Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1066

1- Blockchain availability is crucial in almost every application for which it is used. Business, financial, medical, government, transportation, are all examples of uses that would need the available to be 24/7-365

Coming into Crypto (blockchain) as a Gold/Silver and Forex trader I was always impressed how the above markets would close on weekends, only run business trading hours and Crypto NEVER SHUTDOWN!!!

Blockchain NEVER SLEEPS!

2- Primarily Mining and Incentives for mining. Miners create and maintain the Blocks to make money. Too many get in, mining gets harder and less profitable so some leave. When they leave the make mining easier and more profitable. This ensures that there will always be people willing to mine.

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#1067

  1. High availability allows for 24/7 transactions and interactions as opposed to a 9-5, 5 day week banking system.

  2. Blockchain networks are never offline as even if one geographic area of the network goes down, the overall network will continue to operate everywhere else around the planet

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#1068
  1. Why is it important for blockchain networks to be high availability networks?
    Do that people that are depending on them can access the blockchain when they need to and also to ensure the integrity of the network data
  2. What is it that enables blockchain networks to have such high availability?
    The miners who are incentivised to process transactions of the network. The more the demand the higher the incentive.
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#1069

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

It’s important because this is what allows the network to maintain high levels of security. For it to be secure and reliable it needs to be operational 24/7/365. Without high availability a financial network would be unreliable and useless.

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

Financial incentivization (through mining).

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#1070

1: You need access to the system 24/7/365.
2:There are many miners who are incentivized to process the transactions

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#1071
  1. it keeps network security at high level due to redundancy of system and being constantly available.
  2. it’s incentivized financially.
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#1072

  1. Why is it important for blockchain networks to be high availability networks?
    As a system of value, blockchain networks must be highly available to ensure trust in and the security and utilization of the network.

  2. What is it that enables blockchain networks to have such high availability?
    The high availability of blockchain networks is attributable to its distributed architecture and the use of incentivized mining to maintain the state of the blockchain.

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#1073

Just because something has high availability does not mean it is becoming more secure. If banks worked every day in a year for 24 hours straight, would that make them more secure than they are now? Of course not. It is important people have access to financial transaction every second of the day. Which brings me to the second question of this homework. Nothing stops banks to cut down on their working hour. Bitcoin mining enables us to make sure that the network will stay on high availability.

https://www.buybitcoinworldwide.com/bitcoin-uptime/

Bitcoin was last down on Jan 3 2009 02:54:25 GMT. High Availability!

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#1074
  1. Why is it important for blockchain networks to be high availability networks?
    Because many applications will run over this technology like a finance application if someone is buying something and the Dapp is no available will not use any more.
  2. What is it that enables blockchain networks to have such high availability?
    There is a big network conforming for a lot of computers if one of these fails we still have many others and also another one can join the network replacing the computer that failed also these computers do something calling mining this means that they are receiving money for having these computers in the network, so they are incentivized to have this running.
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#1075

1- The high availability 24/7 365 days a year enable anyone in the world to access the blockchain network.
2-The blockchain network achieves high availability through inventives and block rewards to miners.

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#1076
  1. Because they need to be able to talk to the entire community worldwide continuously as data is updated by the second.
  2. Incentives
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#1077

1. Why is it important for blockchain networks to be high availability networks? It’s important for blockchain networks to be highly available because transactions need to take place around the clock. Furthermore, a highly available network is less vulnerable.

2. What is it that enables blockchain networks to have such high availability? Blockchain networks have such high availability because they encourage nodes to join the network through incentives.

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#1078
  1. Needs to be available for use in mission critical applications (Financial, Industrial e.t.c)
  2. Incentivizing miners.
    -Network goes down difficulty drops
    -Lower difficulty makes mining more profitable
    -New miners join chasing new profits
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#1079

  1. Why is it important for blockchain networks to be high availability networks?
    This is because BlockChain is built to have host and maintain financial transactions and important transactions for different industries. So it is imperative that they should be High Availability Networks

  2. What is it that enables blockchain networks to have such high availability?
    Availability of large no of nodes across different geographies ensures High Availability

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#1080
  1. It is useful for new blockchain apps and it generates money.
  2. The blockchain networks is decentralised and thanks to mining it never stops to get high availability, it generates money which gives interest to mining, and when some computers stop mining for some reason, others in some other local can get the possibility to start and generate money too.
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#1081

  1. Blockchain was created to solve a demand of “one global economy” integrating all the systems 24/7/365. Since the economy never sleeps, it must be high available in order to meet its purpose and allow people to use it.

  2. Incentives enable blockchain to have such a high availability since everybody wants to make money. This happen through mining process and creating an environment of multiple controls instead of single point of failure.

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#1082

  1. Why is it important for bloackchain networks to be high availability networks?
    HA is essential for applications running on it.

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

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#1083

1). Because Blockchain is Global and must be available 24/7/365.
2). A global network utilized 24/7 with Miners who are incentivized keep it going. The desire of everyone to make money keeps the Blockchain protected and utilized always.

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#1084
  1. Why is it important for blockchain networks to be high availability networks?

It’s global and it takes care of transactions that may be crucial in time and space as it supports value. To be trusted you need an application to show reliability and availability

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

The blockchain doesn’t live on one single server, but is distributed throughout a network of nodes. Everyone is incentivized to keep the blockchain protected an alive trough the system of mining for money.

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#1085
  1. As global networks, they must be accessible through all time zones.
  2. Incentives to miners encourage them to continue to process data
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