Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3957
  1. Why is it important for blockchain networks to be high availability networks.

High availability means more opportunity for people to make money 24/7/365.

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

The incentives through mining. Mining is how people make money protecting the security of the network

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#3958

1: Blockchain networks need to be available 24/7 worldwide with a solid infrastructure for it to be a viable solution to centralized networks.

2: Blockchain promotes high availability because nodes are incentivized to keep the network in tact. Also the nature of mining as incentive ensures a steady flow of willing participants.

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#3959
  1. Its important because that way it can used non-stop , its reliable .
  2. Users , through mining , they are incentivised to do that because they cam make a profit .
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#3960
  1. It is important for block chain networks to be high availability networks to maintain the security of the network. The block chain network is sustained by the miners who are incentivised to keep it running 24x7x365 and in so doing maintain the network security.
  2. What enables block chain networks to have such high availability is the number of miners nodes that are incentivised and rewarded to do mining. And all that is possible due to the distributed nature of the block chain allowing miners anywhere in the world to be part of this.
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#3961
  1. Blockchain is decentralized, therefore it operates globally. A global network cant be bound by the time of one country. So to be accessible it has to run 24/7, so everybody can benefit from it.
  2. Automated processes, Smart contracts. And also incentives, since it runs 24/7, miners can make money all the time.
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#3962

1 network availability allows all people in the world to make money and transact all the time
2 the availability of Bitcoin and blockchain network works by incentivizing miners to mine for money

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#3963
  1. Why is it important for blockchain networks to be high availability networks?

It is important to keep the network running at all times so people can make efficient use of it.

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

The network is incentivized to remain online and active. “Miners” receive money or other tangible rewards for participating in the network.

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#3964
  1. Why is it important for blockchain networks to be high availability networks? high availability makes the blockchain EXTREMELY valuable as it enables 24/7 fast transactions and therefore more people will be using it.
  2. What is it that enables blockchain networks to have such high availability? Multiple computers mining (validating transactions) are incentivized therefore there is a great number of people who want to validate
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#3965

Homework on High Availability - Answers

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

Answer:
Because Validation of the blockchain (and the additive transactions growing it) (at least for BTC) requires a consensus (majority) of miners to establish and proof of work (for ALL and ANY transactions) otherwise the blockchain can be compromised by ulterior forces (those designing and efforting to exploit ANY “downtime” to capture a “majority” of validation/consensus “vote”). [To see a real world example of the consequences of ulterior control of “consensus” just take a look at the “Swing State” voting process in the 2020 US Presidential Election.]

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

Answer:
Because Incentivized Validation (mining) ensures there is always a manifold multitude of miners testing and confirming the blockchain. When one miner stops ‘validating’ the blockchain…another takes it’s place - this is OVERWHELMINGLY due to the Free Market Forces that have been ingeniously codified into the blockchain protocol (for BitCoin/BTC anyways), be the rewards inflationary coins, transaction fees or staking yields.

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#3966
  1. It is important for blockchain networks to have high availability because this allows for the network to be used at a global level at all times.
    2.Its high availability makes it such that there will never be a time in which the network will go ‘dark’ because while some may stop producing blocks the incentivized system will draw for others to start producing blocks. The difficulty of mining fluctuates with the amount of participants mining allowing for a balanced system that will always draw participants.
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#3967

  1. Global markets demand a highly available network.

  2. The incentive to mine when others stop is to high for network not too attract enough miners to ensure high network safety.

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#3968

1.) that way data is accessible all the time, even when a computer breaks or the network is down.
2.) mining

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#3969
  1. Everyone it is incentiviced to keep it alive. Everyone want to make money, and you can make money 24/7/365. Important for a global financial system.
  2. Mining by incentives at all time. So this makes able to do transactions at all time.
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#3970
  1. Users need to be able to make transactions 24/7/365
  2. The blockchain is a network of nodes, each keeping a local copy of the ledger. If some nodes become disabled, there are others to take over, incentivized by additional profit as a result of the processing deficit.
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#3971

1.even an emp wouldnt disturb work flow
2.many linked computers in an network sharing power

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#3972
  1. More nodes improve security.
  2. Incentives for nodes on the network ensure high availability and security.
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#3973
  1. it makes it reliable.
  2. incentives.
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#3974
  1. Many people have access to it ALL THE TIME with an Internet connection. Which makes it superior to banks which are not online all the time. The financial market never sleeps, it is a global system.
  2. Miners and everyone incentiveized to make money. If some people give up mining, it lowers difficulty to mine and more people will start mining which increases difficulty of mining which starts the process again.
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#3975

  1. high availibility networks increase security

  2. the networks are incentivized with rewards to make the high availibility possible

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#3976

-Speed is one thing, and basically having a stable system, always online. Not going down.

-incentive. There is a common shared goal in having the system run smoothly, And of course many different nodes able to pick up if some fail.

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