Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3116

Why is it important for blockchain networks to be high availability networks?
To keep the network alive

What is it that enables blockchain networks to have such high availability?
Because every one is incentivised to keep is alive

1 Like
#3117

  1. Why is it important for blockchain networks to be high availability networks?
    Answer: A global financial system has to be able run 24/7/365.

  2. What is it that enables blockchain networks to have such high availability?
    Answer: Incentives ensure that miners protect the network. If some miners had technical difficulties other miners will join because everyone wants to make money!

1 Like
#3118

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

So everyone can make more money!!!

As long as itā€™s running - security is a given via decentralized-incentive driven miners.

It needs to be available to field the consensus and provenance abilities and benefits for itā€™s users.

Availability means trustlessness is at work and authority is kicked off the planet!!!

Because itā€™s global, with multi-time zones 24/7/365 availability is a must or bust proposition!

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

The decentralized infrastructure with immutable ledger; multi-global nodes in operation via financial incentives for miners.

The roots of availability are grounded in ā€œPersonal Values Demandā€ achieved - Personal time savings; digital security; prosperity; integrity; provenance/ tracking/time stamp; independence of authority; and world betterment.

1 Like
#3119
  1. Why is it important for blockchain networks to be high availability networks?
  • Weā€™re living in a global economy where the (blockchain) network is being used 24/7, people in different areas need to transact at different times
  1. What is it that enables blockchain networks to have such high availability?
  • Incentives --> Where others leave, new ones will enter to replaces them in validating the txā€™s (global and widespread participation)
1 Like
#3120
  1. Why is it important for blockchain networks to be high availability networks?

Itā€™s more secure then

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

Because bitcoin network I running all the time 24/7/365 and when one or a few computers go down the rest of them is making up for them.

1 Like
#3121

  1. why is it important for blockchain networks to be high availability networks?
    because the blockchain network is a worldwide network it has to be online 24/7.

  2. what is it that enables blockchain networks to have such high availability?
    if nodes stop mining, they will be replaced by other nodes because people want to make money.

1 Like
#3122

High availabilty adds to the security of the network.

Within Blockchain networks people are incentivized to keep the network alive.

1 Like
#3123
  1. It is the standard for blockchain - all participants can rely on the system, unlike centralized networks that go down.
  2. The vast array of incentivized miners
1 Like
#3124

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    The higher the availability the higher the security
  2. What is it that enables blockchain networks to have such high availability?
    The incentive to make money by mining
1 Like
#3125
  1. Why is it important for blockchain networks to be high availability networks?
  • Blockchain networks are used globally, so it is essential for them to be up all the time, only then they can be considered reliable and useful.
  1. What is it that enables blockchain networks to have such high availability?
  • In the case of Bitcoin, high availability is ensured thanks to mining (and financial incentives it entails -> whenever number of miners decreases, mining process becomes easier and therefore more profitable what prompts new entities to join in the network).
1 Like
#3126
  1. To enable anyone in the world to access it at anytime they want.
  2. Mining, which enables the network to be online all the time.
1 Like
#3127

  1. Because people want something that is availlable 24/7/365

  2. Incentives , everybody wants to make money and money is a global unity languageā€¦

1 Like
#3128

[quote=ā€œivan, post:1, topic:8426ā€]
1. Why is it important for blockchain networks to be high availability networks?
a. Global network, so for access, from anyone. To maintain a high level of security.

2. What is it that enables blockchain networks to have such high availability?
	a. Mining, people are always working to make money/profit.
1 Like
#3129
  1. for an value transaction network it is highly needed to be accessible anytime from any place in the word. otherwise it wouldnĀ“t make sense.
  2. becourse it consists of many single computers. if one or even more of them are down, the rest will continue working. if a node comes back online, it will check the others for the missing blocks, copies them and goes also back to work.
1 Like
#3130

  1. 24/7 availability is important for global usage because of the shifts in the timezone. Itā€™s also an important differentiator that makes blockchain stand out as compared to the traditional banking system, where night audits and opening hours for some operations still exist.

  2. There are mining incentives that motivate people to keep the system running all the time.

However what happens when all bitcoins will be mined and there will be no incentive to mine more?

1 Like
#3131
  1. Because all transactions require nodes or networks to verify and complete transactions.
  2. Networks are incentivized
1 Like
#3132

1. Why is it important for blockchain networks to be high availability networks?
High availability demonstrates a high level of security in the network. All network nodes would have to be unavailable in order for a blockchain not to be available.
2. What is it that enables blockchain networks to have such high availability?
Miner block rewards and transaction fees which provide financial incentive to keep the node active. The more nodes active, the increase in computational hash power, which increases security and likely availability.

1 Like
#3133

[quote=ā€œivan, post:1, topic:8426ā€]

  • Why is it important for blockchain networks to be high availability networks?
    To be able to acces it 24/7/365 anytime anywhere as long as their is an internet connection.
  • What is it that enables blockchain networks to have such high availability?
    Incentives as everyone wantā€™s to earn money.
    [/quote] Also the nodes as scattered throughout the globe and a copy of the ledger are on these computers.
1 Like
#3134

Answer:

  1. Blockchain networks such as bitcoin needs to be accessible throughout the world 24/7. This is what makes it special, and will allow it to complete in a global scale.
  2. Miners allow it to be available 24/7 as they are given incentives to keep it running. If some miners become offline the mining difficulty will decrease and new miners will take their place to gain those incentives.
1 Like
#3135

  1. So anyone can access it at any moment, and all the aplications that run on it never stop working

  2. The fact that incentives through mining become higher the less miners there are, so in case a portion of the netwirk dies it will be quickly replaced by new computers.

1 Like