- Consensus determines the truth because several parties deciding if transaction is valid to be added to the blockchain. Also consensus removes trust in blokchain as there is no third party involved in verifying transaction and miners are given financial incentives to follow rules.
- People have to trust third parties to verify their transactions. Due to lack of independent audit and transparency, data can be easily manipulated and corrupted.
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Consensus is a big part of trustlessness.
Provenance cannot happen without consensus.
because there is a network of computers that can reach consensus - this is different to a central database - because everyone can verify the data in the network.
Consensus is built on incentives to play by the rules. The computers are incentivised to verify the truth.
Consensus removes the need for trust.
Concensus is achieved by financial incentives. Gaining money by being honest.
Everyone wants to make money so everyone will be incentivised to play by the rules.
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Consensus determines the truth : it means that the miners must agree that the transactions are correct, if not a transaction is rejected.
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In a central database, one single user (with writing rights) can determine the truth, without anyone verifying the correctness of the data.
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multiple independent parties have decided on a matter and have reached the same conclusion (consensus). Therefore the conclusion has to be the truth. The incentives in the network incentivise all parties to be honest.
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In a normal database one entity (or even multiple entities) are able to add, modify or erase entries and state them as truth. There is no verifyability of their honesty in doing so.
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Homework on Consensus
1. What does it mean when we say that in blockchain, consensus determine the truth?
- consensus is removing trust
- consensus is in a general agreement/collective decision
- it is driven by incentives
2. How is this different from how truth is determined in a central database?
- it is more reasonable to trust a dezentralised collective then a central authority (trustlessnes)
- Don’t Trust, verify: verification is possible with the decentral stored database of a blockchain
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- It means each and every participant on the chain agree to certain input, and that is verifiable and traceable, eliminating so a single point of failure.
- The Oracle can be corrupted, compromising the veracity of the input, putting in risk the whole chain.
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1- Everyone must play by the rules otherwise they are kicked out of the network or start losing money.
2- Central database can be manipulated. From the outside, it may look like we have consensus rules but it can easily be corrupted.
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The whole network has to agree on what is true.
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A centralized database only reads itself and can be altered to solely the view of the holder of that database.
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- A group of actors decide together what is true.
- A central authority would decide without input from other actors
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It means that an agreement has been reached between all computers on the network that the information is truthful. therefor consensus was reached and there is no need for trust
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On a central database we have to trust in the information we receive is true without relay knowing.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Consensus determines the truth because in blockchain technology truth is the only way to reach a consensus.In other words, Consensus can only be achieved from all the participants of the network by agreeing on what is true. How ? Because all the network participants have a financial incentive to say the truth.
- How is this different from how truth is determined in a central database?
It’s different because in the case of a central database, you have to rely on only one participant which has no incentives to say the truth unlike blockchain. There is no network that can verify the info. You solely depend on trust given by this central authority.
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What does it mean when we say that in blockchain, consensus determine the truth?
It means that the consensus mechanism makes sure that new transactions following the rules of the network. Blockchains are “trustless,” there are mechanisms in place by which all parties in the system can reach a consensus on what the truth is.
How is this different from how truth is determined in a central database?
A central database is centralised and controlled by a single individual or entity like a banks, governments or financial institutions meaning all data can be edited, delete, moved or manipulate in anyway.
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Homework on Consensus.
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Proof of consensus is one way a blockchain network can determine whether or not a transaction is legit. If there is something suspect about a certain transaction, it will be kicked out of the consensus and not approved.
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In a central database you rely on a single third party to control your information. It is centralized and therefore subject to the rules and regulations the third party may see fit. Example would be Facebook.
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What does it mean when we say that in blockchain, consensus determines the truth?
It means that if the blockchains’ database has to be modified, there has to be an agreement between the different computers or users that make up the blockchain.
How is it different from how truth is determined in a central database?
It is different because in a central database there is only one user. And nobody has to agree on anything to change the database.
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Homework on Consensus - Questions
- What does it mean when we say that in blockchain, consensus determine the truth?
- It means that the all the participant nodes in the network has verified the transactions.
- How is this different from how truth is determined in a central database?
- truth is determined by trusting the third party in case of centralized database on the other hand we can verify the truth by looking at the trails in the public ledger in the de centralized blockchain database.
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- Consensus is derived by a multitude of individual, non-partisan parties, with no vested interest in the transaction
- there is no bias, so therefore easier to determine fact from fiction
- there is incentive to confirm the facts
- Centralized databases are susceptible to:
- bias
- manipulation
- corruption
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- All parties have to agree in order to verify the transactions.
- A central database does not use consensus. It is based on the trust of a few.
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What does it mean when we say that in blockchain, consensus determine the truth?
The decentralised system incentivises miners to verify transactions. These miners are incentivised with the reward of bitcoin if their computing power (i.e. proof of work) enables them to solve a cryptographic problem faster than other miners. Altogether the pursuit of bitcoin creates truth because all nodes agree to the next block of the blockchain. -
How is this different from how truth is determined in a central database?
Central databases essentially use ‘faith’ and past performance, or even word of mouth, to assign trustworthiness upon a certain entity/party. One can argue that truth is perceived differently depending on experience (there can be third parties’ interests which lobby a transaction’s conclusion, there can be disputes with conflicting accounts of truth etc.)
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1The truth in blockchain is based on agreement (consensus) by the participants after checking validity in their own copy of the public ledger (blockchain).
2 In a central database the maker determines the truth . Trust in the truth of the central database is based on trust in the maker.
1 - Data can be verified, therefore trust is not needed. Many players in the game make it easier to verify whether data are true or not. It is difficult to lie because of many players are connected through the network, for example in a supply chain. Consensus is the agreement of the network & is achieved through incentives.
2 - In a central database we can only trust that the data are true, to the extent we can reach them. We may not be able to reach them to the source. Data are controlled by a central authority.
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