Homework on High Availability - Questions

Blockchain and Bitcoin 101
#4098
  1. Why is it important for blockchain networks to be high availability networks?

As the system is based on thousands of nodes in a peer-to-peer network, and the data is replicated and updated on every node, the system becomes highly available allowing for 24 hour 7 days a week all year round access to the blockchain and allowing for any updates to the blockchain without any failures.

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

Even if some nodes leave the network or become inaccessible, the network as a whole continues to work, thus making it highly available. This results in high availability, usually there is an incentive for the nodes to keep the blockchain available at all times.

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#4099
  1. So that people can perform transactions easily 24/7.
  2. Mining and incentivization.
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#4100

High availability is required for security (can’t turn it off change something and then turn it back on). This also ensures consensus can be attained. The network is incentivized to stay on by making it cheaper to mine of other miners turn off their computers.

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#4101

  1. Why is it important for blockchain networks to be high availability networks?
    To ensure the network processes transactions through the blockchain securely & effectively and consistently

  2. What is it that enables blockchain networks to have such high availability?
    Incentive for miners to earn money

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#4102

  1. Blockchains can be used for financial systems and many other purposes that need to be secure and available 24/7.

  2. Mining, and behind that, people that are incentivized to mine.

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#4103
  1. All IT systems want high availability since information has to flow for any system to work. Since blockchains work globally, any downtime would be detrimental. It has to be able to keep running 24/7.
  2. A blockchain has redundancy by running on many nodes. If any fail, it keeps running on other nodes
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#4104
  1. To have stable, uninterrupted services
  2. Wide decentralised network
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#4105

  1. Why is it important for blockchain networks to be high availability networks?
    To achieve fidelity and ensure that transactions aren’t jammed up due to a “down network” for example

  2. What is it that enables blockchain networks to have such high availability?
    With users/participants on the blockchain network being incentivized to keep it running, with a ebb and flow regulator built in, via mining, creates a beautiful symmetry/balancing act that resulting in the most available network ever created.

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#4106

  • Why is it important for blockchain networks to be high availability networks?
    -> the more computers we have on the network the more secured is the network (consensus)

  • What is it that enables blockchain networks to have such high availability?
    -> incentive / money, the balance between mining difficulty and the amount of miners

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#4107
  1. The ability to transact 24/7/365 is important. People can use them all over the world at anytime.
  2. The network has high availability because people are incentivized to make money by mining and keeping it going, continuing to validate transactions and make money while doing it.
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#4108
  1. Why is it important for blockchain networks to be high availability networks? The financial industry and other critical industries require availability 24/7/365.
  2. What is it that enables blockchain networks to have such high availability? Incentives are built into the blockchain technology that incentivize miners to keep the network operational 24/7/365.
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#4109

1. Why is it important for blockchain networks to be high availability networks?
if a network is supporting critical transactions/functions it cannot have/or require significant down-time.
2. What is it that enables blockchain networks to have such high availability? the network is supported by nodes each operating a complete set of the blockchain, even if some go down the remaining nodes can operate the system until they have come back online, or have been replaced.

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#4110
  1. Why is it important for blockchain networks to be high availability networks?

Availability = Reliability, people will not use a subpar network

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

Incentives

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#4111
  1. It brings security to the network, and make all users happy because it will be online all the time.
  2. The money that the miners receive as incentives.
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#4112

  1. It is important for blockchain networks to be high availability networks because the high availability keeps the network secure in a global finance and other use case on the blockchain. It is also important because it allows people all over the world to connect and to be able to use the blockchain at all times.

  2. What enables blockchain networks to have such high availability are the nodes which are incentivized to keep the networks running 24/7 for 365 days a year.

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#4113

a) Use cases for blockchain technology such as financial transactions, supply chain which are global in nature need 24/7/365 day uptime. Hence its supper critical for blockchain networks to be high available networks.

b) reward mechanism built in the protocol incentives nodes on the network to take the load if other nodes go down on the network. this dynamic mechanism of nodes able to adjust the processing of network traffic makes it a high availability network.

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#4114
  1. Why is it important for blockchain networks to be high availability networks?
    High availability builds a trustworthy and dependable system.
  2. What is it that enables blockchain networks to have such high availability?
    Mining
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#4115

Blockchain networks need to have high availability because the networks rely on large computational power spread across nodes across the world in order to keep the blockchain secure and running. Blockchain networks use financial incentives for nodes or miners in order to achieve high availability.

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#4116

  1. High availability is important for any system that will be used as a global standard. In the case of bitcoin high availability is important to allow holders to transact and trade their coins freely on the market. For other applications of blockchain such as healthcare it’s the access to files and information that would required a high level of availability.

  2. Because blockchain networks are distributed in a decentralized way and the incentives are build in to reward miners, who ensure the security of the network. The failure of any node or group of nodes will incentivize others to enter the market and mine in their place. If 99.9% of nodes were down, the network could be maintained and rebuilt by the 0.01% of nodes together with new nodes entering the network.

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#4117
  1. Blockchain networks are financially incentivized , so in order for people to make money the blockchain has to have high availability. Also unlike banks which are regional and not 24/7, blockchain is a global technology so high availability is important to keep it trustable.
  2. It is the miners that keep the blockchain availability in balance. This happens, because if certain people stop mining the mining process becomes easier and other people join it.
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