What does it mean when we say that in blockchain, consensus determines the truth?
Because the blockchain network mathematically checks the validity of data removing the need for trust.
How is this different from how truth is determined in a central database?
In a central database, plenty of data is based on trust or it needs to be validated by a third-party service which costs money.
What does it mean when we say that in blockchain, consensus determine the truth?
Consensus in the blockchain determines the truth by a process where each participating node confirms with every other node that the data being added is valid. This removes the need of “just trust me bro”
How is this different from how truth is determined in a central database?
A central database needs to be regularly audited by un-biased third parties to come to a truth. However this is not always soundproof as due to human psychology it is easy for corruption or exploitation through malicious incentives to take place. With blockchain the code is law and neutral.
The truth is determined by consensus because with consensus it’s not just one person, it’s a group of people who come to a decision.
It is different because in a central database there could only be one main person making decisions.
In blockchain, nodes all have the same version of the blockchain, they need to all agree or have consensus on which version is true, or the version they will all accept as the correct version.
In a centralized database, one party or a few parties determine what is true for every other party. This has an inherent level of trust involved whereas a decentralized network aims to eliminate trust.
Consensus determine the truth because we achieve consensus when all agree. because there are more participant in the network and transection can be made after consensus so the chances of false information entering in the system are rare. With blockchain you can verify the truth.
You cannot determined the truth in central database. Data entry is done at lower level by fewer participants and data authenticity cannot be ensured. In central database you trust that truth is being written .
When we have enough consensus the transaction is verified as the truth.
In a centralised database we cannot reach consensus because we have no other parties to also validate the transactions authenticity.
Hi! Rob here on Consensus:
1.) Consensus in blockchain determines the truth by financially incentivized & decentralized nodes deciding together, double-checking together, and confirming whether or not a transaction is true or false.
2. This is different from how truth is determined in a centralized database because in a centralized database there is only one authority with no financial incentive to play by the rules and tell the truth.
My question is, are there multiple nodes in a centralized database?
Each participanting node checks the validity of the added data, this adds a new level of trust.
A central database needs to be regularly audited, also errors can occure and corrupt entities can minipulate stored data for their own advantage.
Because everything is open to public in blockchain, companies are forced to play by the rules. If they cheat everyone will see and that results in losing money and reputation.
1. What does it mean when we say that in blockchain, consensus determines the truth?
It means that whatever blockchain nodes agree upon (= what they consider true based on the data stored in blockchain), that is considered truth, because it was verified/validated by consensus of majority of nodes.
2. How is this different from how truth is determined in a central database?
In centralized database a single person/company (owner of the database) determines, what is true.
Consensus determining the truth is achieved by multiple entities (computers) agreeing that something has happened. Suppose there are 100 computers trying to achieve consensus on one transaction. And 1 out 100 computers does not agree that transaction happened, the 99 that did agree it happened takes precedence and the 1 computer is ignored. The block is created in agreement with the 99 (consensus). This only works if the computers involved in the consensus are incentivised for telling the truth.
Consensus requires ALL nodes/third parties to agree on the transaction being made. unlike a majority vote, if even one disagrees then there is no consensus. therefore the truth is decided and agreed upon from multiple sources which creates a system of trustlessness.
in blockchain, there is no single oversight on any transaction. therefore one party is unable to intervene with the transaction and manipulate the outcome added to the ledger.
because of the insentives each involved in the blockchain is interested in providing the truth and therefor trust issues do not play any role no more
everyone is interested in getting insentivized
Consensus is where all the miners and node agree upon one truth so that the next chain in the link can be added for the whole system to work in a true and decentralized fashion.
In a central database there is a higher probability of courupotion as it is easier to manipulate the database from within by a small group of incentivised people.
Hi,
When consensus is made on a blockchain network, it means that a given event or statement has been validated by a number of different parties (nodes) that it is in fact true. If a bad actor were to make a statement on their copy of the public ledger, it would be in other nodes best interests to not validate it.
On a central database, there are no external nodes or mechanism to make sure that the data being presented is in fact correct. On a central database, there is one node that makes some statement, and this is automatically deemed correct.