Homework on Consensus - Questions

Blockchain and Bitcoin 101
#6229
  1. All nodes in the network agree that the incoming transaction is valid
  2. In central database, we trust on a single central entity
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#6230

  1. Consensus is removing trust. Decentralized network of computers that agree to make decisions, double check and move forward together. Everyone has to play by the rules and tell the truth.

  2. Instead of one centralized network making all the decisions, consensus is decentralized where everyone must agree or it wonā€™t work. Donā€™t have to trust on one entity just verify.

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#6231
  1. because it removes trust. It uses math, etc to verify things all at once. all decisions are being double checked and will not go through useless the concensus is made
  2. Concensus is opensource, many people are verifying the info, central database a single individual is in control.
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#6232

1.it means a network of computers (nodes) collectively reaffirm or validate that the transaction is correct based upon on the previous entry and these nodes agree that the transaction is good it is added to the ledger and if they find if faulty they discard it. and they get incentivized for every transaction the confirm to be correct

  1. in a central database thereā€™s a central authority that decides the truth. this means someone has control over the network and only him decides the truth. therefore he can manipulate it or change it however he likes.
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#6233
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    A. It means that everyone agrees that each transaction is correct before itā€™s added to the blockchain.
  2. How is this different from how truth is determined in a central database?
    A. In a central database only 1 actor controls what is true of false.
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#6234

  1. Because everyone of the network has access to the information and everyone can add some (in a particular way). Therefore cheating is very difficult because everyone normally has an interest in participating in an earning process/system.

  2. In a central database you are very dependent on the ā€œorganisationā€ which is providing the database and data change in certain ways is easier possible.

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#6235
  1. A consensus is pretty all parties being in agreement on a transaction that took place on the blockchain.

2.In a central database thereā€™s a central authority that decides the truth

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#6236

  1. Means that truth is found not by a centralized authority who says something is so but rather a network of people who are INCENTIVIZED not to lie. The key is that it taps into human nature and our united desire to make money.

  2. In a central database, truth is determined by some entity just telling you something and you are forced to ā€œtrustā€ and believe them and have no real way of verifying the information.

#6237

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

  • Truth in a blockchain is what the majority agree on. Hence consensus.
  • Participants are incentivieced to play by the rules.

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

  • A central database is based on trust. There is no way to verify that the Information is correct.
  • There is no incentive to play by the rules
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#6238
  1. All nodes needs to agree to move on and they are financially incentivized to be honest.
  2. Centralized data base would make it a lot easier to cheat because there is single point of ownership of the truth which can then be manipulated and corrupted.
#6239

  1. In blockchain, consensus determines the truth because all participants in the network must agree on the validity of a transaction before it can be added to the blockchain. This is achieved through the use of consensus algorithms, such as proof of work or proof of stake, that ensure that a majority of the networkā€™s participants agree on the current state of the blockchain.

  2. This is different from how truth is determined in a central database, in which a central authority is responsible for maintaining and updating the database. In a central database, the truth is determined by the authority, whereas in a blockchain, the truth is determined through consensus among the networkā€™s participants.

#6240

  1. When we say that in blockchain, consensus determins the truth, we mean that the distributed network of computers come to an agreement on the state of a blockchain through a consensus algorithm is a set of rules that all participants must follow in order to reach a consensus, and this consensus is what determines the truth of the blockchain.

  2. In a cental database, truth is determined by a single entity, such as a government or corporation. This entity is responsible for maintaining the accuracy and integrity of the data, and any changes to the data must be approved by this entity. In contrast, in a blockchain, truth is determined by consensus, meaning that the distributed network of computers come to an agreement on the state of the blockchain. This consensus is achieved through a consensus algorithm, which is a set of rules that all participants must follow in order.

#6241

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus determines the truth because there are many nodes with their own copy of the blockchain.
    If there is a new transaction, every node can say it is valid or not valid depending on the rules of the blockchain itself. If all nodes say it is the truth, it is.

  2. How is this different from how truth is determined in a central database?
    There is just one entity which defines the truth and says if it is valid or not.
    This central entity could be blackmailed for example. This is not possible with a decentralized network .

#6242

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    Because the truth on is what all the nodes agree on, so the majority opinion is the truth.

  2. How is this different from how truth is determined in a central database?
    central database can be tampered with by the owner of it.

#6243

  1. Consensus is the mechanism through how the legitimacy of each transaction is validated. To check if each transaction that is happening is legit, each node is encouraged to be honest through the use of incentives and each kind of incentive varies according to the mechanism of consensus used by the blockchain, which, nowadays, may be PoW (Proof of Work) or PoS (Proof of Stake). This is what enables all this data structure named ā€œBlockchainā€ to be truly ā€œtrustlessā€.

  2. In a centralized database, the truth is based on proof of authority. This means that the data may be corrupted at any time by any insider or even by the central authority you put your trust on.

#6244

  1. What does it mean when we say that in blockchain, consensus determines the truth? ā†’ the truth is determined by a network of computers that have to agree on something, meaning that consensus has to be reached to validate a transaction. The truth is not determined by an external party, but by the consensus reached by the network.

  2. How is this different from how truth is determined in a central database? ā†’ in a central database, you need to trust whoever wrote something in the database, thereā€™s no way to have a general consensus. Truth is determined by the trust of an external party.

#6245
  1. What does it mean when we say that in blockchain, consensus determine the truth?

Nodes have copy of the database blockchain to work together verification to reach an agreement and to make sense if itā€™s true or false on the transaction.

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

Centralized databases can alter truth /false information and manipulated by corruption of government, banks and organizations by a single database instead of decentralized copy of the blockchain that is trust less and verified.

#6246

1.Basically there are a bunch of nodes on the blockchain that have consensus that determine the truth. If a transaction is agreeable or disagreeable

2.Its different because there arenā€™t any middle men. thats the difference, if you can create a decentralized database as its in and out. One and done type of deal

#6247
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    when the transaction agreeable
  2. How is this different from how truth is determined in a central database?
    theres no midlle man it all verification
#6248

Blockchain is a trustless network of distributed nodes whereby each node is incentivized to verify the correctness of each transaction. This type of model negates the need to place trust in a centralized system or network of which the public has no true method of verifying the integrity of transactions. Blockchain provides the accuracy and transparency that is needed in an already interconnected globalized world. Though Blockchain is quite revolutionary in nature, I would also add that itā€™s seemingly right on time.

Simply put, weā€™ve played the Web2 game for some time now. Governments and companies alike spend billions of dollars to configure so-called secure networks (i.e. IDS, IPS, Firewalls, DMZ etc.) that are consistently attacked without the public every truly knowing the impact of such attacks. Iā€™m not insinuating that Blockchain does not come without flaws, however Iā€™m simply stating that Blockchainā€™s approach to security and transparency is a pretty awesome.