Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2633

Homework on High Availability - Qs

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain is global and needs to be available 27/7/365

  2. What is it that enables blockchain networks to have such high availability?
    Miners are incentivised by the monies to keep the network alive

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#2634

  1. No Network No Bitcoin. High availability is crucial for Crypto to have value.

  2. Financial Incentives. Miners have a financial incentive to run continuously and to continue to create new blocks of data. Because of this financial incentive the BTC has run continuously without fail for over a decade since Jan 3, 2009.

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#2635
  1. So it can be used Globally and also it helps secure the network.
  2. Financial Incentives helps the network high availability.
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#2636
  1. To maintain the security and reliability of the informations.
  2. The financial incentive mechanism obtained through mining.
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#2637

  1. The most important reason for a blockchain network to be highly available is the establishment of an immutable infrastructure wherein a network cannot die. A power outage that takes nodes from a region out of circulation does not constitute the end of the network. The other nodes are still operational and if a region of nodes cannot access the blockchain for an extended period of time, minors will pick up the slack, establishing equanimity once again.

  2. The worldwide, ubiquitous presence of a blockchain creates an infrastructure that supports high availability.

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#2638

Homework on High Availability - Answers

  1. Blockchain networks need to be available 24/7, 365. They are designed to never go down, and if one part of the network fails for some reason, other parts of the network will increase their work.
  2. Incentives. Mining becomes easier if part of the network isnā€™t mining. Miners can make more money at that point causing more to be involved with the network.
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#2639

Since itā€™s decentralized and global, anyone has to be able to access it any time. It is important for all networks because users could want to use it at any moment in time.

The mechanism of mining. Mining is how the blockchain is operated and it alsoprovides a financial reward for the miner thus ensuring that there are always at least optimal number of miners in the network.

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#2640

-because itā€™s really important for a global financial system
-because people are incentivized to run the network through securing the system

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#2641

Here we mean that bitcoin keeps producing blocks and conforming transactions because of mining incentives. If many people stop mining, mining becomes much easier and more profitable, so others will probably step in, because money is like honey, people will always try to profit and this makes bitcoin secure and honest is the proces

#2642
  1. No one wants to use a network that has downtimes. Hence high availability is very important.
  2. Miners are incentivized to keep the network running.
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#2643
  1. As more nodes or network nodes are available the more it is secure in terms of confidence of existence and less chances of 51 % attacks.
  2. The incentives for beings or working in the network makes it highly available.
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#2644

  1. So they can be still incentivized, and make more money.

  2. By been available 24/7, 365 days and highly available.

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#2645
  1. Why is it important for blockchain networks to be high availability networks?
    To be truly unique global network that is transparent and nonstop available for many different use cases.
  2. What is it that enables blockchain networks to have such high availability?
    Miners which are rewarded for executing your task on blockchain.
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#2646

  1. Access to Blockchain networks globally, 24/7/365, is one of the key metrics of their success. Downtime is a sign of failure or worst, attacks threaten security and utility. It must ALWAYS be available.

  2. Properly aligned Incentives, such that if any 1 or group of miners, who secure the networks on Bitcoin, are in ā€œFailure Modeā€ and unable to perform their mining duties, other miners are waiting in the wings ready to turn on their machines and take the crown. Incentives live forever. Bitcoin lives forever.

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#2647
  1. Why is it important for blockchain networks to be high availability networks?
    Answer: as it is one common public database that is used 247365 it has to be permanently available in order to verify information and accept new transactions.
  2. What is it that enables blockchain networks to have such high availability?
    the network of computers enables the high available. The financial incentives given to miners are the means through which it is guaranteed to have sufficient computing power supplied to keep the blockchain alive.
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#2648

  1. Why is it important for blockchain networks to be high availability networks?
    You can have transactions anytime, any moment of the year.

  2. What is it that enables blockchain networks to have such high availability?
    Because everyone is incentivized to keep the blockchain alive, to do mining, to confirm transactions and to make money.

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#2649

  1. High Availability is important on Blockchain because transactions are more likely to get approved faster and it also protects against 51 percent threats.

  2. The decentralization of Nodes is a big reason why high availability is available on Blockchain. However, financial incentives is what causes people to want to run a node by mining.

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#2650

  1. When a blockchain is available to be mined it will create intensives to mine. Miners will keep the network alive since the difficulty adjustment will always change in accordance to the hashrate. IF its low, more people will start mining since its easy to make money. If its high then it will become stable or maybe drop since it might not be profitable to mine due to cost of electricity that is needed to do the work to proof the transaction in the blockain.

  2. Basically what I explained in 1. The incentives to make money.

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#2651
  1. With mission critical applications, availability is key. What good is a financial network if itā€™s unreliable when it comes to availability?
  2. Computers in the network (miners) are incentivized to keep the system running, thus making it highly available.
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#2652
  1. Stability, able to withstand natural disasters and warsā€¦provided the Martians donā€™t come and take us all over. 2. All of the nodes throughout the world always working together and processing transactions
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