Homework on High Availability - Questions

Blockchain and Bitcoin 101
#744

  1. It needs to be online 24/7, 365 days a year

  2. Because miners are rewarded, incentive to make money

1 Like
#745

1- It is important for blockchain networks to be high available because a secure global network is needed.

2- the nodes enable blockchain network to have high availability because if one goes down there is a copy of the ledger on all the other nodes. and because of incentives.

2 Likes
#746
  1. Why is it important for blockchain networks to be high availability networks?
    High availability networks increase security, that is, the more participants, the lesser the likelihood of the network being compromised.
  2. What is it that enables blockchain networks to have such high availability?
    There is no inherent limit to the numbers of participants, and they are rewarded for their participation(mining).
1 Like
#747
  1. Why is it important for blockchain networks to be high availability networks?
    Because they are financial networks servicing people around the clock, and obviously, obviously, we need high availability when handling peoples money.
  2. What is it that enables blockchain networks to have such high availability?
    It comes down to mining and mining difficulty. If a large portion of the network, for some reason, goes down, then mining difficulty drops, and more miners steps inte the game.
1 Like
#748

  1. This allows for anyone to join in and participate in the network of validation.

  2. The fact that the blockchain is always operating 27 hours, 7 days a week, 365 days a year.

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#749

1.a global decentralized network must be fully accessible to users all time
2.incentives=mining=network high availability

1 Like
#750
  1. Because everyone always wants to money and it would be impracticable for people to use in the future if it didn’t have high availability
  2. there is copies of ledgers on other computers meaning if one goes down there will always be another one to take its place.
#751

[quote=“ivan, post:1, topic:8426”]

  • Why is it important for blockchain networks to be high availability networks?
    It is a global network and therefore a 24/7 365 day availability renders it accessible to the whole network for the whole of the time.
  • What is it that enables blockchain networks to have such high availability?
    [/quote]Because of the miners who are constantly creating the blockchain. If any miners drop out they will be immediately replaced with other miners.
1 Like
#752

It is very important for blockchain networks to be available at all times. For usecase, security and adoption people have to be able to participate in the network 24/7.

Incentives is what enables networks to have high availability. When miners make money but for some reason fall out, the difficulty for other miners to join in decreases and for that reason the network always finds nodes willing to participate.

1 Like
#753

  1. It is important for blockchain networks to have high availability because you can’t use the technology – for example send money – when the network is down (which of course would deter people from using the technology).

  2. Blockchain networks have high availability because everyone is motivated to keep the network alive through monetary incentives. When part of the network dies the mining difficulty decreases and therefore new/other people are incentivized to start mining.

1 Like
#754

  1. For the blockchain to be operational it needs to be available 24/7/365, otherwise new consensus can’t be achieved.

  2. Because of the incentives the protocol provides, some participants will always be incentivized to keep the network running, and therefore it is available 24/7/365.

1 Like
#755
  1. Why is it important for blockchain networks to be high availability networks?

In addition to transactions, blockchains are used for running dApps, stashing data- even real-time data, and executing smart contracts, each of which needs to be accessible on demand to be an effective system.

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

Blockchain networks run on networks of independent nodes, which can be anywhere in the world. There is always someone awake and online. :slight_smile:

1 Like
#756

  1. Why is it important for blockchain networks to be high availability networks? It is important to maintain a 27/7/365 infrastructure because it is important for any global financial system. High availability keeps the network secure.

  2. What is it that enables blockchain networks to have such high availability? Miners are incentivized to protect the network.

1 Like
#757

#1 - It is important to be highly available for blockchains, so the applications build on top are always accessible

#2 - The incentive-structure of eg. mining

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#758

Its important that you can make transactions 24/7

If some miners leave the differculty goes down and new miners will jumo in and secure the network again.

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#759

  1. High availability is essential because popularity in use always trends towards the most efficient system. A system which is more efficient will always eventually beat out other systems. Bitcoin being a global payment network needs 24/7 availability to be competitive in the financial marketplace.

  2. It is miner fees and block rewards that incentivize miners to maintain and secure the network around the clock.

1 Like
#760

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    Because with high availability you are able to use the blockchain 24/7/365 all around the world.

  2. What is it that enables blockchain networks to have such high availability?
    Financial incentives make the miners stay active and keep the network running

1 Like
#761
  1. High availability is important for mass adaptation as if it makes the network more secure and useful
  2. Financial incentives for miners make the network highly available as it runs 24/7
1 Like
#762
1. Why is it important for blockchain networks to be high availability networks?

High availability increases the security of the network. More miners means it’s harder for bad actors to take control of the network.

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

High availability is a consequence of the financial incentive to mine- the Block Subsidy (reward) and transaction fees. If for whatever reason less miners are mining this makes it easier to obtain the reward. This provides incentives for more miners to start mining, increasing the security of the network.

1 Like
#763
  1. So it can be accessed at anytime.
  2. The network is available in many places at ones because of miners.
1 Like