Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1989

for real world use cases with blockchain it is important with high availability. Something that works perfectly all time is the best. You can’t change our financial system with blockchain if it works sometimes for example.

Bitcoin has high availability due to mining.When many are mining the rewards are lower but the system works good. If fewer would start mining then it would be easier to mine so the rewards would get higher so there will always be many miners due to the rewards. Everybody wants rewards

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#1990
  1. Why is it important for blockchain networks to be high availability networks?
  2. What is it that enables blockchain networks to have such high availability?

answer
1- When a network becomes high availability, that network becomes more reliable.
2- blockchain networks are high availability, because by design users are incentivized to keep the network functioning.

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#1991
  1. The network processes transactions , if it goes down so do the transactions.
  2. Mining on a distributed world wide network enables such high availability.
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#1992

  • Why is it important for blockchain networks to be high availability networks?
    Because the world is 24/7 365 an needs to be accessible & reliable as a globally ledger.

  • What is it that enables blockchain networks to have such high availability?
    Incentives & globalization of miners in the network.

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#1993

  1. It is important as the networks need to be available to the users of the network. In bitcoin for example, since it is a financial tool people need access to their money, if the network goes down people don’t have access. This is where it ties in to question 2.

  2. Financial incentives keep blockchain networks available. So miners are rewarded for processing transactions and keeping the hashrate high. The higher the hash rate, the more secure the network is. Since mining is easier when the hash rate is low more miners will enter the pool, this will cause the hash rate to rise making the network more secure.

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#1994
  1. High availability is important because transactions can be made 24/7. The network never sleeps.
  2. Blockchain miners are incentivized to keep the network up and running.
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#1995

  1. Blockchain networks have incentives. If a part of the network becoms out of order for some reason, then other people will step in to take advantage of those incentives. This is only possible if the network is highly available.

  2. Mining is the incentive that keeps people in the blockchain network. Combined with the decentralizing property of the blockchain, the network is in high availability.

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#1996

  1. To maintain constantly available network infrastructure.

  2. The financial incentive to mine. Any slackness caused by a drop in mining is quickly taken up.

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#1997

  1. It is important for blockchain networks to be high availability networks because it is important for Global Financial Systems. Everyone becomes highly incentivized to keep the system accessible.

  2. What enables blockchain networks to have such high availability is that everyone becomes encentivized to keep the network alive

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#1998

Why is it important for blockchain networks to be high availability networks?
It is one network that connects all use cases for all people.

What is it that enables blockchain networks to have such high availability?
People are incentivised to make money and they use the blockchain network 24/7/365 to do so.

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#1999

As blockhain technologies span the globe and all time zones, it is always day-time, and therefore business hours, somewhere. Blockchain is not relying on administrators as such and so can supply the demand of a 24/7/365 global infrastructure.

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#2000
  1. Blockchain network is a sort of alive entity: the more we feed it (intense mining activity) the better (increase of nodes, security) /smarter (increase of amount and quality of services performed on the network).
  2. Blockchain is many new things, but ultimately is a market and (real) incentives for players is as usual the fuel of the engine.
    By the way, Blockchain/incentives system develops a new paradigm of Democracy: the system is open to everybody and incentives make everyone in the right “mood” to embrace the rest of the network.

Great Class / thank you: I still wondering about what could be the Black Swan of Blockchain though…

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#2001
  1. It is crucial that BTC and the blockchain have high availability because the global market is running 24/7. It creates a level financial infrastructure that anyone can be a part of at any time.
  2. The network’s flexibility and incentive due to mining creates the blockchain’s high availability. If a whole swathe of the network went down, there would be a void that would be filled due to that decrease in miners. The incentive (money) that pushes miners keeps the network stable.
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#2002
  1. To keep the chain alive and do the work to verify all new records.
  2. The desire to earn reward (financial).
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#2003

  1. Why is it important for blockchain networks to be high availability networks?
    It is important because the blockchain is always available for all participants 24/7 and 365 days/year.

  2. What is it that enables blockchain networks to have such high availability?
    The decentralized nature of the network. Miners are incentivized to participate in the network. When less miners are active, difficulty decreases and new miners are incentivized to jump in.

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#2004

So that it operates 24/7 , 365days a year , this way it’s always available and hence the concept is in high demand.

  1. The miners are incentivized to mine non stop by the prospect of getting rewards/money in order to keep the network running constantly.
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#2005

  1. Blockchain network is a global infrastructure, high availability is needed for constant business in the world.

  2. The blockchain network is decentrelised, so even if a portion of the network is shut down the blockchain remains through the other active nodes. Miners keeps the blockchain runing, for profit.

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#2006

  1. the more available the more secure the network, the protocol also incentivices people to keep people running it for rewards.

  2. because of its many nodes spread throughout the globe and giving mining rewards to keep the network alive.

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#2007

How does it achieve this kind of availability? :slight_smile:

#2008

Coronavirus for example a few months ago that crashed the price and made the DeFi ecosystem a bit unstable for a while :slight_smile: