Homework on High Availability - Questions

[wafflemakr]

@PeterAngeloFischer

Because it is 24/7/365 operation

But what keeps the blockchain running 24/7?

[LuMpY7]

@ivan

Homework on High Availability - Questions

1. Why is it important for blockchain networks to be high availability networks?
2. What is it that enables blockchain networks to have such high availability?

1. For security and use to and on the network. The more availability the more transparency the more security. The more availiability the more opportunity for use.

2. Incentives to miners for creating availability.

[wafflemakr]

@Sergey

Blockchain is the network that united whole world.

And how does high availability allows this?

[wafflemakr]

@visualcarm

Because you have a system that it’s working 24/7. If you stop a network, you can’t be sure that while everything was rebooted, somebody injected something that shouldn’t be there or that somebody manipulated the information. If the network is available 24/7, consensus is also 24/7.

Good point. Although, it’s very hard for blockchains like bitcoin to experience a stop, as this means that every single miner shuts down. We only need a few nodes and majority to get back the true data.

[wafflemakr]

@williched

To be available 24/7 365 days a year.

Yes, but what makes this availability a ver important feature? (Adoption, reliability, security)

[wafflemakr]

@Taiwanprincess

Q: don´t understand the principles of mining yet. WHY the security is even increased in case less are willing to do mining, because its becoming too difficult (eats up a lot of energy…), too much calculating eats up a huge amount of energy - which might not be covered by mining-income. What if miners just stop to mine altogehter?

Actually, security increases as the network grows bigger. Miners are incentivized to keep the network running, as they are paid for processing transactions and adding blocks to the network. If some miners shut off their machines, the remaining miners will actually find blocks faster, so their rewards increase. This makes new miners want to join to get a cut of the cake. The process repeats all over, so there will always be a people interested in joining, keeping the network alive 24/7

[Taiwanprincess]

Ok understood the point.
Thanks for reply!

[Jsierrax]

@ivan

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

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

@Mauro, By keeping all nodes financially incentivized to solve complex mathematical equations, they maintain the infrastructure active and producing blocks. If one or more nodes quit doing blocks, there are other nodes ready and willing to take their place and solve the math equations that produce the blocks, - mine-.

[Jaamman]

1. In order for Bit Coin or Smart Contracts or DeFi to become adopted used and scaled they must be accessible and available 365/24/7!

2. The reason for the availability is because the networks are global and if a portion of the network or nodes go down more will come online to compensate. And the reason for this is because it is incentivized and people make money from being a part of the network.
   Money makes the world go round!!

[OliverW]

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

Availability is crucial for a global financial system to work properly, it actually determines the security which is needed in order the system is used.

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

Through a monetary incentive the miners are rewarded for their work to protect the network.

[Creator3168]

[quote=“ivan, post:1, topic:8426, full:true”]
Homework on High Availability - Questions

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 the security of the network is protected. It is easier to hack the system when there are fewer nodes to hack into. Also, the integrity of the transactions entering the blockchain network can be assured when there are at all times multiple nodes in operation to verify those transactions.
2. What is it that enables blockchain networks to have such high availability?
   Blockchain networks have such high availability because there are financial incentives in place to keep miners operating their nodes.

[PeterAngeloFischer]

Because it is incentivize

[Sergey]

If you shut down some of the nodes in the network, it will functional as always. Even if there will be only few of them because of some circumstances, it will be easy to restore whole network, since they all have same copy of ledger.
Also everyone wants to make money. Miners are important for transactions, and they are rewarded for there work. If let’s say 50% of miners shut down, it will be proportional rise of miners in other place. So that it is always enough machine power to run blockchain network.

[LongTermSmoothie]

@ivan

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

To compete with the traditional market it is a big plus to be 24/7/365 on. For global applications such as finace, stock marked, games etc. opening and closing hours are a huge disadvantage. People living in different time zones, when you are sleeping others are awake.

@ivan

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

The difficulty adjustment for the miners make them motivated to jump in, if parts of the miners are not active for some reason. This financial incentive to get the reward, miners securing the network at the same time. Money is the smallest possible denominator for agreement among people.

[Roberto_Moreno]

1.Why is it important for blockchain networks to be high availability networks?
Its important because is a huge selling point for BTC. Also because it has never had a downtime or offline time it constitute an important part of this global financial system. Simple, it never stops!!!

2.What is it that enables blockchain to have such high availability?
Mining and Incentives, meaning more computers in the network gave the blockchain a high availability at any time.

[serge]

High Availabilty
1 High availability makes the network more secure. Important as blockchain has many uses including social and being a financial infrastructure and needs to be available around the clock.

2 Financial incentive, block rewards, high demand for crypto. High availability is achieved through the vast number of nodes on the network.

[Gunnar.Lovett]

1. It is a global network that is being used constantly, therefore it needs to be accessible at all times.

2. Incentives allows such high availability. People mine to make profit, and when there are more miners there is more security. When it gets harder to mine (because of high mining), people stop mining so security goes down, but mining becomes easier. When mining becomes easier, more people start mining, which causes security to increase again. It’s cyclical.

[Mauro]

Correct. Keep up the great work.

[Mauro]

@Jsierrax

By keeping all nodes financially incentivized to solve complex mathematical equations, they maintain the infrastructure active and producing blocks. If one or more nodes quit doing blocks, there are other nodes ready and willing to take their place and solve the math equations that produce the blocks, - mine-.

Great answer. Keep up the good work.

[Mauro]

@Creator3168

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 the security of the network is protected. It is easier to hack the system when there are fewer nodes to hack into. Also, the integrity of the transactions entering the blockchain network can be assured when there are at all times multiple nodes in operation to verify those transactions.

Exactly. And from a usage point of view, it is important because it makes sure that everyone can access the network at any time of the day.