Homework on Consensus - Questions

Blockchain and Bitcoin 101
#4962

Question one: In the decentralized and incentivized work of blockchain, decisions are made on each block of data that must meet agreed upon rules. These require integrity of provenance (already determined), and consensus. All networks must be mutual and in accord that the data is true.

Question two: Mutual understanding that the rules are met by consensus in decentralized databases is likely to be truthful. Whereas, in central database, truth may reflect a stronger opinion of what is true overruling a weaker opinion. Central database often depends on trustworthiness. These databases could be vulnerable to greediness, bribery and other flaws.

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#4963
  1. It means that the truth is determined by trust/proof provided by different parties in the blockchain
  2. In a central database there is one source of truth, where in blockchain there are many sources and ideally the same, hence consensus is achieved.
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#4964
  1. Rather than trust someone, we rely on computer algorithms to reach any consensus to decide anything publicly.
  2. In the central database, we are forced to follow and trust the central authority to manage and take decisions on our behalf to decide something.
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#4965
  1. Truth is what is accepted by at leaset 51% of the validators.
  2. In central database, the truth is what is told to be the truth by the owner/operator of the database.
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#4966
  1. The network must agree if the the transaction is valid before it is written to the block and thus became legal.
  2. In a central database, truth is determined by a central authority, by their rules. On the blockchain the consensus of several decision-makers determines the truth.
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#4967

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    consensus is the mechanism thanks to which a recent block get broadcasted to all nodes, determining the confirmation of that block from all the nodes

  2. How is this different from how truth is determined in a central database?
    It´s fundamentally different.
    In blockchain, the only trusted entity is the code. If a transaction is correct get recorded forever (at least until the last node will stand!). In a centralise db, data can be edited and deleted and you trust several entities that can alterate the truth.

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#4968

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

It needs to ensure that all agents on the system can agree on a single source of truth

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

A central administrator has the authority to maintain and update the database.

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#4969
  1. Consensus determines that other computers can verify the transaction as they are programmed to tell the truth
  2. Information is often not verified and not backed by other entities
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#4970
  1. In blockchain, consensus determines the truth because it means that a swath of individual contributors are in agreement that something is factual.
  2. This is different from how truth is determined in a central database because there is not an element of obligated trust. You do not have to ‘trust’ that the company/auditor/owner is right; instead, you can trust that the blockchain is right because it has been audited by every other node on the network and they reached a consensus before accepting the information.
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#4971
  1. Because any transaction is verified.
  2. In central database a single individual chose what is truth.
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#4972

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus determines the truth because multiple parties must agree to make a decision to verify if a transaction is correct.

  2. How is this different from how truth is determined in a central database?
    Central databases can be corrupted by a single individual that has access and it can also be hacked.

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#4973
  1. All the users on the blockchain must verify the transaction. If they are not all in agreeance then the transaction is not true.
  2. In a central database it is controlled by one entity and can be changed or altered at any time with no oversite.
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#4974

  • What does it mean when we say that in blockchain, consensus determine the truth?
    A transaction cannot be faked when the rest of the network is not validating the fake transaction.

  • How is this different from how truth is determined in a central database?
    Individuals can verify with concrete evidence on the public ledger if a transaction was made for it’s intended purpose on the blockchain, where as central banking transactions are hidden from the public.

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#4975

  1. For transactions to be approved and added to the blockchain multiple auditors must be in agreement that it is valid information.

  2. In a central database there is only one authority who is determining whether transactions are valid or not.

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#4976

1. What does it mean when we say that in blockchain, consensus determines the truth?
Consensus makes sure that every new data that is added to the Blockchain is the one and only version of the truth that is agreed upon by all the nodes in the network. The miners (PoW) are incentivized to follow the rules. Participants who try to cheat will not be rewarded and rejected by the mayority of “honest players”.

2. How is this different from how truth is determined in a central database?
In a central database truth is determinded by a central authority.

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#4977

1.In order to reach consensus the majority of the nodes of a network must agree on a transaction for the transaction to be added to the blockchain. That is the truth.
2. In a central database a central authority can eventually manipulate the truth.

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#4979
  1. What does it mean when we say that in blockchain consensus determining the truth?
    Because any transaction is verified.
  2. How is this different from how truth is determined in a central database ?
    In central database a single individual chose what is truth.
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#4980

1.that means all the transaction are verified by a net work,that means we have a physical proof of the transaction.
2.in a central database it’s not a public ledger so it’s not availiable to the public and we don’t have a solid proof off the transaction.The truth is determined by the central authority

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#4981

  1. When we say that blockchain, consensus determine the truth, it means that the data is known by several parties throughout several nodes. The decision to accept the data/transaction is checked and double-checked as being accurate or verifiable by those who are (financially) incentivized to play by the rules, demonstrating proof of work…

  2. Blockchain consensus is different from how truth is determined in a central database because in a central database there is room for error since the data/transaction cannot be thoroughly and meticulously verified by the network. There may not be consensus as to how data/materials/ingredients are transported/handled/produced and relies heavily on trust to determine it. A central database relies heavily on trust which is less accurate than the trustlessness found in blockchain consensus…

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#4982

1.- DETERMINE WHAT EVERY PARTY INVOLVED SAYS IS TRUE OR ISN’T. THEY HAVE TO AGREE SOMETHING IS TRUE OR FALSE.
2.- VEREDICT RELAYS ON A COMMUNITY AND NOT ON A CENTRAL AUTHORITY.

Summary

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