Homework on Consensus - Questions

Blockchain and Bitcoin 101
#482

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

It means that in order for a transaction to be valid it has to be verified by a defined number of nodes in the network. Once it has been verified it can be added to the blockchain.
This means that for a transaction to be true it needs to reach a certain consensus of the participating nodes. Individual nodes cannot independently determine that a transaction is true only that it is valid when compared to their copy of the ledger.

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

This is completely different from a centralized database which can independently state that a particular transaction is true without verification from other parties.

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#483

  1. Consensus includes a convergent decision of multiple entities, thereā€™s no need to trust only one. Decisions of multiple different sources (of the protocol) - not dependent on each other - creates genuine trust.

  2. In a central database you have to trust one centralized entity thus youā€™re on the ā€œmercyā€ of its decisions.

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#484

  1. The blockchain in itself is a network of consensus. Everyone involved is connected to this ledger and any diversion from the connection will not show on any other part of the network, verifying anything that could be questionable

  2. Central databaseā€™s are essentially the largest games of ā€œTelephoneā€ we play with one another on a daily basis. We rely on multiple different networks and individuals for the truth, and even still you as your own person still may not be able to verify your questions 100%

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#485
  1. If there is no consensus there is no blockchain, it comes to a stop.
  2. In a central database the data can be manipulated by the owner of the database.
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#486

1.In blockchain all decissions are made together by the computers connected to the network with the incentiv to tell the truth.

  1. In a central database the truth can be alterd by the ones in control of it, to fit there own agenda.
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#487

It means that the nodes work to agree a certain action on the network is correct

In a central database it is possible for one person/organisation to decide the truth.

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#488

1.In blockchain all decisions and auditing are being made together. Each nod has a copy of the data from the other nods, if one participant for example in a supply chain claims something what is not true, all the other nods will not validate his information.

2.In Blockchain truth is achieved through financial incentive, means nods(participants) gain money by being honest

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#489

  1. it is important for the interests of the participants and the network to play the game fairly. Any incorrect transaction or attempted fraud will be refused by the other participants or nodes. Every participant in the blockchain transactions is encouraged to be honest by the financial reward they receive. So when all nodes reach consensus and thus so the ā€œtruthā€ the transaction is verified

  2. in a central database, the data is controlled by the person or group who owns the data. Decisions can be abused and manipulated for their own benefit. There is no external control.

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#490

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Through the supply chain there are safeguards/verifications that protect the transaction. The safeguards maintain confidence that the safeguards are legitimate.

  2. How is this different from how truth is determined in a central database?
    Truth in a central database is on the honor system and there is not a conglomerate of individuals checking/verifying the information from the supplier is accurate and trustworthy.

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#491

1.That means that all participants in the blockchain network agreed that transaction is legit and
thay have consensus.If some trasaction is not folowing the rules -the network will cancel that transaction.
2.In central database everything can be changed - and no consensus can be made and guaranteed .

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#492
  1. When everybody talks to everybody and reaches a consensus, than it is very difficult to cheap. When everybody agrees that something happened you canā€™t say it didnā€™t.
#493
  1. In a central database, a person - or a group of persons - can just falsify results or pretend things happened that didnā€™t happen. Nobody can control it, because it is one person or a group that determines everything.
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#494

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    In order for consensus to be achieved all nodes on the network have to be in agreement or a transaction or entry cant be achieved. All parties can ber confortable they know the truth not becaue they trust but because they can verify.

  2. How is this different from how truth is determined in a central database?
    There is no real truth determined in a centralised network as you have to trust that a transaction or action has happened and no one is cheating. There is no incentive to tell the truth in a centralised database unlike on blockchain where you are disadvantaged by not telling the truth.

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#495

Homework on Consensus - Questions

  1. A consensus upon a transaction of different parties makes sure that this transaction is valid (money truly has been owned by sender or has there been an interruption in temperature of a product in the cooling chain of vendor)
  2. In a central database trust is necessary as it is not possible to check if a database has been manipulated in order to show a certain outcome
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#496

  1. It means that the truth is being found in different parties agreeing on one ledger. Every invalid information will not be added in the database.

  2. In a central database, truth is only based on trust that the information is valid.

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#497

  1. Computers running nodes on the blockchain can comes to a consensus through verification to determine whether or not the transaction is true.

  2. Transaction in a central database requires middlemen and trust. On the blockchain we use incentives to make sure that all the computers tell the truth.

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#498
  1. What does it mean when we say that in blockchain, consensus determines the truth?
  • When we say blockchain consensus determines the truth, it means that the system will be able to agree upon, or verify, a single value that will be added into the database. This value that needs to be agreed upon will come from the supply network.
  1. How is this different from how truth is determined in a central database?
  • This is different from how truth is determined in a central database because every system will have to agree upon the same value in order to verify if the statement made is accurate and reliable. If there is no agreement, then one can conclude that the individual who made the statement did not use incentives.
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#499
  1. Consensus is determined by the collective.
  2. In a central database, truth is determined by a central authority.
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#500
  1. What does it mean when we say that in blockchain, consensus determine the truth?

It means that not only one individual but a collective or group of individuals all agreed that something is correct and is in fact the truth.

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

In a cental database a consensus mechanism is usually not present or even needed. Truth is usually determined by the central authority behind the central databaseā€¦

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#501

Anwers:

  1. Without consensus, you can not verify if something happend, so you donā€™t know if it is really truth.
  2. in a centralized system there is only one place that tels you something. and that data is less reliable. and easier to corrupt.
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