Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2873
  1. For everybody to make money
  2. Incentivisation and Mining
1 Like
#2874

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

If the use case is mission critical like finance or say healthcare uninterrupted access is a must because people can’t be severely impacted due to lack of service.

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

Nodes/participants are given incentives to do so. If the network goes down, mining difficultly goes down thereby enticing more nodes into the network through mining rewards.

3 Likes
#2875
  1. To be available 24/7/365
  2. Incentives
2 Likes
#2876

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    A global network needs have infrastructure that runs 24/7 365 so it can be accessed at any given moment in time ensuring constant consensus and security.

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

Simply because everyone is incentivized to keep it alive.

2 Likes
#2877
  1. Why is it important for blockchain networks to be high availability networks?

in order to keep high network security

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

an incentivised mining

3 Likes
#2878

  1. It is important not to have down time. Specially if you’re having financial transactions or other important transactions you want the system to always be up and running.

  2. Through mining that is incentivized and difficulty increasing when there is a lot of miners and decreasing when there is a less miners. This way there will always naturally be sufficient nodes in the system.

2 Likes
#2879

  1. Blockchain networks are accessed by a global audience. Hence, it is very important for blockchain networks to have high availability in order for everyone in every time zone to be able to access the network 24/7. This high availability contributes to the reliability of the network making it important.

  2. Blockchain networks run on financial incentives such as mining. Mining on the network contributes to the high availability of blockchain networks as it revolves on a balance of mining worth and security. As the amount of miners increase on the network, the ability to mine becomes harder while security increases. If miners at this point stop mining due to the high amount of difficulty, more miners will join the network as the lack of total miners decrease, it becomes easier to mine while security goes down. This causes the network to get back to high security levels. The fact that blockchains are compromised of decentralized nodes with exact individual copies of the entire network also contribute to high availability as if a node goes down anywhere on the planet, other nodes will still function accurately as they all have a copy of the network ledger.

1 Like
#2880
  1. A global blockchain network needs to be 24/7/365 available.
  2. Miners are incentivized to protect and profit from the network. Everybody is motivated by money to stay online.
1 Like
#2881
  1. Why is it important for blockchain networks to be high availability networks? It’s always on.
  2. What is it that enables blockchain networks to have such high availability? Mining.
1 Like
#2882

  1. The high availability networks are vital for blockchain networks to protect the entire system’s function and viability, 24/7/365. If a portion of the network becomes nonfunctional, other computers will join the network to fill-in for the missing-in-action computers. Thus, the entire infrastructure is protected.

  2. Because everyone wants to make money, this is what enables blockchain networks to have such high availability. Incentivized operators in the system make the network work 24 hours per day/7 days week/365 days per year. For example, Bitcoin has never been offline.

1 Like
#2883

Homework on High Availability - Questions

Q1: Why is it important for blockchain networks to be high availability networks?
A1: The high availability of blockchain networks allows for the core functionality of blockchain which is to maintain access to the database and allow the real-time verification of transactions.

Q2: What is it that enables blockchain networks to have such high availability?
A2: Blockchain networks are hosted by decentralized servers and each entity hosting a blockchain network is incentivized to maintain the high availability for some kind of profit. For example, Bitcoin’s decentralized servers are hosted and all participants hosting the blockchain of Bitcoin make a profit. If this were say a clothes supply chain, the fabric supplier, the sewing production, the distribution would all be incentivized to maintain the blockchain database in order to receive real-time updates on the production in order to get paid and organize more orders as quickly as possible.

1 Like
#2884
  1. Why is it important for blockchain networks to be high availability networks?
    because the more people (miners) are in the network the higher is security
  2. What is it that enables blockchain networks to have such high availability?
    incentivized users and miners
2 Likes
#2885
  1. Because a financial system cannot go offline.
  2. Incentives
2 Likes
#2886

It is important for blockchain networks to be highly available because of its an ecosystem on a global scale that operates 24/7/365. High availability allows for high security and consensus.

Financial incentives allow blockchain networks to have high availability. If an outage caused a number of nodes to go offline more nodes would be financially incentivized to take their places. Likewise as with mining if miners were to stop mining more miners would arise because of the financial reward to keep the network running with efficiency.

2 Likes
#2887

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

The blockchain can be used for commerce in many ways. Given that it is a global platform users will need to be able to access it on a 24 hour clock 7 days a week. Financially transactions would need to be able to be made regardless of day or time. More importantly as the platform is used for products, the need to determine where a source of a product originated may be necessary should there be an outbreak (as in the past with E.coli) to reduce further spread. Having the network at a high availability allows for immediate access to information.

What is it that enables blockchain networks to have such high availability?
Blockchain runs on multiple computers and the ledgers are available across that network. This allows the information contained on it to be verified and accurate and easily available because it is contained on multiple computers. This prevents the delay of information should one computer go down, multiple other computers contain the same information and therefore, it is not all lost.

1 Like
#2888
  1. It is important for blockchain networks to be highly available, because that is how the network is protected and stays “alive”.
  2. Nodes and Mining.
1 Like
#2889
  1. Other similar industries such as the banking industry doesnt have the high availability like BTC for example. This creates even more incentives for all the parties involves to participate.

2.Decentralitzation. Other systems like banking which are centralized don’t allow the high availability because the costs of having this availability would be too high.

1 Like
#2890

  1. To ensure the public database runs 24/7/365 without compromise. BTC has practically never been offline and it is the longest living network and application of all time thanks to blockchain technology. No other network in the world has been performing this well and be so accessible. It also financially incentives people to join as miners to secure the network

  2. Everyone is financially incentivised to keep the network alive. If a portion of the network dies, other computers (nodes) will join the network because of mining. Having many miners on the network secures it. Mining is how we protect the network and also how people make money from protecting the network.

1 Like
#2891

  1. Why is it important for blockchain networks to be high availability networks?
    Alot of people & businesses depend on them as info/value needs to be accessed.

  2. What is it that enables blockchain networks to have such high availability?
    Its incentivised 24/7/365 if miners go offline for unforeseen reasons they are immediately replaced. The more miners on the network the better the security but the mining difficulty is alot higher.

1 Like
#2892
  1. The more participants increase the security of the network.
  2. The ability to make money 24/7.
2 Likes