- The participants of the network come to a majority agreement that the accounting is in order and that the transaction put forth is legitimate. The transaction is then added to the shared ledger.
- In a central database there is one person or one entity determining what is true, what is valid, without the other participants having a say in this. They need to trust the database owner for truth. Verification of this truth is not possible by the other participants.
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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?
It means that consensus is a global agreement of network participants who are incentivise to be honest in verifying and securing the blockchain. -
How is this different from how truth is determined in a central database?
It is different from a central database due to the fact that participants will be able to game the system through false information or transactions. No incentives to help them to be honest or commit to the main task of keeping the system immutable.
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Consensus determines the truth through multiple nodes verifying transactions resulting in trustlessness.
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A central database verifies itâs own transactions without any peer review or external audits.
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What does it mean when we say that in blockchain, consensus determines the truth?
Consensus means that the truth is decided and agreed on collectively by the people / nodes on the network. The validators (miners / proof-of-wor) are incentivized with money to validate only correct transactions to the blockchain. If the network agrees that a transaction is good it gets added to the blockchain and the miners get their reward.
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How is this different from how truth is determined in a central database?
In a central database it is the central authority of the database that decides the truth. A blockchain is trust-less and decentralized and the nodes of network decide, by consensus whether a transaction is valid or not.
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Blockchain is a decentralised network providing incentives for confirming the truth. Each node individually validates and confirms a transaction is good. This removes the need for trust.
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A centralised database has oversight by one individual / organisation. The central authority has the ultimate decision on whether a transaction is good or not. This makes it vulnerable to distortion and manipulation either purposefully or by mistake.
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1. What does it mean when we say that in blockchain, consensus determine the truth?
It means that general agreement is made in the network between several parties,
what makes transaction trustworthy
2. How is this different from how truth is determined in a central database?
One or few organisation has the authority to make decisions
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Homework on Consensus - Questions
What does it mean when we say that in blockchain, consensus determine the truth?
Consensus is reached when all computers on the network verify if indeed this transaction is real or if some data like on a supply chain is true. These computers come to a consensus to verify their data is the same across the network. No trust needed just verification.
How is this different from how truth is determined in a central database?
A central data base is hosted by a central authority that must be trusted when providing data. It leave room for error and cheating because of a lack of verification.
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Consensus determines truth because itâs based on a trustless system that encourages the truth through incentives (= money).
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In a central database one single entity determines the truth, therefore the truth can easily be manipulated. In a decentralized blockchain a whole network determines the truth through consensus which makes manipulation very difficult und unlikely.
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When the nodes in network agree to contain the correct ledger and the validators of that network show proof for it we can trust that they can arrive to the correct conclusion.
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In a decentralized system we can give incentives to volunteers to operate the network, these incentives align with the benefits of both the volunteers and the users of the network. In a central database trust must be given to a central authority.
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In blockchain, various decentralized parties have to agree on a transaction before its placed on the blockchain. If one party is not honest the other will know and then not agree.
In centralized database you have to trust that the central authority will be honest. They may alter the transaction and you will not know
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1- What does it mean when we say that in blockchain, consensus determine the truth?
Consensus is a very important future of blockcain; it is trustlees and always asking computers on the network to confirm a certain transaction or any other information before adding it to the blockcain or not. So we can say that it always checks all disitions double.
2- How is this different from how truth is determined in a central database?
Trough incentives all disitions are double checkt buy several parties on decentralized data base.
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[quote=âivan, post:1, topic:8425â]
Homework on Consensus - Questions
- What does it mean when we say that in blockchain, consensus determine the truth?
all the participants agree to the information shared - How is this different from how truth is determined in a central database?central database makes all tx, or authorized users only, consensus isnt Required in Communist State of Centralization the Central leader says how it is, and thats it, thats how it is! participants are only along for the ride as viewers or lemming in the system
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What does it mean when we say that in blockchain, consensus determine the truth?
Because as an incentive everyone is working on the same âconsent lawsâ, so if something false tries to enter the network it will not get its approval, so the truth is reached by consensus. The decentralization of data and the need for approval by everyone on the network makes it impossible for anyone to spend or say they have what they donât have. Double spending solved in the digital world for the first time in history.
How is this different from how truth is determined in a central database?
Because in terms of trust, a decentralized network with several participants in consent guarantees the solidity of the data, avoiding the alteration of the same. in a central database, data is not verified by third parties, we have to trust / believe in what it provides. We canât check, just trust!
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What does it mean when we say that in blockchain, consensus determines the truth?
It the network the nodes want to play by the rules because basically that is how they make money and thus if a transaction tries to go through that looks a bit âshadyâ and is not OK:ed by all nodes in the network (reaching a consensus) it simply will not get through. You can say that a transaction like that is falsified (not true). -
How is it different from how truth is determined in a central database?
A central database does not work with consensus but rather whoever is in control of the centralised network (such a some big shot at a big bank) can make a decision without consensus (a bit like a dictator).
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Consensus is achive by incentive from the network. That means that everyone in the network has to play by the rules. If people play by the rules they geting money and because everyone whants to make money they are ohnes.
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In a central database we dont achive consensus, because we have to trust someone. And that someone can be easy corrupt. Than we need some auditing who is cheking then and they also can be corrupt.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Truth via blockchain consensus can be confirmed as many systems, in distributed locations, and distributed controls participate in verifying truth in data. We donât rely in a said truth from an authority but a protocol to determine truth or a common stance on what to believe in.
- How is this different from how truth is determined in a central database?
A central database is likely to never have input from more than a few responsible authorities due to central operation which determine truth. Truth in data can also be more easily manipulated due to human integrity reliance which disrupt truth in data.
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when a transaction comes through, the nodes have to verify if itâs true before adding it to the Blockchain. all the computers of the network are incentive to tell the truth
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in a central database an entity has the authority to decide what is the truth
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Since blockchain is a decentralized network without any authority the network of nodes confirms or denies if a transaction in the network is correct or not, true or false. The trust in this is that you can verify it by yourself in the blockchains code.
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The truth that exists in an standard database is what the authority of the database decides by him self. The trust in a standard database is if you trust the authority of it or not.
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Homework on Consensus - Questions
- What does it mean when we say that in blockchain, consensus determine the truth?
- consensus determines the truth because prior to writing on the blockchain all information must be verified collectively
- How is this different from how truth is determined in a central database?
- put simply. Central databases must be trusted
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Homework on Consensus - Questions
- What does it mean when we say that in blockchain, consensus determines the truth?
Answer: When something is confirmed on the Blockchain it is done by consensus of everyone on the chain, not by trust. So, therefore we are relying on a trustless system that verifies by consensus, not trust.
- How is this different from how truth is determined in a central database?
Answer: A central database requires a custodian/s to secure information on a server/s, thereby requiring the trust of an individual or organization. Consensus does not apply on a centralized database thereby making it vulnerable to the whims of human nature.
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