Homework on High Availability - Questions

It is important for blockchain networks to be high availability networks as it is a global network and needs to be open 24/7 365 days to be accessible for all no matter your time zone.

It is Incentivized for miners to keep the blockchain network available 24/7/365.

1 Like
  1. because of the purpose this network serves. For global financial operations, it is essential that the network is available all the time.

  2. incentives. Miners make money when they ensure the network is available.

1 Like
  1. In order to create global secure financial system.
  2. Everyone is incentivised to keep it up and running, based on the fact that everyone wants to make money. When people are on the network and mining it means that the network security is high.
1 Like
  1. Because Blockchain networks are global infrastructure, High availability ensures security and builds trust.

  2. Blockchain is able to achieve high availability through incentives or block rewards given to miners.

1 Like

Incentives, the fact that EVERYONE wants to make money, enables the blockchain networks to have high availability

1 Like
  1. It is important to be high availability so that it is available 24/7/365 as transactions can be made at any time with no disruption to service.
  2. If part of the network dies then other computers join the network because of mining and nodes.
2 Likes
  1. The modern world requires a massive cashflow to maintain societal order. Blockchain networks that are designed for financial use, for example, require high availability to maintain consistency with transactions.

  2. Blockchain technology is protected by mining, which yields rewards to its “miners” to maintain the network’s high availability.

1 Like

Homework on High Availability - Questions

Why is it important for blockchain networks to be high availability networks?
Blockchain is a global network that is up 24/7/365. So it need to be approachable and available from evert place at evert time.

What is it that enables blockchain networks to have such high availability
Over the whole world there are people willig to put money and time info the availabiliy of the blockchain. These people (miners) are getting a reward for the effort. Because of this there are always people or companies to step in when other fail.

1 Like

(1) It is important for blockchain networks to have high availability because they are live value-based networks. Therefore, people wanting to continue creating value can do so 24/7/365. Downtime on these networks that create trust and value transfer are dangerous to their longevity and public trust.

(2) The fact that anyone, anywhere in the world with internet access and mining technology can run the bitcoin network is what enables the network(s) to have such high availability. The same applies to staking pools for other cryptocurrencies. Anyone, anywhere, anytime can start or stop producing blocks and verifying transactions. Moreover, the financial incentive is what keeps network members wanting to contribute and run nodes on the cryptocurrency/blockchain network.

1 Like

Exactly. When someone leaves the network the difficulty will adjust. This keeps the networks secure and maintains the inflation. Great answer! :muscle:

1 Like

Homework on High Availability - Questions

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

High availability in blockchain networks is important so that transactions and security on transactions can be facilitated globally. This kind of 24/7 availability makes the use of blockchain technologies more reliable and serviceable to more people and businesses who have access to these technologies.

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

The reason that blockchain networks are able to have such high availability is because miners are incentivized monetarily to participate in the network and keep the system operating at a high level of efficiency. If there is a loss of support in the network for some reason then there is even more incentive for more miners to participate in the network for rewards.

2 Likes
  1. Because at any given point it is operational, on a global scale. No matter where in the world you are it is available 24/7. It is therefore very reliable.
  2. It is incentives. Miners are incentivized. They want to make money. There is constant influx of miners.
1 Like

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain has to be able to convinced and serves as a proven technology for all it’s benefit to remain in our world so that no regulator or higher authority will find a reason to undermine the process.In this modern world ability to keep up with uptime,speed and continuity and achieve this global united world in a 24/7 365 days round is important for a technology of future.Therefore if the world runs in session e.g in financial markets a technology that will serve each part of the world while another is practically sleeping is in huge demand because of globalization and interoperability of our economy.

  2. What is it that enables blockchain networks to have such high availability?
    Incentives keeps the network in such an high availability mode.Everyone that keeps the network running through their mining activities protects the network and thus keeps it alive because they receive monetary incentives to do so.

But what happens when we have fully mine the whole of bitcoin where will the reward or incentives comes from?

1 Like

Incentives will come from transaction fees. Block rewards are here to help the network grow in the beginning. :slight_smile:

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

It’s important that blockchain networks be high availability networks because blockchains deliver value globally. The wants and needs of everyone on the entire planet have to be infinite so the network must be available at anytime, anywhere, and for anyone.

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

Incentives for the participants who are always driven by greed ensure blockchain networks are available 24/7/365.

1 Like

@Mauro, thanks for the reply and it is currently satisfactory.

Recently, in my research I got to understand that the BTC and ETH network are the only one charging (sometimes) huge transaction fee and the other network doesn’t, this statement although I have never transfer any cryptocurrency without some sort of commission to another wallet which I believe this will be part of the fees that is use to maintain those cryptos blockchain as well but let us say if we achieve a situation where other cryptos are charging less in transaction fee and those cryptos some will end up getting to a very good value would that not reduce the miners incentives?

1 Like

Q1. Why is it important for blockchain networks to be high availability networks?

High availability of a blockchain network is important to support a 24/7/365 global financial system and many other applications built on top of the blockchain.

Q2. What is it that enables blockchain networks to have such high availability?
Blockchain networks achieve high availability by providing incentives to miners who keep the network alive. If one portion of network fails due to some reason other miners join the network and support it and receive incentives.

1 Like

It’s important for blockchain networks to have high availability, so that to eliminate service interruptions.
So that users can have access to the network 24/7, during the whole year.

Blockchain networks have such high availability due to the many nodes in the network, which make it a decentralized network. If some nodes fail, there are many nodes available to pick up the slack. Miners are incentivized to join the network as they are rewarded by producing blocks which could turn a profit in BTC

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

The blockchain needs to have high availability networks to avoid a point in the network to fail. i could be wrong in the way i thinking this, but to my understanding it is a mesh network. when one part fails another part of the network steps in and picks up the slack

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

The chance to earn money is what enables the blockchain networks to have such high availability. Anybody can join and attempt to make money in this network. the only thing that would affect this is yourself and how much effort you put into it.

1 Like

Correct Kyle! Great answers! :ok_hand:

1 Like