Homework on Consensus - Questions

Blockchain and Bitcoin 101
#5506
  1. In blockchain consensus determines the truth by having the majority of a decentralized network agree before adding it to the un-mutable ledger.
  2. In a central database the central authority who controls the database has also the power to alter the truth, when and after adding to the database, requiring all involved parties to trust this central authority as well.
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#5507

1. What does it mean when we say that in blockchain, consensus determines the truth? It means that whatever the majority of nodes/parties accept as true (consensus), becomes the truth.
2. How is this different from how truth is determined in a central database? In a central database, the centralized party owning the DB determines what the truth is, not the majority as in a blockchain based DBs.

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#5508
  1. consensus in blockchain is the nodes all checking and keeping the same ledger so it must be true
  2. its probably based on trust
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#5509
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    It means that everything works in a trustless manner, by incentivizing the participants financially to support the truth.
  2. How is this different from how truth is determined in a central database?
    There is no central authority guaranteeing the truth, but instead by reaching a consensus among decentralized participants, hence there is less risk of fraud or manipulation where you would need to trust someone.
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#5510

  1. Consensus determines if a transaction is valid. It sorts out any ā€œfakeā€ or false (spending more than you have) transactions. Everyone in the network checks this and canā€™t be cheated.

  2. You can cheat your on central database by simply saying i got more than i have. Just put in a record and your database accepts this. When you send a transaction to a different database, that transaction may be flawed and you would be cheating on the other party (database)

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#5511

  1. In Blockchain Consensus determine the truth through the collective effort of large participant or miners verifying a single data in order to receive incentives, no one would put out false information knowing that there are others who will disagree with the information with facts and there by making them loose money and also loose trust from the public.

  2. In a central database, individuals or government determined what is truth, they can easily manipulate the information. once one information is altered it could affect the whole other informations or data.

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#5512

  1. Consensus in Blockchain determines the truth because each party is financially incentivised to agree on a truthful outcome; to be untruthful/dishonest is to lose money.

  2. In a centralised database incentives are not aligned with honest actors therefore data can be corrupted.

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#5513

  1. Consensus is an agreement by a number of independent parties as to the veracity of a transaction.

  2. A central database is seldom independently verified and if it is, it wonā€™t be by a number of independent parties, but rather a connected party.

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#5514

ā€¢ What does it mean when we say that in blockchain, consensus determines the truth?
teamwork between nodes collaboratively to reaffirm a transaction allowing different parties to behave in a trustiness manner
Consensus provides financial incentives to be honest, not bring trustworthy will be costly.
ā€¢ How is this different from how truth is determined in a central database?
itā€™s trust-less and decentralized, no authority over site whilst a database is centralized and authority can intervene
A central database is controlled by a central authority and the data can be changed. A blockchain is decentralized and cannot easily change the data or the truth.

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#5515

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus is the result of the network validating the transaction as true.

  2. How is this different from how truth is determined in a central database?
    On a central database, truth can be manipulated, data can be altered and trust can be diminished.

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#5516
  1. The network independently verifies transactions
  2. You hope that the data someone is entering is true.
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#5517

  1. It means that all computers in a network have to be in agreement in order for the transaction to be accepted onto the blockchain.

  2. Truth determination in a central database is based on trust. You are trusting the information entered by the controlling party onto the database to be correct. Whereas with a blockchain, consensus removes trust and uses verification instead.

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#5518
  1. Consensus determines the truth by having all parties involved agree with and be in the know of everything that has transpired. So once everyone knows then it is determined to be the truth of what occurred.
  2. In a central database there is partial or only a singular entity that determines what is the truth.
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#5519

  1. Consensus determines the truth in blockchain because the network nodes must agree on each transaction being added to their copy of the database. It prevents any changes being added without agreement

  2. Central database is one copy, with no other nodes being used to guarantee trustless situation. Multiple nodes in network would be needed rather than one database by itself.

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#5520
  1. We mean that there is a network of suppliers and sellers all connecting to one another. As a result, they check each other to be truthful, and thus, truth is built on this consensus of checking one another.
  2. In the central database truth is not based on many different actors in a network but one central one.
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#5521
  1. What does it mean when we say that in blockchain, consensus determine the truth?
  • consensus is when all the individual computers/nodes/records agree that a certain activity or transaction is legitimate, and adds into the blockchain ledger. That is then the truth.
  1. How is this different from how truth is determined in a central database?
  • central database can be corrupted or forged to benefit the parties in control of the database
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#5522

1- In Blockchain, consensus determines the truth because on the distributed ledger it is the what the majority of validators agree with that is considered the truth on chain.

2- On a central database there is no consensus needed. It is the centralizing authorithy that determines what is true on the database.

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#5523
  1. What does it mean when we say that in blockchain, consensus determine the truth?

The validity of a tx is determined by the group and potential bad actors are incentivized to play by the rules. If thereā€™s a bad tx the group will quickly reject it. Itā€™s transparent and distributed across every node that carries a copy of the blockchain, so itā€™s trustless.

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

In a database truth is determined by the owner, and it requires one to trust said owner. It can easily be corrupted or fudged because thereā€™s no group monitoring the data to make sure itā€™s accurate.

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#5524
  1. In a consensus everything is verified by all members of the party not just one person or entity.
  2. A central database controls their own data which allows them to make their own truths which are not all verified.
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#5525

  1. It is more than one person who agrees on a specific transaction to be true and correct. With this collective agreement and verification consensus is reached and recorded.

  2. Here only one person/server checks and confirms a transaction allowing for corruption and mistakes.

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