Homework on Consensus - Questions

Blockchain and Bitcoin 101
#5225

  1. The network is verifying transactions all together to eliminate errors and they are rewarded for the truth.

  2. The truth can be compromised and changed in a central database.

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#5226

  1. Because all computers in this network verify with their own copy of the blockchain that the transaction is good. Only after all verify that it is good will it go through.

  2. In a centralized database you don’t always have record of the truth or there can be broken or missing pieces to the truth creating need for trust. In a decentralized database the data it is immutable everything is verifiable.

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#5227
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Every node in the network has to agree. You can verify if the new block can be trusted. Everyone will earn money if it is correct and if it is false you will not get rewarded.
  2. How is this different from how truth is determined in a central database?
    In a central database there is no network or consensus. There is only one node which makes it not trustless perse.
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#5228

1.- Every node checks every transaction (or other data) and their validity. The transaction will only be processed if it is valid for the majority of the nodes.

2.- Central databases can be modified and manipulated with no consensus by a single person or group. On the other hand, descentralized networks run “by themselves” and are only modified when the majority of their nodes are in agreement.

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#5229
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Ans: Each ledger has details (local copy) of each transaction in the network so that it removes the trust. Any incoming transaction verified by the network (all the ledgers in network). And each ledger gets incentive for maintaining their truth.

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

Ans: In central database, The transaction is controlled by central authority who decides the truth. This can be manipulated.

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#5230

  1. What does it mean when we say that in blockchain, consensus determines the truth? Because miners agree on whether a transaction is true or not by verifying the network

  2. How is this different from how truth is determined in a central database? Because in a central data base there is only a single party that decides what is true. We cannot verify but trust the system

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#5231

1 The network collectively verifies the truth.
2 In a central database their is no consensus, an individual/business determines what the truth is.

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#5232

  1. “Consensus determines the truth in blockchain” means that multiple nodes on the blockchain have verified a transaction on the chain.

  2. This is different from a central database where there is a single validator of a transaction. Since there is only one central database to verify, an individual is required to trust that one database.

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#5233
  1. When there is consensus it means that several computer connected to the blockchain have verified the transaction and add it to the following block. Therefore it is verified or true.

2.In a central database, there is just one ledger that is being updated by someone that has the ability to alter it. If the person/ central entity is not trustful the database could be corrupted.

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#5234

Each Claim of a transaction is suspected and verified by simultaneous multiple nodes or servers as the system dosent trust any one.

  1. How is this different from how truth is determined in a central database?
    supply chain Quality and Quantity Claims are verifiable either directly or indirectly … No Authority can manipulate claims …
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#5235

  1. A consensus mechanism determines the truth of the blockchain by members of the network system verifying a transaction, creating trust and making difficult to cheat in the system as everyone is taking benefits .

  2. A central database it can not verify the legitimacy as the data is determined by those who control it.

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#5236
  1. What does it mean when we say that in blockchain, consensus determines the truth?

A: A new transaction is not recorded in the blockchain until it has been validated and agreed upon by all nodes.

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

A: In a central database, a consensus is not required. Everyone simply trusts the admins of the database for the validity of changes.

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#5237

1, The truth is agreed upon by the network validating the transactions on the blockchain. Icentivization to find the truth. The ledger is available to audit.

2.In a central database one authority decides on what is true and can corrupt data. Difficult to audit.

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#5238

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

  • It means that the nodes(a network of computers) have to reach agreement on whether or not to verify and consequently include a transaction in the Blockchain. It could never be just one computer on the network calling the shots. Only with consensus can the truth be determined. The truth in this case being verified and recorded transactions. In this way, it is truly decentralized and trustless.

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

  • In a central database consensus is not required: a centralized authority decides what the truth is and is able to make changes to the database .
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#5239

Computers reach a consensus and must be in agreement to approve a transaction. There is no opinion involved, only what is true and what isn’t.
In a centralized database, the control comes from the entity that is in charge, there is no consensus.

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#5240
  1. What does it mean when we say that in blockchain, consensus determine the truth?

A consensus algorithm is a mechanism that allows users or machines to coordinate in a distributed setting. It needs to ensure that all agents in the system can agree on a single source of truth, even if some agents fail.

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

In a central database the “truth” is determines by a governance entity that simply just requires access to confirm the action and add it to the database.

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#5241

Hi Ivan!

  1. It means the network of computers validate some action. If most of the computers in the network agree some action is valid, they together consent and validate it.

  2. In central database, only some people validate/consent about the legitimacy of some for ex. transaction. Therefore there has to be trust from people working with the database from outside.

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#5242

An incentivised global network of nodes working together to ensure the validity of transactions, thus promoting trustlessness.

Within a central database, a lot of trust is placed within the database owner. Consequently, there is a much higher chance that the owner can corrupt the data; it is also extremely difficult for a single entity (in this case, the owner) to independently audit a database, in a reliable and trustless manner.

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#5243

Answers:

  1. The network agrees that a transaction is true and valid.

  2. In a central database, a single database determine if the transactions are true and valid.

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#5244
  1. It means that the consensus mechanism proves that new added transactions are legitimate and following the rules of the network.
  2. A central database is centralised so the truth of the database is in the hands of the entity that owns the data. That entity itself or owner can manage, edit, delete, add, manipulate the data amongst other things.
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