Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3416

  1. Its a global network to transact on. It needs to be available 24/7 for the entire world.

  2. Incentives from mining. This way a bunch of nodes are always available to run the network.

2 Likes
#3417
  1. The blockchain network is active 24/7/365 days and is available anytime of day or night.
  2. The incentives are always present as all people want to make money, when a computer has an issue and stops mining others will began quickly.
2 Likes
#3418

thanks for the likes :slight_smile:

#3419

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

To be the natural choice for use cases with demand for high availability solutions.

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

The right reward in most case Money

1 Like
#3420
  1. In a standard network, some downtime has to be taken into account. Being able to provide 100% availability is a competitive advantage of the decentralized blockchain type network over a conventional network (for example internet). Competitive advantage means participants are better positioned to earn money.
  2. It’s the principle of mining. Mining Bitcoins with a computer connected to the network up and running is a way to earn money by keeping the network alive, that way protecting its availability. The opportunity to earn money is the primary incentive. As nobody in the space is opposed to earning money (at least nobody could plausibly assert the opposite), the network’s availability at all times is thus being secured.
2 Likes
#3421

A) for a secure global financial system to work
A) Incentivised nodes that collectively create security

1 Like
#3422
  1. It gives it more reliability
  2. Incentives - If a certain group of computers stop mining, the incentives for other computers to start mining increases, prompting them to jump on and help out with the security needs
1 Like
#3423
  1. The network is global. 9-5 in one part of the world does not satisfy everyone else.
  2. Decentralization.
1 Like
#3424
  1. Why is it important for blockchain networks to be high availability networks?
    1A: It is important for blockchain networks to be high availability networks (good operational performance) to ensure people actually use them. High availability means more miners, which gives greater security to the network, making it more desirable to use.
  2. What is it that enables blockchain networks to have such high availability?
    2A: Blockchain networks give such high availability due to the incentives given to miners to run the network (e.g., receiving bitcoin).
1 Like
#3425
  1. Why is it important for blockchain networks to be high availability networks?

Way back when there were no automated teller machines, ATMs, you had to get your money during the bank business hours. These hours, initially, did not even include weekends. The boon of ATMs was not just for the user obtaining funds, without any verifiable research, I believe this near 24/7/365 availability helped many businesses. People could make a quick stop at the bank before going out for the night, before going to a retail store. The number of spenders at various hours increased since you did not need to use a credit card during bank off hours. This may be an influence on the number of shops that began to stay open 24/7. The ATM network and ATM machines become inter-operative between banks.Banks were still the central authority. This convenience is now baked into society and any network that offers access to value, even if decentralized and lower cost to users, needs this level of high availability to survive and thrive. Blockchain, which has so many current use cases, with a large magnitude more coming, is a natural fit / need with or for high availability.

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

I found the knowledge that it is miners that stabilize the high availability for bitcoin very enlightening. Since bitcoin utilizes blockchain, every node presents another opportunity to ensure availability. To maintain a node requires incentives, as Ivan noted, bitcoin on blockchain provides this availability via mining. The concept that difficulty of reaching an incentive increases as more miners are present and decreases when the number of miners decrease is what keeps the numbers within an appropriate range. As for blockchain, incentives and numeric managements of nodes depends on these concepts, incentivizing and cost versus benefit ratios. This results in high availability of blockchain and the project that is running on blockchain.

1 Like
#3426

  1. Why is it important for blockchain networks to be high availability networks?
    Because it gives more security and value to the network. If the network fails it can compromised your data.

  2. What is it that enables blockchain networks to have such high availability?
    Incentive given to the miners.

1 Like
#3427
  1. Because its the people’s money, and almost everybody cares about money.
  2. Incentives for the people that have investments on hardware for mining. In order to have a 24/7 blockchain network working, you need people earning money to keep it running, and it needs to be profitable for them.
1 Like
#3428

  1. Why is it important for blockchain networks to be high availability networks?
    It’s important to have availability because it means the network is working.

  2. What is it that enables blockchain networks to have such high availability?
    The fact that it runs 24/7/365.

2 Likes
#3429
  1. To improve usability …
  2. World distribution of a high number of interconnected miners or block nodes.
2 Likes
#3430

  1. Why is it important for blockchain networks to be high availability networks?
    To facilitate money making and transactions for people 24/7/365!

  2. What is it that enables blockchain networks to have such high availability?
    The network is global, does not go offline and adjusts its difficulty accordingly to ensure participation by miners.

2 Likes
#3431

  1. high availability networks are essential to maintain reliable functionality, unquestionable integrity, and a secure global infrastructure at all times.

  2. the network effect of multi-node validation enables blockchain to maintain high availability. this goes back to not having a single point of failure. if one node goes down, there is still a community of nodes to complete the task and maintain network integrity.

1 Like
#3432

Homework on High Availability - Questions

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

  2. What is it that enables blockchain networks to have such high availability?
    Primarily incentives, however there’s a structure for easier mining in BTC if there’s less miners (which increases number of validation nodes) and increased difficulty in mining if there are too many miners (to introduce stability)

2 Likes
#3433

  1. People need constant access to the network.

  2. People are incentivised to keep the network running by receiving mining fees. If a certain part of the network goes down then others could step in and take over.

1 Like
#3434
  1. Why is it important for blockchain networks to be high availability networks?

That way it is never down or offline. Also, higher availability leads to increased and tighter security.

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

The fact that miners are incentivized to mine, and that miners are all over the world so when certain miners go to sleep others are waking up.

1 Like
#3435

  1. Because they are financial applications. If parts of the network were unstable no one would trust the currency. No one wants to use a payment system that only works half the time.

  2. Auto-adjusting mechanisms such as mining to incentivize using the network.

1 Like