Homework on Consensus - Questions

Blockchain and Bitcoin 101
#623
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    it means that what all participants of the blockchain confirm holds as the truth
  2. How is this different from how truth is determined in a central database?
    in central database truth can be manipulated by the holder of the database, here it cannot be
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#624

  1. The nodes are incentivized to tell the truth. The consensus is only reached when the nodes collectively decide if the transaction is valid.

  2. In a central database the information can be modified or deleted by the database administrator. You would have to trust this authority or anyone with access to the database.

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#625
  1. Wether or not a transaction is legitimate or not is verified by the network of nodes. A transaction can only be verified as legitimate if the majority of this network of nodes agree on it, i.e consensus.
  2. In a central database consensus between other parties is not needed, because it is just that, centralized. The central database can tamper with the truth because there is no other parties to verify, there is no objective truth to compare the illigtimate information to.
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#626
  1. This means that all the nodes agreeing on a transaction. The transaction is real.
  2. In a product supply chain not all of the participants talk to each other in central database, on the contrary in blockchain all the participants talk to each other and removing the element of trust.
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#627

  1. consensus is when all parties come to an understanding. in the case of blockchain these parties are the computers used by the miners to verify transactions. these miners are incentivized to be truthful because if they are not they lose money.

  2. in a central database there is a small number of people or maybe even an individual who determines what s true and what is not. this is almost impossible to verify for the rest of us. with blockchain however, all parties verifying transaction need to achieve consensus. it is decentralized, trustless and anyone can verify

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#628

  1. In blockchain, when the phrase “Consensus determines the truth” is used, what is meant is that when an alteration or addition is made it is verified by the network or related parties so no rogue agents can fraudulently add to/change/delete valid transactions.

  2. This is different from how truth is determined in central databases in the sense that in a central database only the owner of the database needs to approve an alteration. In this way everyone participating in the database must trust the owner of the database to be honest and trustworthy.

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#629

We mean when we say that in blockchain consensus determines the truth that because blockchain is decentralised it has a number of parties making a decision whether something is true or not, meaning it is trustless.

It is different from how truth is in a central database as it only relies on one thing for example somebody’s word which may be a lie. A central database can also have things removed while blockchain cant

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#630

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    A. Every node in a that is involved in creating a block in the blockchain must agree on that was it added to the chain is the truth. If there is an abnormality like a transaction that is not possible, since every node got the copy of the blockchain and it does not meet the provenance the transaction will not be agreed upon. It will be rejected. If a farmer writes in the blockchain he gives his cow bio hay, but the provenance tells (in the blockchain that he is getting regular hay from a the company, the general consensus can reject this farmers claim. The incentive for the farmer to tell the truth is that his information can be verified.

  2. How is this different from how truth is determined in a central database?
    A. A central database has no such function as consensus. It is not built in. A database is controlled by one person or a company who controls the input and the output. We need to trust that this company is telling us the truth. We can’t verify it ourselves by looking into the database.

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#631

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    In the Bitcoin blockchain, no one entity decides. The nodes on the network have to come to agreement on if a transaction(s) is allowed. Provenance, verification is achieved by consensus through incentives.

  2. How is this different from how truth is determined in a central database?
    You have to trust the one central database is always verifying data with integrity. In the Bitcoin blockchain, it is trustless. We no longer have to trust the one central database. The network of nodes have incentives to verify data.

1 Like
#632

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    We basically mean that all the decentralised parties have together made a decision about the authenticity of the transaction in the blockchain.

  2. How is this different from how truth is determined in a central database?
    In a central database the data is maintained by a central authority , And we have to trust that authority for the authencity.
    Whereas , in blockchain the database is maintained by various nodes and they are incentivised to do so.
    Thus there is no central authority and the database is trustless.

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#633
  1. As far as the majority in a decentralized network agrees than an information ist true it moves into the “database”. With this mechanism decisions are made by the majority an so a system becomes “trustles”. So trust to a third party ist replaced by the possibility of verification.
  2. In a central DB the truth “value” can always be set by a single person that owns the rights to change data - so you will have to trust him that the given information is true.
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#634

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    A) All blockchain nodes must agree with the information being presented or it’s deemed untrue. The truth is also incentivized by the blockchain.

  2. How is this different from how truth is determined in a central database?
    A) In a centralized database the truth is determined by the person(s) entering the information. Where as in a blockchain database the truth must be determined by a collection of nodes all in agreement.

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#635

1)What does it mean when we say that in blockchain, consensus determine the truth?
Answer: InBlockchain, consensus is determined by all nodes in the Blockchain before information is allowed to be written. Because of the decentralised or trustlessness of blockchain, all systems must agree on a decision and double-check the decision before it is allowed in. Consensus is is also reached by incentives.

2)How is this different from how truth is determined in a central database?
Answer: Blockchain is a decentralised system while database is a centralised system which works on trust while Blockchain work on trustlessness.

#636

  1. The nodes in the network all have a ledger that verify the veracity of a transaction. Thus if all the nodes come to a consensus the transaction is added to the ledger.

  2. In a database you have to trust the accuracy of the result. where as on blockchain it is verifiable.

#637
  1. Consensus is when every party in the blockchain agrees and verifies that everything that is being recorded and told is the truth. We ensure this by making sure every party is incentivized for telling the truth which would mean that lying will cause them to lose money.
  2. It’s different because a central database can lie about the quilty of the product they received to the end customer. Where if it’s on a decentralized blockchain the other parties have incentives, to tell the truth when a party comes out with a lie.
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#638

1 because if blockchain has been compromised then the consensus will not be approved

2 it trustless system control by consensus and verified

#639
  1. What does it mean when we say that in blockchain, consensus determine the truth? All the nodes on the network confirm any transaction or change, if they do not agree then the transaction is rejected.
  2. How is this different from how truth is determined in a central database? A central database can be altered by the author whereas a blockchain can not be edited so the information is secure and immutable and is therefore trust less.
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#640

  1. All nodes in a network are incentivised to tell the truth, this is done by removing trust as each node receives a payment for verifying that a transaction is legitimate or not. Nodes do not receive any incentives to “game” the network by making false transactions as other nodes will verify that it is false and will not be included in the blockchain.

  2. In a centralised database consensus cannot be achieved as there is no incentives for anyone to do so. Often the opposite is true, since one centralised source has the ability to game the database to suit their business or their agenda. There is noone to verify that the transactions are legitimate and this relies totally on trust.

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#641
  1. The consensus is essentialy all the rules that all the parties involved in the network should follow. The consensus incentivises all the parties involved to play by the rules and to be truthfull.
  2. In a central database, the central autority can alter the data and this can be benefitial for some of the parties using that data but not for everyone involved. The blockchain consensus incentivise all the parties to keep the date truthfull.
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#642
  1. Consensus is when u have a group of computers verifying the block chain to b true.
    2… U have an outside group verifying the block chain by mathematical computations compared to a central database saying it’s true.