Homework on High Availability - Questions

Blockchain and Bitcoin 101
#984

  1. Keeping the blockchain network highly available ensures continued utility and security

  2. Peer to Peer network nodes are incentivised to keep the blockchain network available. In addition, and owing to the intrinsic quality of being decentralised, when a node drops, it does not render the network unavailable, unlike what would occur with a centralised network.

#985
  1. Why is it important for blockchain networks to be high availability networks?

In order to attain a constant higher security (hashrate) through number of miners and nodes, the bigger the network the harder it becomes to attack hence why it needs uptime of 99.9infinity.

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

Financial incentive provided by consensus algorithm, in Bitcoin case, Proof of Work, to miners.

#986

  1. Why is it important for blockchain networks to be high availability networks? – it is important that blockchain have availability networks as to allow access 24 hours a day 7 days a week.

  2. What is it that enables blockchain networks to have such high availability? – Incentives of mining coin enables such high availability

#987

Blockchain is global infrastcture and must be avaiable 24/7.
Incentivisation

#988
  1. They need to be running 24/7/365 and have a lot of miners to make the network more secure. If there isn’t a lot of miners, there isn’t a lot of consensus among the network and faith in the concept is lost.
  2. Miners have incentive to keep the system running. The more miners, the more secure the network.
#989
  1. Why is it important for blockchain networks to be high availability networks? Because its global and if everyone’s using it globally it must remain available, convenient and viable.
  2. What is it that enables blockchain networks to have such high availability? Incentives! When everyone is mining security is high, mining is how the network is protected! Mining is how people make money protecting the network.
#991

I wonder how it was when the blockchain goes online for the first time. How many nodes were there on the first day?

#992
  1. It is important so that the financial or any other system that is relying on blockchain never sleeps. If we want to make a transaction at any particular hour over the day across the world, we donot want to rely on the other entity to wake up and make the transaction go through like we have in current financial system/banks.
  2. Miners are given incentives to keep the network awake & if somehow some miners in the network dissappear due to power shutdown or internet shutdown or any other reason, new miners jump in as the difficulty reduces and they make the network secure and get incentives.
#993
  1. the desire to perform financial transactions is 24/7 esp. in a global context
  2. as miners go offline the financial incentive to mine increases, motivating other miners to come online
#994

  1. Why is it important for blockchain networks to be high availability networks?
    Because it is a global network and it needs to be 24/7/365, it is always on for anyone to transact at any hour of the day or night.

  2. What is it that enables blockchain networks to have such high availability?
    The incentives for miners to make money, miners then protect the network and keep it going.

#995
  1. Why is it important for blockchain networks to be high availability networks? Global reach is a factor, accessible to all. If not available to some then this would be control, a centralised issue.
  2. What is it that enables blockchain networks to have such high availability?
    Always on and never down. This owing to the algorithm and a collective desire to make it work through profit.
#996

1.Why is it important for blockchain networks to be high availability networks?
A truly global internet currency needs to be avialable at all times
2.What is it that enables blockchain networks to have such high availability?
The collection of computers and miners connected to create the entire network.

#997
  1. Why is it important for blockchain networks to be high availability networks?

Is important as everyone can have access to the network 24/7/365 which make all the transactions to be complete anytime without asking if the network is on or not.

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

The miners are making the network to have such a high availability so if for any reasons a portion of the network dies automatically other people or computers will join the network which will keep the security high at all times on a Global level.
Another aspect of this high availability is that the miners are protecting the network to be available all the time and in the same time people are making money from protecting the network which again this guarantees all the time an high security level.

#998

  1. Point is “stay online” 24/7/365 in finance,shopping and in the other blockchain application globally.

  2. Incentivized miners. If someone stop mining on the other side someone new starts coz it easier at the moment - nonstop security flow

#999

  1. Posible fairness with different parties

  2. Incentives

#1000

1 Because:
a) Global value transfer system must be, indepent of time zones, always ready to use from all over the world.
b) there is a positive correlation between the number of available nodes any time and the level of security. (Fewer miners means less security)

2 The rewards (Proof of Work, transaction fee) incentivize miners/nodes globally to work 24/7

#1001

  1. It’s important for blockchain networks to be high availability networks for miners to stay incentivized and for critical applications to continue running around Ivan’s atomic clock!

  2. Money incentives enables blockchain networks to have such high availability?

#1002
  1. Why is it important for blockchain networks to be high availability networks? SECURITY
  2. What is it that enables blockchain networks to have such high availability? MONETARY INCENTIVE
#1003
  1. It is important because they are available 24/7/365 unlike any other solutions, which makes them unique.
  2. Everybody is incentivized to keep it alive because of the common goal of making money.
#1004
  1. The network need to be able to verify any transaction at any time
  2. The incentives make sure it is always available because everyone wants to make money.