Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3296

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks? If the network goes down transactions will not occur and work cannot get done in a timely fashion.

  2. What is it that enables blockchain networks to have such high availability? The incentives of mining.

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#3297

Homework on High Availability – Answers

  1. Accessibility, availability and reliability need to be rock solid, otherwise it doesn’t matter how beneficial the blockchain s, people won’t use it.
  2. Decentralization on a global scale.
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#3298

  1. High availability differentiates the blockchain networks from traditional server hosted networks. Blockchain networks have no down time while centralized servers can go offline due to various reasons (IT problems, hacks, etc…). It is important for blockchain networks because it undermines its reliability. There are several systems where it is very important for the network to function all the time (financial services, etc…).

  2. The availability of blockchains is enabled by the full nodes that run the network. When a node goes offline, there are enough other nodes that keep the network running. There are incentives to start mining if other miners exit the network.

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#3299

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

  • We want all the applications built on top to be available without any downtime, 24/7/365.

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

  • The incentives that are there for people to run and protect the network and be financially rewarded for it.
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#3300

1.A. The Blockchain availability maintains the security of the network at the same time as making transactions available. The more nodes the more secure and available it becomes.

2.A. The vast mining global network enables high availability of a blockchain such as Bitcoin, if some percentage drops then the reward will incentivise others to take up the slack through mining difficulty.

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#3301

  1. To continue to be useful. It needs to have high availability to be serve it’s different functions, bitcoin (money), supply chain information, communication/ transaction data etc.

  2. The mining network ensures high availability through it’s incentive function for miners. A “difficulty adjustment” function is used to incentivise availibiliy.

ie, When there are less miners mining and securing the network, miners that contribute will be rewarded handsomely. When there there are more miners, the rewards will be less. This function incentivises miners not to let the network fail.

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#3302

1 - So that transactions can be made anytime without loss.
2 - Because it is spread all around the globe. anyone/anywhere can join.

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#3303
  1. Why is it important for blockchain networks to be high availability networks?

Blockchain networks typically provide access to critical information whose availability to crucial to the networks usefulness. Without a highly available network users will seek to get their information from by other means.

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

Being decentralized there a multiple nodes operating simultaneously meaning that there is a high probability of a node being available to process a transaction. Also a typical blockchain network is designed such that nodes are incentivized for operating such that if a node where to cease operation for whatever reason the rewards for providing access to the network go up providing incentive for some other entity to start running a node.

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#3304
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that a transaction once submitted cannot be reversed. There is no mechanism provide by a blockchain to undo a transaction or modify a transaction.

  1. How does this lead to the trustless environment that blockchain creates?

The finality/immutability of blockchain leads to a trustless environment for the very reason that any transaction is permanent and does not require the trust of another party to complete the transaction. This allows trustless transactions with strangers since the trust is placed in the math that the blockchain uses and not an individual.

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#3305

High availability means that the network is running always, nonstop. Availability is one of the most important features of Bitcoin as a financial system. You can always rely in use Bitcoin for transferring value, anytime you need it.

Incentives is what makes Bitcoin network highly available. If you stop mining (keeping the network secure and validating transactions) someone else is going to mine and collect your incentives. Everyone wants to be rewarded so there will be always someone online keeping the network running.

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#3306

[quote=“ivan, post:1, topic:8426”]

  1. Why is it important for blockchain networks to be high availability networks? High availability increases security and aids in enhancing other use cases.

  2. What is it that enables blockchain networks to have such high availability? Mining increases network availability. Miners are incentivized by cash rewards to mine thus increasing the amount of nodes on the system and the difficulty of unauthorized data changes.

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#3307
  1. Why is it important for blockchain networks to be high availability networks?
    It is more secure
  2. What is it that enables blockchain networks to have such high availability?
    A lot of computers mining
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#3308

It’s just important that the block chain have higher availability so that anybody can use it anytime. If people relying on this for financial transactions, how availability is obviously paramount.

Minors are incentivized to create new blocks which leads to 24/7 availability.

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#3309
  1. Because, the network need to be available for verification and security all the time.
  2. Financial rewards.
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#3310

  1. For security, for globalization and for the applications built on the blockchain

  2. Miners are incentivized with financial rewards for keeping the blockchain online at all times

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#3311

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks? they are tied to transactions…without high availability you will not get high adoptability by the masses…24/7/365 is the ideal
  2. What is it that enables blockchain networks to have such high availability? the nodes are incented to be up to make money for verifying transactions on the blockchain
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#3312

1 & 2 Availability = accessibility, for money making. This availability is maintained by incentives paid for mining.

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#3313
  1. Why is it important for blockchain networks to be high availability networks?
  • To ensure complete integrity. The nodes of a blockchain network must be always sure that when a new block is created through mining, all of the data contained in that block was entirely published to the network.
  1. What is it that enables blockchain networks to have such high availability?
  • The incentives awarded for the mining effort (proof of work) and the transaction fees, both maintaining a high number of permanently available nodes.
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#3314

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    As blockchain networks are used for currency and transaction confirmations amongst others, it is important that there is high availability on the networks at any given time. Availability helps offer security to users by confirming quickly that a transaction has really taken place.
  2. What is it that enables blockchain networks to have such high availability?
    The fact that the nodes and miners are active.
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#3315

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain networks service a global community. Pegging available hours to an arbitrary set (like the new york stock exchange for instance) unfairly advantages one group over another. A network that has downtime has less trust placed in - a utility is not given favor for all the time it is up, it is disparaged for the times it is down.

  2. What is it that enables blockchain networks to have such high availability?
    The network being decentralized between nodes all over the world mean that as long as one is still around the network can run.

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