Homework on Consensus - Questions

Blockchain and Bitcoin 101
#5768
  1. since everybody can see all transactions at the same time it makes it pretty much impossible to create a fake transaction.
  2. no authority can man over others and intervene which transaction is true or false, rather team collaboration between all the nodes simultaneously can see what if real
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#5769
  1. What does it mean when we say that in blockchain, consensus determines the truth?

Consensus is a common agreement of a group of people. In blockchain, what everyone agrees on aka the consensus determines what is the truth.

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

In a centralized database the trusted database handler will manage the database and ultimately decide what happened. Truth is determined by the trusted database handler.

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#5770

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus is multiple computers verifying the truth on transactions happening on the blockchain.
  2. How is this different from how truth is determined in a central database?
    A central database is a single source for the “truth” making it able to be manipulated and therefore trust is involved to keep it alive and running.
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#5771
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Entries/transactions on the network are only held to be true if they are verified by the consensus of the network participants.

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

A central database only has a centralised authority who does not need to be verified through consensus. Meaning that false data/transactions are easily admissible. These transactions are not easy to audit.

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#5772

  1. Consensus verifies that a transaction is legitimate. Consensus is encouraged through inventive. Mining is an example of earning incentive.

  2. A central data base does not rely on consensus. The information in a central data base can be manipulated and verified by only one authority.

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#5773

  1. It means that decisions are made collectively by the people in the blockchain network. There must be an agreement with everyone in the network before a decision is made.

  2. In a central business a single person in an organisation choose what is truth and it cannot be verified.

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#5774

  1. Consensus determines truth because it provides a network of computers that work together within the blockchain to verify the same data the same way and simultaneously. They are in agreement…that is consensus.

  2. It differs from a central database in that instead of having to trust one central authority in verifying anything, there is a collective who proves all recorded transactions equally and together. Proof is better than trust.

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#5775

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Answer - it is achieved by incentivizing verifiers who work in a distributed trustless immutable network such as Bitcoin Blockchain

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

Answer - Simply because a central database is not a public database - it is under ownership/custody of an individual or a group of individuals or an organization and it can work in opaque manner if it want to.

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#5776

Multiple parties have to validate or agree collectively on a transaction in order for the transactions to be verified.

In a central database we have to rely on information from an individual, group or company without being able to easily verify or track its validity

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#5777

1. What does it mean when we say that in blockchain, consensus determine the truth?
It means that “the truth” is verified by multiple parties

2. How is this different from how truth is determined in a central database?
Only one party is needed to verify " the truth"

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#5778

  1. What we mean when we say that consensus determines the truth, is the fact that, for every transaction to be verified on the blockchain, there is deliberation and agreement between all computers and miners on the blockchain

  2. This is different in the sense that there is decentralization, there’s no one entity or body that solely makes decisions. Every decision has tabled, and if one person or people dont agree the transaction is rejected

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#5779
  1. it means that for a transaction to be validated and added to the public ledger, it has to be validated by all the nodes of the blockchain network.
  2. a central database can be hacked and hijacked, and thus the truth is more easily altered.
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#5780
  1. It means that the network agrees that a transaction is valid.
  2. in a central database a single authority can change everything at will.
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#5781
  1. The group decides/nodes if the information on the blockchain is accurate. This new information once approved is added to the ledger.
    2.A central database the one in control decides what is true/false. This makes information corruptable.
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#5782
  • What does it mean when we say that in blockchain, consensus determines the truth?

Rather than having a single, central database that records transactions and determines if an exchange of money did or did not occur, we rely on the many copies of the chain, replicated on our network of nodes, to act as our source of truth.

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

We can always calculate the state of the network using the log of transactions in a decentralized network where as in a centralized network, TRUTH IS IN THE EYE OF THE BEHOLDER

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#5783

  1. consensus is achieved by multiple verification of independent structures all agreed to add it to the chain.

  2. in orthodox central database the process relies on trust and can be variable.

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#5784

  1. On the blockchain truth is determined by the network of computers agreeing with each other. In order for something to be considered true, all computers must agree, and only then is it uploaded to the ledger.

  2. In a normal database it can require just one person to upload data. You have to trust this individual is being truthful.

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#5785
  1. What does it mean when we say that in blockchain, consensus determine the truth?

In blockchain, consensus determines the truth because it is the process by which the truth is verified. If a so called truth is coming from one source we need to trust that it is actually true. In blockchain everything is verified by a network of computers and it the consensus of that network that ensures truth.

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

In a central database truth is simply a matter of what one person or organisation decides to document and there is no way of verifying that it is true.

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#5786

Homework on Consensus - Questions and Answers

1. What does it mean when we say that in blockchain, consensus determine the truth?
    a. All nodes in a blockchain are aware of the transactions that are occurring and as such, there is truth/trust established per this consensus amongst all nodes.
2. How is this different from how truth is determined in a central database?
    a. by the mere definition of centralized meaning a single/one node is used to capture all transactions and validate them as opposed to consensus where a decentralized approach is followed.
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#5787
  1. Truth is determined by nodes verifying information. Ideally, each node will have congruent verification, making the addition to the Blockchain = True
  2. In a central database, the only way to verify truth would be with rigorous and organized auditing. So essentially, the truth is “accepted” as true without strong evidence.
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