Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1609

But what exactly enables us to have a network with a 24/7/365 access?

#1610

Miners are incentivized to keep mining. Incentives and mining go along with each other. :slight_smile:

#1611

Correct. And miners keep mining because they are rewarded for doing the work. :smiley:

1 Like
#1612

  1. The blockchain has to be available at any moment in time. It is necessary for bitcoin because it is a global financial system.

  2. Miners are financially incentivised to keep the network running.

1 Like
#1613

Yes. We want to make sure that everyone in the world has access to the network. Especially when it comes to finance. :slight_smile:

#1614

In addition to that, high availability is also important so that people can access the network at any time of the day, anywhere in the world. :smiley:

#1615

Yes, the mining power must be decentralized if we want to have a secure and reliable network. In bitcoin, mining secures the network. Miner mine because of financial incentive. :smiley:

#1616

Yes, miners are financially incentivized to keep the network highly available. For example, if miners leave the network, the difficulty will drop making it more attractive for other miners to join in. This way we keep the network secure, and we make it highly available no matter what happens. :smiley:

#1617

If we are talking about bitcoin, then cpu mining is out of the question. Nowadays you can only mine bitcoin profitably with ASICā€™S (application specific integrated circuit). Anyone can join in the mining competition, as long as the have an internet connection. :smiley:

#1618

The fact that there are many computers on the network. if a portion die, other units will replace them to mine.

#1619

But why is the high availability important? Why do we always need the network to be online?

#1620

Exactly. Once a miner leaves a network a new one will replace him, as all miners who mine get financial rewards when they solve a block. :wink:

#1621

Because the network must be maintained at all times to ensure security. And network users need access to it at all times.

1 Like
#1622

Great answers. Your observations are correct. :smiley:

#1623

The network is mainly up because of the miners. They get financial rewards when they solve a block. Users are still important of course. :smiley:

#1624

While decentralization is very important, it is important that the actual mining happens decentralized. Mining is what keeps the network running. And miners are financially incentivized to keep mining. :wink:

1 Like
#1625

In a way. More hash rate = more security would be more correct. However we donā€™t want for all the hash power to be centralized in one place.

3 Likes
#1626

Haha, no worries. Keep up the great work. :muscle: :muscle:

3 Likes
#1627

Why do we want the network to always be online? How can a blockchain network have high availability? You havenā€™t really answered the questions. Do you need any help? :slight_smile:

2 Likes
#1628

Thatā€™s it! Keep up the great work. :muscle: :muscle: :fire:

2 Likes