Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2613

  1. It is important for blockchain to have high availability networks because that is what allows it to be 24/7/365. it never goes down

  2. blockchain has high availability because of the incentives for rewards tied to financial gains.

1 Like
#2614
  1. To maintain security of the network.
  2. Incentives
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#2615

1-to have greater security and consensus on transactions
2-because they are rewarded

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#2616

  1. To ensure that the security of the blockchain isn’t compromised since losing majority of the network can put the blockchain in a vulnerable state where fewer computers can verify new data coming in to the public ledger. This would mean fraudulent data being allowed to commit onto the blockchain.

  2. Incentivization enables high availability of blockchain networks as nodes taking part in verifying data being committed to the blockchain earn a small reward (assuming they are working in good faith and not maliciously). What this means is, in the event of an outage or software failure when many of these networks go offline then incentives will automatically be adjusted to be higher. Therefore, many new nodes will join the wider network to verify future data being committed to the blockchain as soon as possible. This leads to incentives going back to levels when the blockchain was highly available and thus more secure.

1 Like
#2617
  1. To ensure availbility to all users and security.
  2. Decentralized nature of a blockchain. Runs on multiple computers which are incentivised to keep operating. If some computers fail or stop running, others will take their place.
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#2618
  1. So that people are able to use the networks all the time and able to use them quickly.
  2. Incentives such as mining, which increases security of the network.
1 Like
#2619

  • Why is it important for blockchain networks to be high availability networks?
    Because transactions are occurring all the time, need to have many available nodes to keep verifying the ledger and its provenance.

  • What is it that enables blockchain networks to have such high availability?
    Because the nodes have economic incentives to verify the ledger. So there will be always someone who wants to do this task.

1 Like
#2620

  1. It is important for blockchain networks to be high availability networks because it is global application. It has to be 24hrs/7days/365day available.

  2. Mining enables blackchain networks to have availability.

1 Like
#2621
  1. Why is it important for blockchain networks to be high availability networks?
    It has to be if it wants to compete with finance 1.0
  2. What is it that enables blockchain networks to have such high availability?
    Incentive structure to keep the network “alive”.
1 Like
#2622

Homework on High Availability - Questions

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

Global use cases require blockchain networks to be high availability networks. Industries such as financial and medical have constant need to be highly available due to the averse result if it was otherwise.

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

As blockchains are public ledgers, they can be stored and copied locally everywhere in the world. Miners are incentivised to protect and verify the blocks and are rewarded for their work (P-O-W). Ease of mining (difficulty drops) will encourage new miners (easier to mine=more profit) which in turn will increase back the security. When mining becomes more difficult due to a high number of miners being active, the reward profitability drops and a number of miners decrease (increasing ease of mining) which in turn will go back to the initial cycle of new miners and security.

1 Like
#2623
  1. Why is it important for blockchain networks to be high availability networks?
    Because it is a global network.
  2. What is it that enables blockchain networks to have such high availability?
    The mining or the motivation to earn bitcoin.
1 Like
#2624
  1. Blockhain networks must have high availability because the users must have 24/7 access to it.
    Users want to make transactions or interact with smart contracts 24/7.
    Bitcoin is the best performing network in availability, since it was created, it has never been down.
  2. Financial incentive(mining, staking) enables blockchain networks to have such high availability.
1 Like
#2625
  1. Why is it important for blockchain networks to be high availability networks?
    If it is not available, new data cannot be added, and old data cannot be accessed.
  2. What is it that enables blockchain networks to have such high availability?
    Mining rewards incentivize to keep nodes running.
2 Likes
#2626

  1. Because people need to feel safe using it, assured that everything will be available at any time 24/7/365 and also because downtimes might open the door for speculations and all other kinds of issues.

  2. The reason is that people(miners) get rewarded for sustaining the network and the more “big players” quite => the easier becomes for “small” ones to earn.

1 Like
#2627
  1. Why is it important for blockchain networks to be high availability networks?
  • Blockchain is 25/7/365 as people around the world in different time-zones will all be transacting at different times.
  1. What is it that enables blockchain networks to have such high availability?
  • Incentives! Having a global network means there are copies of the ledger in multiple regions allowing it to run perpetually despite some regions that may have outages. Multiple backups across the world makes blockchain very difficult to stop.
1 Like
#2628

  1. Why is it important for blockchain networks to be high availability networks?
    Decentralized blockchain networks are number one in terms of no downtime (selling point).

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

1 Like
#2629

  1. It is important to have high ability because without high ability, there aren’t as many economic incentives to continuously evolve and secure the network. If nobody was wired into the network, it would no longer be supported and therefore less secure, but would also likely result in the loss of some intrinsic value.

  2. Blockchains have such high availability because there are real life financial rewards for doing so. It runs through the middle of the night because there money to be made in the middle of the night. The financial incentives for miners is the most prominent reasons blockchains have such high availability.

2 Likes
#2630

  1. Why is it important for blockchain networks to be high availability networks?
    Having 24/7/365 access to data, from anywhere on the globe has the power to make our world operate on an extremely efficient level.

  2. What is it that enables blockchain networks to have such high availability?
    Mining is an incentive for people to run the network, and so when other people stop running the network and mining becomes easier other people will turn on their mining rigs and increase the network security once again. This makes it so people will always be running the network!

2 Likes
#2631

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

In order for a global infrastructure to be functioning it needs to be running 24/7/365 in order for people across the globe to access the network.

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

Financial incentives that keep the network running. If a large portion of the network goes offline it will be immediately replaced by new nodes.

3 Likes
#2632

  1. Blockchain networks are global networks, therefore they need to run 24/7 and be highly available at anytime, anywhere, with security.

  2. Mining enables blockchains to have high availability and security.

2 Likes