Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1166
  1. Why is it important for blockchain networks to be high availability networks?
    It’s important that everyone has access to money. Everybody want’s to make money. Bitcoin is available 24/7/365 everywhere for anyone who has access to the internet. This is highest availability of any kind of money.
  2. What is it that enables blockchain networks to have such high availability?
    The fact that it is mined by many people around the world. Anyone can run their own bitcoin node and be part of making network available and secure.
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#1167

Answer 1:
A block-chain gives access to information and value.

Answer 2:
The amount of redundant nodes in the network.

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#1168

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

Financial transactions and other business must be 24/7/365 and they are global. They must be available always.

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

The network. All computers are mining all the time to validate the transactions (and make money) so they guarantee the availability of the system.

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#1169

  1. So that the “system” can be available 24/7/365.Used by anyone, anywhere, at anytime. The more users, the more secure.

  2. Many different nodes/computers that have the blockchain-ledger so that in case one section/part goes off, others will carry on with the blockchain-ledger. They want to do it because of the incentives.

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#1170
  1. Why is it important for blockchain networks to be high availability networks?
    because people want money.
  2. What is it that enables blockchain networks to have such high availability?
    because everyone is incentivized to keep it alive.
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#1171

Why is it important for blockchain networks to be high availability networks? Because as long as there are more users and also intensive use of the network, a high level of security can be maintained.

What is it that enables blockchain networks to have such high availability? The incentive behind the mining of blockchain promotes the continued use of the network which results in high availability

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#1172

  1. It’s important for blockchain networks to be high availability because it allows for the systems to be accessed at any time, with virtually no downtime.

  2. Miners secure the network and allow for high availability by mining, even if some miners were to stop, others most likely take their place due to the incentives, therefore keeping the network secure and always running.

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#1173

  1. Why is it important for blockchain networks to be high availability networks?
    So it is always up and running 24/7 and use it.

  2. What is it that enables blockchain networks to have such high availability?
    Because of the incentives. To create a reward by participating in the network trough mining or staking for example.

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#1174

  1. Why is it important for blockchain networks to be high availability networks?
    High availability network=more people will join-> more people will mine-> more secure.

  2. What is it that enables blockchain networks to have such high availability?
    Ledgers exists in global copys thanks to that everyone is connected. The incentives to make the blockchain network available are to big to ignore.

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#1175

  1. Having high availability ensure more computational power / mining, to secure the network in providing security through consensus; the more computers the more copies of blocks, level of consensus and reliability.

  2. Monetary incentives enable high availability via mining.
    Mining is difficult on a high volume network, it requires significant investment and resources and provenance is rewarded whilst loss of trust will be recognised on the node and no incentive will be earned.

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#1176
  1. To ensure security of the network
  2. Mining incentives people to secure the network which results in high availability
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#1177

1.High Availability networks have greater chance of being adopted. When it comes to finance, payment systems can not go down.

  1. User are incentivized whether it is POW or POS to keep the network going.
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#1178
  1. Because it is working 24/7
  2. Incentives to make more
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#1179
  1. Why is it important for blockchain networks to be high availability networks? it creates incentive for mining and profitability which also increases security. Mass adoption is needed in order to be used as a global financial system
  2. What is it that enables blockchain networks to have such high availability? That the network is active 24-7-365. the balance between security and profitability is a self incentivizing system. If more people are mining the network is more secure causing mining to be more difficult. if part of the network goes down, it lowers security, which causes more computers to join because mining becomes easier
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#1180

  1. Why is it important for blockchain networks to be high availability networks?
    It is important for blockchain networks to be high availability networks because they are global and accessible to everyone

  2. What is it that enables blockchain networks to have such high availability?
    Blockchain networks maintain high availability by incentivizing participants on the network through a process called mining.

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#1181

1: Because it need to be available for people to use all the time. Because blockchain has such a high availabilty network it can compete with banks for example where it can take days for money to transfer and sometimes you cannot even transfer on the weekends. Blockchain will make it easier and cheaper to transfer money, all around the world.

2: Blockchain is always online and available, because there are miners keeping it running. These miners will keep the network online, because of the money incentive to keep mining. Mining is made up in such a way that if there are few people mining, it will be easier (therefore cheaper) to mine, which brings up the security. And on the other hand, if many people mine, it will become more difficult which brings it down to a stable level.

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#1182 
        Why is it important for blockchain networks to be high availability networks?
        Well if bitcoin is a store of value, it is important that it is always online in case you ever want to use or transfer that value. 

        What is it that enables blockchain networks to have such high availability?
        Since blockchains are global networks, nodes and miners are free to join and exit as often as possible. If there are ever a low # of miners, the mining difficulty
        will go down which will incentivise new miners to join. As long as there are some miners working the network will be available.
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#1183
  1. 24 hour access is always more valuable then a limited time access especially if it pertains to security. A police force that is only accessible between 9am-5pm 5 days a week is far less valuable than a police force accessible 24 hours a day 7 days a week.
  2. The monetary incentive in mining is what causes the network’s high availability. Also, if a part of the network of computers that mine stop mining, the process becomes easier for the existing computers on the network to mine further incentivizing other computers to join the network.
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#1184

It is imperative that blockchain networks have high availability because global systems need to be running 24/7/365. The world runs constantly, and we need systems, especially monetary that match that!

Blockchain networks are able to maintain high availability due to the fact that they are completely computer based and always running. Miners help blockchains such as bitcoin accomplish that.

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#1185

  1. High availablity means that it is accessible and can be globally adopted. If part of the network goes down, other people can fill their place quickly.

  2. Financial incentives and a large 24/7 365 network.

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