- The truth is determined on the blockchain through consensus because each computer on the network has to validate every transaction performed on that blockchain for continuity.
- In a central database the truth will ultimately have to be determined by one person or computer running the operation.
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When we say that consensus determines truth with regards to blockchain, it means that the verifications or witness accounts that all agree determines whether an outcome is the reality.
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A blockchain truth is different than a truth determined by a central database in that the latter has limited or no verifications or witness accounts that agree. A central database can create the truth rather than report or agree on the truth. A truth that has the potential to be created has a higher potential for corruption.
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Consensus determines truth by incentivizing a network to verify data
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Central databases provide data without agreement or verification
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What does it mean when we say that in blockchain, consensus determines the truth?
In the blockchain all computers must agree that a transaction is valid or
else it is ignored. So it is not possible to insert invalid operation or lies.
How is this different from how truth is determined in a central database?
In a centralized database there is a single source of the truth. If a bad actor
modifies valid data, then all other users will query that data and believe it is true.
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Great reply for number 2!
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What does it mean when we say that in blockchain, consensus determine the truth?
Consensus determines the truth through numerous computers in a network, or nodes, to verify what is and is not true. The nodes that agree on what is true are incentivized through monetary compensation, typically in the form of coins; whereas any effort to corrupt the truth is disincentivized through cost and loss node integrity/reputation. -
How is this different from how truth is determined in a central database?
When a database is centralized the âtruthâ is entirely at the mercy of those who possess the database.
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- What does it mean when we say that in blockchain, consensus determines the truth?
The majority of the ledgers must agree that the transaction is valid before it can be added to the chain, otherwise it will be ignored.
- How is this different from how truth is determined in a central database?
In a central database is no such mechanism. What ever you tell the database is the new truth. So it depends on the trust the owner of the database.
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In Blockchain, truth is determined by the nodes in the network reaching consensus/agreement.
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A central database is different because it does not have a consensus mechanism that double checks if the data being added is true. The holder of the keys can manipulate the data.
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1, consensus it mean that all nodes in synchronize agreement.
2. Itâs different by decentralised database.
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- No one can cheat on the overall blockchain because every computer/member verifies the data and that for data to be added it must reach consensus with all the members. The members are incentivized to confirm the data
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- In a central database, the âtruthâ can be manipulated by the central control so you donât know for sure if the data really is accurate.
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- What does it mean when we say that in blockchain, consensus determines the truth?
Because in blockchain the ledger is transparent, and everyone is communicating with everyone, also participants of supply network are incentivised to tell truth, all information is double checked and verified. Only if everyone agrees with truth of the information the change can be made. Its mathematicaly proved.
- How is this different from how truth is determined in a central database?
In central database âmiddlemanâ can make changes and truth is determined by trust.
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1, all participants in the network involved in verifying transactions or any input of information have to come to an agreement that it is valid, therefore there is no trust involved and anything going on the chain is verified. All participants have the incentive to play by the rules.
2, there isn`t a set of rules as there are many different organisation or country. All has different rules, central database can be therefore manipulated or changed and only has to be agreed on by people with the same interest.
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What does it mean when we say that in blockchain, consensus determines the truth?
Open ledgers approves transactions. Network of computers decide together if new transaction is approved or not. This makes blockchain network ¨trustless¨, because it verifies every transaction so you donât need to trust any company, organization etc. everything is found in the open ledger. -
How is this different from how truth is determined in a central database?
You need to trust central database. You need to trust that data is not changed later. You donât have these problems with blockchain.
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What does it mean when we say that in blockchain, consensus determines the truth?
Consensus creates a trustless network where verification is required and sustained through incentives. -
How is this different from how truth is determined in a central database?
In a centralised network, there is too much trust placed on particular parties which allows them to potentially cheat other parties involved.
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- What does it mean when we say that in blockchain, consensus determine the truth?
The blockchain ledger maintenance by thousands of validators/miners means that a legitimate transaction is eventually recognized by the whole network; the nodes in question establish the veracity of the transaction through this process, but canât alter the data itself.
- How is this different from how truth is determined in a central database?
In a centralized database, truth is determined by whoever has the appropriate permissions to enter the data, and can be modified by anyone else who gains those permissions.
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- What does it mean when we say that in blockchain, consensus determines the truth?
Consensus means that multiple parties agree that the data is valid. This is one of the things that makes blockchain trustless.
- How is this different from how truth is determined in a central database?
In a central database there is no consensus, a single authority if responsible for determining if data is valid. This means you must trust the central authority.
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I love the way consensus encourages honesty and collaboration.
Looking forward to learning more about power of work and power of stake in the next lec.
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Truth is determined by verification and agreement across multiple nodes. Not trust
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A central database requires trust in the people that manage it.
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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?- Consensus determines the truth by verifying the transaction or data throughout the network versus using a single centralized database that could be altered.
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How is this different from how truth is determined in a central database?- A central database does not rely on a network of other computers to verify that the transaction is correct. A central database is also relying on trust rather than gaining trust through a transparent network that cannot be altered.
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What does it mean when we say that in blockchain, consensus determine the truth?
In Bitcoin, there are multiple nodes that have to agree on a transaction. All the nodes are incentivized to verify the validity of the transaction. So, if all nodes do agree on a transaction, it means that the transaction is valid. -
How is this different from how truth is determined in a central database?
In a central database, there is only one actor deciding the truth, and everybody else have to believe it. In the blockchain network, there is no single individual that decides the truth, without others having a say.
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