Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1829
  • Why is it important for blockchain networks to be high availability networks?

Because it ensures that it can be reliable and used as a value transfer mechanism, if it was low in availability the user experience would be horrible

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

The descentralization of nodes that share the same ledger, they all have a full copy of all the transactions in the network so If one node falls down the rest can provide the information, they are incentivized to keep nodes running by mining.

1 Like
#1830

This is to ensure decentralization and availability to the network in-case of an emergency. Each computer has its own copy of the transaction history to be validated and shared across the globe.

2 Likes
#1831
  1. A blockchain network has to be available around the clock to keep its security up to standard.
  2. There is an incentive to keep blockchain networks alive by the process called ‘mining’. It enables network protection by assisting in the verification of transactions, and allows participants to gain financially in doing so.
1 Like
#1832

  1. It is important because the users of blockchain need to be able to access it at all times. Especially with cryptocurrency, you need to be able to make transactions at all times.

  2. Blockchain networks have high availability because there are always computers constantly verifying and making transactions.

1 Like
#1833
  1. Why is it important for blockchain networks to be high availability networks?

A high availability network lends itself to high involvement. This increases the likelihood of core function success and decreases the likelihood of core function failure.

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

Any individual from any part of the world can access the network 24/7/365.25

1 Like
#1834

I think the most important reason for blockchain networks to have high availability is to meet the needs of an increasingly interconnected world. Today’s world, where products and services are accessible to everyone and payment for those products and services are just as global, needs a network capable of running 24/7 and capable of processing millions of daily transactions.

Mining incentivizes “miners” to keep the network running by paying them in crypto to adding blocks to the blockchain.

1 Like
#1835

also to provide quicker transactions

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#1836

  1. As a currency replacement of sorts, you want this to be up 24/7/365. It no fun having no funds in your account to purchase your goods when at the till

  2. As it is decentralized and nodes could be anywhere and everywhere, we only need one node to ever survive to rebuild the system once more.

1 Like
#1837

#1. if not alot of people can acsess blockchain networks, not it cant be global.

#2. they run 24/7/365

1 Like
#1838
  1. High availability will encourage users to not only use the system but to maintain it because they are incentivized to do so.
  2. Through incentives, miners are encouraged to maintain the system. If the number of miners decreases, others will enter because of the incentives.
1 Like
#1839

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

  • People wanna make money at all times. The world never truly sleeps, so there issa 24hr need for money, n other biz services. Therefore blockchain needs to work around the clock in order to meet demand.

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

  • Incentivization of mining - There will always be people lookin to make money. Blockchain pays miners to secure the network. Thanks to the clever use of “difficulty adjustments”, BTC can ensure that there will always be multiple parties willing to verify blocks.
1 Like
#1840
  1. High availability help to ensure stability and security of the network.
    2)Many participants and mining activities keeps the blockchain networks going.
1 Like
#1841

  1. The blockchain is global and people want to make money all the time, in order for a network to be the ubiquitous global standard infrastructure that everyone everywhere uses all the time, it needs to be functioning properly 24/7/365

  2. Blockchains are able to have this high availability because of the way miners are incentivised. Miners are rewarded in crypto for keeping the network running and adding new blocks to the blockchain. If the number miners decreases the difficulty will decrease and the rewards will increase, thereby incentivizing more miners to join the network.

1 Like
#1842

  1. To ensure integrity of all transactions, and establish dependability of network so it will be widely adopted.

  2. Financial incentive and opportunity to profit - this provides a 24/7/365 motivation for current miners and future ones who want to also participate in opportunity.

1 Like
#1843
  1. Why is it important for blockchain networks to be high availability networks?

They need to be available 24 / 7 as they are a public good and therefore need to be accessible by any person anytime of the night or day anywhere in the world to be truely open and distributed making for a higher security due to a bigger number of partyicipants. They also need to be high availability so that consensus can be maintained. If transactions happen and the blockchain is offline trust in the network will be diminished. All the characteristics of a blockchain seem to be inter-related on one another.

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

No central point of failure. A distributed world wide set of machines all in constant communication means that even if one node validator goes down the chain can be maintained by the many operational nodes. The ones that go down can re-sync and catch up later if they wish to rejoin.

1 Like
#1844

[quote=“ivan, post:1, topic:8426”]

  • Why is it important for blockchain networks to be high availability networks?
  • What is it that enables blockchain networks to have such high availability?
  1. so you know that they are running 24/7/365.
  2. because the network is incentivised to keep it running.
1 Like
#1845

  1. Why is it important for blockchain networks to be high availability networks?
    It’s a global infrastructure 24/24 open , a source constantly powered and in motion lead by greed

  2. What is it that enables blockchain networks to have such high availability?
    Incentives, financial incentives, block rewards

1 Like
#1846

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

Blockchain networks have to be available 24/7, 365 days a year for the network to be globally adopted. It does not need to stop just because it’s night time here, other parts of the world would be day time.

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

Blockchain network such as bitcoin will always have high availability because when one miner stops another miner steps in to take advantage of the incentives that they will earn through mining.

1 Like
#1847

  1. Blockchain networks need to be high availability networks because they are in high demand. The entire world has access 24/7 365 establishing new infrastructure.

  2. The network of nodes that are in operation. The act of mining. Incentives to keep the network alive come in monetary gain.

1 Like
#1848
  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. We all want better services such as high availability and security. Blockchain technology can makes it possible to be available 24/7/ and 365 days with more secured environment.
  2. High availability in blockchain network is possible through incentives such as a number of active nodes and in some cases mining which ensure the network security.
1 Like