Homework on Consensus - Questions

Blockchain and Bitcoin 101
#683
  • What does it mean when we say that in blockchain, consensus determine the truth?
    In Blockchain, every participant of the network is incentivised financially to tell the truth and is financially penalised for being dishonest. Only when the network agrees on a transaction making sense will it be viable and the network of participants ‘‘rewarded’’ for the reliable and verifiable information.
  • How is this different from how truth is determined in a central database?
    All trust of any one entity or person is completely removed and all information is entirely publicly available and verifiable. What would usually be information locked away and kept private by a company or government becomes truly transparent and available for full inspection by any member of the public.
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#684
  1. That if verified be all there wil be an consensus, the truth shall be known and accepted
  2. A centrale base can be controlled and manipulated by one party and there is no way of finding the Truth. I am dependant on trusting in this Party Centralized.
    In a Decentralized database everything has to be verified between every node, if every node comes to the same conclusion there is reached consensus. A trustless system
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#685

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

  1. Based on the rules written into the network (nodes) a transaction is either accepted by the network or rejected. There is a financial reward to maintain that truth. Consensus is all about removing trust.

How is this different from how truth is determined in a central database?
2. In a central database a third party administrator (authority) can change the data thereby changing the outcome of what is true or not.

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#686

Consensus means that everyone on the blockchain are agreeing that a transaction in fact has happened.

In a central database one individual can choose what the truth is.

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#687

  1. Consensus determines truth by requiring and incentivizing multiple highly-distributed nodes (decision-makers) to collaborate in order to reach agreement concerning the validation of transactions.

  2. A central database is vulnerable to corruption and intervention by independent authority where only proof of ownership credentials is required to access, audit, and potentially alter critical data.

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#688

  1. Because the different nodes in the network need to come to an agreement for the transaction to be included or not into the blockchain. When a transaction is being put in the blockchain, it means it is being accepted by the network into the database, into the ledger.

  2. When a decision is made on a decentralised network, you know that several parts were involved. You know that you had decentralisation. All decisions are being made together and double checked. On a central database there is no decentralisation.

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#689

What does it mean when we say that in blockchain, consensus determine the truth?
Consensus in the blockchain means all decisions are made together/truth.

How is this different from how truth is determined in a central database?
In a centralized database, one person has control of the ledger.

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#690

1 What does it mean when we say that in blockchain, consensus determine the truth?
With blockchain it is difficult to cheat and we are able to track every step through the supply chain. The system determines the truth through looking if the information matches the information in the chain - there is consensus within the process. If your statement does not correspond with the rest it is easy to see.

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

In a central database the information may be manipulated as there is no copy. it is central so a singe individual or company determines the truth. it is more difficult to fact-check the information.

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#691

  1. Consensus determines truth by the network nodes in agreement of new
    transactions being added to the blockchain, thereby verifying legitimacy.

  2. A central database does not require operation within an open network. The
    database can make determinations without verifying its proof of legitimacy.

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#692

  1. What does it mean when we say that in blockchain, consensus determines the truth?
    This is because consensus removes trust due to the people involved being incentivized, to tell the truth.

  2. How is this different from how truth is determined in a central database?
    A central database is not incentivized, to tell the truth, ti is rather incentivized to act in its own interest rather than the interest of a network like a consensus.

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#693

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    when a transaction is accepted buy the blockchain a decentralize network of nodes will decide if the transaction is true and then it is accepted into blockchain.

  2. How is this different from how truth is determined in a central database?
    it verifies that everyone is telling the truth, because you have a network checking each other.and removes the incentive to cheat.

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#694

1 - Blockchain determines truth on the network by all nodes reaching consensus this allows trust not to be placed with a third party or the transactor but with the network.

2 - The blockchain’s consensus differs from a centralized database as the verification mechanism isnt a central party it is a network of computers (nodes) that are incentivized to provide truth through monetary gain.

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#695
  1. The main purpose of blockchain is to validate a certain piece of transaction and it validates a transaction based on consesus network meaning all systems/computers in the blockchain network will need to come to a common decision for a transaction to get added to Blockchain.
  2. In central database, we as a user have to trust the owner of the database. We are trusting them to provide us correct information, now it could be at their disposal if they want they can hide any piece of information or provide us wrong information.
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#696

  1. The truth is agreed upon by everyone participating in the network before it is recorded on the blockchain.

  2. Central databases are not necessarily verified before recording and can always be changed later.

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#697
  1. What does it mean when we say that in blockchain, consensus determine the truth?
    Consensus requires the approval of all members of the decentralized database. False transactions are ignored, only truthful transactions are entered into the blockchain when agreed upon by all parties.
  2. How is this different from how truth is determined in a central database?
    In a central database, past transactions can be altered or removed within impunity.
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#698
  1. the nodes verify the transactions and agree that they will will become part of the ledger
  2. the centralized databases are dependent on trust of the party entering the transaction - decentralized db;s are trustless
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#699

Consensus determines the truth because it can be backed up and verified by checking where the item came from.

It is different from centralized database because it is backed up by proven traceable facts whereas with centralized you have to trust their word.

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#700

  • What does it mean when we say that in blockchain, consensus determine the truth?
    Trust is eradicated because all participants in the network are incentivized to play by the rules. All the participants follow the consensus.

  • How is this different from how truth is determined in a central database?
    In a central database truth is defined by a central party. It is therefore not trustless

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#701

1 Everybody has to agree about the facts for the chain to move forward and faults gets exposed…about the same as a jury in a court of law

2 When owners of central database determine outcomes its based on trust that they have the right data and faults only shows up after the fact

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#702

HI,
1, Because data stored in blockchain are immutable and everyone can check it.
2, Trust is here placed to other company or we trust that information others gave us is true. In blockchain we can verify that.

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