Homework on High Availability - Questions

Blockchain and Bitcoin 101
#41
  1. High availability for blockchain networks is important for reliable access and use of the database. It is also important to maintain continuous incentives to miners.
  2. Lack of a central point of failure, decentralization (replication across every node), and incentives enable blockchain networks to have high availability.
#42
  1. High availability engenders trust in reliability in the user base and encourages adoption by both users and app developers.
  2. Incentive via block rewards.
#43

  1. Becoase if Bitcoin want to become a global economic system, it have to be available when people want to use it.

  2. Becoase the miners keep the network alive by financial incentives.

#44
  1. Why is it important for blockchain networks to be high availability networks?

It is avalible 24/7/365 and it is working and being used all over the planet.
With high ability you have a huge network checking everything 24/7/365 and that gives
it very high security.

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

It is incentivized by rewards earned in bitcoin, when you are a part of the global blockchain control network…Mining earns BTC

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#45

1 Only high availability networks can be accessible always and for future business it is very important.
2.Blockchain was created in that way to be always online and that gives High availability.

#46
  1. The networks must be available 24/7/365 to be efficient and worthwhile. If you do not have access to the blockchain, it is useless.
  2. Incentive creates availability. People are incentivized to keep the network alive - by earning money.
#47

  1. It is important for blockchain networks to be high availability networks because if blockchains aim to be global, which they do, they need to be available at all hours of the day to cater to the entire world across all time zones, countries, and industries.

  2. What enables blockchain networks to have such high availability is the incentives for computers within the network to keep it running. The incentives are strong enough that even if some computers bow out, others will take their place for the opportunity.

#48

Why is it important that blockchain networks be high availability networks?

R / Since we need them to be available to be able to validate and record transactions in the blockchain.

What allows blockchain networks to have such high availability?

A / The case of availability is because the nodes are rewarded monetarily. Since it is through mining that the active network is maintained.

#49

Otherwise it will not remain UP… this needs to remain running and functional 24/7, 365 days per year
No bullshit like sunday is closed, or office is not open or server is down or a PSU is not working or a switch exploded. The only thing that can stop the High availability is if all the internet goes down… Well if that happens, there will be other consequences.

Blockchain networks have such high availability because nodes are rewarded - so everyone has a personal interest to remain up. With nodes up, the network remains running. When nodes disappear, the difficulty level decreases so it becomes easier for other nodes to get in. Which means it is highly motivating for new nodes to join. Like a football team / game. Everyone on the sidelines in reserve is eager to go in and play especially if they are given a chance. Actually there are reserve players ready to get in. The more nodes come in, the more difficult it is. But then the more redundant and available it becomes because there is more machine support to operate. And the more nodes in place, the more transactions are processed. It is a chain - ripple effect.

#50

  1. It is important for BC networks to be high availability networks because it is important for these networks to be an improvement on existing networks. It is a requirement of most networks in our current economic times to be successful.

  2. Decentralization allows BC networks to have such high availability.

#51

  1. Because it is a global network with people needing to access it 24/7 365.

  2. Financial incentives for mining ensures that there will always be miners available. If there is a failure in one or even many miners there are plenty of other miners ready to jump in and participate.

#52

  1. The network needs to keep running to be available for people to use. Running the network keeps it secure.

  2. The incentive to mine is always there because mining becomes cheaper if some of the existing miners drop off. Others will quickly step in and claim rewards for doing this.

#53
  1. To promote usage.
  2. Blockchain networks was designed to avoid single points of failure.
#54

  1. High availability is important in blockchain networks that handle transactions because of our global financial system. It is important that any transaction layer solution is open for use 24/7 365 days a year as business is continuously conducted across the globe. High availability is also needed for other blockchain use cases such as provenance to allow real-time auditing of goods across the world.

  2. High availability is incentivised in blockchain via mining. Network participants have a reason to protect and maintain the network regardless of personal beliefs or interests… because everyone likes money!

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#55
  1. (public) Blockchain networks are available to everyone in the whole world, so it’s important that they are always available because a lot of people will rely on them. It’s also important to have a high number of decentralized nodes online at any moment to prevent a hostile takeover of the network which could falsify the ledger entries
  2. The economic incentive of mining with automatic difficulty adjustment ensures that there are always people who are incentivized to be part of the network in order to earn the mining rewards, on top of securing the network upon which their pay relies upon
1 Like
#56
  1. Because higher the availability higher the access to end user.
  2. Block rewards
1 Like
#57

  1. Blockchain networks are global networks, and so they need to be available 24/7/365 in order to meet the non-stop demands of a global marketplace in terms of data exchange requirements. Unless they can operate with such high availability, blockchain networks are less likely to outcompete existing centralised database models, and migration to (and adoption of) blockchain technology would be slower, or even unsuccessful.

  2. Such high availability is achieved by providing the network nodes with a financial incentive to validate transactions via consensus. With the Bitcoin network this incentivisation is achieved via mining.

1 Like
#58

  1. It is very important for blockchain networks to be highly available because it will be more secure.

  2. Miners are highly incentivize to keep the network on high availability. If there is a decrease in minors mining becomes easy and vice versa.

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#59

1- it is accessible 24/7/365 - making it the most reliable network in history.
2- Miner incentivization - genius and sustainable structure that allows miners earn block rewards.

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#60
  1. Why is it important for blockchain networks to be high availability networks?

Because miners who keep the network available also keep the network secure. If a blockchain is not highly available the blockchain has no value as it’s insecure.

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

Miners are financially incentivised to keep the network available.