Homework on Consensus - Questions

Blockchain and Bitcoin 101
#6049
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus is when several parties makes a decision on something(e.g bitcoin transaction), whenever a transaction is done through the blockchain, a decision is made by several computers or parties that verify if it’s true or not.
  2. How is this different from how truth is determined in a central database?
    In the central database makes decisions based on authority(individual, government authority) which can be changed or altered.
2 Likes
#6050

  1. Consensus in blockchain is the exact definition of the word. A general agreement between all verifying parties that a tx, event, signature etc did in fact happen including all things that may go with it such as an amount or parties involved.

  2. It is different because in a centralised database, you have the single party telling everyone X is true and you have to believe/trust them for their word when in fact, they could just make it up.

3 Likes
#6051

[quote=“ivan, post:1, topic:8425”]

  • What does it mean when we say that in blockchain, consensus determines the truth?
    [Ans] All transactions validity is derived by agreement between several nodes. When a new transaction comes, all need to agree on whether that needs to be accepted. Also, the verification can be mathematically derived for transactions which helps consensus to work with easy way to track malicious nodes/transactions. All nodes have common motivation to build trust, i.e. earn-money, getting incentivize.

  • How is this different from how truth is determined in a central database?
    [/quote] In case of a central database, truth is determined and managed by a central authority. Whatever information(good/stale/hacked) is there in their database, we have to rely and trust that. We have to trust the central authority process and management and their is no other way for anyone to audit.

1 Like
#6052
  1. What does it mean when we say that in blockchain, consensus determines the truth?

That when enough Nodes (more then just one accept a transaction) print data into the Blockchain, because every node can see, that the transaction is true or possible.

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

In a central database is just one node so there are no other nodes who check on there inherent data if the transaction is legit.

1 Like
#6053

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    All facets/transactions of the supply chain are verified by all available nodes, who confirm their data with all the others, coming to consensus.

  2. How is this different from how truth is determined in a central database?
    A central database relies strictly on the input of a single user, and no verification is performed. Thus, trust is required from a single source.

2 Likes
#6054
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    It mean that all nodes in the blockchain have all the historical data. To create new entry in the blockchain your transaction will be validated (truth must be checked) by multiple nodes.
  2. How is this different from how truth is determined in a central database?
    The central database will validate only the structural and data consistency within one node.
1 Like
#6055

  1. It exposes information to multiple parties in the network so they can also confirm the info shared is true.

  2. This differs from a centralized database because there info can be manipulated to make a person or company look as good as possible. Leaving out important pieces of info or adding false info that can favor a company or person’s best interest

1 Like
#6056

  1. Consensus is the agreement by the majority and within the blockchain, when the nodes all agree on transactions it is the consensus itself that is considered the truth as the blockchain is a single source of truth that is publicly verifiable.

  2. Within a central database there is a single source of data and it’s not publicly verifiable.

1 Like
#6057
  1. In the blockchain, consensus determines the truth when the majority or at least 51% of the nodes or valodators agree on certain transactions.
  2. For a central database, truth or decision is made centrally and no consensus is needed.
1 Like
#6058

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
  • Consensus occurs when participants agree on how the ledger should be done up. It determines the truth because participants in the blockchain are incentivized, to tell the truth through monetary rewards.
  1. How is this different from how truth is determined in a central database?
  • Central databases’ truth is determined by its owner. Data may be deleted at anytime to skew the truth. Owners therefore may skew the truth.
1 Like
#6059

1.Consensus determines the truth, means there is one version of the truth. It means that all machines/nodes are in agreement which is the truth. If there was fowl play they wouldn’t be in agreement. Consensus works like gossip. The nodes spread the same info and they all have the same info.
2. A central database is easier to be hacked and it has one point of failure. Decentralized means more nodes that verify the truth.

1 Like
#6060

  1. Consensus in blockchain means, verifying transaction by active nodes or participating computers to agree on transactions genuinity. Verifying amounts , parts and value in participating transaction.

  2. We dont have data corruption, no human error, total transparency unlike centralised databases.

1 Like
#6061
  1. Because the network is incentivised to always tell the truth, negating the need for trust.
  2. Determining the “truth” from a central database depends on trusting the individual/organisation in question, without the ability to verify.
1 Like
#6062

  1. Consensus means to accept transparent transaction without obscure intentions by verifying transactions with the ledgers and verifying if it is indeed a true transaction.

  2. It is determined by the owner of such database and it can be altered any moment in time.

1 Like
#6063
  1. What does it mean when we say that in blockchain, consensus determines the truth?

It means that the truth is determined by people not a dictator.

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

People who verify the transactions get money if they made a honest verification (other verifiers would end up having the same verified results).

1 Like
#6064

What does it mean when we say that in blockchain, consensus determine the truth?
It means the computers in the network have confirmed verification that the transaction makes sense and that they agree to add it to the blockchain,

How is this different from how truth is determined in a central database?
In a centralize database people/computers cannot verify that the transaction makes sense… They have to trust the central authority. Trust that the central authority eventhough there is a risk that the central authority is manipulating the database, cheating, and lying about a transaction because there may be am incentive (temptation) to do so.

1 Like
#6065

What does it mean when we say that in blockchain, consensus determines the truth?

The consensus mechanism in blockchain gives trust in a “truth” because it is a decentralised system of computer nodes network, where each node contains a ledger, a current database of encrypted information. In order for new information to be accepted and added on to the blockchain, all the computer nodes in the network must confirm, and verify and agree to this. This consensus gives rise to a trustless blockchain network where the is a real time “truth” which is difficult to cheat or alter.
In the bitcoin blockchain there are financial incentives to follow the rules or else lose money.

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

In central database systems any trust and truth is determined by a centralised third party. Any data can be altered at any time raising security risks and thus brings trust issues and risk in determining the truth.

1 Like
#6066

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

Consensus is built off of trustlessness. It’s about removing trust. Things are built off of mathematics, truth is built off of incentives.

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

Everything is traced and trackable. More middlemen are involved.

1 Like
#6067

1.In Blockchain, consensus determines truch through a network of decentralized computers that verify transactions and have to agree, come to a consensus, before data can be added to the Blockchain.

  1. A central database is different in that it requires trust of the database owner. Centralized data is not verified by a community that is incentivised to determine the Truth, or accuracy of a transaction.
1 Like
#6068

  1. Consensus mechanism makes sure that a transaction is approved only if majority of network participants agree upon the transaction.

  2. In Central database, the central authority has the control over what can be labelled as truth(approved) or false transaction.

1 Like