Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2693

  1. Why is it important for blockchain networks to be high availability networks?
    Because it needs to be operated all the time, in case of financial transactions people want it to be up all the time.

  2. What is it that enables blockchain networks to have such high availability?
    Blockchain is available 247365. The community is keeping it available 24 by 7. And also the miners.

1 Like
#2694
  1. Because it’s a financial product
  2. because everyone is incentivized to keep up it
1 Like
#2695
  1. Transaction can be done 365 days 24/7.
  2. Incentives!
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#2696

  1. Why is it important for blockchain networks to be high availability networks?..
    Because it allows them to be accessible and useble for anyone, at any moment 24/7.

  2. What is it that enables blockchain networks to have such high availability?
    That people are inceitivised to run the network. If miners started shutting down, other would light up because they could make good profit from it.

1 Like
#2697

1-It is important for blockchain networks to be high availability networks because this helps increasing security.

2- mining

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#2698
  1. High availability is needed for a global network to have 24/7 access so anyone can use it at anytime.
  2. It is decentralized leaving many computers upholding the network through mining. The more computers, the less chance of the network going offline. If miners leave, it increases the incentives for other computers to become minors.
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#2699

1.It is important for blockchain networks to be high availability networks because everyone is incentivize in the form mining on a 24/7/365 cycle. This makes the network security high but the difficulty of mining is high as well.
2.Mining is the practice that enables blockchain networks to have such high availability.

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#2700

A1) So that we have a strong and secure network.

A2) Incentives for the miners to stay connected to the network.

1 Like
#2701

Why is it important for blockchain networks to be high availability networks?
Because the network is global, there is no such thing as night and day. It is daytime somewhere all the time. No one has to work in the middle of the night or get up early to hear the opening bell just so they can make a trade.

What is it that enables blockchain networks to have such high availability?
Incentives were built into the blockchain to give it high availability. Miners make bitcoin for running nodes on the blockchain and that can add up to thousands of dollars a day. If a part of the network goes down and there are fewer nodes competing for those bitcoins, the amount the miners make goes up. That makes it attractive for new miners to jump in and compete thereby “healing” the gaps in the network.

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#2702

  1. There are processes that rely on network availability to happen. If this infrastructure is unavailable, these processes are interrupted, which means losses for the processes owners/stakeholders.

  2. The incentives (reward/effort) are automatically balanced. If part of the decentralized infrastructure is down, incentives will immediately grow accordingly - this brings new participants to the infrastructure, restoring its availability and security levels.

2 Likes
#2703
  1. Having no down time is important to keep up the reliability of the global network. The security of the network is dependent on the resilience of the miners always being incentivized to mine for profit. Due to the incentive, there is never a down time because any space made available will be filled by another and so the blockchain is highly available.
  2. The high availability is due to the financial incentive of mining. When there are a lot of miners , it is not as profitable for a new miner to compete, however if the amount of miners goes down, then new miners have a chance to compete and earn, so it causes for an always fulfilled maintenance of the blockchain and it’s ability to process transactions.
3 Likes
#2704

  1. Why is it important for blockchain networks to be high availability networks?
    It is a key selling point.
    The network is continually working without an interrupted since 2008.
    24/7/364
    Blockchain doesn’t sleep so there is always money to make and the services it offers are always available.

  2. What is it that enables blockchain networks to have such high availability?
    Because it is a global Network. Mining happens 24/7 , nodes are running 24/7 not everywhere but on enough computers at the same time so it keeps going and going and going

1 Like
#2705

  1. Why is it important for blockchain networks to be high availability networks?
    Because people want to have access at any time wherever they are.

  2. What is it that enables blockchain networks to have such high availability?
    It is the fact that those who keep the network up, the miners, want to make money. The only receive incentives if they stay active. There is a self-regulating mechanism that motivates the miners.

2 Likes
#2706
  1. Because transactions and valuable data run on the blockchain which needs to be available online 24/7.
  2. People are incentivised to keep the network available. this people could be miners or validators
2 Likes
#2707

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

REPLY: Because money doesn’t sleep, therefore a stable Global level insfrastructure is required 24/7/365

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

REPLY: Incentives is what gives the network high availability.

1 Like
#2708
  1. It is important that a blockchain network is a high availability network so that the security can be maintained. The more computers on the network the higher the security. If computers could not join the network 24/7/365 then the level of security could reduce.
  2. What enables blockchain network to have such high availability is incentive - the opportunity to make money through mining.
2 Likes
#2709
  1. Why is it important for blockchain networks to be high availability networks? To secure the network
  2. What is it that enables blockchain networks to have such high availability? Incentives- everyone wants to make money :slight_smile:
3 Likes
#2710
  1. Why is it important for blockchain networks to be high availability networks?

its important to have high availability because thats the only way bitcoin can in the essence of the word be a global network because there are so many different time zone all over the world and normal financial systems are restricted i.e the stock market only open 5 days per week and within those 5 days you need to be trading within your countrie’s time zone to see maximum profit, although its not exclusive to only your time zone. it also keeps the network secure because there would be alot of public ledger coming to consensus.

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

incentives make the blockchain have high availability, because when there are alot of miners the availability stays high but also it becomes less profitable for miners, so miners decrease but this gives opportunity for new miners to come in because potential profit increase again due to less mining. so the availability will always be high.

1 Like
#2711

1.- Money is always circulating and we cannot be limited by a schedule. This also applies to the importation of products in companies, it makes things more efficient and less restricted.
2.- Many people are incentivized to keep the blockchain alive and running.

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#2712

It is important for blockchain to provide a high available network is because it can serve communities all over the world 24/7 directly person to person. And it affords income to those who mine it as an incentive which keeps it going infinitely.
No other network has been going as long as the blockchain in history without significant problems and hacks. Blockchain has remained untouchable, trustless and immutable maintaining availability no matter what day or time of day.

2 Likes