Homework on Consensus - Questions

[dyildiz]

Answers

1. Blockchains work with incentive mechanisms. Basically, it incents every participant of the chain to verify “true” transactions. Otherwise, you don’t get any reward. In that way, when all the participants agree on a transaction, it verifies on the chain. And that creates provenance, and provenance is where we find or follow the truth on blockchains.

2. In central databases truth comes from the owner of the database. They can change or re-write “the truth” as they wish. But obviously, nobody can do that on a blockchain.

[Ergo]

1. There are nodes independent from each other but form the decentralised ledger that mathematically contribute to the validation of data.

2. The network is not controlled by one single entity

[vOO]

1. With consensus the outcome / opinion of the majority is been seen as the truth

2. A central database is usually controlled by one individual or a small group that has administrator rights and thus is easily manipulated

[gvent]

1. In any business activity, all business participants contribute to the “truth” by stating their exact contribution(s) embedded into their blockchain transactions.

2. It’s different because each participant’s declared contributions have to agree with each other, thus providing a check/feedback mechanism. Having a centralized/single entity/participant takes this feedback/check mechanism away completely as there are no other parties to back up the centralized entity’s proclamations.

[MarBlockchain]

1. due to maths, and you can verify the entire netwok and everyone through incentives, we have no need of trust.
2. you need a central entity to verify the truth, you have to trust in this central entity.

[tove]

1. What does it mean when we say that in blockchain, consensus determine the truth? all parties have to validate every transaction, if the transaction is invalid it won’t be accomplished. And in that way you reach consensus.
2. How is this different from how truth is determined in a central database?
   In a central database all parties are not dependent on each other. Not all parties have to validate every decision at the supply-chain for it to go through.

[vladg]

1. Every transaction when submitted to the network needs to be validated by other participants. That being said, if a transaction is not respecting the rules and tries to add some data to the blockchain that was not previously validated by the other participants, it will be rejected and everyone that helped with this request, will be incentivize for keeping the blockchain clean (explained in simpler terms)
2. In a central database, everyone can alter the data. In a blockchain, what’s written cannot be altered and also, was previously been validated by participants as being true.

[Rumg]

1. What does it mean when we say that in blockchain consensus determines the truth?
   This is so because there is an incentive to follow and respect the rules and to reach agreements.

2. How is this different from how the truth is determined in a central database?
   In a central database, the decision-making power rests with a particular entity, which controls and freely accesses the data without other actors being able to supervise or verify said data.

[RagingLlama]

1. In blockchain we say that consensus determines the truth because a consensus mechanism ensures that there are enough parties involved have a agreed upon the truth. The consensus mechanism also includes a set of incentives to ensure that there is enough of a disincentive to prevent anything but the truth. In other words, it is too costly to lie or cheat.

2. The truth in a central database is different than in the blockchain because you have to trust a single party that controls that database. In the blockchain, consensus ensures that there is a trustless system and process in how the database has recorded information.

[ChadSmith]

Homework on Consensus - Questions

1. What does it mean when we say that in blockchain, consensus determine the truth?
   A: Consensus means that the network of nodes has all determined that the transactions is correct and therefore the truth. Removal of the trust element.
2. How is this different from how truth is determined in a central database?
   A: Here there is not network approval process and merely determined that it is the truth by an single party/entity.

[teddyrockwell]

1. Consensus determines the truth because miners and validators are incentivized to only accept honest transactions. They would lose money by accepting false statements and they would also be slashed or suffer other penalties. Following this logic, we can verify what’s on the ledger because consensus ensures that only accurate information is presented.
2. In a central database, it is possible for them to be hacked or have a singular point of failure. Decentralization avoids this issue.

[Adrienn_Rimbauer]

What does it mean when we say that in blockchain, consensus determines the truth?
Each transaction is verified by all the other computers on the network and they all have to agree that the new transaction is the truth. This is how you reach the consensus.

How is this different from how truth is determined in a central database?
In a central database, data can be altered or modified. It is centralized and the authority has control and they decide what the truth is.

[tome]

1. the majority determines the truth, not an individual
2. truth can be edited by an individual in a central database

[Alexander_Hernandez]

1. Block chain consensus determines the truth because various nodes or computers that hold up the network all agree the proper work was done and done accurately. Having more than one party determining the code or transaction is correct safe guards one another.
2. In a central data base it could be as simple as a spread sheet with numbers plugged into it. These numbers and data are subject to change by the people or parties that have access to it. There is no accuracy between the various parties that come together to make one product. Companies can claim to have high quality products and there is no truth backing it.

[RolandtenHaaf]

[quote=“ivan, post:1, topic:8425, full:true”]
Homework on Consensus - Questions

1. What does it mean when we say that in blockchain, consensus determine the truth?
   If a transaction is put on the blockchain consensus is reached. All nodes in the network have reached consensus. Don’t trust very.
2. How is this different from how truth is determined in a central database?
   It’s not trust less you need to trust a central authority. You can’t very it is true.

[JoshuaD]

1. Consensus determines the truth only through verification of honest/dishonest agreements between nodes that reaches consensus once all the nodes validate that the transaction is true through incentives. If the blockchain does not reach consensus then the dishonest computer/node will loose all of their incentives and get kicked out.
2. Its different from central database because blockchain ensures that you cannot skip steps for a transaction or say something has certain properties when it doesn’t.

[cryptocarpenter]

1). In blockchain a network of computers that verify what is true and what is not true. They all have a copy of the data base. With blockchain there is no central authorities, governments, organization to tell us what is true. Nodes agree on the truth(verifies) a transactions, they make the decisions on the state and validity of the data, what transactions should and shouldn’t be add to the chain. Consensus is built on top of incentive, not everyone will play by the rules. Everyone on the network is incentivized to play by the rules, mostly monetarily.

2). In a centralized database, truth is determined by the owner(authority) which owns it. They have the ability to edit any information they see fit for their purpose. Big corporations have complete control over your data and do anything they want with it.

[Matt25]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   This means that every transaction on the blockchain is validated a network of computers. It takes multiple nodes to reach an agreement on the validity of a transaction. With out the consensus of the group, truth/verification/validity can not be determined.
2. How is this different from how truth is determined in a central database?
   Truth in a central database does not rely on a network for verification, only the owner or sources within that centralized entity. No one outside of the central source is asked to play a role in verifying the truth.

[bluebullet02]

1. It means that there cannot be any lies, deception or mistrust in the blockchain, through consensus, only legitimate transactions are verified

2. It’s different from a central database because there is no one person, one team, one company in charge of veryfing the truth. This is great because it doesn’t allow for any corruption.

[Todd]

1. What does it mean when we say that in blockchain, consensus determines the truth?
   In the effort to achieve a trustless network, blockchain uses mechanisms to determine the truth by inviting and incentivising nodes on that network to verify all decisions and claims about information added to the network—thereby creating consensus about the validity of such decisions and claims.

2. How is this different from how truth is determined in a central database?
   In a central database, any one individual with the authority to change information in that database can do so without repercussions or the need to verify said changes with another party or parties. There is no incentive for achieving consensus or trustlessness.