Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1026
  1. Because money and trading is important and this enables constant trades and transactions.
  2. The code is always “running” and protected by miners.
#1027
  1. High availability means that there are many miners building blocks and the more miners there are building blocks the stronger the network becomes. The stronger the network becomes the more secure the network is and in the end security is the most crucial part of this decentralized network’s long-term viability.
  2. Incentives. Miners are rewarded for their work. Due to incentives their will always be miners building blocks.
#1028

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  • We need air for our bodies network to function, our cells are paid in oxygen. If there is no availability then there is no life. The primary use case right now for blockchain is the current application focus, money or currency, (depending on your definition) which is the medium of exchange the markets are forced to use or that is/are chosen by market participants. If the medium of exchange isn’t available then the network is useless. Every thing to be necessary in an economic system must have a use case and must be readily available for that use case.
  1. What is it that enables blockchain networks to have such high availability?
  • The fact that the software has been distributed across the world, the incentive structure for miners and node runners to keep the network up and running and the consensus of the network users that this market tool is valuable has kept bitcoin at such high availability up until this point. We shall see what the future holds!
#1029

It is important for blockchain networks to be high availability networks because the need for them is 24/7/365 - transactions may need to be carried out at any time. Also, because high availability makes users more confident in the reliability of the network.

Factors that enable the blockchain networks to have such high availability are; a) that there incentives to do so (mining), b) being global the networks will have facilitators in many time-zones and c) because there is a copy of the ledger on every node, if some are out of operation, the others can still operate.

#1030

  1. It is important for blockchain networks to have high availability networks bease it aims to provide a scure global structure. Therefore, it has to be online all the time.

  2. Financial incentives. That is, mining.

#1031
  1. Blockchain is constantly online 24/7, 365 days a year and if it wants to have high use case in the future it cant be something that only functions part time or is prone to systems going offline and not allowing users a constant form of engagement. Everyone has financial incentive to keep the network running and the more people who have access the more secure the network will be.
  1. The fact that it is a decentralised network means that if a portion of the network dies or has issues (electricity, money, software) immediately other computers will join the network because of mining. When many people are in the network and mining the network security is high and difficulty of mining is high. Mining is how we protect the network and how people make money from the network. When lots of people stop mining it becomes easier, meaning more people will start again and security goes up again. This is how blocks are produced.
#1032

  1. As an evolutionary step for the internet, finance and logistics combined it is important to look back at the faults of what we are trying to improve. Blockchain networks need to be 24/7 or as close to that as possible in order to keep up with a modern user that is global and flexible.

  2. Decentralized nodes operating both independently as well as combined are the strength of a blockchain network. If a node fails due to lack of power or any other issue the network remains.

#1033

  1. Transactions can be made 24/7, 365 days a year. Downtime could cause panic.

  2. Decentralization, redundancy and self regulation

#1034

  1. It is important for the Blockchain to be highly available because many Financial services and other use cases…especially Global ones…depend heavily on the underlying infrastructure to be always available.

  2. If some of the nodes in the network experience problems, and go offline, other (new) nodes will come online to take up the slack.

#1035

  1. High network availability leads to higher decentralization wich is key for security.

  2. Blockchain networks are open, so it is easy to reach them. Also, there could be some incentives for helping a network such as cryptocurrency that motivates miners.

#1036

  1. It is operational 24/7/365. It is incentivised. In a case of error that occurs in the network there is another computer that takes over.

  2. Peaple want to make money.

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#1037
  1. Since these are global networks, they need to be accessed at any time.
  2. Since every node is connected on the network, if one goes down, the data can still be traced with the other nodes. There are copies of the “public ledgers” on other nodes. It has also achieved high availability through incentives because we all want to make money. When there is a low demand, miners are better rewarded. When there is a high demand miners are rewarded less. This keeps the value stable.
#1038

1- High availability grants security but can also determine if the infrastructure is valuable enough to sustain a global financial system.

2- The reason is financial incentive. Those incentives become smaller as the number of miners grow resulting in higher dificulty, as this happens mining becomes less profitable and miners start to give up on mining wich results in lowering dificulty and greater profitability. This brings new miners and restarts the high availability loop.

#1039

  1. As a global network blockchain’s utility would be seriously compromised if it had limited accessibility.

  2. Miners are incentivised to keep the network going so downtime is minimised.

#1040

So that they are available all the time.
24/7 availability

#1041
  1. It is important for blockchain networks to be high availability networks because systems, like the finical system, cannot afford to be down.
  2. Incentivized proof of work mining enables blockchain networks to have high availability.
#1042

  1. Because it’s one of the key features gives a 24/7/365 of availability, and have an uptime of 100% to ensure all the time the state of each block

  2. Because all the nodes has all the information, and anyone could join and run a full node, plus the participants of the networks has incentives for helping the network

#1043

Its important for blockchain networks to have high availability so that the network will always be functioning for profit.
Blockchain networks have high availability because they have incentive to keep the network functioning so they can make money.

#1044

  1. Why is it important for blockchain networks to be high availability networks?
    needs running 24/7/365, globally network

  2. What is it that enables blockchain networks to have such high availability?
    incentive miners to keep blockchain HA.

#1045

1.They need to be completely reliable - open 24/7! Otherwise they can’t be depended on.

  1. There is always people who have incentive to be part of the network and earn money.