Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2251
  1. Why is it important for blockchain networks to be high availability networks?
    as its recognition grows, more people get involved and in turn require more convenience in accessing it during any time of the day (transaction times aside)
  2. What is it that enables blockchain networks to have such high availability?
    amount of nodes in the network that are incentivized by the transaction cost-payments and current level of nonce difficulty
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#2252

1 Blockchain network is important to high availability networks because it enables everyone at a global level to work together.

2 what enables blockchain to have high availability is financial incentives

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#2253

  1. High availability also means higher security.

  2. Incentives.

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#2254

It is important for blockchain networks to be high availability networks because the demand for such networks by an increasingly globalized world will guarantee a level of network security as the miners will be incentivized to continue running their hardware which keeps the network processing transactions ,validating the ledger and adding new blocks.

What enables networks to have such high availability is the demand for a constant network function even in off hours or in areas that may be experiencing technical difficulties. While miners ensure the network continues to live on, they do so because they are incentivized by the profits they may potentially get. These profits are derived from transaction fees and possible block creation.

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#2255

So anyone & everyone can access it with ease and flexibility 24/7

Incentives, motivation & decentralisation

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#2256
  1. Why is it important for blockchain networks to be high availability networks?
  • The current global financial system that currently is built on top of the blockchain technology requires that the network is operating all the times. The blockchain network can never sleep and needs to be accessible for transactions to be added to the network at all times. Any global financial system that has people transacting around the all the time need to be available and accessible. The use case for bitcoin as a global financial system built on top of blockchain shows us that the technology has never been switched off and supports blockchains high availability of the network to keep bitcoin alive all the time.
  1. What is it that enables blockchain networks to have such high availability?
  • Incentives on the network keep the network running and having a high availability. People are incentivized to mine blocks on the network as transactions are added, this way the network is kept running. As blocks are mined, money is earned by the miners and this is the incentive that they need to continue to mine. As more miners are incentivized to join the network to earn money the security of the network will increase and the incentives become smaller for the miners. When this happens fewer miners will join and some might leave creating more incentives for others on the network to mine. Earning a living from mining blocks on the chain is what keeps the network in a very high state of availability.
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#2257

  1. Why is it important for blockchain networks to be high availability networks?
    Because it’s a global thing. Everyone loves money and as long as they want money, it won’t stop.

  2. What is it that enables blockchain networks to have such high availability?
    Miners are incentivized to stay in the network to ‘make money’

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#2258

  1. High availablity is important since accessing it anytime for certain applications (such as financial transactions) is critical.

  2. Incentives (money)

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#2259

  1. It’s important because of the efficiency they bring with them, as well as security and also as the word states the availability for every user.

  2. It’s the fact that the computers in the network are highly economically incentivized to keep network running each day 24/7

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#2260
  1. It is important for blockchain networks to be high availability networks because they need to be available for all users at all times on a global scale.
  2. Incentives and mining are what enable blockchain networks to have such high availability.
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#2261
  • Why is it important for blockchain networks to be high availability networks?
    High availability it’s desired in order to have a permanent source of truth that everybody can count on.
    If for some reason the network goes down, the security of the blockchain will be put at test decreasing the amount of power that someone will need to get the consensus in his favor.
  • What is it that enables blockchain networks to have such high availability?
    Parties are favoring in keeping the network alive because they receive incentives for doing so.
    If the network detects that few parties are securing the network then, it’s generate more incentives for new parties to get involved and secure the network,
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#2262

  1. Blockchain networks are designed to be global networks with global access. It is important for them to have high availability in order for people to use these networks anywhere at any time, otherwise they lose speed and utility.

  2. Blockchain networks have high availability due to financial incentives for miners to maintain the network and the algorithm that adjusts the difficulty of mining based on the active number of miners. If the network loses a portion of miners, mining becomes less difficult, which incentivizes more miners to join the network the earn rewards.

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#2263

1: Blockchain networks need high availability because it provides added security which provides added trust in the network.
2: Nodes are rewarded for mining the block. If one node goes offline it would be easier for another node to claim the rewards.

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#2264
  1. Blockchain is global and is needed all the time
  2. Incentives/ mining=paying people to protect the network
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#2265
  1. Because is global data base being used by the world
    2)Incentives make high availability possible. People who protect the network get rewarded.
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#2266

  1. Why is it important for blockchain networks to be high availability networks?
    It is important to ensure the security of the network and for it to be available 24/7/365 for global transactions.

  2. What is it that enables blockchain networks to have such high availability?
    “Incentives” for miners allow blockchain networks to have high availability.

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#2267

  1. It is important for blockchain networks to be high availability networks because it is on a global scale and anyone anywhere in the world needs to be able to access it at any time.

  2. Financial incentives are the reason blockchain networks have such high availability.

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#2268
  1. So that it can be accessed whenever required.
  2. Incentivised miners.
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#2269
  1. Why is it important for blockchain networks to be high availability networks?
    The internet is without boarders, business online runs 24/7 and across all time zones.
  2. What is it that enables blockchain networks to have such high availability?
    Incentives to keep the network running, and if a few miners drop off, the network will adjust to make it as profitable as needed for new miners to take their place.
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#2270

  1. Why is it important for blockchain networks to be high availability networks?
    A: Basically because “Everyone wants to make money.”

  2. What is it that enables blockchain networks to have such high availability?
    A: Miners that are incentivized, by the possibility of making money, by protecting and securing the blockchain network, keeping it online.

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