Homework on Consensus - Questions

Blockchain and Bitcoin 101
#5366

when deals have been made - consensus -
everything is registered and cannot be adapted…

a central database can easily be adjusted and trust issues hava always been a considerable and still existing concern

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#5367

1- It means that, when the consensus is reached by the several numbers of nodes, the transanction is true, it makes sense.
2- It differs from the central database by making the decisions over a consensus not over a centralized person. So neither manipulation nor corruption have a place in consensus. Also no trust is needed in the consensus system.

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#5368

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    It means a decision has been made by the network of computer, verifying and agreeing together in a trustless and honest way.
  2. How is this different from how truth is determined in a central database?
    Central database has to be trust and assume is reliable till you prove otherwise. that is the
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#5369
  1. The parties need to agree (consensus) to allow transactions. Since they are motivated to stick to the truth, the consensus determines the truth, because they will speak up if something is off.
  2. The Data (or the person beeing able of altering the data) decides, what is the “truth”. So its centralized, and needs trust, which we do not like in blockchain…
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#5370
  1. All computers have a copy of the public ledger, so they all must verify that everyone agrees for something to be determined the truth.
  2. In a central database there is no incentive for consensus, so truth could be created to be whatever a central authority wants it to be.
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#5371
  1. It means that ‘trust’ is removed, and transaction is verifiable and accepted by all nodes.
  2. In a central DB there is no concept of provenance because a record could be altered, and it could be altered locally without a consensus from other nodes. Therefore, to get to the truth in central DB there must be an audit which isn’t needed in the blockchain.
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#5372

1. The effective/true state of the blockchain is determined by majority of nodes in the network. Hence, consensus is required among these nodes to determine which state of the blockchain, which list of transactions, is the true one. Since nodes are incentivized to be honest, we can generally trust this process of consensus to be honest as well.
2. In central databases, we put trust into centralized entities that manage the database. If we doubt their honesty, we often have to go to great lengths to verify these entities’ work. With blockchain, we eliminate the need for this trust in a central entity and instead have a decentralized system with a sort of balance of power and incentives for individuals in the system to be truthful.

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#5373
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Each transaction must be verified by other computers on the network which will determine if its accepted (truth) or not.

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

It is very difficult to verify/audit every single transaction or source of information. It can be easily manipulated or changed.

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#5374

  1. You can determine the truth through consensus by proving it mathematically and verifying transactions on the network. The network has to decide what is true and what isn’t. The network decides if a transaction makes sense or not. It’s not done by a single party.

  2. Blockchain is different because you do not trust- you verify. With a central database decisions could be made by a single party and manipulated. By having global consensus it makes it hard to cheat. With blockchain people are incentivized and gain money for telling the truth.

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#5375

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Consensus determines the truth because a network of computers all look at the sam data, and because of financial incentives, verify in a trustless way that data and transactions are correct.

  2. How is this different from how truth is determined in a central database?
    In a central database there is only 1 point of reference, and there isn’t a way to verify if that single point of reference is correct, or if it has been corrupted or manipulated.

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#5376
  1. The consensus is verifying the facts and data. Making it nearly impossible to lie or cheat.
  2. Different because a centralized database can be made or adjusted by one person or maybe even many. Then you have to trust them. Decentralized has built in trust on the blockchain. Trustless and financially incentivized.
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#5377

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Everyone agrees, so then it must be true.

  2. How is this different from how truth is determined in a central database
    Because in a central database there is only one entity, the blockchain contains many entities en is therefore more trustworthy.

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#5378
  1. All nodes have to agree and accept a transaction - this determines if the transaction is valid or not.
  2. In central databases the information can be written by only one individual which means we have to trust this person. The information can also be changed or removed by the person who has the access to that database. On the other hand, in a blockchain we do not need any trust - all the information is checked by the nodes and it has to be approved by all the nodes to be valid.
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#5379

  1. Consensus is dtermined by the network. If the network agrees that everything looks good and is true, then the transaction can proceed and get added to the blockchain. Concensus determines the truth by providing incentives

  2. The whole idea is trustlessness. The network decides the truth. In a centralized, then only one authority to decides the truth

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#5380

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    All participants are incentivized (financially) in being honest and to verify that participants are truthful.
    Therefore participants broadcast the truth and confirm it. Those who don’t get (financially) punished. Something is only true if the majority confirms it.

  2. How is this different from how truth is determined in a central database?
    In a central db the one who has control over it can insert whatever she likes

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#5381

1. What does it mean when we say that in blockchain, consensus determine the truth?
Consensus protocols are protocols accepted by all the the participants in the blockchain that allow the verification of the different processes or records within the data base. Base on this protocols the different nodes of the blockchain accept the new records created by the other nodes.

2. How is this different from how truth is determined in a central database?
In a central database the truth of the new record is granted by a central entity. So all the modifications made by this centra entity need to be accepted by the rest of the users.

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#5382
  1. Serval nodes come together in agreement about a particular transaction in a sense determining the truth if a customers has enough funds to transact the amounts.
  2. In a central database, the company or board of directors make all the decisions this could be manipulated towards their favour.
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#5383
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    When multiple parties agree that a transaction is valid, a consensus is formed. All parties use a specified set of rules to determine validity. If all parties reach the same consensus that is considered to be the truth.
  2. How is this different from how truth is determined in a central database?
    In a central database, consensus is not used, instead it is the central entity that runs the database that determines the truth.
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#5384
  1. Consensus determines the truth because everyone (nodes) must agree with the transaction in order for it to get added to the ledger.
  2. In a central database, the single controller of the database determines what is true and does not depend on others to truly determine the truth. If the controller is corrupt, then they can essentially choose whatever they want to be true.
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#5385

  1. It means that a network comes to agreement that that the information provided is correct.

  2. In a central database information is trusted to be true without being verified every step of the way.

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