Homework on High Availability - Questions

Blockchain and Bitcoin 101
#804

The decentralized network of computers across the globe that utilize blockchain technology for data and value transfer primarily for monetary gain.

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#805

  1. Why is it important for blockchain networks to be high availability networks?
    High availability, running 24/7, and can be accessed at any given time.

  2. What is it that enables blockchain networks to have such high availability?
    Making more money therefore if other networks were to crash, they will join right away.

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#806

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

Because HA one of the main features of the blockchain network (let’s say the Bitcoin). It’s also the main competitive advantage when compared to the traditional banking system taking days for a ‘funny money’ transfer. And of course, the Cobol main frames need to cool down on weekends.

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

Miners are incentivized to take part in the blockchain network when the difficulty drops, which makes it easier for them get their reward. This way the network self-regulates itself and tends towards an optimal difficulty level.

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#807
  1. In order to create equal opportunities for all participants
  2. Low barriers to enter.
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#808

It is important because it one of many attractive qualities of blockchains. People all over the world no matter what time it is have access to the network to transact as needed.

the monetary incentives a.k.a mining rewards enables the networks to have such high availability.

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#809

[quote=“ivan, post:1, topic:8426, full:true”]
Homework on High Availability - Questions

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

             You want a network that will never be down running 24/7/365 and the bitcoin network has done this since inception

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

              The miners who secure the network whom are incentivised to be honest with bitcoin rewards.
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#810

Homework on High Availability - Questions

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

  • A high availability network means a high security network.
  • The more nodes available in the network, the higher the level of security
  • Higher level of security ensure all transactions in the network are verified and possible security risk are identified and avoided

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

  • Blockchain networks is a distributed network form with different nodes distributed geographically
  • Nodes distributed geographically provide a mean of a reliable network
  • If one or more nodes are down, the network can still continue working transparently
  • Nodes in the network are (monetary) “incentivized” to remain online, ideally 100% of the time. This enables the blockchain network to provide such higher rate of availability
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#811

Because people need to be able to access their funds at any time.

Mining. Difficulty decreases id less people mine and increases when more people do.

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#812

  1. Why is it important for blockchain networks to be high availability networks?
    It is crucial that the blockchain networks to be high availability to enable all the core and unique features of blockchain alive. If it wasn’t available it would pointless and not used.

  2. What is it that enables blockchain networks to have such high availability?
    High availability is maintained by large numbers of globally distributed and financially incentivised blockchain nodes. If nodes become inactive, the financial incentives increase, which in turn attracts more new nodes again keeping availability high and secure.

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#813
  1. The internet is a high availability network. Can you imagine if you could only use the internet 9 to 5 or just on weekdays? So much of our lives are affected and woven into participating on the internet that not being able to do so would seem like a major infrigement of your rights and freedoms. This is why blockchain networks need to be high availability networks. As well as increasing security and making business opportunities available 24/7.
  2. Because blockchain networks work on a principle of decentralisation, there is no single point of failure. A centralized system might require downtime for maintenance. Decentralized systems do not. There is always a portion of the network operating, and there are highly attractive incentives that attract new participants, even if existing participants leave.
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#814

  1. because the blockchain holds value and needs to be accessible for multitudes of users.

  2. Its open all the time, has incentives within the network, and the highest security

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#815
  1. It is important for blockchain networks to be high availability networks because users need to be able to access these blockchains at any times. for example in banking if the server goes down people cannot make or recieve transactions which is disruptive. the same would be the case for a blockchain payment network such as bitcoin. If the network has low availability people will not be able to use the infrastructure when needed.

Its also important the maintain high availability to keep security high. If the network has low availability this would mean that the number of miners and nodes would be low making the network vulnerable to a hack as the hashrate would be low. It could potentially mean the network is not immutable.

In order for economies and networks to be built on a large scale the infrastructure in the case of a blockchain will need to be good. An infrastructure is something that facilitates an activity and is the core foundations of a network. Look at for example roads or the internet. If neither of these had high availability the infrastructure would not be very good and likely ineffective. Imagine only being able to drive for 1 hour of the day. or only being able to access the internet from a terminal with one every 1 mile, it is the infrastructure that dictates the success of these networks. The same is true for blockchain. Solid infrastructure = fluidity for the transfer of values & a secure network.

  1. What enables blockchain networks to have high availability is the decentralised and distributed nature of the blockchain. Assuming we have 100 nodes running a chain. if 20 of the nodes go offline due to a fault, the other 80 nodes can still keep the network online.

Furthermore it is the incentives provided to miners/nodes to keep the network active. Mining fees/Block rewards incentivise nodes to stay online and support the network. If miners close down the hash rate of the network drops and the difficulty of the Proof of work algorithm lowers incentivising new miners to join the network. Essentially as the difficulty drops mining profitability increases which leads to new miners replacing those who have left the network.

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#816
  1. Why is it important for blockchain networks to be high availability networks? Because by blockchain being a global network it needs to be secure and accessible 24/7/365.
  2. What is it that enables blockchain networks to have such high availability? People(miners) on the network are incentivized to participate and protect the network, meaning everyone makes money.
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#817

  1. Why is it important for blockchain networks to be high availability networks?
    The network runs 365/24/7. If access is interrupted then a lot of users would not be able to use the global network, making it ineffective.

  2. What is it that enables blockchain networks to have such high availability?
    Everyone(miners) wants to get incentives to keep the network secure and running.

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#818

  1. Blockchain networks need to be highly available because in the highly digital world we live in you need to have access to something like money at all times.

  2. Blockchain networks are enabled to be highly available by the fact they run on the internet and they are decentralized which makes them very tough to sensor, change, or shut down.

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#819

Why is it important for blockchain networks to be high availability networks?
Using bitcoin as an example for currency, if the network was not available when you were to buy a product it would be completely useless. It is important for blockchain networks to be available when used and to obtain information. These networks are global and should be running 24/7 when there is a need.

What is it that enables blockchain networks to have such high availability?
Incentives makes the network available. If one server or computer is down, many others are still available thanks to decentralization.

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#820

1. Why is it important for blockchain networks to be high availability networks?
The amount of data readily accessible on a high availability network provides stability and security to the network.

2. What is it that enables blockchain networks to have such high availability?
Blockchain networks sustain high availability because of the incentivization towards successfully participating in the network.

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#821
  1. The more parties (network users) involved, the higher security level of the network.
  2. An incentive (coins from mining) — the fewer people mine coins the easier it becomes for the current miners. More people join mining when it’s easier, but this makes the total number of miners to grow. This causes the difficulty to increase so people gradually stop mining. That’s how incentive keeps a proper balance of the miners, which enables blockchain high availability.
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#822
  1. Why is it important for blockchain networks to be high availability networks?
    • Financial transactions occur throughout the day. Thus, having high availability ensures that an party can make transactions whenever they need to.
    • High availability also ensures that anyone running mission critical software can trust that the network running/powering their software is accessible.
  2. What is it that enables blockchain networks to have such high availability?
    • Users are incentivized to keep the blockchain network online.
    • Mining is how people are incentivized to protect the network and keeping the network online.
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#823
  1. Because the security of the blockchain will increase. And ofcourse you want the contents of the blockchain to be online and useable 23/7/365. We are talking about a world wide almost instant payment method.
  2. Nodes will proces transactions and mine blocks for a reward. More nodes online meaning more secure network and 100% availability.
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