Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3336

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    It’s important so that they don’t go down. The way that a blockchain network can stay up and secure is to have enough nodes running at all times verifying and recording transactions.

  2. What is it that enables blockchain networks to have such high availability?
    Incentives enable the blockchain networks to have high availability because if the electric grid goes down in one country for example, all of those miners can’t mine anymore, there will be a bunch more miners who will now be incentivized to start mining in other regions to capture incentives as mining will become slightly easier.

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#3337
  1. Accessibility of finances on a global scale requires “always up time”. For the different applications written on the blockchain, a transaction cannot take place without the network being up.
  2. The Miners on the network are incentivized to mint blocks to the network by receiving rewards for doing so. The Miners ensure up-time, as well as transaction verification. If the network nodes go down in count, difficulty for miners drops which in turn incentives miners to mine which strengthens the network. This is how up-time is incentivized.
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#3338

  • Why is it important for blockchain networks to be high availability networks?
    ==> In a world where multiple transactions happen round the clock, you can not have a system that is available only for a limited duration. So for example, if you go to a hospital in need on an emergency surgery for your loved ones, you would want a system that will pay for your bills only during day time (and at the same time, the doctors treating you only when the funds are made available to them)

  • What is it that enables blockchain networks to have such high availability?
    ==> The distributed nature of block chain coupled with incentivized rewards systems ensure that you have participants who are always interconnected within the system and ensuring constant availability

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#3339

  1. We live in a 24/7 world every day and all kind of different transaction are also 24/7

  2. As many computers work as nodes they can take over activities when parts of the nodes stop due to technical or power issues. It is a distributed network of computers that together work on tasks.

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#3340
  1. because we want the network to be available 24/7/365, if the usecase of the blockchain is store of value and therefore transacions of value, we need it to be available to us at all times.
  2. the incentives given to run the network (validator nodes/mining)
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#3341

  1. Why is it important for blockchain networks to be high availability networks?
    The higher the availability, the more stable and secure the network is.

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

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#3342

Having high availability is important so if miners drop off network and security goes down people are incentivized to join for the rewards & security goes back up.
Block chain has high availability so anyone can join, making sure there is always someone protecting the network.

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#3343

Why is it important for blockchain networks to be high availability networks?
Because the networks would not have much value if they were frequently unavailable.

What is it that enables blockchain networks to have such high availability?
The availability is enabled by mining. Many participants are mining, because of the incentive that it earns money.

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#3344

  1. Why is it important for blockchain networks to be high availability networks?
    Because soooo many people globally need to use it at soo many different times its needs to be in high availability mostly all time time.

  2. What is it that enables blockchain networks to have such high availability?
    Financial incentives. Also mining. by globalizing it and making it 24/7/365

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#3345

  1. It is important because high availability on networks allows people to use it 24/7 365 days a year.

  2. What enables blockchain networks to have high availability is the incentive from mining.

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#3346

  1. so no matter where you´re from on the planet you can access the network at any time , non stop access

  2. because it´s not a central data and it´s powered from every computer on the network from around the world

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#3347
  1. Why is it important for blockchain networks to be high availability networks?
  • 24/7/365 high availability provides high security in the blockchain.
  1. What is it that enables blockchain networks to have such high availability?
  • Everyone is incentivized to keep the blockchain network alive. If a network of computers goes down, they’re will immediately be backup computers to take their spot due to mining.
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#3348

  1. High availability networks benefit the users of the network by simply being accessible when needed 24/7.

  2. Blockchain networks have have high availability due to financial incentives. If less miners are mining the difficulty to secure the network and add blocks goes down and new miners chasing rewards will come in.

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#3349
  1. We use blockchain networks to store and exchange value, and it is essential that people have access to their valuable items, therefore, the blockchain networks always need to be available
  2. Blockchain networks have high availability because every node in the system is incentivized to keep the system alive.
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#3350

  1. Blockchain networks require high availability because the more computers participating, the stronger the network and the higher the security. Chains are continually verified and since the rules for blockchain are set as such to incentivize the growth of a network, it continues to be available and maintains is strength as a network. Kind of like a positive feedback loop.

  2. What enables blockchain networks to have such high availability is due to the incentivizing protocol. Although stable when there are many computers participating, when less computers are available, the mining increases since there is more incentive to participate with higher rewards. Eventually you will reach an equilibrium, but regardless the network is incentivized by high availability through its protocol.

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#3351

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  • Why is it important for blockchain networks to be high availability networks?
    Many reasons, speed, gas price, accessibility, security. A world-wide platform that is always in operation.
  • What is it that enables blockchain networks to have such high availability?
    The brilliance of mining difficulty keeps the network active and secure. A consensus between miner and network reward.
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#3352

  1. It is important to keep protection and security intact even if a server breaks down.

  2. Mining and get rewarded.

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#3353

1.Security of the blockchain
2.Miners

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#3354
  1. High availability is very important for global networks, it guarantees 24/7/365 access to everyone. This is especially important in critical networks such as finance.
  2. High availability is achieved because there are a lot of computers participating in the network making it stable. These computers have incentives to participate so they keep the network alive. If any part of the network drops out, other computers will join because of incentives, re-establishing availability and security.
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#3355

Homework on High Availability - Questions

1. Why is it important for blockchain networks to be high availability networks?
Users expect mission critical infrastructure that we rely on to always work. If banks shut down unexpectedly all the time no one would put money in banks. If the bitcoin blockchain developed a reputation for dropping unexpectedly - cutting off every user from their wealth - no one would trust it for money/commerce.

2. What is it that enables blockchain networks to have such high availability?
No central system or database. The network is maintained by incentivized participants. The tragedy of the commons no longer applies. All participants own it and all participants maintain it through their participation. One node goes down, many others available in its place. And the network continues to grow adding to its resiliency.

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