Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1046

  1. It is important for blockchain network to have high availability to add value globally 24/7 and be available whenever and wherever

  2. Blockchain networks are highly available due to the incentives in the form of mining. .

#1047

Homework on High Availability - Questions

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

It’s important for blockchain networks to be high availability networks for two reasons.
The first reason has to do with maintaining global network security by providing widely dispersed, highly redundant 24/7/365 data verification capability. Without a sufficiently large number of nodes providing that capability, the network becomes more vulnerable to attack.
The second reason has to do with the applications that are built on top of the blockchain. If the blockchain network doesn’t have high availability, the applications that rely on it will experience a lag or disruption in service to its users, who could be spread across the world. High availability is a core feature of time-critical applications such as financial transactions and supply chain management, which require near-instantaneous response times to ensure real-time confirmation (was the transaction successful?) and auditing (can I see the transaction?).

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

Blockchain networks use the same mechanism to ensure high availability as they do to ensure high security. Every node in the network is financially incentivised through mining to help maintain a globally decentralised network. The more nodes there are in the network, the more difficult mining becomes as more nodes compete for mining rewards. However, if a part of the network experiences an outage or if certain nodes drop out of the network because the mining reward no longer justifies the cost of mining, mining becomes easier (and therefore more rewarding) in order to attract new nodes to the network. In this sense, the network behaves like a self-balancing ecosystem to maintain both high security and high availability.

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#1048

1 - It needs to be highly available network to increase the security of the blockchain

2 - People are incentivised to keep the network highly available through mining profits which protects the networks

#1049

  1. A live, distributed ledger needs to be available to achieve a trustless, stable system

  2. Reward for miners

#1050
  1. Blockchain is a global netowork. It has to be available pretty much non-stop in order to execute its functions properly. Especially when we consider the financial aspect of cryptocurrencies.
  2. Mining by which people make money. Everyone wants to make money so that enables blockchain network to have a high availabilty.
#1051
  1. Why is it important for blockchain networks to be high availability networks?
    -It is important for blockchain networks to have high availability because people have to be able to access it at any point they need to, especially for global adoption.
  2. What is it that enables blockchain networks to have such high availability?
    -Mining enables blockchain networks to have high availability through financial incentives.
#1052
  1. So uses can constantly transact
  2. The chance to ‘make money’, when it get quiet the rewards will attract people to mine. Also it’s decentralisation, if some nodes are down the others will still run fine.
#1053
  1. The world is running 24/7. During the day in China, one should be able to make a transaction to a company in Europe, where it’s night.
  2. It’s incentivised: people want to make money, so they mine, so they help the security of the system, which is then allowed to run 24/7/356 already for so long.
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#1054

The blockchain network is made to always be active without interruptions - this is only possible with an infrastructure, which ensures security and availability.

Profit, in terms of incentives or block rewards, for participating in securing the high availability of the network.

#1055
  1. It is important so it can run anytime 24/7/365 as it is a global network.
  2. Mining helps to verify transactions and to make the network secured. The miners are rewarded for verifying the network.
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#1056

Q1: As a global network it gives everyone access to the blockchain public ledger allowing for more transparency and to be accessible 24/7/365 is key for people wanting to conduct transactions that are located in different time zones and/or countries.

Q2: Miners are incentivized to verify transactions and keep the structural integrity of the network secure.

#1057

  1. Why is it important for blockchain networks to be high availability networks? So that transactions can always be verified and produced 24/7/365.

  2. What is it that enables blockchain networks to have such high availability? Everyone wants to make money. There are incentives that enables this such as when a block is produced the person receives right now 12.5 bitcoin soon to be 6.25!

#1058

Glenn_CostaRica

1. Why is it important for blockchain networks to be high availability networks?
Availability consists in the realization of “consistency” in one determining factor for a network devoted to serving people as a public good: being always there for you. Being available for any user that needs it under the rule of “24/7/365”. Blockchains that have scaled to this kind of consistency in their capacity to serve their users can turn into reliable public goods.

2. What is it that enables blockchain networks to have such high availability?
High availability is the result of an original design of incentives implemented in the immutable code, as well as of the network effect caused by adoption: if the network is built correctly and properly, rules deliver rewards to those that make the system highly available for the public. If a big number of collaborators – like miners in Bitcoin – abandon the system and generate risk of lowering the level of availability, soon, there will be more reward units to distribute in the network which will result in new collaborators entering the system and re-establishing the high levels of availability.

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#1059
  1. The network operates around the clock 365 days a year.
  2. They are incentivized through mining if miners go offline
    other miners come online.
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#1060

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    High availability allows the block-chain to be accessed globally 24 hours a day 7 days a week 365 days a year

  2. What is it that enables blockchain networks to have such high availability?
    Mining is how the network is protected. People have incentive to mine for block rewards to earn Money. This keeps the block-chain available globally

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#1061
  1. Why is it important for blockchain networks to be high availability networks?
  • Because the higher the availability of network, its security becomes stronger.
  1. What is it that enables blockchain networks to have such high availability?
  • They got incentives by joining the network, that more power you have the more you got incentive and everyone loves to earn money.
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#1062
  1. Incentives, either monetary or data access. Also, it brings a sense of stability. reliability, and convenience.
  2. Mining
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#1063

  1. because you have 24/7, 365 days network, which offers the market uses all the time.

  2. mining is incentive,therefore keeps people doing it for $.

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#1064

  1. Why is it important for blockchain networks to be high availability networks?
    It is a global system and available to anyone at any time. It is the longest running network of all time.

  2. What is it that enables blockchain networks to have such high availability?
    Because there is a global incentive to make money and there are always nodes working somewhere in the world.

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#1065
  1. Why is it important for blockchain networks to be high availability networks? - the blockchain is never offline - users can access the data 24/7 365 days a year.
  2. What is it that enables blockchain networks to have such high availability? - everyone has an incentive to keep it alive as everyone wants to make money. If a portion of the network dies other computers join the network because of mining.
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