Homework on Consensus - Questions

Blockchain and Bitcoin 101
#5205
  1. it has be double check & verified
  2. the truth can be determined by one person
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#5206

1.Consensus is when everybody in the network agrees verifying each stage, therefore truth is determined.
2. Truth is not determined but assumed in a central database. The “collective” of the “network” verifies each step as opposed to “one”.

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#5207

Consensus is when the network confirms something to be the truth, it means that multiple parties have verified the incoming request together with onchain existing data are actually true or false.

This is different from a central database where ‘Truth’ is determined through trusting information from a central source. With the absence of digital Provenance, Information is received purely through the act of trust.

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#5208

  1. The final decision, the truth is decided by all the parties in the network. All of the transactions need to be verified and accepted into the database by everyone in the blockchain.

  2. In case of a central database, we can never be sure if the truth hasn’t been altered and changed to one person’s liking only. It is easily corrupted.

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#5209
  1. Several parties have decided on something to be true , the network agrees what is true
  2. In a central database a truth can be decided by a single party and therefore is an unverified truth that can also be altered.
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#5210

Homework - Consensus

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

In blockchain, consensus determines truth because everyone has to agree. When a decision is being made several parties are involved to verify that the information is true. All decisions are being made together and are being double checked.

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

Truth is different in a central database, because it is determined by trust. One person’s ‘truth’ could be different to another persons. Information could be lost in translation and / or modified along the way.

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#5211

  1. The truth is determined by “everyone” agreeing on transaction/statement . A bunch of nodes are saying this thing makes sense therefore this is true and gets added to the ledger…

  2. Central database is much more limited in scale and is comparatively easily manipulated.

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#5212
  1. The majority determines what’s true.
  2. The owner determines what’s true.
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#5213

  1. Consensus determines the truth by removing “Trust” and replacing it with validation by known actors incentivised to authentically check the facts with integrity and truth.

  2. Central databases “TRUST” supply chain to act in accordance under the terms the contract was written. However, some suppliers may seek to maximise profits and be somewhat economical with the “Truth” and more incentivised with making profits instead.

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#5214

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

Consensus is not based on trust, it is based on the parties within the network double checking the information, verifying it and agreeing on it collectively before adding it to the ledger.

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

In a central database, one person/authority determines what is truthful and/or has the ability to modify the information/data.

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#5215

  1. It means that all nodes or computers have to verify what is truth.

  2. In central database truth is determined by one side, one authority and it can be manipulated.

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#5216
  1. What does it mean when we say that in blockchain, consensus determine the
  2. How is this different from how truth is determined in a central database?

1… it means all the computers in the distributed network must all verify and agree on the validity of the transaction before adding it to the blockchain.

2…This differs from central database because in central database there is no decentralisation,
Truth is established based on trust

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#5217

  1. Blockchain consensus determine the truth because all the nodes needs to agree that a particular transaction has occurred before it is being accepted. So if you’re lying the network will come together to judge like a jury and consensus actually incentivizes for being honest.

  2. A central database does not reach a decentralized consensus of the blockchain because it is controlled by a central authority and whatever the central authority says Goes!

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#5218

1.Consensus determines the truth because without network agreement the transaction is not added to the blockchain. Through decentralization, there is not just one person saying something is true. Reducing the opportunity to cheat. Creating no need to trust, but verification. Since it’s built on top of incentives, to tell the truth, everyone plays by the rules. Being honest actually creates financial rewards.

  1. In a centralized database truth is probably never really determined. Merchants and consumers are required to trust what each other says. The supply chain is not verified, yet only exists because people continue to blindly trust one another.
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#5219
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Every transaction needs to be verified on the blockchain, this happens by consensus, means that every node has to confirm the truth of a potential new transaction. If the consensus is reached, the transaction is saved on the blockchain and can be checked by everyone. The blockchain technology is trustless - don’t trust, just verify!
  2. How is this different from how truth is determined in a central database?
    The truth of a normal database is determined by the operator of the database. You are not able to check the data, but you have to trust the operator, institution, which runs the database.
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#5220
  1. Consensus determines the truth in blockchain because of incentives to follow determined rules.
  2. It is different compared to centralized database, because it needs a consensus, instead of trust in central authority.
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#5221

In blockchain, consensus determine the truth, that means network of computers communicate each other and agree on accepting a new transaction into blockchain. Blockchain is designed in such manner everyone follows rules because computers have incentive to make money by telling the truth.

It is different from how truth is determined in central database. In central database, a lot of information is rely on other parties honesty and that can be manipulated. While in blockchain, all computer has a copy of public ledger so its impossible to manipulate what happened. When a new transaction come through, consensus determined the truth.

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#5222

1.) Consensus is verification through computers checking the ledger or “digital stone” and receiving financial incentive for verification and honesty.

2.) A central database can have information altered and does not have other computer nodes to verify information. Blockchain will operate as a global network which demands honesty and transparency.

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#5223

Truth is only truth by consensus, that is, by agreement. It’s a voting mechanism which validates.
A central database’s “truth” is determined by a despot - a central authority.

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#5224
  1. Multiple decision makers are required, decision makers are incentivized to discover the truth, and network validation prevents fraud.
  2. In a central database the owner can corrupt the database, proof of authority is all that is required, and it can’t be independently audited.
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