Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1186

1/It needs to be highly available because of the usage is high.
2/People are incentivized to keep the network alive thus increases the high availability.

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#1187

I wouldn’t agree that it is important that blockchain networks are high avility networks in general.
It depends on the requirements. High availability means that something is available (accessible and working) at specific times. If there is a requirement that the network is always available (24x7) ; which is mostly the case; we can say that it is not only important for the blockchain network to be available, it is even crucial for it to be a high available network in times it must be available. In a global perpective there is no time the world stands still, therefore the network must be always-on.

It is the users that need the network and are not wiilling to let it go down. As long as there is critical mass of users that need the network to be functional it will not go down. They have a reason why they want the network to work based on an incentive (e.g. to earn money or any other kind of value). I conclude that the incentives to operate the blockchain network is what enables it to have such high availability.

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#1188

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  • It needs to be available 24/7/365 for everyone. No matter where you are in the world or what timezone you are in because its a global network.
  1. What is it that enables blockchain networks to have such high availability?
  • Miners. They are being compensated by their work with money. And everyone wants money. If some miners dont works, others will.
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#1189

  1. It is high available network because it runs 24/7/365, it never had downtimes and blockchain is the longest running network. It is so important for the worlds economy and to have the accurate data always accessible and verifiable 24/7/365 for each company.

  2. The fact that it is incentivized to keep it available meaning that network computers are interested in making money through mining cryptocurrency.

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#1190

  • Why is it important for blockchain networks to be high availability networks?
    —Nothing ever goes offline and everyone is incentivized to keep working. Therefore the more miners working 24 hours is how the network remains protected.

  • What is it that enables blockchain networks to have such high availability?
    —There is a high incentive for miners to continue working because the higher the security, the more valuable the network becomes. The higher the incentive, the greater reward is for the individual.

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#1191
  1. Blockchain is a 24/7/365 infrastructure. Transactions and blocks are being created around the clock without high availability it would cause delays and impact the entire chain.
  2. Miners earn incentives by including transactions into their blocks that are being generated. This keeps the ball rolling.
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#1192
  1. High availability means more money to be made for miners which verifies transactions and keeps the network flowing. So as financial tool you can make transactions where ever when ever without worrying your transaction will unreasonably long.
  2. Incentive for miners
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#1193
  1. So that they can run non-stop (many technologies have this requirement where they need to be running all the time).
  2. Aligned incentives - when one part of the system crashes or is removed then other computers will step in to mine in order to generate profit.
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#1194

  1. This means that the network is more secure when it is available and able to be monitored.

  2. That multiple users are incentivized to keep it running, if one server goes down somewhere in the world, there will be another one.

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#1195

  • Why is it important for blockchain networks to be high availability networks?
    The high availability is partly what brings security to the network for miners

  • What is it that enables blockchain networks to have such high availability?
    Financial incentives to the miners and changes in difficulty encourages the activity that brings high availability

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#1196
  1. Why is it important for blockchain networks to be high availability networks?
    It is important because (besides its usability) because it enforce the security
  2. What is it that enables blockchain networks to have such high availability?
    Nodes are incentivized to join the network, to be able to autonomously verify transactions, and to mine for coins reward and fees
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#1197

Because you need to have a option to buy and sell ,spend anytime you want.Like fiat.

Miners earning money mining
blocks

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#1198
  1. Why is it important for blockchain networks to be high availability networks?

As blockchain is a new entrant into the arena of global financial transactions, mass adoption of this new technology will not happen unless the network supporting it is available round the clock and with a comparable speed and ease of operations.

If blockchain based currencies like Bitcoin are promoted as a viable alternative to the credit card, then transaction times should be comparable. This means that the minimum required confirmations for the transaction should be received in the least time and the network has to be primed and powerful and available to provide this.

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

Miners who own the nodes of the blockchain networks are incentivized by the money they can earn from running them. Since these nodes are geographically scattered all over the world, some portion of the network will be working at any given time ensuring round the clock availability.

With multiple nodes carrying the ledger, high availability can be achieved in addition to continuous integrity of the network.

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#1199

  1. Why is it important for blockchain networks to be high availability networks?
    To be able to accept massive user adoption in a rapid- growth technology and still function smoothly.

  2. What is it that enables blockchain networks to have such high availability?
    Financial incentives/ mining.

1 Like
#1200

Why is it important for blockchain networks to be high availability networks?
The blockchain is a glozbalized network and it needs to be available 24 hours a day, 7 days a week. Transactions need to be verified at all times of the day.

What is it that enables blockchain networks to have such high availability?
The financial incentives.

1 Like
#1201
  1. high availability is important to maintain security and performance.
  2. Miners receive incentives for working the network, if any portion of the network fails the incentives increase which allows new parties to gain incentives - thus renewing availability.
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#1202

High Availability

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

The ledger needs to be constantly updating to keep faith in the system.

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

Financial incentives and interest in the capabilities of this technology.

1 Like
#1203

— My answers —

  1. Because a network available 24/7 and the whole year is more functional, reliable and secure.
  2. Global participation (for example through mining), incentivized by a reward system that allows the participants to earn. Bitcoin’s mining, for example, decreases its difficulty (and therefore grants easier earnings) when a significant amount of participants leaves the network: by doing so it becomes more appealing and attracts new miners in a shorter amount of time.
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#1204
  1. Why is it important for blockchain networks to be high availability networks?
  • because currently blockchain networks = money any system where money is gained or lost their #1 pitfall or boon will be uptime and resilient to network attacks. This is the trump card of bitcoin.
  1. What is it that enables blockchain networks to have such high availability?
  • decentralization through mining of whoever has a machine capable of mining on the sha256 algorithm
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#1205
  1. since its global it needs to be running 24/7/365 for anyone who is using.
  2. people being able to mine, more miners= more security.
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