- It means that every computer in the network have to agree at what it is true or not, which transaction can be written on the blockchain or not.
2 . Central database does not require acceptance from everybody. decisions are made only by one party
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- What does it mean when we say that in blockchain, consensus determines the truth?
The transactions can be verified in a trustless decentralized network. - How is this different from how truth is determined in a central database?
There is not a central entity or party to make changes on the database and a complete history of the transaction is kept in the ledger for everyone to verify.
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- What does it mean when we say that in blockchain, consensus determine the truth?
That it is truth - How is this different from how truth is determined in a central database?
in central database truth is determined by what system administrator will say.
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- The entire entire network verifies the transaction.
- Truth is built on trust in a central database, which is easy to manipulate.
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What does it mean when we say that in blockchain, consensus determines the truth?
If the whole network has to verify a transaction in order to add it to the blockchain and those who integrate the network are working under an incentive, the result of what the majority decides will definitely be taken as the truth. -
How is this different from how truth is determined in a central database?
In a central database, the verifying and decision-taking is concentrated in a specific entity or few individuals which will decide at their own judge and interest without verifying with different parties. Thus, in order to have validation from third parties they might need to have an audit.
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Since there is network redundancy, we can all be on the same page and prevent loss and fraud. Everybody wants to make money so this incentivizes everybody to play by the rules. Multiple decision makers are required.
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In a central database, the database owner can easily manipulate and corrupt data. The system is run by authority.
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- When 51% or more of the nodes agree that a transaction is accurate, it is basically written in stone and since it cannot be changed, becomes the truth.
- A central database’s truth is determined by how well you trust the source that entered it.
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All the nodes have to agree on a tx or the network can fork.
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What does it mean when we say that in blockchain, consensus determines the truth?
All or most of the nodes in a blockchain must agree on what is true or false, so it is very hard (almost imposible) to cheat or try to make things up. -
How is this different from how truth is determined in a central database?
Right now, truth can be manipulated by centralized companies, in many different levels of different industries. But what if everyone knew everything?
I HAVE A QUESTION! how much % of the network has to agree? 51% ? 100%? Thanks!
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What does it mean when we say that in blockchain, consensus determines the truth?
Consensus means that all stakeholders come to a common decision to decide the truth and it is achieved by stakeholders by verifying transactions on blockchain ledger.
So truth is determined in blockchain by all the stakeholders by verifying the transactions through copy of ledger and if majority of stake holders agree that transaction is right and can be added in blockchain. -
How is this different from how truth is determined in a central database?
In central database a central authority decides whether the transaction is right or wrong. Central authority can be influenced by many factors. But in blockchain all the stakeholders decides through consensus whether transaction is right or wrong for doing so stakeholders are incentivized.
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100% have to agree if not fork will happen.
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Verification determine the truth; that’s the collective agreement from the nodes on the blockchain network determines truth.
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Trust determine the truth; that’s because it’s a centralize system where anything (alteration) can happen.
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A consensus takes place once multiple parties agree on a certain thing. These parties are incentivized to tell the truth as they are rewarded for that.
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We get the ability to verify data
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Blockchain verifies if the transaction is true or false based on all the information on the network (supply chain). If it’s true it becomes part of the ledger otherwise it will be rejected. This motivates people to be honest!
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Blockchain removes thrust and makes it decentralised in comparisation to a normal database that is centralised, what makes it possible to manipulate.
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Consensus determines the truth because a large number of non-affiliated nodes are all required to agree on a block before it is added to the chain
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With a centralized database, the owner of the database would be able to decide alone on what is true or not
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- What does it mean when we say that in blockchain, consensus determine the truth?
Transactions are verified on the public ledger by a large number of decentralized computers working together to determine the validity of a transaction. When they agree to the parameters being true, the transaction is approved and permanently added to the ledger. Consensus is removing trust and is achieved through financial incentives. Thus, consensus determines the truth.
- How is this different from how truth is determined in a central database?
This is vastly different in a centralized data base because the “Truth” is determined by an individual. Moreover, that truth can be altered at anytime from the individual or an outside attack on that database.
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- What does it mean when we say that in blockchain, consensus determines the truth?
-> Blockchain is a public ledger that is made possible by a distributed network of nodes (computers) that support it. In order for a transaction to be finalized on a blockchain, over 50% of the nodes must agree that the transaction is legitimate and valid. Because coming to a consensus for a network is incentivized for the node owners (miners), it ensures that malicious transactions are kept at bay, as long as over 50% of the nodes are not owned by a single authority. - How is this different from how truth is determined in a central database?
-> Central DB is generally owned by a central authority and thus has the power to modify transactions as per their need and convenience.
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- Because the consensus helps to verify and create a trustless network where people are rewarded for telling the truth and penalized for being dishonest
- A central database does not allow access to inspect and verify its proprietary information.
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Consensus in blockchain is achieved by a network of computers. Once a transaction is RECORDED, it then needs to be VERIFIED. Verification is achieved when all the participants in a network AGREE that the recorded transaction is AUTHENTIC. When the network of computers achieve CONSENSUS that the recorded transaction is authentic and that it has been verified, that transaction is accepted as the TRUTH. This is how consensus determines the truth. Consensus removes TRUST and allows for a TRUSTLESS environment to function.
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In a central database, the truth is recorded, verified and authenticated by those who manage that database. A central database requires TRUST to function. There is a potential for altering the information in the interest of those who manage the centralized database.
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- All nodes are incentivized to and must come to an agreement that everything is verified true before any event or transaction can officially occur on the blockchain. This is what makes all transactions on the blockchain trustless, trust is not needed because all information is publicly verified.
- In a central database you are trusting the data to be true based on the word of whoever is recording the information in the database and managing the database.
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