Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1709

  1. For the blockchain network to be used globally, it would need to be a high availability network, so people can access or use it whenever without congestions.

  2. Incentives enable blockchain networks to have such high availability. In addition to getting incentives, miners are also providing network security.

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#1710

Homework on High Availability -

Q1. Why is it important for blockchain networks to be high availability networks?
Q2. What is it that enables blockchain networks to have such high availability?
A1* A global network needs to be functional 24/7 365 days a year to enable anyone in the world to access it for numerous mission critical application such as in the financial industry, supply chain logistics, social media, medical care industry and etc.
A2* Blockchain is able to achieve high availability through incentives or block rewards given to miners. These rewards are automatically adjusted depending on the demand of the network( hashrate dificulty)

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#1711

It is important for numerous reasons. The man reason is that the block schedule is every 10 minutes on a 24hr bases which is hard programmed into the protocol.
A. This helps to keep the protocol secure
B. If it didnā€™t run 24/7/365 then how would the. mining difficulty be calculated.
C. Unlike the Stock market and banks this new technology of blockchain works more like the world today. Technology is fast and a lot of businesses donā€™t close down ever.

2 Likes
#1712
  1. For it to be used all the time no matter timezone.
  2. Incentives for miners that maintain the network. They earn money (crypto currency) by maintaining it and beeing part of keeping the consensus.
1 Like
#1713
  1. Why? Global network with applications spanning industries and populations, requiring 24/7/365 availability.
  2. What? Financial incentives globally for those engaged in mining operations
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#1714

any system that barely functions (low availability) is more a headache than what it is worth, at the beginning i.e. computers with their data cards and rooms filled with computers but those same computers now can fit in your pocket with fast computations allowing for a wide array of applications was it worth it yes but it took from 1950 to 1990 before it became highly effective .in relation to its availability (usage) i believe that bitcoin will overcome the availability issue and grow into a more available product
2 everybody chases money one way or the other it is a common thread through out civilizations a basic motivator it brings us what we feel we need and the more base the motivator the stronger the urge to get it added to that the the decentralized nodes and openness of the market people then believe they have a even playing field and a chance for success this spurs on the system ā€¦truth and hope

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#1715

Why is it important for blockchain networks to be high availability networks?
Availability is important for many things that might run on a blockchain, finance or other apps. A network that is never down is much more reliable from an end user perspective and would be preferable.

What is it that enables blockchain networks to have such high availability?
Members of the network are incentivised to maintain as high an uptime as possible (mining/staking etc.)

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#1716

  1. People can use the network anytime as global infrastructure.

  2. Giving incentive is the motivation to keep high availability.

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#1717

1.- Because itā€™s a global network, it canā€™t stop.

2.- Financial motivation

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#1718

Answers:

  1. It is because for business and transactions to take place any time it is important to be high availability. Blockchain creates high efficiency which is result of high availability.

  2. The miners are incentivise to keep mining because everyone wants to make money.

1 Like
#1719

Hi there, It is true that the miners running bitcoin all around the world but the reason that the blockchain network has high availability is, blockchain incentives to miners.

1 Like
#1720

  1. It is global network and it needs to have liqidity all the time.

  2. It is mining. Everyone wants to earn money. Mining is global and if someone stops, difficulty goes down and more people would be keen join to the business. Miners will power up the network and for now it looks unstopable.

1 Like
#1721

Homework on High Availability - Questions

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

The security of blockchain networks depends on their high availability to those that provides security to it.

In bitcoin, security depends on itā€™s availability to the miners. Therefore, the availability for miners is constantly rebalanced (with the difficulty adjustment).

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

They can be built in ways that makes them provide a 24/7/365-infrastructure.

Currency is one example of an application that really benefits from being built on high availability networks, because itā€™s existence depends on itā€™s availability to the market.

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#1722

The higher the availability of a network, the more interactions with the network are possible, and thus the more money can be made. All things being equal, more availability provides more financial incentive to interact with the network.

In the case of Bitcoin, mining provides a financial incentive (block rewards) for miners to keep validating blocks, which in turn ensures that the Bitcoin network is always available. In other words, if miners stop mining at any time, they will stop making money.

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#1723
  1. The world never closes
  2. It is incentivized to stay open. People are being paid to have it up and running and we all want more money.
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#1724
  1. It is important for blockchain networks to be high availability networks because we participate in a global economy where different parts of networks and supply chains are operating at all hours of the day (and night).
  2. Incentives, when availability goes down mining becomes easier, bringing more miners into the space, increasing availability.
1 Like
#1725
  1. Blockchains need high availability in order to run an efficient network.
  2. Incentives for miners to keep the network up and running.
1 Like
#1726

My answers:
1.High availability allows everyone to use it on a global scale. which keeps it going and everyone making money
2, Because itā€™s available 24/7/365. it gives everyone incentives to use it

#1727

From a usage point of view it is quite important that the network is up 24/7/365. Especially when it comes to finances. Financial transactions should be available at all times.

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#1728

Adoption of the network is important, but miners are the ones that are financially incentivized to keep the network running. And with the help of the difficulty adjustments in bitcoin, we can be sure that there will always be someone that will mine. :slight_smile:

1 Like