Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3637
  1. Blockchain is global , available 24/7 365 for everyone
  2. Incentives, world mining , globalization
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#3638
  1. Why is it important for blockchain networks to be high availability networks?

All these facets of the blockchain are interrelated and perpetuate one another.
The trustless, secure, immutable and decentralized nature of a blockchain encourage its use,
which in turn amplifies all these qualities. For it to be of continued and continuous use
requires that it be live and available at all times. Again, it seems self perpetuating, in that
so long as the aforementioned qualities hold, more parties take part, introduce more nodes, etc,
ultimately contributing even greater stability (and so up-time) to the network.

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

The same answer applies. The fundamental qualities of the blockchain encourage its use by
increasing numbers, and the very interaction of these growing parties lends directly to greater
security, stability and so availability.

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#3639
  1. It allows them to run 24/7/365. If one computer drops off the network another is there to pick up the slack.
  2. Incentives achieved through Mining. The miner get’s paid to help the network maintain availability and do the computations for the blockchain.
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#3640

  1. Its important for blockchain network to be high availability because its world wide making a transaction quick and easy.

  2. The people is whats making the network have high availability and also the miners as well since they protect it.

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#3641

Homework – High Availability

  1. Why is it important for blockchain networks to be high availability networks? To keep from going off-line. To keep the infrastructure strong and to keep the applications up and running even when there are times that some systems go down, it will still continue to be alive.

  2. What is it that enables blockchain networks to have such high availability? Incentives and Mining. The way to protect the network, redundancy of nodes / miners that keep it on-line.

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#3642

1- Widely available and stable networks are important for the health, security, speed and scalability, of the blockchain

2- Incentives and mining spread across the network

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#3643
  1. so we can use this tool whenever we want. this is how money should work
  2. mining and rewards in mining
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#3644

  1. High availability creates a stronger, more secure global network.

  2. The network runs 24/7/365, and everyone is incentivized to keep it alive.

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#3645

1.In order to keep a 24/7 365 global financial system running and so that many other applications can be built on top of it.

  1. Mining and incentives for mining. Miners that are financially incentivized basically
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#3646
  1. Why is it important for blockchain networks to be high availability networks?
    It is is importnt because that would increase the use of the network
  2. What is it that enables blockchain networks to have such high availability?
    The global active nodes enable high availability as well as economica incentives that miner have to participate and mantain the network functional…
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#3647
  1. Why is it important for blockchain networks to be high availability networks?
    So that they stay secure. The network is less secure and less decentralized when it has lower availability.
  2. What is it that enables blockchain networks to have such high availability?
    Because it has money as an incentive to mine. The reward for mining is flexible and automatically adapts to the supply of miners.
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#3648

The block rewards itself is fixed (gets halved approximately every 4 years), miners also collect tx fees that grow if there are more txs in the mempool.
The one thing that is changing based on the supply of miners or more accurately their hash rate is the target difficulty. :slight_smile:

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#3649
  1. This will allow the service to available 24/7/365 days per year.

2.The incentivised nature, when lower networks are available a higher reward is offered for miners to run the network.

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#3650
  1. Why is it important for blockchain networks to be high availability networks? Availability is an important part of creating trust, since trust is not possible without confidence. Restating: Our confidence and therefore, trust in the network, are very high because of high availability. It would be impossible for anything to gain high adoption without high availability. If we could only produce cars or toasters that worked 25% of the time, would they have gained high adoption?
  2. What is it that enables blockchain networks to have such high availability? The fact the blockchain is fully decentralized, means there are many verifiable backups of the same database, this means that if one component fails, all/many others can continue to operate.
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#3651

  1. If a network does not have high availability, then it becomes unreliable, slow, even detrimental. The transfer of Information (e.g., time-sensitive, life-saving health data) and Value (e.g., money wires) must maintain high availability or consumers will not trust them and will not use them.

  2. Blockchain networks incentivize high availability by giving active participants (miners, stakeholders, etc.) who maintain the network worthwhile financial rewards.

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#3652

  1. Because it’s a global network. If it goes down you can’t get your bitcoin.

  2. mining. Lots of computers so at least one will always keep the network up.

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#3653

  1. It is important for blockchain networks to have a level of high availability because users demand it. When the availability is high, it provides instant and easy access which further promotes the use of the network.

  2. Mining is what enables the blockchain networks to have such high availability, and these miners are incentivized to make money through mining, so the incentive for all to create income by providing high availability is established.

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#3654
  1. To ensure transactions can be verified an completed at al time
  2. Because it is global it doesnot run on a single computer or server
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#3655

1-Why is it important for blockchain networks to be high availability networks?
So they continue to operate.
2-What is it that enables blockchain networks to have such high availability?
Incentives. Money/currency.

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#3656
  1. People all over the world need to use the blockchain network 24/7.
  2. incentivized miners with nodes world-wide keep the network available.
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