Homework on Consensus - Questions

[936block]

1. What does it mean when we say that in blockchain, consensus determine the truth?
   The consensus aspect is used to verify that new added transactions are legitimate

2. How is this different from how truth is determined in a central database?
   A centralized database is private database that permission is needed to use so the truth of the database is in the hands of the entity that owns the data.

[ClaudiaM]

1. Since it is a decentralised system, all the participants have the possibility to verify every movement in order to be finally executed. If one of them does not agree to verify, there is not consensus and the transaction will not be carried out.
2. It is different because although there are human beings as participants it is not possible to trick the system. The system is trust less and verifies itself in consensus.

[hamza_khan]

Consensus is the agreement between all the parties on the network that if the transaction is legit it will be added but if there is any error it will be discarded.

In normal database it is decided by one person and the information can be altered easily.

[Kenny.7410]

1. Consensus means that all of the nodes agree that something happened, because miners are financially incentivized they will all agree on the truth which can be verified.

2. In a centralized data base data can be tampered with and is able to be manipulated. In a decentralized data base the truth is verified and published on the public ledger.

[aalvaek]

1. What does it mean when we say that in blockchain, consensus determine the truth?
   By its very own definition, several people are involved during consensus, its only claimed after its been approved by several who are financially incentivize to be honest and transparent.

2. How is this different from how truth is determined in a central database?.
   By being decentralized, its public and easy to verify. All about Trustlesness

[hartfield97]

1. What does it mean when we say that in blockchain, consensus determine the truth? Consensus removes the trust. All the computers in the network have to agree on what is true or the transaction does not happen.
2. How is this different from how truth is determined in a central database? In a central database, there is only 1 computer or person making the decision, thus one ends up having to trust that computer/person is telling the truth

[Harold]

1. Blockchain consensus is maintained by the collective confirmation of transactions on the blockchain. The consensus protocol is upheld by offering incentives to all parties and disincentivising confirmations by individuals. This creates a trustless system that operates on confirmation and incentives only.

[Harold]

2. Most centralised databases are not consensual in their decision-making process. Also most a trusted systems operate via strong human relationships in order to verify the network, instead of mathematical verification like blockchain networks.

[maggieku]

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. All independent parties - nodes ( in proof of work ) are involved in deciding if the new transaction makes sense and can be accepted. Nodes are rewarded financially when playing by the rules. They are punished otherwise.

4. In central database the /truth/ can be manipulated and changed by whoever has an access to it.

[cormac]

1.In blockchain each node has monetary incentives to tell the truth creating a trustless system.

2.In a central database you have to trust the information someone else is giving you, you dont have access to all the information because there is no public ledger.

[DvanDijk]

1. Because in the blockchain other nodes have to approve new information put on the blockchain. Everybody has to approve and that makes the info on the blockchain far more trustworthy.

2. In a central database there are far les people checking the info, you can say just about everything. Because there is nobody verifying the info. With the blockchain this would be impossible because everybody has to verify and consent.

[Jaka]

1. What does it mean when we say that in blockchain, consensus determine the truth?
   It means that the users/memebers of blockchain decide and agree collectively on the rules of the game where there is a general agreement of the same truth. Thus the consensus becomes the truth and is stored on the blockchain.

2. How is this different from how truth is determined in a central database?
   Truth in the central database is determined only by the central authority, which can add, edit, or delete data whenever it wants.

[Matias_Haller]

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

Consensus determines the truth in blockchain because a group of nodes in this case, have to come to a unified agreement to approve and validate each transaction.

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

Blockchain removes trust from the equation when determining truth, through the use of consensus. Whereas determining truth in a central database can be hard to verify given you don’t need consensus to validate truth.

[Thomasine]

1. Consensus determines the truth because is decided and agreed on collectively by the people
2. This is not the case in a central database since there is one authority that decides what is true and not

[Slavy]

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

a consensus algorithm aims at finding a common agreement that is a win for the entire network.

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

While all records secured on a database are centralized, 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. If there’s an inconsistency blockchain technology will immediately identify and correct any unreliable information.

[laboneAlex]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   Consensus is built by many actor in the node agreeing on the correctness of transactions. This is not coordinated and so it can only be agreed upon if it is true. In other words there is only one truth.

2. How is this different from how truth is determined in a central database?
   The difference is in the decentralized nature and the multitude of sources that confirm it

[Richie-crypto]

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

• It means that, because of the provenance on the blockchain, everybody can track where the product is coming from, so it´s very difficult to cheat. So through consensus everyone has to play by the rules of saying the truth to actually gain money.

2. How is this different from how truth is determined in a central database?
   in a central database it´s not trackable if it´true what the central database is saying.

[Bryce]

My Answers:

1. By having the inclusion of all computers (nodes) within the network coming to a general agreement based on verification.

2. In a central database a singular source determines the consensus. That consensus can be based on personal incentives with no way to verify if it is truthful consensus or not.

[Fahmi_Eshaq]

1. What does it mean when we say that in blockchain, consensus determine the truth?
   The decision is made globally by the network, decentralized. No single entity is responsible for making the decision.
2. How is this different from how truth is determined in a central database?
   Central database transactions are approved and rejected by a single entity.

[Christine_Roy]

A Blockchain consists of a network made of various and independent nodes which are each incentivized by some form of monetary rewards to ‘honestly’ verify the validity of information within the immutable ledger (blockchain) through tracking of transactions. All nodes much reach consensus in order to establish POW or POS or any other form of proof.