Homework on Consensus - Questions

[rogerio1981]

Homework on Consensus - Questions

1. What does it mean when we say that in blockchain, consensus determines the truth?
   Trusted information being determined by the blockchain, Consensus may be defined professionally as an acceptable resolution, one that can be supported, even if not the “favourite” of each individual.
   Each new blockchain transaction is independently double checked and verified by ALL nodes within the decentralized network leading to a global consensus the new transaction was valid and accurate eliminating the need to trust the individual instigating the new transaction.

2. How is this different from how truth is determined in a central database?
   In the central database truth determined by an authority figure. Imagine that you are a kid and the only central database is in your parents. You go to them for information and if you ask too many questions, they tell you “because I said so”, which means I am an authority figure, stop asking so many questions and just do as I say. You want see for yourself, but ultimately they hold the keys to what you can and cannot do. If they have an incentive to misinform you, they can exercise that opportunity, especially when the pain of your annoyance overcomes their love for you as their child. BY [rostyslavdzhohola] The best explanation…

[Camil]

1.What does it mean when we say that in blockchain, consensus determines the truth?
All the nodes that are participant in the blockchain database on a particular network need to come to the same answer to finish a certain task and nodes are stimulated by using financial incentives.
2.In a central database a mutual agreement many times can be arrived at by relying on trust which in turn can create manipulation. People could be stimulated to cheat for their personal gain in a central database

[Christina]

1. Consensus determines the truth because all the members of the network have to agree on the same truth. They can do that by verifying not just by trusting and because every piece of information is stored in the blockchain and can not be removed so the lies will be spotted immediately and won’t be recognized as truth.
2. The same concept of “consensus determining the truth” can not be applied to it’s full extent in a central database because the information can be removed and one can not verify and track the information to it’s roots. So lies can be present because without tracking a lie one can not tell what the actual truth is.

[Michal1]

1 When all the miners agree, it’s true.
2 In the central database, the truth is determined by the central authority.

[JPV]

Thank you for that point

[Judith]

1. Due to the block-chain, everyone is connected in a network of many and getting incentives to play by the rules of honesty . Information on the block-chain can not be removed and will be verified through the whole decentralized network.
2. In a central database information can be removed or changed by admin, while actors can not verify. It’s not real-time transparent and accessible for actors to check the truth. Only afterwards an accountant of external investigation can verify the trustfulness of the information. Still, information can be manipulated. Auditing is a snapshot in time made by human and it takes also human effort analyzing the data to verify . Humans can make errors, misinterpreted information and trust-regulations can be broken without direct penalty . There is no decentral real-time regulation within a community of several actors as block-chain provides

[DinS]

1. Everything in the blockchain is checked by all the different ledger for being valid. If someone was to manipulate some data this manipulation would easily be called out as false by the network.

2. Truth on a central database is determined through trust. The blockchain is not based on trust but verification.

[simsalabim1]

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

everyone agrees on one collective truth

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

there isn’t one person in control of everything

[hwbrill]

1. removes trust
2. network of multiple public ledger copies

[flyingnarwhal]

1. On a blockchain, all parties to a transaction or string of connected transactions are represented by computers that are all connected to one another. When one makes a claim/statement, all other computers must verify and agree upon the authenticity(or lack therof) of the claim. All parties are incentivized to participate in this process with rewards in the blockchain’s respective currency.

2. In a traditional system, an audit must be carried out to verify the authenticity of a claim. The humans carrying out the audit could make mistakes or even be bribed to report false information. Blockchain solves this problem by replacing the humans in this process with computers and thus by making the verification process automatic.

[halucynus]

1. I agree. I don’t think you have an option to be dishonest .

[eo0795]

1.Consensus determines the truth by a validation process involving the entire blockchain community agreeing that both parties adhere to the rules regarding the transaction.
2.There is no certain truth of a central database. You’re trusting reputation and words instead using the transparent records that is in blockchain.

[Hozman88]

Consensus is achieved by trustlessness and incentives. Everyone (nodes/network/math) must agree before data is validated as true. The truth is determined and validated mathematically. Telling the truth is financially incentivized. Meaning, If the truth is established, money is made. Because validation is established by a network consensus it differs from an centralized database in that centralized databases are individually validated and information could be skewed without verification. This is not the case with blockchain consensus. The truth is decided by a network, and not an individual entity.

[leon09]

1. A group of computers in blockchain network will verify a transaction that enters blockchain , depending on each of the participating computers approval the transaction will be approved
2. In central database its just few moderators who decide what goes in and what not and there is no rewards attached to it , in blockchain each participant is rewarded to verify the transaction

[CryptoSam]

1. consensus being trustless, it is a mechanism that makes sure every transaction is true by using the power of network verification.

2. truth in a central database can be skewed or biased vs consensus mechanism that relies on powerful incentives to verify and confirm truth by network operators

[marcpans]

1.) All transactions are verified if its true or not.
2.) Through incentives and decentralized .

[RichJamo]

1. Truth is established through consensus of all the nodes on the network - for example, every node (or a majority of nodes) must agree that a transaction is valid for it to be accepted on to the blockchain

2. In a central database some kind of authority figure would determine truth - they would decide whether a transaction is valid or not.

[Maggie]

1. Every party that involves in the transaction has access to the same information. Based on this information, they all can perform facts verification and then confirm the transaction. Also, in order to reach consensus, there are financial incentives for everyone to be truthful.

2. In a central database, items are taken as-is; and whether the information is true is based on a trust system…

.

[Zemichael]

1, Because in the consensus there is a very strictly ruled agreement that all the data networks can share and agree about. So based on the agreement made the consensus assures either is it true or not. Then finally it establishes the truth decision.

2, The tracing, tracking most of all the ability of verifying make things different here. Where as in central database only trust is the pillar, this trust can be modified and bring a damage or change on the truth determination.

[Mohammed_Al_Arab]

1- In blockchain, consensus determines the truth means that verification of any activity or any decision making process is not made by a single entity or party. On the contrary, it is made by everyone on the system. Everyone in the system has a say and takes part in the decision making process.
2- In a centralized database, the “truth” can be very subjective, manipulated and decision making is made by a single centralized entity with no external verification or audit.