Homework on High Availability - Questions

Since blockchain is evolving to an evergrowing finical vehicle, it only makes sense that more and more people, organizations, and institutional depend on it more going forward.

The fact that you have so many checks to validate the transaction shows that the math of the process is consistent and dependable.

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  1. Why is it important for blockchain networks to be high availability networks?
  • Business, operational demand and globally used systems require (near) 100% up time as they know no boundries and do not care about time zones or off time. For decentralized networks to be of useful value they need to be always available and operational.
  1. What is it that enables blockchain networks to have such high availability?
  • Incentives encourage miners to participate in keeping the blockchain network up and running and secure.
  • If a portion of the network falls away then the mining difficulty drops and automatically new nodes will join the network to take advantage of this easier mining difficulty (i.e cheaper mining cost).
  • as a result high availability and network security are guaranteed .
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Yes, but here we mean that bitcoin transactions will always work 24/7 and get confirmed on the blockchain because of the mining incentives. People can make money by mining bitcoin. If suddenly many miners stop mining bitcoin, the difficulty will drop and it will be easier wich will incentivize other people to mine again to make money of the blockreward.

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

To increase security and availability for people using it.

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

It gets easier to mine when availability gets lower and more people jump in to fill the gap. And this way it stays stable.

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  1. because bitcoin needs all these nodes to secure the network and keep the network alive.

  2. because it runs 24/7/365 / always and it is avalible for everyone.

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1 It is important since being a global network with public access, has to be available all the time to be used when needed.
2- The incentives that allow miners to obtain profitability and thanks to this they are motivated to keep the network running.
As the number of nodes grows, this grants greater computing power and therefore greater security to the network.

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  1. It does not go offline & is a global infrastructure which is why it’s needed.

  2. people (miners) want to get $ and incentives.

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

Because blockchain is a global network it has a daily use case. Millions of transactions are made daily and a blockchain needs to be up and running 24 hours a day, 7 days a week, 365 days a year to verify, and validate these transactions.

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

Incentives are what enables blockchain networks to have such high availability. Through mining you are given rewards. If there are less miners, the difficulty to mine becomes easier making it more appealing for more miners to jump in which then makes it harder to mine.

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1.to be reliable at all times
2.incentives to make money by block rewards

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

If blockchain networks are being used to implement decentralized global financial solutions they need to operate on a global time frame. There needs to be near zero downtime in a “free” global economy so that people and other entities can move there assets around at on their own accord without having to ask for permission from third party intermediaries.

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

The decentralized nature of most blockchains is ensured by a sprawling global network of miners or validators who benefit from capital incentives. These incentives to maintain the network in a positive and honest manner are couple with disincentives. For P.O.W. This is mainly a loss of funds due to electricity and hardware consumption and for P.O.S. this is mainly a lose of collateral that out weighs the potential rewards.

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  1. It’s important because transactions need to happen 24/7. We can not have a global system that would be down because its a holiday.

2 People gets Incentivize to always participate in the network.

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  1. Why is it important for blockchain networks to be high availability networks?
    They need to run 24 hours a day in order to maintain their immutability and be utilized according to their purposes

  2. What is it that enables blockchain networks to have such high availability?
    A network of computers constantly connected/ ready to be connected and utilized should any part of the network become non functional

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  1. it needs to be highly available to ensure the network’s security (therefore it needs to run 24/7/365)
  2. Mining is how we protect the network (and the monetary incentive is very high to be a miner)
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Yes, but especially the incentives of mining. Because as long as people like to make money by mining bitcoin, transaction will always get confirmed by producing new blocks. Even if many people stop mining, difficulty will lower wich creates even more incentives for others to mine again.

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  1. Why is it important for blockchain networks to be high availability networks?
    It is a global network.
  2. What is it that enables blockchain networks to have such high availability?
    Mining. Which is how we protect the network and make money.
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It is important because it is a huge blockchain selling point. Also, if it wasn’t high availability then people would not be making money.

Because everyone is incentivised to keep it alive.

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  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain networks are global networks that are used at all times of the day, and by people from all over the world. For a system to be global, it must be available to all regions, and available at all times.

  2. What is it that enables blockchain networks to have such high availability?
    Blockchain networks incentivize players to mine. Participation in mining gives the blockchain networks high availability and ensures the network is always available.

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1.As we can access it 24/7. High availability makes it more secure.
2. Easy access to it. Money rewards :money_mouth_face: Miners are being rewarded for keeping the network secured.

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  1. in case there is a crash, data is avai\able in other servers. Should be readily available universally and at all times

2). People are motivated to make money -mining- incentives

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  • Why is it important for blockchain networks to be high availability networks?
    For provenance to hold true it must stay online 24/7 365 days plus a year so validation is always trustless and verified.

  • What is it that enables blockchain networks to have such high availability?
    Mining rewards and incentives gives the network such high availability.

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