Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3156
  1. Why is it important for blockchain networks to be high availability networks?
    So the security of the network is maintained; so transactions can be made at any time and be propagated efficiently across the network; as a key differentiator between blockchain and normal networks
  2. What is it that enables blockchain networks to have such high availability?
    The distributed nature of blockchain means that if some nodes are down/lost, others will join. The key driver is financial gain - everyone is incentivised to keep the network running
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#3157
  1. verification of work/contracts required 24/7
  2. Rewards paid to miners/varifiers.
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#3158

  1. People want and need to be able to use the network 24/7 because people want to acces their money at all times and it is global

  2. People make money by providing the availability, Miners

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#3159
  • Why is it important for blockchain networks to be high availability networks?
    Blockchain is used across the globe and therefore accessed 24x7, without High availability someone would loose financially and thus the trust and reliance on the system is reduced
  • What is it that enables blockchain networks to have such high availability?
    The distributed nature of blockchain is fundamental to the High availability but this is maintained as people are incentivised (through generation of revenue) to ensure the availability of the network
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#3160

  1. Blockchain networks are global networks. And since many blockchains use currency as a base use case it only makes sense to have those types of networks running 24/7/365 a year. Bitcoin doesnā€™t care if itā€™s a national holiday. When banks are closed you can still transfer bitcoin.

  2. Blockchain networks highly incentivize market participants to maintain network security. If many miners across the world stop mining for example, it will allow other miners half way across the world a chance to come into the market and make some mining rewards, thus the network is always incentivizing market participants to contribute to the overall health of the network.

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#3161

  1. Blockchains are global networks and need to be accessible to anyone at anytime to make transactions.

  2. Blockchains have such high availability due to the decentralized structure of the network having nodes distributed across the whole world.

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#3162
  1. Why is it important for blockchain networks to be high availability networks?

In order to work properly, a secure global infrastructure is needed and available 24/7/365.

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

Incentivesā€¦mining.

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#3163

1.- Itā€™s important because high availability means high security. So if any transaction is there to be verified it is better to have high availability to ensure it becomes verified as fast as possible by nodes in the network. If thereā€™s no availability the network is offline and so has no value

  1. Blockchain networks are incentivized, so if thereā€™s a miner e.g. who decides not to mine anymore he will be replaced immediately by another one because he can earn money with participation in the network
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#3164

Hi, I am new here so not sure if I am stepping out of line and I am happy for people to disagree / correct / comment - but I think your comment re high availability means high security is incorrect - your telephone is highly available but that does not mean it is secure (same gas / electric & water) the reverse is a bank which is open 3 hours / day can be highly secure but not highly available. I think the key part of your post is highly availability is essential for the value to be realised is 100% accurate - if it not available, there can be no transactions and people loose the confidence in the network therefore devaluing the proposition

#3165

High availability in blockchain indirectly also makes it more secure. If the network would go down for a period of time it would mean a malicious miner would have more time to change the blocks because the network wouldnā€™t mine new blocks in the meantime additionally securing the targeted block by mining more blocks on top. :slight_smile:

#3166
  1. In order for individuals and businesses to have access 24/7/365, no downtime.
  2. Many computers or networks always online.
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#3167
  1. As itā€™s worldwide it needs to be available 24/7. That also makes it unique as no network performed this before.
  2. Mining
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#3168
  1. Being a global system, it needs availability in all time zones 24/7/365. Itā€™s very important that the money keeps flowing. And incentives are rewarded.
  2. The network blockchain maintenance systems using computing power that is working at all times in multiple places around the world in unison.
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#3169

  1. Why is it important for blockchain networks to be high availability networks?
    -> Typically these are used for very critical and important tasks. To be down is not acceptable for a payment network for example.

  2. What is it that enables blockchain networks to have such high availability?
    Redundancy, copies of the database exist on each (full) node. Strong incentive to always have enough participants in the network.

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#3170

  1. Itā€™s important for blockchain networks to be high availability networks so that data transactions can occur rapidly and consistently across time.

  2. Blockchain networks have such high availability because network nodes (miners, etc) are incentivized to maintain network availability and reliability.

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#3171
  1. Leads to a trustless system which is integral to confidence
  2. Incentivizes miners to keep the reliability of the network intact
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#3172

  1. Because it is important to keep the global network secure.

  2. Because of the financial reward that is provided through mining.

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#3173

1 + 2. High availability networks are functioning 24/7/365 meaning there is no network downtime and everyone on the network is incentivized through mining and transactions fees to keep the network up and running.

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#3174

Why is it important for blockchain networks to be high availability networks?
Without high availability the network will not provide the efficiency, consensus or provenance it has been designed to do.

What is it that enables blockchain networks to have such high availability?
High availability is achieved by high incentives for those that contribute and protect blockchain networks.

2 Likes
#3175

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

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

  3. Its important because their main incentive is creating financial abundance, to maintain: global reach, security, userbility.

  4. The ability for blockchain protocols to be downloaded and run by anyone with the necessary easy obtainable hardware. Their popularity and marketability. They solve real problems.

1 Like