Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2231

  1. The network needs to be reliable in order to maintain a positive feedback loop for everyone involved.

  2. Miners want to make money, so the network will always be on.

1 Like
#2232

  1. Beacause this creates a 24/7/365 infrastructure, never offline by uniting everyone in the world 24/7/365.

  2. Incentives for people to make money by keeping the network open 24/7/365

1 Like
#2233
  1. Why is it important for blockchain networks to be high availability networks?
    [Andy] Internet never sleeps.
  2. What is it that enables blockchain networks to have such high availability?
    [Andy] Incentived mining mechanism.
1 Like
#2234

Bitcoin is the proof because it is the longest running network so far!

Because of dezentrilization and you can take out china and it would not effect the network only the price.

1 Like
#2235
  1. Today’s economies are global, without border. We need an omnipresent system that is accessible by anyone at anytime anywhere in the world.
  2. Two words, decentralized networks.
1 Like
#2236

1- Because It never shuts down so ppl can use it constantly.

2- Constant mining.

1 Like
#2237

In order for blockchain networks to change the global financial system users need to be able to access the network anytime. Major finical institutions only offer the majority of their services 8hrs out of the day and are usually closed on the weekend and holidays. Blockchain networks only succeed in revolutionizing the financial industry if they are highly available to anyone at anytime.

Blockchain networks succeed in offering high availability to the network by offering incentives for people running the network. Mining and proof of stake incentives people to run the network by paying them with cryptocurrency.

2 Likes
#2238
  1. The network needs to be up to be used. For financial transactions, they require that they can be started at any time.
  2. Mining provides a reward for being part of the network to run transactions. If the network has less miners, the difficulty goes down and entices new miners to join.
2 Likes
#2239
  1. So they are available in all time zones at all times and therefore can be used by anybody at anytime, this is an important factor which sets it apart from any other network
  2. Because so many nodes run the network and if some of the break down other will take their place.
1 Like
#2240

  1. Why is it important for blockchain networks to be high availability networks?
    The importance is a global network that can be accessed anytime by anyone.

  2. What is it that enables blockchain networks to have such high availability?
    There are incentives to keep the network running and the basic need for a form of income. As long as there are incentives to keep the network running, miners will operate. A decline in security(hash power) = available incentives (in flow of miners) = greater secuirty = lower incentives.

1 Like
#2241

It is important for blockchain networks to also be high availability networks because that increases security and overall success of the blockchain. High availability will mean more participation.
Incentivized mining is what allows blockchain to have such a high availability. The protocol is modeled such that miners are incentivized based on the number of active mining activity. When there are less miners, they are incentivized more to participate, and vice-versa.

1 Like
#2242

  1. Because they offer something traditional systems do not, they run 24/7/365, even if some operators fall out, it is still running.

  2. Incentivies, someone always wants to make money and participate in the network -> keep the availability high

1 Like
#2243

[quote=“ivan, post:1, topic:8426, full:true”]
Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    This is because everyone wants to make money.

  2. What is it that enables blockchain networks to have such high availability?
    Mining is what makes blockchain network to have high availability. Mining is how people make money protecting the network. People are incentivized to keep the network alive.

1 Like
#2244

1.) Because anyone in the world(or off soon) my need trustless records access at any time

2.) Incentivized mining allows for offline nodes to be replaced with another node very quickly.

1 Like
#2245
  1. It is important for the blockchain Networks to have high availability because “everybody wants to make money!”; many applications.
  2. The blockchain networks are able to have high availability due to the fact that they are running 24/7, 365 days a year
1 Like
#2246
  1. Why is it important for blockchain networks to be high availability networks?

To allow transaction to be created 24 hours a day, 7 days a week

  1. What is it that enables blockchain networks to have such high availability?

The incentive given to the blockchain nodes allows to provide high availability.

1 Like
#2247
  1. To appeal no matter the circumstances to miners to assure 365 day a year availability
  2. Incentives and unity
1 Like
#2248

  1. It is important to be high availability have 24 hour, 365 days network infrastructure and to keep the network alive.

  2. Mining enables the blockchain network to have high availability, the more miners the higher the network security becomes.

1 Like
#2249

Homework on High Availability - Answers

  1. Why is it important for blockchain networks to be high availability networks? Because it protects the network by keeping security high. The more people connected to the network the higher the security of the network.

  2. What is it that enables blockchain networks to have such high availability? Mining

1 Like
#2250

1. Why is it important for blockchain networks to be high availability networks?
For people all around the world to access as they will be in different timezones, using different devices.
2. What is it that enables blockchain networks to have such high availability?
It is decentralized and can be located at different parts of the world. Its operation is not constrained by working hours, seasons, weather conditions, politics etc. Every nodes has a copy of the public ledger, it can be accessed from different parts of the world. People are Incentivized to keep it working so that they can continue to make money.

1 Like