Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3757

  1. Why is it important for blockchain networks to be high availability networks?
    The Higher is the availability the higher the security and stability of the network so everyone can earn.

  2. What is it that enables blockchain networks to have such high availability?
    Incentive and Mining enables the network to produce more crypto currency

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#3758
  1. It is important for blockchain networks to be high availability networks because it will rarely crash and can work in all places at all times.
  2. The miners working 24/7-due to financial incentives-enable blockchain networks to have such high availability. There are also multiple ledgers of the same data so if one does happen to go down, another will be available.
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#3759

  1. To keep the network running 24 hours a day 7 days a week. We need a network that can be accessed at anytime.

  2. It’s well incentivised and it runs on a global network. If computers go down in one part of the world, it’s going to be running on the other side.

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#3760

  1. Because it is important that the nodes in the network stay available to verify transactions and keep the network running smoothly.

  2. Blockchain high availability is achieved by the many nodes/computers that take part in the verification process. This is achieved by mining.

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#3761
  1. the more available blockchain networks the more secure and transparent they are, the more fast and cheap transactions are as well
  2. multiple nodes, involved in transaction verification and authentication process, are incentivized by mining to keep available on the network
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#3762

1, As blockchain networks are accessed and available 24/7-365
2, Financial incentives and multiple nodes on the network

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#3763

  1. Why is it important for blockchain networks to be high availability networks?
    As global networks blockchains must be available to use by anyone at any time. It also highlights that they are superior networks to any centralised competitor

  2. What is it that enables blockchain networks to have such high availability?
    Miners/stakers are financially incentivised to support the network by running nodes.

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#3764
  1. Why is it important for blockchain to be high availability networks?

It is important for blockchain networks to be high availability networks because the demand for money is always increasing and/or stabilizing since people always want to make money. Blockchain networks working as the background of currencies need to always be accesible for people in demand to be satisfied with the product.

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

In the case of bitcoin, it is the network of computers that is always large enough to provide information verification. In that case, it is the mining computers that provide this secure and stable network, since miners are paid to find bitcoins while maintaining the network alive by being online. The more mining computers there are, the harder it is to find bitcoins and the more the network is provided with a strong, available and secure network in case of a shutdown of computers. The less computers there are, the easier it is to find bitcoin and the more miners can get to it and make money.

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#3765
  1. Because it can be accessed 24/7 and 365 days/ year.
  2. Because miners are incentivized to participate in the network. Everyone wants to make money. When for some reason they are less miners, difficulty decreases and new miners are incentivized to jump in
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#3766

Define high availability as the network having “very many” people who are ready to contribute to the security of the network.

1.) High availability is important for blockchains, as, without it, not as many people will contribute to the network, and consequently, the quality of trustlessness/security of the blockchain is reduced.

2.) Blockchains achieve high availability by incentivizing as many people as possible to contribute to network security.

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#3767
  1. Business these days is 24/7/365. Networks needs also to have blockchain running 24/7/365.

2.Incentives enable miners to keep the blockchain networks running.

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#3768

1.Because that increases security, with all the miners being online, validating transactions, and that makes them non stop availabe.

  1. Miners. Incenitvized with rewards, using every posssibility to get the best of the network.
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#3769

1 - So that all parties have access and can verify the blockchain at any point in time. It also allows it to be truly global and does not force people to wake up at 3am just to use it (eth gas fees force me to though).

2 - It has such high availability because there are no restrictions on who can participate and all participants who help run the network (miners) are rewarded financially for doing so. When there are lots of miners on helping the network run, the “difficulty” goes up (i think that’s what ivan said but you would think that when more people help the difficulty goes down) and the rewards for miners decrease, resulting in some miners stopping, which in turn brings the price down, which causes some miners to start again. This cycle will keep going for as long as people use the network since there is a monetary incentive to keep the network active.

Side note on number 2. Miners have a lot invested in bitcoin and therefore their profits are directly tied to the price of BTC. This creates another incentive for them, which is to keep the network up at all time and running fast and smooth. If the network was to go down temporarily or have set open times the value of BTC would likely drop as fewer people are able to use the network. People also will not want to invest in a purely digital asset that could go offline at anypoint and you loose access.

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#3770

  1. High availability allows for the network to always be online. When this is possible the use cases and profitability for people involved become endless.

  2. High availability is due to the rate of mining. Which in turn leads to high security, the more mining the higher the security.

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#3771

  1. In order for transactions to be available 24/7. Superior to banks which have certain hours of operation etc.

  2. Mining enables the network to keep users incentivized to use the blockckain

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#3772

1.Running 24/7/365 is essential for all timezone accessibility, and mainly security reasons.

  1. Miners are incentivized to keep it up and running all year round.
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#3773
  1. Its important to have high availability because its mean 24/7 365 infrastructure.
  2. Incentives enables blockchain have high availability. Bitcoin is a good example. Mining in bitcoin provides incentive for people to come online should part of the network go offline for any reason (loss of power, software issues etc). The financial incentive means when mining activity falls be it voluntarily or inadvertently it provides earning opportunity for new miners as when mining is low mining is easier. The influx of new miners raises security and in turn mining becomes harder, reaching a sustainable level.
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#3774
  1. Because blockchain networks are globe infrastructure and a new block could be created at any time and a node should be able to read the public ledger.
  2. Incentives provided by blockchain network and the miners lead to high availability.
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#3775
  1. Why is it important for blockchain networks to be high availability networks?

Global systems depend on the availability of the network to verify transactions in a timely manner, for efficiency and security

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

With the case of the Bitcoin blockchain, miners are incentivized more, as availability (and therefore network security) declines. This check and balancer leads to higher availabilty.

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#3776

  1. because network gose down the work will not happen.

  2. Mining incentives

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