Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1005
  1. Why is it important for blockchain networks to be high availability networks?

High Availability needs to be maintained to keep the network secure and provide access for all the nodes in the network to perform and continue the verification by consensus.

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

Networks/databases can be accessed around the world 24 hours a day, with the worldwide distribution of nodes and in Bitcoins case the monetary incentive to mine bitcoins means the network is constantly in use. The amount of nodes performing mining depends on the difficultly to mine Bitcoin and the amount of miners mining BTC. This means that there are always nodes working to verify transactions by consensus at various locations around the world.

#1006

  1. It’s important for blockchain networks to be high availability for the following reasons:

    • High availability is necessary to run financial networks and applications. Financial networks and applications are highly critical, so the systems that they are built on have to be extremely robust and highly available.
    • The high availability of blockchain gives financial systems the 24/7 365 availability that is required.

  2. The following is what enables blockchain networks to have such high availability:

    • The financial incentives attached to mining are what allows the blockchain to have high availability.
    • If a part of the blockchain network goes down for some reason, there is always capacity waiting on the sidelines to step in and plug the capacity deficit.
    • The decentralized nature of the network means for example, if the network lost some capacity in China, then an entity from say Iceland could step in to plug this deficit immediately, rather than the network having to wait for the the capacity in China to come back.
#1007

1.Why is it important for blockchain networks to be high availability networks?
No network in the world has been performing that well and been so accessible 24/7 365 and everyone is incentivized.
2.What is it that enables blockchain networks to have such high availability?
Mining is security.everyone wants to make money.
building things on top of the blockchain network

#1008

1.- To keep high level of security in the networks.
2. - Incentivize everybody in mining to keep it a live, because everybody wants to make some money.

#1009
  1. The world is moving in the direction of automation with digital workers which are also able to perform tasks 24/7. Therefore we need an infrastructure that is available to process those transactions at any given time without having to wait for business hours.
  2. I believe smart contracts allows the agents to self execute without the intervention of humans and therefore being able to create more autonomous platforms that have high availability.
#1010
  1. High availability networks are important for participants because it means there won’t be failures in the network. 24/7/365 participants can trust the network to deliver what is expected.
  2. The incentive for miners enables the network to have such high availability. If one computer fails, others will take its place based on the difficulty of mining decreasing. This feature ensures high availability for all participants.
#1011
  1. A global network is open 24/7/365 days a year and anyone in the world can access it.
  2. Blockchain is able to achieve high availability through incentives. If power is shot down or software is not working imidietly other computer will join the network beacuse of mining.
#1013
  1. because sensitive matters like monetary applications or supply chains need acces 24/7/365
  2. decentralized infrastructure and incentives
#1014

  1. Blockchain network needs to have high availability, because it is a tool that we use in every day life. One of the big parts of blockchain is DeFi (Decentralized Finance), which means that it needs to be available 24/7, so that transactions can go through.

  2. Blockchain is able to have such a high availability because of it’s base structure. Blockchain network is running on nodes/ledgers that keep being active because of incentivisation or in other words block mining machines and people behind them that are core of this network.

#1015
  1. If users cannot rely on the transaction capability to be always there, they will stop depending on it and stop using it.
  2. Highly distributed, internet-based network and data store.
#1016
  1. Why is it important for blockchain networks to be high availability networks?

Everyone wants to make money. The Blockchain network has a solid infrastructure, so it is accessible 24/7, 365 days per year. This makes money opportunities available 24/7.

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

If something happens to the network - power outage, Mother Nature event, other computers join the network. Miners are incentivized to participate in the network. When mining slows down or stops in one area, others are incentivized to pick up on mining because it becomes easier. This keeps the network globally robust.

#1017

Why is it important to be highly available network -
This is important to increase the growth and security of the network. The more available the network is to everyone the more decentralized and secure it can be. This also promotes growth of the network and makes it able to grow as fast as it is available to people.
What enables blockchains to have high availability -
Being based on the internet allows blockchain tech to be available to anyone with an internet connection who wants invest in the mining equipment or the network consensus.

#1018

  1. It is important for blockchain networks to be high availability networks because the available incentives keeps it running via mining -which in turn keeps the network secure.

  2. What enables blockchain networks to have such high availability is the incentives that ensure that miners keep the network running.

#1019
  • Why is it important for blockchain networks to be high availability networks?

So they can be used non-stop globally, and the 51% attack is not possible.

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

Incentivisation of miners and difficulty adjustment (ease of getting a reward). Less miners -> adjust difficulty down -> easier to get reward -> miners coming in for easier reward -> adjust difficulty up -> some miners switching off their rigs due to low profitability -> less miners etc

#1020

  1. They must be high availability for liquidity and to conduct business.

  2. “Incentives” keep the world moving, by making sure people doing the work getting paid correctly (miners), then markets have to adjust to prices. no one likes to do business for free

#1021
  1. Why is it important for blockchain networks to be high availability networks?
    its important to protect for security bigger consensus validate the network
  2. What is it that enables blockchain networks to have such high availability?
    the incentive to earn crypto to to keep the network availability high
#1022

  1. It means the service is always accessible, 24/7/365, and that at all time the software is being run by many miners. So it’s always accessible and safe.

  2. It’s its decentralised structure. At any given point in time there are always miners running bitoin all around the world, so it never stops, and stays always available.

#1023

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

  • So the network can continues to work without any interruption on its operation and therefore not to disrupt the service experience.
  • To maintain security.

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

  • The miners that keep the network running by confirming all incoming transactions.
  • The reward distribution that is been given by the network that ensures that a balance is kept.
    More miners -> Lower reward
    Less miners -> Higher reward
1 Like
#1024

  1. The reason blockchain networks need and have their high availability is for example with financial transactions, It’s up 24/7/365 with high security due to the amount of people using it, if people stop mining, more people will start. This adds to the security due to all being globally shared.

  2. Due to Incentives, or miners if you will. Having a globally shared ledger that is accessable 24/7/365. In other words it if one copy of the ledger goes down, all the other copies still run keeping it accessable 24/7/365.

#1025
  1. It is important for blockchain networks to be high availabilty networks because they are incentivized to keep it alive.
  2. The mining is the key of the Bitcoin blockchain network.