Homework on Consensus - Questions

Blockchain and Bitcoin 101
#6249

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    In blockchain consensus is reached by agreement of parties on a decentralized network on what transactions are legitimate rather than relying on the approval of a central authority.

  2. How is this different from how truth is determined in a central database?
    This differs from a central database in that there is no trust required for the network of distributed parties to agree on the truth of transactions whereas a central database relies on all parties trusting a central authority to approve the truth of transactions. Additionally, the reward mechanism incentivizes parties participating in validating and reaching consensus on transactions to be honest and reject false transactions.

#6250

The members of the blockchain network has to agree whether to accept (or not), the transaction into the blockchain or public ledger.

There is someone in control in a centralized database and data (truth) can be altered while in a blockchain no one is in control so it is a trust less system.

#6251

  • What does it mean when we say that in blockchain, consensus determine the truth?
    The truth is a mathematical proven , not possible to cheat , we do not trust , we verify

  • How is this different from how truth is determined in a central database?
    You have to trust in an entity , you don´t have access to the information , so you have to pray that everything is right

#6252

Consensus is the mechanism by which the truth or validity of a transaction or data is determined in a blockchain. This is accomplished when a majority of participants in the network agree that a transaction or data entry is valid and should be added to the blockchain. Consensus is critical to the security and integrity of the blockchain, and it is achieved using cryptographic algorithms.

In contrast, a central database relies on a central authority to determine the truth or validity of data, which can make it more vulnerable to errors, fraud, and manipulation. The lack of a decentralized mechanism to verify the accuracy of the data stored in a central database makes it more reliant on trust in the central authority.

#6253

  1. The consensus that is created through the network of computers tied together, each with its own copy of the ledger, creates absolute incorruptible trust.

  2. A central database lacks a network of computers that holds everyone accountable. This means that either through deliberate action, human error, or any other intentional or unintentional alterations to the data, a central database is hopelessly open to corruption.

#6254

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus determines the truth as trustless nodes work collaboratively to validate transactions. This is achieved through the financial rewards given.

  2. How is this different from how truth is determined in a central database?
    In blockchain, the truth is agreed upon and stored in a decentralized manner. In a traditional central database, data is just stored in one central location where it can be altered and potentially compromised.

#6255

  1. What does it mean when we say that in blockchain, consensus determine the truth? Consensus determines the truth because all transactions are verified by the network. The consensus of the entire network is necessary to accept a transaction and label it as “true”.

  2. How is this different from how truth is determined in a central database? Truth in a central database is determined by whomever has ultimate authority, not by math or a network.

#6256
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Each node has a copy of the blockchain. If a falsehood is introduced the consensus of nodes will identify the falsehood and deny the transaction.
  2. How is this different from how truth is determined in a central database?
    The consensus of nodes confirms the truth. The database is centralized; under the control and influence of unknown parties.
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#6257

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    When we say that, it means we understand the fact that all nodes have a coppy of particular blockchain and therefor every node can verify if that particular transaction/action make sense/is possible according to traceable history of blocks and provinance.

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

In central database it depends on contracts is made and promises that are given. Its so much easyer to cheat and manipulate some information compare to blockchain consensus mechanisms.

1 Like
#6258
  1. Consensus means everyone agrees on a transaction based on trustlessness and the transaction gets confirmed.
  2. It is different because the central database information is as good as the person entering the information and it leaves room for errors and mishandling information
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#6259

1 - consensus determines the truth in blockchain by allowing everyone access to the database of the transaction of the network and accepting it or not if they find it trustworthy.

2 - in a central database truth is determined by an authority, with motivation of their own.

1 Like
#6260

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    -> Blockchain consensus is an agreement by various actors in a blockchain network that can collectively affirm and trace all phases of a transaction. Furthermore, it improves the “trusty” nature of the network since all actors are incentivised to make sure that the transaction is legitimate at all varying

  2. How is this different from how truth is determined in a central database?
    -> We are given the data at endpoint thus it’s very easy for actors to modify and tamper with input data to get desired results.

1 Like
#6261

  1. “Blockchain consensus determines the truth”, means that in a Bitcoin or ‘similar’ blockchain, multiple nodes/actors agree on the whether a transaction should be accepted into its blockchain or not.

  2. The difference in how a blockchain consensus determines the truth in comparison to a central database, is that in a central database 1 actor determines the truth. If one actor determines the truth, then it is much more likely that the truth is never revealed.

1 Like
#6262
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    -It means that the truth depends on a huge number of transactions minors instead of a single entity.
  2. How is this different from how truth is determined in a central database?
    -As said above, in a centralized database data is controlled by a single entity.
1 Like
#6263

1.Nodes should have the same transaction details on a given block. This determines the truth in cases where a node’(s) block datagoes against the majority’s.
2.A central database may decide their own ‘truth’ at any given time.

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#6264

1.In blockchain, the truth is determined by the fact that everyone agrees and that they have an incentive to agree.
2. In a central database, a change can be made by only one person. We trust them not to make a mistake or not to enter wrong data.

1 Like
#6265

  1. Consensus - Peer to peer validation of numbers on a blockchain.
    A majority of peers must agree that a user has the money, goods, etc. that they are saying they have.

  2. On a centralized database, one person can say it’s true when there is no one to dispute this.

#6266
  1. There are multiple-sources(majority) of nod’s responding truthfully.
  2. Do you trust the one source responding truthfully?
#6267
  1. What does it mean when we say that in blockchain, consensus determines the truth?
  • When consensus is reached in blockchain it’s the networks way of saying all the information on a given transaction is true and it can go forward and be confirmed onto the blockchain. The blockchain can only accept transactions that are true and accurate based of the previous transaction on the blockchain so if it to be accepted by the consensus and confirmed then it is put on the blockchain
  1. How is this different from how truth is determined in a central database?
  • Because there is no way of verifying the information in the central data base you are viewing is accurate or seeing how the data was collected initially. You are trusting whoever put the information into the database had the correct information and had no malicious intent.
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#6268
  1. Consensus is required between multiple parties to determine the truth because if all parties do not agree on a fact, especially mathematical or quantifiable, it is automatically incorrect.
    This can be seen in transactions on the Bitcoin blockchain. Only the transactions that are verified across all nodes are the ones that get written into the next block.
  • If we go back to the example of the supply chain in the physical world, a company cannot publically state any fact that has not already been verified by all other manufacturers or suppliers. In this way, provenance cannot be demonstrated unless all parties “consent” that the information on-chain is true.
  1. Central databases rely on human imput which is not always verifiable by multiple parties and are mutable.
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