A conscensus of Validators are incentivised to be honest in determining the truth. As opposed to a central database where the truth is determined by a few who and are often incentivised to be dishonest.
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Q1. What does it mean when we say that in blockchain, consensus determines the truth?
A. The blockchain nodes form a consensus on the decentralised network that validates and rejects transactions, determining their veracity in accordance with the entire transactional history of the blockchain.
Q2. How is this different from how truth is determined in a central database?
A. With other databases, âtruthâ is asserted by a central authority that implicitly requires trust.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Because the consensus obliges all the people to play with the same rules and is impossible skip them, thats eliminate the truth.
- How is this different from how truth is determined in a central database?
Because in the central database only have âone playerâ with their rules and can skip them if he wants because there arenât anybody to verificate the information.
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What does it mean when we say that in blockchain, consensus determines the truth?
Under the guide of âDonât trust, Verifyâ consensus is the networks method for verifying the validity of information stored on the blockchain. Validators are incentivized to tell the truth, ensuring the information on the blockchain is verified by multiple parties.
How is this different from how truth is determined in a central database?
In a central database, the âtruthâ can be edited, i.e. information can be removed from the database. On a blockchain, it cannot, as multiple copies of the ledger are held by verifiers
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Security & Immutability:
How does a decentralized network increase security?
Decentralised networks allow multiple copies of the same information to be stored independently of one another, ensuring that âconsensus rulesâ when it comes to identifying the true copy, should one network machine try and create false records.
Why is it dangerous to trust a central authority for security?
Centralized systems can be controlled by people with malicious intent, governments, or bad actors. Centralised systems require âtrustâ but they can be corrupted, falsify, remove or manipulate information.
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- What it means is that consensus determines the truth through unbiased computers which allow others to see the legitimacy of transactions.
- Itâs different because a centralized database requires much trust from the big authorities and can be intervened by them at will for any reason they pose, whereas the decentralized database is the exact opposite of that because of consensus.
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Consensus provides multiple parties verifying the truth, and so you donât have to trust one single party. In that sense, consensus provides you with the truth.
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A central database provides information and you donât know if itâs true, you just have to trust the manager of that data that it is true.
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- It means that majority of the particpants have agreed /validated particular transaction as true so that it can be added to the blockchain permantely.
- In central database few are selected particpants only they are allowed to take decisions they may be corrupt.
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âConsensus determines the truthâ in blockchain means that there is no trust in one specific party, and rather a group consensus makes up the truth. Something is determined to be true if everyone agrees that it is true. If there is disagreement in whether, for example, a transaction is valid, the truth is that the transaction does not make sense and cannot be carried out. All parties must agree on the fact that transactions make sense and are valid.
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In a central database, truth is determined by a single trusted party. This is less trustworthy than a system like blockchain where there is no trust necessary because everyone can verify individually any transaction they wish. A single trusted party in a central database leaves more room for error and fraud as the trusted party could act fraudulently and get away with it because there is less verification by others and too much power entrusted in one party.
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What does it mean when we say that in blockchain, consensus determine the truth?
Consensus determines the truth because the network is incentivized to do so. If the network agrees on a transaction, it gets added to the ledger. If the network determines the transaction to be incorrect, it will be discarded. -
How is this different from how truth is determined in a central database? In a central database there isnât validation through the broad network and so if that database is corrupted then the truth can be altered.
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- What does it mean when we say that in blockchain, consensus determines the truth?
With consensus going on there is an incentive to tell the truth with an agreement happening in place between the nodes they are incentivized to tell the absolute truth due to the reward that is attained from doing so.
- How is this different from how truth is determined in a central database?
Central Databases can be altered due to no proper central authority and this leads to alterations even though alterations and edit history of the users who modified an entry are still available they are still questionable with doubt, with a blockchain network the truth is verified and signed and cannot be altered and stays within the blockchain and cannot be modified.
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What does it mean when we say that in blockchain, consensus determine the truth?
Several parties verify the information and then accepts it as truth and there incentive to be truthful. -
How is this different from how truth is determined in a central database?
Central database truth is decide by the one person who writing to the database and not verified by anyone.
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Homework on Consensus - Questions
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What does it mean when we say that in blockchain, consensus determines the truth?
Miners together have to come to an agreement (validate) that a transaction is correct before they will accept it into the blockchain. Thus, the decision was made by consensus -
How is this different from how truth is determined in a central database?
There are multiple miners who verify the transaction is correct and can be added not just one party or company. You can verify where products, coins, items came from down to the very beginning based on the supply network. So in essence you canât cheat the system and say something happened or was done but was not. You can verify and not just trust or have confidence, you can see the ledger for yourself
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- What does it mean when we say that in blockchain, consensus determines the truth?
Consensus determines the truth because in a blockchain there is something called use of incentive.
For a blockchain to become trustworthy, nodes will be rewarded through incentive, this mechanism protects the blockchain from getting false information.
- How is this different from how truth is determined in a central database?
In a central database the information is owned/controlled by a central authority, so there is always a layer of trust necessary (manipulation is easy). Using a consensus mechanisme on a blockchain removes the chance of manipulating information through incentive.
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- What does it mean when we say that in blockchain, consensus determine the truth?
It means that nodes agree with each other that the transaction is in fact valid building enough agreements creates consensus that its a true transaction.
- How is this different from how truth is determined in a central database?
The transaction can come from a central database and if that database is modified in any way that untruth is then replicated to all other databases thus creating a fake truth whereas with blockchain if it doesnt check out in all the ledgers then theres no consensus or truth to the transaction.
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- Concept of consensus is based on removing trust. It means there is a network of computers that need to agree about the particular transaction being correct. There has to be a mathematical confirmation that transaction is valid. All parties involve are confident because we can verify information on the blockchain.
- Decentralized network is an open source. Anyone can verify the transaction at any time. Information on the blockchain cannot be removed. False transaction is getting rejected by network of computers.
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- What does it mean when we say that in blockchain, consensus determines the truth?
- Nodes in a network have to validate and confirm information which is being added to the chain, it is this algorithm which provides only truth, such is blockchain consensus.
- How is this different from how truth is determined in a central database?
- A central database is owned and controlled by a singular (or multiple) people (under an organisation, business entity, or private) where the information is validated by them, or at least has the ability to be edited.
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- It simply means several parties/nodes, collectively come together to remove trust by each node reaffirming transactions
- In the central database, a central authority can interfere with the truth and there is also a case of bias.
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it basically means it verifys the truth.
the truth is not determined by one person but by everyone one the blockchain. -
in a central database the truth is determined by the one person who created the database or who has control over the database. there is no verification process we just simply have to take their word that what they say is the truth
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When we say consensus determines the truth, we mean a general consensus or general agreement between a variety of actors, or miners, in this case, to come to the conclusion that each transaction is being completed correctly.
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Whereas the truth is determined by a few amount of actors, with consensus we have many more people validating, created for increased security and transparency.
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