Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3897

  1. For the security of the network.

  2. The financial incentives for those running it.

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#3898
  1. Why is it important for blockchain networks to be high availability networks?

[Answer 1]: Blockchain networks need to keep the blockchain accurate at all times that reflects all transactions as they have happened in sequence. A Blockchain network works on a principle of establishing ‘proof of work’ for every next block to be added in the chain. This principle also entails that if some part(s) of the worldwide network are down, the balance nodes continue maintaining the blocks on the basis of the same ‘proof of work’ concept.

Digital Provenance and Immutability of a blockchain network rest on its principles and methods mentioned above. These two attributes demand high availability to keep its principles valid.

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

[Answer 2]: Blockchain runs on a network of computers spread all over the world. The fact that all computers/nodes of the network cannot be taken down at the same time, some nodes will always be operational even in event of a disaster. These nodes keep the blockchain running.

Also, mining with incentives keeps the network highly available. If a part of the network goes down, the following events happen in the given sequence: -

  • Network difficulty decreases.
  • More miners join the network.
  • Due to incentives, mining gathers momentum to reach back to its original level.
  • Mining becomes more intense and this increases the difficulty of the network.
  • When the difficulty of the network increases, the network becomes more secure and stable.

Thus, the blockchain network always stays self sustainable, and in effect, remains available.

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#3899

1.so it keeps secure 24/7 2. we all want to make money

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#3900

  1. The network is based on a 24/7 365 structure

  2. Everyone is incentivized to keep it alive

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#3901

  1. Having higher availability than any competitor will naturally lead to further development to outpace the competitor. With higher availability alongside maximum accessibility creates a level playing field throughout the globe to again leap in new discoveries.

  2. Incentives for mining enables the high availability.

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#3902

  1. Why is it important for blockchain networks to be high availability networks?
    It’s important because it ensures that the blockchain network is available 24/7 365 days a year.

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

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#3903

  1. 24/7/365, since it is up and running for so long it is trustful. the network needs to be reliable and have be accessable around the clock.

  2. everyone is incentivised to keep the blockchain alive and up and running, it will make you money in the end.

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#3904
  1. remove single point of failure & manipulation and have always resources for verification
  2. decentralization and incentives
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#3905

Why is it important for blockchain networks to be high availability networks? Its important to have a global financial system that is available 24/7/365. It can also benefit other sectors that need high availability.

What is it that enables blockchain networks to have such high availability? Miners help maintain the network and they keep operating because they are incentivised.

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#3906
  1. Why is it important for blockchain networks to be high availability networks?

So People can make money 24/7/365 or at least have access to it. Being High availability gives the network more security.

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

The Mining of the network and its Incentivisation. Even if some miners leave more will join to replace them.

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#3907

High availability Homework

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

Blockchain is a global network that needs to be open 24/7 365 days p/y in order for anyone in the world to access it at any time.

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

Incentives and block rewards for miners act as incentives for them to keep the network running and stable. These rewards are automatically adjusted depending on the demand of the network

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#3908

[quote=“ivan, post:1, topic:8426, full:true”]
Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    Because blockchain networks enable very important services and because the usefulness of blockchain networks depends on them having an unbroken chain of high consensus calculations.

  2. What is it that enables blockchain networks to have such high availability?
    Mining and miners being incentivized protect the network by following the profit motive.

If fewer miners are online the network becomes less secure and stable, but also if fewer miners are online mining becomes more profitable. When mining becomes more profitable more miners are incentivized to come online, making the network more secure and stable.

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#3909

For people to have have access and for people to continue to be incentivized

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#3910
  1. It is important for blockchain networks to be highly available so that it is reliable. If it were not highly available it would not be reliable, and if it is not reliable than you cannot trust it.
  2. Financial incentives enables blockchain networks to have high availability. Inside bitcoin there is an inherent system in which validating and securing the blockchain is performed via miners. If some miners go offline, it becomes more profitable to mine, and more miners come in. The system finds a natural equilibrium just as nature finds a natural equilibrium.
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#3911

  1. Is very important for blockchain networks to be high availability networks because when they have high availability then the network security is also high.

  2. Financial incentive is what enables Blockchain networks to have such high availability. For example bitcoin miners are incentivised to verify transactions on the blockchain because of the fees that are paid to them for doing so.

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#3912
  1. Why is it important for blockchain networks to be high availability networks?
    Because its global it needs to be 24/7/365
  2. What is it that enables blockchain networks to have such high availability?
    Miners are incentivized,
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#3913

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

The high availability of the blockchain is a big incentive because everyone can trade at any give time.

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

The miners enable the high availability and security. Mining in itself is a very big incentive, as you can earn money by helping to keep the network available and secure.

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#3914
  1. Why is it important for blockchain networks to be high availability networks?
    High availability allows for the services rendered on the blockchain to be constantly available world wide, allowing it to run programmes and apps that are essential without interruption. It also renders a level of trust with people using the programmes so that they can always and at any time avail of any blockchain service.
  2. What is it that enables blockchain networks to have such high availability?
    Mining is highly incentivised, and when there is a decline on the return available from mining, the drop off in mining causes the process to be less competitive and therefore causes and uptake again in people mining in order to capitalise on the increased incentive.
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#3915

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain networks need to be highly available as blockchain grows in that it may be running mission critical financial applications.

  2. What is it that enables blockchain networks to have such high availability?
    Incentive is the primary driver for blockchain networks to be available.

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#3916

  1. It is important for blockchain networks to be high availability networks so that they protect the network.
    If a section of the network is compromised, high availability makes it possible to compensate.

  2. Mining enables blockchain networks to have such high availability.

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