Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1226

What enables durability and high availability?

#1227

Blockchain is a term, it cannot be the longest running network. If we are talking about bitcoin we can easily say that it has been up and running most of the time. Here is an interesting website of bitcoin’s up time: https://www.buybitcoinworldwide.com/bitcoin-uptime/

Last time it was down was in January 3rd of 2009. Now that’s what I call high availability. :wink:

#1228

Besides that, it also makes you interact with it at any given time. Banks have a opening and closing time. Bitcoin or some other blockchains don’t. :raised_hands:

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#1229

What about the second question?

#1230

  1. Why is it important for blockchain networks to be high availability networks?
    It ensures that at every time it’s possible to make transactions. People don’t depend on third-parties to ensure and secure transactions.

  2. What is it that enables blockchain networks to have such high availability?
    It’s based on a decentralized network power by incentives

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#1231
  1. It’s a global network so people need it to be up and running all of the time. Eg. purchases.
  2. It’s incentivized. People make money by keeping the network up and running.
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#1232
  1. Why is it important for blockchain networks to be high availability networks?
    Everyone wants to make money, its causes people to mine blocks for rewards, more miners the more secure the network is. If a part of the world stops mining, another part of the world will pick up the slack.
  2. What is it that enables blockchain networks to have such high availability?
    Rewards for miners who mine blocks and keep the network secure
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#1233

A1. So it is available 24/7/365
A2. Mining, financial incentives

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#1234

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

The whole protocol verification, is devised through incentives for miners, incentives = Money
the more the miners are correctly focused on their mining the more computational power
enhances security.

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#1235

Mauro, thanks for the heads up mate, i finished this course weeks ago, so i don´t know whats happened…!!
Croatia, what a top place to live, I have never been, but have mates who love it there, I will go one of these days, maybe with YOU… :slightly_smiling_face:

Best Leon.

#1236
  1. Why is it important for blockchain networks to be high availability networks?

It is important for blockchain networks to be high availability networks so that they can have continuous runtime and maximum uptime to facilitate worldwide transactions.

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

Incentives which drive perpetual participation of the network.

1 Like
#1237
  1. If blockchain networks wants to be the networks of the future high availability is key.
    It will connect people and bussinesses all over the world in different timezones who want to trade and ommunicate 24-7 and you will only achieve this if your network has reliable high availability.

2 The blochchain is based on incentives. This means the system will autobalanceitself because of human nature to get ahead in this world (get incentives make money)
When incentives are high people will join , when to many people join the incentive will go down making people leave which in turn makes the incentive going up.
The economic law supply and demand is in play.

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#1238
  1. It is important for blockchain networks to be high availability networks because businesses and people rely on its accessibility.
  2. Financial incentives to miners enable blockchain networks to have such high availability.
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#1239

  1. As a global financial network that requires maximum user confidence, the Bitcoin blockchain needs to be extremely reliable and accessible 24/7

  2. High availability is achieved through a mining difficulty algorithm which automatically adjusts at regular intervals to ensure that compelling incentives are always in place to keep miners online.

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#1240

  1. If blockchain networks were not highly available, it could lead to mistrust and frustration among users.

  2. Blockchain networks financially incentivize those that are keeping the network up and secure . The higher the mining difficulty, and the more active miners there are, the more secure the network becomes. If the number of miners in the network decreases, difficulty goes down, and more miners join. This creates balance.

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#1241

  • Why is it important for blockchain networks to be high availability networks?
    They are used by all sorts of valuable and critical use cases all over the world and need to be available as and when required 24/7.

  • What is it that enables blockchain networks to have such high availability?
    Participants are Incentivized to maintain blockchain network availability.

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#1242

  1. Because if an important system is built on them such as the financial system or other it has always to be online and accessible.

  2. It’s because of the incentives and if a miner stops mining someone else will replace him.

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#1243
  1. Why is it important for blockchain networks to be high availability networks?
    So it can run 24h/7/365 - it’s more atractive to be used, provides security
  2. What is it that enables blockchain networks to have such high availability?
    Financial reward for miners. Mining protects the network.
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#1244

High availability is necessary for use in a global financial system where access to funds is required at all times of every day. This concept also applies to all aspects and benefits of blockchain, ie. supply chain applications.

Mining and difficulty adjustment / profitability and incentives enable blockchain networks to maintain high availability.

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#1245

  1. Why is it important for blockchain networks to be high availability networks?
    As the protocol is worldwide, it needs to be accessed all the time, every day of the year. If one country has a holiday, another may be working. One time zone may be going to bed while others are waking up. Without constant availablility bitcoin would not function on a global level.

  2. What is it that enables blockchain networks to have such high availability?
    Financial incentives through mining ensures the network is always running. The more miners there are, the more secure the network is. If one miner goes offline for any reason, another can step in and takes their place. If miners, en masse, decide to stop mining, the difficulty will be reduced and it will become financially lucrative for others to step in and take their place.

1 Like