Homework on Consensus - Questions

Blockchain and Bitcoin 101
#4742

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

It means that all nodes on the network agree that any specific transaction that has occurred is valid and can be added to the distributed ledger.

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

In a centralized database, truth is determined via some sort of central authority such as a bank in financial transactions.

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#4743
  1. What does it mean when we say that in blockchain, consensus determine the truth?

In a blockchain, everyone collectively agrees on something, and the truth is going to be decided by all of the network nodes by reaching a consensus. In every transaction, all nodes are incentivized economically to tell the truth. Nodes are all programmed to follow incentive rules, so that adds even more difficulty in cheating the system.

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

In a. central database, a single individual, or a specific group of individuals can have the power to make the decisions instead of having everyone to decide by reaching a consensus

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#4744

1- All parties must have the same decision to be approved thus eliminating truth base decisions, thus removing one party to try to manipulate the result, Incentive is what pushes consensus to go forward.

2 - central database is based by majority and also can be easily manipulated so the end goal gets comprimised.

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#4745

1.the only valid ledger on a blockchain is the one where the majority of nodes on the network share and broadcast the same information, reaching consensus.
2. a central database a single copy or single individual chose what is the truth.

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#4746

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    All decisions are done together, and all transactions are verified by nodes on the chain

  2. How is this different from how truth is determined in a central database?
    Truth cannot be determined in a centralized DB. Data is controlled by a single/multiple Entities that can manipulate the data at anytime.

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#4747
  1. What does it mean when we say that in blockchain, consensus determines the truth?

Consensus requires approval or verification by many rather than few.

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

When information is centralized, information can be controlled, hiding what they don’t want you to see.

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#4748

1. What does it mean when we say that in blockchain, consensus determines the truth?
This means that all participants of the network constantly confirm the data inside the blockchain. This makes the data verified and real.

2. How is this different from how truth is determined in a central database?
In a central database truth is dermined by those who run and own that database, hence the data can be significantly different from what it really is.

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#4749

1: It means that everything that is on the blockchain is true because everyone can see whether you are being truthful with the provenence.

2: The central databse relies a lot on trust. They have hold of your data which can be sold.

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#4750

What does it mean in Blockchain when we say consensus determines the truth?

  • In a distributed network particular transactions need to be accepted as being true for inclusion in the blockchain. The agreement between several blockchain nodes is decided by consensus of each participant then the transaction is added to the blockchain and never removed or tampered with.

  • Also, in blockchain history transactions can be verified through the audit trail as being proven before adding.

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

  • A central DB relies on authentication to users, the granting of system and db permissions to them e.g. ownership to perform read, write, update, delete operations and to ensure authenticity of transaction processing. By contrast you can only WRITE Blockchain.
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#4751

  1. The Information on the blockchain about a transaction needs to be agrred upon and verified by all nodes/parties involved.

  2. A centralised database relies upon trust and not of verification.

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#4752
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    The truth is determined because it has been mathematically verified by the network of nodes.
  2. How is this different from how truth is determined in a central database?
    Individuals are financially incentivised so this takes trust out of the equation.
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#4753
  1. It is very simple : someone want to transfer 4 bitcoin to another person , he executed the payment but all the computers from database must agree with this transaction , they actually mark this like true or false of liquidity and all must say YES . This is Consensus that all agree that person trough that transaction have enough liquidity.
  2. All the computers will validate that transaction is reliable and in blockchain this is very important , is a network that must verify and give approval for a transfer in which each computer must be honest for that transaction to be approved , not only one computer validates the transaction.
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#4754

  1. That mean that when new data is input in the network everybody in the network will check the new data and and consultee each other to make a consensus of whether it is truth or not so you can’t cheat the system and the network is incentive to tell the truth by receiving money by being honest.

  2. In a central database is up to only one entity to decide what is the truth because he can change the database has he wish.

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#4755

Consensus determines the truth by allowing everyone to decide what the truth may be.

A central database has someone who controlls it and they only decide what he truth is.

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#4756

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    In the blockchain the truth is determined by a consensus of all the people in the network that work the find consensus, or “truth” for an incentive.

  2. How is this different from how truth is determined in a central database?
    That is a system built on trust and has no consensus protocol to find the truth in the system.

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#4757

not manipulation and no changes.

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#4758
  • What does it mean when we say that in blockchain, consensus determine the truth?
    All networks must agree that the transaction is true in order for it to be entered as a transaction on the Blockchain
  • How is this different from how truth is determined in a central database?
    It is different because information on a central database is often determined by what one person says. It is not verified by multiple sources
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#4759
  1. What does it mean when we say that in blockchain, consensus determines the truth?

The network of computers will validate transactions based on the digital signature recorded in the general Ledger.

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

In a central database, the validation takes place in one system with no consensus or verification and in a decentralized database, the transaction cannot be validated without verification and consensus from the network of computers.

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#4760

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    That a network of computers can verify that everyone is playing by the rules of blockchain

  2. How is this different from how truth is determined in a central database?
    Because of incentives, if you play by the rules you win rewards (money), if not you lose money

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#4761

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
  2. How is this different from how truth is determined in a central database?
  1. Consensus is the process is achieved by everyone with a copy of the blockchain, agreeing that a new transactions is valid and can be added to the blockchain. Consensus is achieved through financial incentives, which ensures that all parties who have a copy of the blockchain plays by the rules. Consensus means that we do not need to trust any single party.
  2. For a central database, truth can only be determined by trusting the owner of the database.
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