Homework on Consensus - Questions

Blockchain and Bitcoin 101
#4983

  1. Consensus determines the truth as it is the method used to verify the validity of data transformations.

  2. In a central database truth is dictated.

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#4984

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Truth is determined by the network as a whole

  2. How is this different from how truth is determined in a central database?
    Truth is determined by one central operator in charge of truth

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#4985

The consensus is basically the many parties in the blockchain that verifies the transaction
When there are many parties to verifying the same transaction, it becomes factual

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#4986
  1. Everyone in the network are trying to verify the transaction and proving the transaction false. If it not then all the network participants agree and they are incentivized.
    2.Central database is in the hand of individuals and they can control/ Manipulates the data. It is not trustworthy and not transparent to all participants.
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#4987
  1. What does it mean when we say that in blockchain, consensus determines the truth?

a transparent network of actors will verify what is factual independently through incentives and personal interest; thus allowing for a practical outcome of truth and agreement in a trustless/transparent system.

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

in a central database whoever the central authority is determines what is fact for everyone and must be trusted.

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#4988
  1. What does it mean when we say that in blockchain, consensus determines the truth?

As far as many nodes have a copy of a blockchain they all have the proper understanding what is correct and what is not correct, all nodes verify each transaction and globally agree if they need to add data to ledger, if one tries to add altered data to blockchain other nodes will detect it and will make negative decision, that way they come to a global agreement.

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

One party makees a super decision in a centrilized system, instead of many parties verifies first and then make decision based on the global consensus. They agree if many (all) nodes verify the data is correct.

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#4989

  1. All computers in the network has to verify the transaction. All decisions are made by the network together. Having consensus in the network makes it difficult to cheat. The truth will be verified and are incentivezed.

  2. The truth in a centralized database is what the owner of that database choose to claim. You have to trust that information its not possible to verify.

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#4990

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

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

  3. Consensus is removing the trust. All the participants in the network has to agree in order to verify something.
    2.In a central database we rely on trust so if you say you did it we have to trust the person.

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#4991

  1. Consensus determining truth means that in order for a transaction, or a product to be verified, all parties involved must agree upon its validity before it is approved. Thus a general consensus

  2. A central database is closed and therefore not open to to the scrutiny or integrity that is afforded by multiple parties of interest having access to their ledgers, ingredients, or transactions.

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#4992

  1. Consensus means all nodes validate a transaction as being true. if there isnt total consensus, the block is not added to the chain, as the transaction cannot be verified.

  2. central databases just release information and say trust that it is correct, there is no verification.

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#4993
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    A. Transactions have to be confirmed by multible nodes before being accepted and added to the blockchain.
  2. How is this different from how truth is determined in a central database?
    A. There is no single point source of information. Multiple participants are required and incentivised to confirm only accurate information.
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#4994
  1. it means that blockhain is a decentralized network and system relays on the majority of votes confirming or declining a transaction in the way of consensus.
  2. a central database doesn’t have that transparency in terms of the real TRUTH determination. As well as central database doesn’t guarantee audit access to 3rd parties.
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#4995

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Telling the truth is financially incentivized by the rules of the blockchain. Being untruthful will be rejected by the participants of the blockchain, because each node is incentivized to verify the previous inputs that also stay immutable.

  2. How is this different from how truth is determined in a central database?
    In a central database a DB admin or a developer with write permission could change any records directly. Also these records are not accessible by anyone outside that company. (only tech employees of that company have access). An auditor is needed to ask the company to provide the information, and that information may get fudged and not provided from the database either.

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#4996

It means that the information is verified and agreed upon by multiple partis before added to the blockchain, if the information is false, it wont be confirmed and added to the blockchain.

In the central database you have to trust the source, the owner or every one in the network for the information they put in. It is not a consensus at all is such manner.

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#4997

1. What does it mean when we say that in blockchain, consensus determines the truth? In Blockchain consensus means that a group of peoples (computers) are working together to make sure every transaction is valid and that theres no foul play.

2. How is this different from how truth is determined in a central database? The main difference of
“Central Database” and “Blockchain Consensus” is that Centralized Database can be altered at any given moment by an employee, hacker or just a person that has an access to that database, in blockchain its a little bit different because its Decentralized, meaning theres no one point of weakness and you cant just change something in the blocks, you have to reach consensus within the network, which requires all the computers to agree to that change in order to take effect or in order to approve some kind of transaction.

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#4998

1-It means that a single source cant be held accountable to come up with the “truth”.
2-The centralization picks the rules and how you have to play by them.

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#4999

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Because there is a general agreement on the network when transactions are made

  2. How is this different from how truth is determined in a central database?
    All decisions are made together, trust is removed and incentives are achieved

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#5000
  1. The nodes verifies all transactions
  2. One admin node can change info. Require trust
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#5001

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    A consensus is a mechanism that allows users to coordinate in a distributed setting. Since the blockchain it’s a decentralized and trustless system, all the agents in the network can agree and verify on a single source of truth or even if some agents fail.

  2. How is this different from how truth is determined in a central database?
    The primary difference between a blockchain and a database is centralization. While all records secured on a database are centralized and can also be manipulated very easily, each participant on a blockchain has a secured copy of all records and all changes, so each user can view the provenance of the data since it’s decentralized and public ledger.

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#5002

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Blockchain is a decentralized trustless system. The transactions are verified by multiple computer nodes together where all parties agree. Each computer node has a copy of the same public ledger in which they verify transactions against.

  2. How is it different from how truth is determined in a central database?
    Provenance can not work without consensus. In a centralized database nothing has to be verified. Information can be left out, altered or errased. Companies can give false information. With blockchain technology there is no cheating because everything is verifed. This builds consumer confidence and it also rewards financial incentives to businesses.

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