Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2371

1.) Because everyone wants to make money and Bitcoin really united the entire world. it is global and it is open every day every hour and every minute. it never closes. just like our lives, it is always continuing and it never stops or turns off.

2.) Incentives. Incentives are what keeps it on high availability 24/7/365 and mining also helps it move along with it.

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#2372
  1. Why is it important for blockchain networks to be high availability networks?
    So it can be utilized 24/7/365
  2. What is it that enables blockchain networks to have such high availability?
    Incentives
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#2373
  1. All transactions made through blockchain, both information and value, have to be verified continuously if it should work, without verification, no transactions.
  2. People who make sure it’s up and running gets rewarded for doing that. And if for some reason a big part of the people/systems who run the network would stop, it gets easier to be rewarded and therefore lots of new people/systems would join the network.
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#2374

  1. High availability allows the network to be reliable. Reliability is essential for any use-case to keep a high level of trust and adoption - if it didn’t work you probably wouldn’t use it.

  2. The network is distributed globally, and is therefore resilient to local environmental, social or geo-political events. Network participants are incentived with rewards for promoting availability.

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#2375

It ensures no block is ever missed , no transaction ever goes unchecked everything is witnessed & verification can be completed in real time anytime.

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

The network being a global collection means that if one part of the collective is down for any reason there are other miners who are incentivised to jump in to secure the network.

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#2376
  1. Everyone wants to make money and people, including those who mine bitcoin, support the network. Since it is highly available when people do not mine due to a decrease in profitability that situation will be reversed due to less participants and others will jump in and mine and thereby support the security of the network.
  2. Global infrastructure that is 24/7 is available in all time zones constantly. Also, virtually anyone can mine bitcoin and make money. People around the world can participate as there are no time and place restrictions.
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#2377

  1. Why is it important for blockchain networks to be high availability networks?
    It is all about the money. Digital currency needs to be available all the time

  2. What is it that enables blockchain networks to have such high availability?
    Incentives and the number of noded enable high availability

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#2378
  1. Blockchain is available 24/7/365 and therefore creates security
  2. Mining incentives created high availability and protects the network
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#2379
  1. High availability protects the blockchain networks as anyone who has the means and desire to mine can do so at anytime. This attribute is comparable to a defense mechanism. The availability insures participation and consistent participation keeps the system thriving.
  2. The fact that it is transparent and provides opportunities 24/7/365.
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#2380

  • Why is it important for blockchain networks to be high availability networks?
    Ans: Because the blockchain networks need to be active 24/7/365 in order to do their job well.

  • What is it that enables blockchain networks to have such high availability?
    Ans: The fact that there is no central authority to take care of the blockchain networks.

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#2381
  1. High availability networks run 24/7. Funds and blockchain resources must always be available to consumers. Constant network availability is essential for a global transaction network.
  2. Mining is what allows blockchain networks to have high availability. When a computer on the network has problems and shuts down, there are other computers to join the network and take their place.
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#2382

  1. It is important because it allows the blockchain to have continuous operations 365/7/24. This allows more adoption, more transactions worldwide for example.

  2. Incentives to generate money. Allowing mining to happen all the time anyplace or anywhere.

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#2383
  1. its is important for all use cases blockchain provides high availability the incentive to stay alive.
  2. mining this creates incentives
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#2384

Blockchain has to be a high availability network because it is a globally used network and there is always someone needing the blockchain - eg. if you use it as money you would not be happy if you are restricted to opening hours. The same goes if you use it as supply chain mmgt - “oh sorry just wait until tomorrow than we can track the lasted transactions” would not sound trustworthy.

The incentives which are given to miners for their CPU power.

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#2385

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?

It is important that the blockchain runs for 24/7 in order to allow anyone to access it otherwise it is essentially useless. People need this reliability in order to incentivise mining and the running of there own nodes, so if one node fails there are others ready to replace it.

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

The financial incentive system ensures that there will always be participants wanting to be active on the network. The 2 week difficulty adjustment is something that never gets discussed when it comes to the bitcoin mining process. This adjustment ensure that whenever participants drop off, there will always be others willing to replace them.

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#2386

1.- In a global world, the development of any global activity would be impossible, eg: food distribution and any kind of services and goods. We develop life mostly in an interconnected world.

2.- The contribution of human community.

#2387

Here we mean that people are incentivized to mine bitcoin because they get rewarded for it. The difficulty adjustment every 2016 blocks ensures that when many people stop mining, the the difficulty to mine new blocks becomes easier. So new miners are happy to step in. So as long people are greedy and want to mine blocks, the bitcoin network keeps confirming transactions and keeps the network secure and alive

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#2388

Thanks for your clarification Fabrice :slightly_smiling_face:

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#2389

  1. Financial systems can’t have downtime.

  2. Duplication of efforts. Since miners are incentivized to keep mining Bitcoin, they want to keep their computers running at all times. Even if some miners are stopped, other miners are already running the network. There would need to be a complete shutdown of all miners to halt the Bitcoin network.

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#2390

  1. A high availability network means people can access the infromation/database 24/7 - 365 Days a year. This means there is no waiting for a third party company to open their doors or come online for you to make transactions - youre in complete control whenever you want.

  2. A distributed and decentralized network allows blockchain to have such high availability - if one section of the network goes offline, there are still others keeping the network alive and the difficulty adjustment of mining becomes easier which incentivises more people to start mining thus increasing the security of the network.

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