Homework on Consensus - Questions

[lifeisgood]

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

Decentralization in blockchain works because its trustless. It is trustless because all decisions being made on the blockchain is based on consensus. All computers have a copy of the public ledger to verify the truth, that truth is the consensus.

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

Different because there is not a singular decision to verify transactions. Blockchain requires consensus to verify transactions. A central database does not require consensus.

[Alderfin]

1. There is a collaborative effort between multiple operators to verify and confirm the validity of information prior to being recorded on the ledger.
2. Central databases are operated by a trusted individual or entity. If the controlling party proves to be dishonest, the information is then vulnerable to manipulation.

[Floriano]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   Because, every nodes comminicate with others so the information can be verified and not only trust.
2. How is this different from how truth is determined in a central database?
   In a centralised DB the only source is a the db and can be cheated or at least is not clearly transparent.

[Taahir1998]

In blockchain consensus determines the truth as several parties are involved in decisions. The decisions are made together where the truth is verified by checking the network. Consensus depends on incentive where computers are incentivised to tell the truth. There is an economic incentive behind mining, where people gain money by being honest and lose money when being dishonest about transactions.

In a central database the truth is determined by consulting one party who then makes a decision as to what the truth is. This can result in omission or obscuring of information.

[Joe22]

1. What does it mean when we say that in blockchain, consensus determines the truth? By saying that blockchain consensus determines the truth we mean that the agreements made have been reached using a wide range data provided by many sources allowing for a high level of trustlessness.
2. How is this different from how truth is determined in a central database? It differs most in the fact that we are retrieving information from many places allowing for a mathematical system of checks and balances.

[IAmSpherical]

Homework on Consensus - Answers

1. What does it mean when we say that in blockchain, consensus determine the truth?
   Consensus determining truth is the idea that the information reviewed and verified by ALL parties involved is solidified as an objective truth.

2. How is this different from how truth is determined in a central database?
   This differs from a central database in that in any central database, the “truth” is often controlled by a single party or entity, and is therefore subject to any changes or manipulation by the controller.

[Halim]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   Consensus determines the truth in bitcoin because all the different nodes have to come to an agreement about a certain transaction in the blockchain (for example) but we know it is the truth because the decentralized nature of blockchain uses money as incentive for being honest
2. How is this different from how truth is determined in a central database?
   A central database version of truth is dependent on a single entity, and since this is the case this cannot be verified, as that single entity has the initial, final and only say in the matter.

[neuschool]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   If every node does not agree on a proposed transaction then it will be ignored - e.g. if someone does not have the funds they are trying to spend. This occurs because of financial incentives (through mining).

2. How is this different from how truth is determined in a central database?
   In a central database the database owner can single-handedly decide what is truth. So you need to trust the authority in control to tell the truth.

[urnitemair]

1. It means that multiple ledgers have mathematically verified the integrity of information to determine if its true or false.

2. In a central database, there is usually one individual/entity that makes the call on whether the integrity of the information is true or false which leaves room for dishonesty.

[kiwi]

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

This means that for a blockchain, data must first gain approval from many different parties (nodes) before being allowed to be added. The power to add data to a blockchain doesn’t just sit in the hands of a small group of people. Instead, many individuals must verify that the data is true (and they are incentivized to do so with financial compensation in the case of Bitcoin) and agree / reach a consensus that the data can be added to the blockchain before it actually happens.

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

In a central database, data is usually controlled by a small group of people. That group gets to decide what to do with the data - they can choose to modify it without needing to seek approval from many others. In my opinion, this puts too much power in the hands of too few people and could lead to dishonesty.

[Ryanand_TeriLynn]

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

In the blockchain, the consensus is established by a network of computers who must all agree on what is true vs what is not true to validate a transaction. Consensus is also incentivized by being truthful.

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

In a centralized DB there is one system which bases truth on a set of pre prgramed variables, there is no decentrlaized network of peer machines equalling the tally.

[cryptogoddess]

Network of parties verifying transactions and it is incentivize.

[gnusgnus]

1. The Consensus are the agreed information within the transaction of the transaction for all partys. So if the consensus is the truth none can argue that blockchain will do anything else than handle what been agreed upon. Consensus will therfore be the truth in blockchain. The database is verified at multiple level and supports the in that way the Consensus.
2. Central database is 100% relaying on trust. No outside parties can get verification of its legality and truth value. The database is protected from others, bad or good.

[alexch]

Consensus determines the truth in the sense that each node is tasked with verifying the data on the ledger. That communal verification determines that the transactional data is correct.

In a central database, there are likely not multiple computers required to confirm data. The data might not even be algorithmic, so it is susceptible to being altered/ corrupted.

[Levi1]

1. This implies that there is a unanimous collective agreement amongst all parties on the blockchain that transactions have been agreed upon through verification. This ultimately achieves incentives for all parties to do business and benefit from the financial rewards.

2. It is different from a centralized database in the sense that on a blockchain, there is digitized stamp that is registered, recorded, tracked and verified by all computers on the ledger. All parties are involved in making a decision validated the transactions! In a centralized database, there is only one authority who takes the sole responsibility to validate and approve a decision and transaction, where other parties have no say and input on this decision making process. In essence, here truth becomes ambiguous and void.

[1n.0k3]

1. What does it mean when we say that in blockchain, consensus determine the truth?
   Consensus is really achieved through Financial incentive. The blockchain’s nodes decides the validity of all the transactions which are being performed. Also, people (miners) are earning money by being honest.
2. How is this different from how truth is determined in a central database?
   A central authority can edit, manipulate the data, the truth. It is decentralised

[cryptozoid]

1. What does it mean when we say that in blockchain, consensus determine the truth?
   It means that a network of peers continually corroborate information. If one node offers new information (mines a new block), verifying its correctness is a quick process. This brings up the question of how blockchain solves possible collisions.
2. How is this different from how truth is determined in a central database?
   In a central database, the owner and the database maintainers need to be trusted to not corrupt the data, as well as trust that they are able to prevent database corruption by outsiders.

[Subin]

1. Consensus in blockchain determines truth in several ways of verification with the help of financial incentives to the supply chain network, every single thing is verified by the blockchain network, if its false it disregards.
2. Consensus removes the trust and verifies everything involving with the product/ transcation, and in the centralized database it just runs in trust, the data can be customized anytime, while in the blockchain it can only be added and cannot be removed.

[Brett_Gallinger_II]

1. All nodes have to agree that a transaction is valid.
2. Central databases don’t have a requirement to be double-checked against anything else. Whatever is stored in the database is what can be retrieved. If false data is stored or written over top of truthful data, then false data would be retrieved.

[Matthew123]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   Because there is transparency, and every information is verifiable in the blockchain by anyone.
2. How is this different from how truth is determined in a central database?
   In a central DB, truth is determined based on what you are told or what a company says a thing is but with consensus, the record and details of every transaction is transparent to everyone and you do not have to believe in what you are told because you can see what actually is.