Homework on High Availability - Questions

Blockchain and Bitcoin 101
#824

It is important that the blockchain networks have high availability to guarantee the security of the network and make it accessible anytime.
Mining (incentives) is what enables blockchain networks to have high availability

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#825

because it is designed for global supply chain data collecting 24/7 or 24/7 money transactions
because there is no single instance which can be down, someone in a network is allways up and running and so transactions can be verified

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#826
  1. So the system can work
  2. incentive trough a store of value currency
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#827
  1. It’s important for blockchain networks to be highly available for the security of the network.
  2. The monetary incentive is what enables blockchain networks to maintain high availability.
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#828

  1. For example, Bitcoin is always liquid. It is because the blockchain is running all the time, non stop. It is important since its a global network and everyone needs to have access to it any time.

  2. It has high availability because everyone that is in to mining, always wants to make money. The less people trying to profit from mining, the easier it will be for smaller miners to come in to the network. This is what makes the technology so invincible regarding of market conditions.

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#829

[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?
    So that the information is ready to use 24/7
  2. What is it that enables blockchain networks to have such high availability?
    Economic incentives for miners to keep working 24/7
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#830
  1. The blockchain network needs to be highly available to verify the transactions 24/7/365 days a year.
  2. Incentives for mining makes the blockchain network to be highly available.
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#831

  1. Because of verifying by consensus which is decentralized.

  2. Incentives, by making money.

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#832

  1. It is important for a blockchain network to be of high availability due to the nature of the blockchain. If it is to act as a network that is immutable and has provenance, it cant be without presence - it should always be available. If the network goes down and the perceived value on the blockchain is no longer available it would be catastrophic.

  2. Blockchains are able to have high availability as each user of the network has a copy of the ledger. Miners are incentivised to keep the network operational through an algorithm that adjusts a difficulty on the network for the miners to receive rewards. The algorithm is designed in a manner in which higher rewards are provided the fewer miners there are, thus new miners are better incentivised to join the network to ensure it is sustained/available.

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#833

Homework on High Availability

Why is it important for blockchain networks to be high availability networks ?
It needs to be a high availability network because it allows for 24/7/365 access. A blockchain network is a global network and this ensures that any user anywhere can use the features of the blockchain at any time.

What is it that enables blockchain networks to have such high availability?
The blockchain is an incentivized network. There is an incentive for a node/nodes to stay active because staying active allows for mining (making money) as a result of which nodes will stay active and there are always more nodes willing to replace inactive nodes.

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#834
  1. It provides top level security
  2. because it is an incentivized network
#835
  1. So lawful global commerce can go on without interruptions and facilitate vibrant economic systems.
  2. If one or several parts of the computer network go down for some reason, the whole system is not at risk and other computers will jump in the network to take up the slack.
#836

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

High availability equates to reliability. The network should always be available if it has a global initiative. Also this allows the network to become more robust and secure due to more nodes verifying the blockchain, which means more validated copies of the chain.

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

Nodes are incentivized to keep the network running.

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#837

  1. High availability is important for reliable access of the database. It also helps maintain continuous incentives for miners.

  2. If one computer crashes, another one will take up that work. They are incentivized to keep the network alive and running through mining. ie. profit is the incentive.

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#838

Why is it important for blockchain networks to be high availability networks?
To maintain the security of the database

What is it that enables blockchain networks to have such high availability?
They are a distributed network of independant nodes running 24/7/365.

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#839
  1. So they operate without failure 24/7/365 to process transactions continuously & for security of the network.
  2. The number of nodes in a network operating in a distributed 24/7/365 manner.
#840

  1. It’s important to have high availability, because it can serve the whole world anytime of the day and night.

  2. Mining makes this possible

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#841

Rodolfo Pozo Answers:

  1. High availability makes blockchain network offer more value than regular banks for example that takes 3 days for international transactions + they charge you a lot of commission!
  2. What allows blockchain to have a high availability is the Mining Mechanism which is the way that people/companies receive incentives to do the job of validation. By doing this they contribute to keeping the network running while making money.
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#842

1 - A global network needs to be open 24/7 365 days a year to enable anyone in the world to access it and Blockchain achieves this.

2 - Blockchain is able to achieve high availability through incentives or block rewards given to miners. These rewards are automatically adjusted depending on the demand of the network

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#843

  1. It is important because it would be useless if the data on the blockchain is not available at any time, all the time.

  2. There are incentives for individuals to keep the blockchain active and running 24/7 by mining. If current miners leave, it will be even greater incentive for new ones to join.

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