Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3376
  1. To protect the network and keep it running. There are no outages and people are able to access it 24/7/365.
  2. Incentives/mining
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#3377
  1. They can function globally non-stop. Allowing transactions and incentives at any time.
  2. Network of computers/miners
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#3378

  1. Blockchain has to be available 24/7/365 to be considered a global network.

  2. Mining allows the network to be available around the clock and miners are financially incentivized to keep the network going.

1 Like
#3379 
1. Why is it important for blockchain networks to be high availability networks?

People want what they want and they want it now.

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

Incintives for miners and stakers.

1 Like
#3380
  1. Because blockchain networks are operating on a global level. All over the world, blockchain networks have to keep track of various transactions, new blocks that are mined, and smart contracts. If a portion of a network faces a power surge, more computers can take over the network without disrupting these operations.
  2. Through financial incentives and rewarding miners, blockchain networks can maintain high availability.
1 Like
#3381

  1. Because high availability allows users to make transactions at any time, which makes blockchain networks superior to other networks.

  2. Mining and incentives.

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#3382

  1. It runs 24/7/365

  2. incentives

1 Like
#3383

Homework on High Availability:

Q1: Why is it important for blockchain networks to be high availability networks?

A: It’s important for blockchain networks to be high availability networks in order to keep it highly secure and running 24-7-365.

Q2: What is it that enables blockchain to have such high availability?

A: The incentivised opportunity to make money and the fact that the blockchain network is running 24-7-365 enables the blockchain to have such high availability.

1 Like
#3384

1. Why is it important for blockchain networks to be high availability networks?
The security of the network depends on its availability. As it is a decentralized database, the more nodes that it have, the most validations the data entering the blockchain will have, which guarantees data integrity. Also, blockchain should compete against other solutions, such as cloud databases, that guarantee 99.9% of availability.

2. What is it that enables blockchain networks to have such high availability?
Incentives (say, money). It is actually a nice way to balance the network, since people will borrow their infrastucture in a cost-efficient approach. Where there is a low supply of nodes in the system, mining becomes easier, so entering the system become more profitable. And, when there is an excess of nodes in the ledger, the difficulty of mining increases, which will lead some computers to sign off as processing the blockchain is more expensive that the reward they are receiving.

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#3385

1- It’s important for blockchain to be highly available so that the continous activity (mining) keeps it updated and secure, and so that everybody acournd the world can use it at anytime pf the day/night.

2- It’s open source, spread among lots of networks, and people want to continuously use it to update info, mine, and make money.

1 Like
#3386

1.Being highly available, peopld make money.
To make money, people verify through mining and keep updated and secure the data.
2.Blockchain networks are highly available due to mining process that keeps checking the data.

1 Like
#3387

  1. Why is it important for blockchain networks to be high availability networks?
    Because it is a global network that anybody can access from anywhere in the world, anytime. It is also important because it is used to execute financial transactions that may result in monetary gains.

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

1 Like
#3388

  1. Why is it important for blockchain networks to be high availability networks?
    -it improves the security of the network

  2. What is it that enables blockchain networks to have such high availability?
    -everything is open, no middleman, easy to access, trust-less

1 Like
#3389
  1. A value protocol implemented via a blockchain for instance cannot be offline for long (removing the ability to transact), thus needs to be online all the time
  2. Scalable difficultly of mining: if a portion goes offline and fewer miners are available, the difficulty goes down (which means financial incentive guarantee more people start mining) and vice versa, creating a negative feedback towards a stable equilibirum for a giveb difficukty level.
1 Like
#3390
  1. Transactions occur 24/7.
  2. Decentralization is what enables blockchain networks to be highly available
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#3391

Why is it important for blockchain networks to be high availability networks?
As they are used 24/7 regardless of if this is for financial transactions or supply chain data - we live in a world that operates non-stop and require a networking solution that is always on - that solution is blockchain.

What is it that enables blockchain networks to have such high availability?
Decentralisation, and incentives - even if part of the network goes down - the difficulty level for mining will drop and people from elsewhere will jump in to pick up the slack - keeping the network alive.

1 Like
#3392
  1. Why is it important for blockchain networks to be high availability networks?
    Because it needs to be available 24/7 to people across the globe.
  2. What is it that enables blockchain networks to have such high availability?
    Incentivize miners to participate in securing the network.
1 Like
#3393

  1. Why is it important for blockchain networks to be high availability networks?
    This enables networks to operate 24 hours a day, 365 days a year.

  2. What is it that enables blockchain networks to have such high availability?
    People are incentivized through money. Everyone wants more money, no one wants less money. As less people are maintaining the network, it becomes easier to mine, and incentivizes more people to join the the network.

1 Like
#3394

It is important for blockchain networks to have high availability because it must capable of providing service for any use case. Any process or function that operates 24/7/365 must have high availabilty to maintain its viability.

Blockchain networks have such high availabilty because the blockchain miners are financially incentivized to mine all the time. if the number of miners goes down, then it becomes easier to mine and more miners will have incentive to start mining. Because the miners can make money to keep the network running the networks will always have high availabilty.

1 Like
#3395
  1. Why is it important for blockchain networks to be high availability networks?
    Because the higher the availability the higher the security, more players in the network means better protection.
  2. What is it that enables blockchain networks to have such high availability?
    Incentives through mining, this is what it keeps the network alive. Blocks are produced by mining.
1 Like