Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2391

  1. it is used to transfer value, so it ks very impprtant for people to be available almost all the time. otherwise users would not use it anymore.

  2. incentivised minning enables blockchain networks to be highly availabe. if for some reasons some computers drop of the chain imediately others join in, so the network keeps on running without delay

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#2392

  1. high availability so it is accessible to all and all the time 24/7, 365 days/year!

  2. incentive mining enables network to have high availability.

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#2393

  1. Because transactions are happening all the time and the data flow needs to be consistent so no bottlenecks. Also this high availability increases trust.

  2. Because they are decentralized and do not have a single point of failure. And also that the network validation is INCENTIVIZED financially - so there is always someone who wants to participate in keeping the network going.

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#2394
  1. Why is it important for blockchain networks to be high availability networks?
    To provide more security and more copies of the database (network)
  2. What is it that enables blockchain networks to have such high availability?
    Everyone is incentivized to keep the network running.
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#2395

Why is it important for blockchain networks to be high availability networks?
consistency and reliabiltly.

What is it that enables blockchain networks to have such high availability?
the clever incentivised miner rewards ensure it will go up and down but never off

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#2396

To become a global network, blockchain needs to have access 24/7 and when the network is 24/7 it needs high security 24/7 to protect the network.

It is security by the help of miners enables blockchain network with such high availability and incentives for miners.

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#2397
  1. easy usability 24/7/365 is in portant for the user.
  2. Incentives to the miners let the network run all the time.
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#2398
  1. Why is it important for blockchain networks to be high availability networks?
    It makes for a very strong global financial system
  2. What is it that enables blockchain networks to have such high availability?
    Mining / money generating incentives
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#2399

It is important for blockchain networks to have high availability because one major component of blockchain is financial. People all around the world use money and have financial transactions 24/7/365. Therefore the network need to be up and running 24/7/365.

Blcokchain network availability is possible through a network of people called miners who are inventivised who work to verify transactions. Once mining becomes less lucrative miners usually stop mininv which allows the value to stabilize, but once miners stop the inventive increases causing miners to return.

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#2400

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

High availability is very important not only for a global financial system or network.
But also for various other applications.

Example: Imagine a Blockchain based MMORPG where every item holds a certain value to that digital economy, do you want server downtime like regular online games? No you would not, the higher the availability for any network the better for its users.

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

By the incentive of mining combined with the difficulty adjustment.

Meaning if the blocks are mined to fast, difficulty goes up --> some miners go offline.

If blocks are mined too slow, difficulty becomes easier --> Miners go online

This makes a balanced system where everyone is incentivised to keep the network alive.

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#2401

High Availability

  1. Why is it important for blockchain networks to be high availability networks?
    Ans: Needs to be accessible any time to do good service with high security
  2. What is it that enables blockchain networks to have such high availability?
    Ans: Incentives as block rewards given to miners, adapting to the demand of the network
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#2402

  1. Why is it important for blockchain networks to be high availability networks?
    It’s important for scalability and the sheer amount of transactions that go through it. On a global scale it’s almost impossible to predict demand and if it was unavailable it would reduce trust both from a security perspective and also from the view of its effectiveness

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

Mining and incentives for mining.

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#2403

To make sure anyone can transact at any given time - the network is global and not limited to a local time.
The fact that it is globally functioning beyond countries and it is self healing. Meaning that if too many people are trying to mine, it becomes harder and vice versa.

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#2404
  1. With the world today becoming more global we need a network that is available 24/7/365
  2. the fact the network has never been shut down and to do so would cost much more money and effort then to just play by the rules and everyone is happy and makes money
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#2405
  1. High availability means high security.
  2. Incentives.
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#2406

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  • High availability allows networks to stay afloat even during rocky market conditions. A major portion of the BTC network could falter but the rest of the network would then pick up the slack. It’s quite beautiful actually!
  1. What is it that enables blockchain networks to have such high availability?
  • Incentives. People are incentivized to mine and earn rewards for confirming transactions and providing this availability; As such they will continue to update the BTC ledger to make sure everything is up-to-date and correct so that they have a higher chance of earning the aforementioned rewards which can be (and is) very lucrative.
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#2407

  1. Why is it important for blockchain networks to be high availability networks?
    To be a true global system, high availability is required to service all people in the world and across all timezones. Also to be a financial system the blockchain must have high availability.

  2. What is it that enables blockchain networks to have such high availability?
    There are incentives and mining in place to provide this high availability.

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#2408
  1. Why is it important for blockchain networks to be high availability networks?
    Because they are meant to replace crucial functions like making payments so they should be available all the time.
  2. What is it that enables blockchain networks to have such high availability?
    A person can make money by helping to run the network. So that creates an incentive and that’s why there’s always someone to keep the network running.
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#2409

  1. Why is it important for blockchain networks to be high availability networks?
    To become a network that is available 24/7, 365 days a year.

  2. What is it that enables blockchain networks to have such high availability?
    Incentive for mining as well as difficulty adjustment algorithm enables blockchain network to secure the network.

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#2410
  1. As an important global network, people need to access data 24/7/365
  2. People are incentivized to participate on the network because they want to make money. More participants, higher availability.
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