all blocks and nodes…

  2. How is it different from how truth is determined in a central database ?
    in a central database truth can be determined from the one who is in control of the system,
    however in blockchain the truth comes from numerous sources that in most part cannot be altered .

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#4049

  1. This means that the action of one participant needs to be verified by other participants of the network, thus creating a thrustless environment.

  2. In a central database one person enters information and it is not double checked by other participants. Other participants trust that this information is right.

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#4050

  1. The network’s consensus is given when every node and all the information on the network is public and is verifiable by everyone, and is incentivized to be truthful.

  2. The difference is that everyone is incentivized, to tell the truth; it becomes harder to fool the network as the network gets bigger.

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#4051

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Provides the network of supply chains to prevent fraud and the decision is made by multiple people.

  2. How is this different from how truth is determined in a central database?
    The central authority decide their truth and the supply is sold through trust, which not a transparent or safe transaction

#4052

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Because consensus determines the truth by a collective.

  2. How is this different from how truth is determined in a central database?
    The central database is determined by the central authority which makes it harder to verify the truth

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#4053
  1. Consensus determines the truth by having computers verify the internal and external dealings within a company or business. This ensures that companies cannot make claims on how great the quality of their products/services are compared to others. Consensus within the blockchain confirms the truth of a company through public confirmation from computers verifying data going in the company and outside the company.
  2. A central database merely relies on the consensus of a company’s departments trusting each other to provide accurate data from the internal progress within the company.
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#4054

1)Because of consensus the truth is thrustless, it can be verified on the network
2)In a central database the truth can only be verified by the database owner, you need to thrust on a central entity.

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#4055
  1. Because blockchain is a decentralized database, multiple parties have to agree that a transaction in blockchain is legitimate for it to be accepted. Therefore, the consensus of all these parties determines that the transaction is true and correct. (verification instead of trust)
  2. In a central database, only the party that runs the database is guaranteed access to it. Therefore, we are forced to trust that what they say is recorded in the database is true and correct and we have no way of verifying it. (trust instead of verification)
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