Homework on High Availability - Questions

Blockchain and Bitcoin 101
#543
  1. Why is it important for blockchain networks to be high availability networks?
    If there are no transactions, people are not making money. Mining is the way to make money. Stopping mining means stopping making money so they are incentivated at operating at all times.
  2. What is it that enables blockchain networks to have such high availability?
    When mining slow down, new miners try to get in to chase money. So they are always incentivated in going on working.
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#544

  1. It is decentralised, so it can be used by anyone anywhere at anytime, high availibility is required for such a thing.

  2. Miners are incentivized to mine blocks and get reward, computing in this process the blockchain and making it highly available.

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#545
  1. Why is it important for blockchain networks to be high availability networks?
    Answer: To maintain network security, access and continuity.
  2. What is it that enables blockchain networks to have such high availability?
    Answer: Decentralization
#546
  1. For security reasons
  2. Incentives
#547

Full nodes are all computers/users who have the whole blockchain (same copy on each through consensus)
If you have a full node, you can also mine if you want. But because the difficulty is so high, many people are joining a mining pool where everyone can join without having a full node. They basically just help another node finding the cryptographical puzzle and the reward is split to everyone who joined the mining pool.
Normal Miners are putting transactions into the blockchain and get rewarded for that. This is what I meant by, as long people want to make money, the network keeps being alive.
You will learn more about mining later in this course.

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#548

In theory, you can mine empty blocks. You don’t need other transactions to mine. But miners also get every transaction fee’s + block reward, so they are incentivized to add as much transactions as possible.

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#549

This in interesting, how can we mine empy block? Just to get the block reward without having a transaction to register on the blockchain?

#550

Just don’t include transactions + add previous block hash ect… Find a random nonce to add as well wich if you hash the block that the blockhash is lower than target. Then it’s a valid block. But why doing this if you can have a greater reward by adding transactions from the mempool? Because it’s the same amount of work to find a nonce for a full or empty block!

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#551
  1. Because as it is a world wide network people around the globe need to access it permanently
  2. People need money. Making the network available incentivizes people who mine bitcoin and by mining, it increases the network’s security (making the network difficult to attack, alter or stop) and availability.
#552
  1. Why is it important for blockchain networks to be high availability networks?

Bitcoin is the longest lasting application that has run 24/7 without downtime. This makes Bitcoin the most valuable database and blockchain ever made. It’s a secure network that is available at all times for value based transactions.

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

The global network of miners provides security, consistency and reliability.

#553

Q1. Why is it important for blockchain networks to be high availability networks?
A. To keep a consistent running service.

Q2. What is it that enables blockchain networks to have such high availability?
A. The scaling incentive system for the miners, who protect and run the network.

#554

  1. Why is it important for blockchain networks to be high availability networks?
    -High availability adds to the trustless nature of blockchains. A system is not truly trustless when you have to hope that the network does not becomes unavailable at the moment that you want to use it.

  2. What is it that enables blockchain networks to have such high availability?
    -Many different miners and nodes working together. If one fails, the others take over and the network just continues. From a trading perspective the fact that crypto is worldwide plays a big role in this. There are many people from different regions and timezones all trading on the same platforms and with the same currencies. This 24/7/365 availability is what I find to be the biggest advantage over trading stocks personally.

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#555

  1. Blockchain networks being high availability networks means that they are always running 24/7 without any down time. This is important to grow the network and give people access without any conditions or limitations.

  2. Incentives enable blockchain networks to have such high availability.

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#556
  1. It is important for blockchain networks to be high availability networks because ppl are making transactions 24/7 year round. There are many other applications which need to be accessed 24/7 which are built upon the blockchain.
  2. What enables blockchain networks to have such high availability is the financial intensives blockchain creates through mining etc.
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#557

  1. Blockchain networks are global networks so is necessary to be available 24/7/365, at anytime and anywhere in the world, independent of the location and is time frame. This high availability ensures the security of the network and build trust.

  2. High availability is possible through financial incentives for the miners who keep the network secure and available 24/7/365 and the decentralized properties of Blockchain networks, since every node have a copy of all transactions anywhere in the world.

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#558

because it have to work in all timezones and everyday
everbody whants do make money and this never stops

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#559

  1. Blockchain networks need to have high availabilty so transactions can be processed in real time at at any time. This is one main advantage that blockchain has over traditional financial networks, and will thus drive adoption of this new system of value accounting and exchange. With Blackchain, the value is always accesable to the owner.

  2. The nature of a decentralized network enables the Blockchain to be available at all times. If one node/computer goes down, the remaining nodes continue to operate and process transactions.

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#560
  1. Why is it important for blockchain networks to be high availability networks?
    Because it is public data structure storing transactions and values that should be available all times
  2. What is it that enables blockchain networks to have such high availability?
    High availability is because of mining incentives.
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#561
  • Why is it important for blockchain networks to be high availability networks?
    You need an infrastructure that is available for a long period of time and can be accessed whenever it is needed.
  • What is it that enables blockchain networks to have such high availability?
    The networks is incentivized by money which is produced my mining.
#562
  1. For a global financial system it is important that you can use the network 24/7/365.
  2. Everyone wants to make money = incentives = mining
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