Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2170
  1. It is important for blockchain networks to be high availability networks because transactions are global 24 hours a day, 7 days a week, 365 days a year.
  2. No single authority has control over blockchain networks which enables high availability to anyone at anytime.
1 Like
#2171

  1. More availability means more business being done.

  2. Miners get incentivized to keep it that way.

1 Like
#2172

  1. Why is it important for blockchain networks to be high availability networks?
    Answer: It is important for blockchain networks to be high availability networks because it provides reliability for users of the network. If part of the network were to go down due to connectivity issues, then other miners would just fill their place in order to keep the network fully functioning. Because the network always remains live, the security of the network can never be compromised.

  2. What is it that enables blockchain networks to have such high availability?
    Answer: Blockchain networks have such high availability because everyone is incentivized to keep it alive and live through mining.

1 Like
#2173
  1. Because financial transactions happen 24/7 365.
  2. Bitcoin/Money rewards/incentives given to miners to keep the network up and running 24/7 365 for transaction verification.
1 Like
#2174

Why is it important for blockchain networks to be high availability networks?
Because there is 24/7 high demand for bitcoin

What is it that enables blockchain networks to have such high availability?
It’s incentivised for miners.

1 Like
#2175

  1. Why is it important for blockchain networks to be high availability networks?
    it is important as it is a global use case and needs computational power to secure the network using concensus

  2. What is it that enables blockchain networks to have such high availability?
    through incentives rewarding miners for blocks completed and continuing on with the chain

1 Like
#2176

  1. A global infrastructure for storage and transfer of value is pointless if it can be offline from time to time. Removing a the third party who is responsible for availability in centralised networks, means you have to be able to trust not only the consensus and immutability, but also the availability of a decentralised network. Just like the internet can be down in a neighbourhood, city or even country for some time, as a worldwide network it stays available 24/7/365

  2. Participants (specifically miners) are financially incentivised to keep the network available and secure. If for any reason a miner stops mining, or even mining in a whole country becomes impossible/unfeasible, the place of these miners will be taken by miners elsewhere. If not, the decrease in mining power will be compensated by adjustment of the mining difficulty. This guarantees the security of the network regardless of fluctuations in the total hashing power of the active miners.

1 Like
#2177

Hi Ivan,

Enjoying the training. In regard to this video, wouldnt the Internet be the largest network in the world and arugably larger than block-chain?

Andre

1 Like
#2178
  1. Why is it important for blockchain networks to be high availability networks?
    So they are never down. Would be awkward if it would be down for the weekends :smiley:
  2. What is it that enables blockchain networks to have such high availability?
    Participants of the networks are incentivised financially. If people stop mining, the incentives will grow, so more people will start mining :slight_smile:
1 Like
#2179

Yes, it’s about being able to transfer money/value every second of the day.

2 Likes
#2180

Yes it would. But internet in itself can’t transfer value safely. Welcome to the community Andre! :partying_face:

2 Likes
#2181

1- So the infrastructure is available to everyone - users & developers - at any time around the world. This is a key advantage over e.g. the world’s financial markets.
2- Individuals are rewarded financially for their continued participation in the network (mining). If significant numbers stop mining, the network adjusts the mining difficulty to make it easier (and encourage new miners to start).

1 Like
#2182
  1. Why is it important for blockchain networks to be high availability networks?
    So that if one part of the network is down, other parts of the network will still remain up and running; so that the network can perform transactions at all times (as transactions are taking place everywhere around the world at any given time).
  2. What is it that enables blockchain networks to have such high availability?
    Incentivized miners located de-centrally throughout the world, etc.
1 Like
#2183

  1. Why is it important for blockchain networks to be high availability networks?
    Because the network needs to be open 24/7 & 365 days to enable anyone in the world to access it, which Blockchain do this.

  2. What is it that enables blockchain networks to have such high availability?
    Blockchain is able to achieve high availability through incentives given to miners. These incentives are automatically adjusted depending on the demand of the network.

1 Like
#2184

  1. Why is it important for blockchain networks to be high availability networks?
    For people globally to make money, access needs to be 24/7/365. blockchains secure global infrastructure achieves this.

  2. What is it that enables blockchain networks to have such high availability?
    Incentives through mining ensuring 24/7 access globally

1 Like
#2185

  1. I guess the low hanging fruit answer would be that it makes the network more valuable. The more available it is, the more people will use it, the more that use it, the more valuable it will be.

  2. The the application of miners and incentives.

1 Like
#2186

  1. the world needs a constant available network which is never offline.

  2. Mining and incentives to support the network.

1 Like
#2187
  1. Why is it important for blockchain networks to be high availability networks? Because the blockchain is a global database
  2. What is it that enables blockchain networks to have such high availability? The miners or the people who are being incentivized
1 Like
#2188

1- it’s on 24 hrs a day, 365 days a year, everyone. And every one is incentivised to keep it alive.
Humanity has one thing in common ( maybe some people not…) Evreyone want to make some money.
2- Mining does, (making money again), if a few step out, there places will be filled rapidly.

1 Like
#2189

  1. blockchain networks need to be highly available in order for the decentralised consensus affect to work effectively, to continue to produce their relevant ledgers and to remain secure.

  2. The incentives provided by respective blockchains keep them highly available. Blockchain rewards, be they proof of stake or proof of work, provide reasonable incentive for these works to be carried out to keep the network secure, up and operational.

1 Like