Homework on High Availability - Questions

Blockchain and Bitcoin 101
#523

  1. Why is it important for blockchain networks to be high availability networks?
    To make the network more secure.

  2. What is it that enables blockchain networks to have such high availability?
    It is mining, to reward people to ensure the high availability.

#524

It’s important that you can use the network 24/7 and that transactions gets confirmed

#525

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  2. What is it that enables blockchain networks to have such high availability?

Answers:

  1. They need to be readily available because it is a global network and will allow anyone, anywhere in the world, to access the network at any time.
  2. High availability comes from being open 24/7/365 on the largest and most powerful network in the world on a global level. This is achieved by miners who create the new Bitcoin and maintain the network. They are incentivized. Even if someone drops out of the network, then other miners will come into the space because it will be easier for them to mine. More on this later.
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#526
  1. To protect the network
  2. the amount of people who are able to use it, you can earn money by mining
#527

oh ok I get it so its “available” either transsactions are or not being done, just by the fact that the blockchain is alive due to miners using it 24/7? is a node a synonym to a miner?

#528

*This is very important as a network with high availability basically means somthing like: The bank never closes & guess what it is managed by a human that never sleeps.

  • Incentives basically, there would always be someone who would like to get them.
1 Like
#529

  1. To maintain its attraction and participation.

  2. Incentives! The lower the participation the lower the difficulty of entry. The higher level of participation the harder production gets.

1 Like
#530

  1. It is important for the network to be up and running because people have to rely upon it to transact and in order for this to be up and running 24/7/365 incentives in the form of making money, makes this possible

  2. Incentives makes the network run. More up time for miners = more money which in turn creates more profits.

2 Likes
#531

1. Why is it important for blockchain networks to be high availability networks?
As network never stops it can be used for all use cases and incentive goes high.

2. What is it that enables blockchain networks to have such high availability?
High incentives

1 Like
#532

  1. In order for blockchain to be successful it needs to be able to serve the world 24/7

  2. Having a global network of miners is what allows blockchains to have such high availability.

2 Likes
#533
  1. If they are not available, no transactions can be processed.
  2. Because it is decentralized, no single point of failure.
#534
  1. Because it is available 24/7/365 and everyone is incentivized.
  2. Because it shares a global ledger and also if a part of the network dies, other computers will join the network.
2 Likes
#535

Homework on High Availability - Questions

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

Because high availability ensures security and trust .

  • you can do a transaction whenever you want, what hour you want, what day you want.
  • most networks have opening hours, this is not the case for blockchain.

For example: financial (sending/ receiving money whenever you want)

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

Mining: through the mining of blocks, the system stays open. And miners, by doing this, get incentivized. In anyway, if the mining gets too difficult for example, and some miners have to stop, new miners will come into the field because mining difficulty will decrease , and with that mining will be more profitable. New miners will chase those profits to be made.

2 Likes
#536

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

The main purpose of high availability is to eliminate potential points of failures in an IT infrastructure. For example, you can prepare for the failure of one system by adding redundancy and setting up failover mechanisms

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

since the nodes are spread all over the world , it will be always a node available in the blockchain

#537
  1. Being the longest living application to transfer funds and it needs to be available to access 24/7 365/year, and it does.
  2. The transfer of $$ and the ability to earn $ by mining are the incentives.
2 Likes
#538

  1. Being high available gives you the opportunity to create money, which is a common desire for all individuals that are keeping the blockchain network alive.
    Also being high available it serve its purpose of cheeking and validating “exchange of information and value” 24/7/365

  2. Money flow.

1 Like
#539

  1. Miners are the driving force behind bitcoin. If availability goes down miners cant mine and cannot make money. This incetivises that there are miners operating all the time, and everybody in the blockchain is dependant on high availability, to perform transactions.

  2. Miners. Miners make money, and miners are incentivsed to mine. If some miners stop others start mining.

2 Likes
#540

  1. They are global networks that are being used all the time.

  2. Global mining which incentivizes (financially) to maintain high availability.

3 Likes
#541

Answers:

  1. It allows availability 24/7, 365 days to provide opportunities to make money.
  2. Mining, nodes, computers enables for security to keep the network available 24/7, 365 days
2 Likes
#542

  1. Why is it important for blockchain networks to be high availability networks?
    This is important because for the transfer of value to function appropriately and be readily available for any participants who want to use it, to be able to do so. Otherwise, it would not be a trustless environment to store and transfer value.

  2. What is it that enables blockchain networks to have such high availability?
    Everyone is incentivized to keep it alive because everyone wants to make money. If a portion of the network dies, immediately new cpus join the network as the mining difficulty adjusts down.

2 Likes