Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1889

Homework on High Availability - Questions

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

The Blockchain infrastructure is available 24/7/365. No network has been working and being accessible this way. So for all use cases that need availability Blockchain is definitely an option.

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

Because miners are incentivized to keep it alive, to keep the network up and running. The invention of Bitcoin United everybody and everybody wants to make money.
Incentivize is very important because if a portion of network stops functioning, immediately other computers will join the network, because of mining. Many people are in the network and are mining it means that the network security is high.

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#1890

  1. It is important that the blockchain runs for 24/7 in order to allow anyone to access it otherwise it is essentially useless. People need this reliability in order to incentivise mining and the running of there own nodes, so if one node fails there are others ready to replace it.

  2. The high availability is achieved as miners are provided with an incentive to mine and that is to make themselves a profit. When a network fails, the difficulty to mine becomes more difficult. This makes mining more profitable and thus incentivising people to mine and maintain the high availability.

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#1891

  1. For blockchain to replace the existing infrastructure it needs to efficiently connect with as many global industries as possible. Immutability and security are not enough for it to have true global use cases, it needs to be accessible at all times.

  2. The inverse relationship between mining incentives and mining difficulty creates a cycle that ensures that there are always enough nodes running to support the network.

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#1892
  1. Why is it important for blockchain networks to be high in availability networks?

A. No matter who you are, where you are in the world, or what time, day or night, you will have the ability to access the network. By being connectable 24/7/365 you allow for transactions to be made whenever there is a need or a want.

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

A. All of the computers, being incentivised, to keep the network honest and running. If one portion of the network were to go down for any reason, the rest of the network, along with new computers looking for incentives, would keep the network accessible.

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#1893
  • Why is it important for blockchain networks to be high availability networks?
    For security reasons, blockachain network is running nonstop and if part of network shut down other computers will join. More computers verifying blocks (mining) mean network is more secure.
  • What is it that enables blockchain networks to have such high availability?
    Simply people mine for profit.
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#1894

  1. High availability is important because when dealing with finance or moving value it’s important that the network you use can always be accessed.

  2. Blockchain networks are decentralized and have incentives built in to maintain high availability.

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#1895

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

The high availability is because of the composition of the blockchaine structure and the incentif provided to the minor. the multitude of computers who can respond to order 24/7. In case of one or more computer can’t respond due to intempery, electricity cut or by chose the miner decided to stop his activity

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#1896
  1. Why is it important for blockchain networks to be high availability networks?
    Since it is built to support transactions globally it has to be up all the time to fulfill its premises.
  2. What is it that enables blockchain networks to have such high availability?
    Because the processing is decentralized, if part of the network is off the other cannot process.
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#1897

  1. It’s important for blockchain networks to be high availability networks so that everyone can have access to them.

  2. Blockchain are high availability networks because they are permissionless. You don’t need to ask permission to be on the network.

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#1898
  • Because the more computers being in consesus about the transactions means more security
  • People want money, and you can get money from mining the coins and doing the computing with your computer
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#1899

1 - blockchains need to be accessed globally, at all times, to ensure the constant verification process continues. If it switched off every night, it may be vulnerable to errors/attacks during downtime. would also cause great deal of work once it comes back on (who to trust, which came first etc)

2 - Incentives encourage mass participation. YOU SNOOZE, YOU LOSE

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#1900
  1. It is important for blockchain networks to have high availability because applications built on the system need to be online 24*7, 365/yr to prevent damaging disruption to their services e.g. Bitcoin transactions etc…
  2. The blockchain network is designed to have high availability because if a part of system fails, it is quickly replaced due to the concept of mining. Basically, miners are incentivised to keep the network safe and ensure high availability.
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#1901

1 - To maintain the service the blockchain provides, a higher availability means a much better solution than current antequated methods.

2 - Incentives for people to keep mining therfore making the blockchain secure. If any nodes are lost, they will simply be replaced by other nodes due to the incentive of making money.

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#1902
  1. Humans need to trust that the network will ALWAYS be available to move value at ANY and ALL times. Without 24/7/365 availability, the usefulness of blockchain as a means of value transfer would be severely limited.
  2. Thousands of decentralized nodes in a blockchain network insure hyper redundancy; this is why network availability has remained uninterrupted longer than any other existing network.
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#1903

  1. Because blockchain networks doesn’t only cater a certain specific place
    but actually it caters the whole world, so that is why it is important for it to be available at any given time.

  2. It is the incentives. Because each participant in the network is given incentives to keep the network alive, that is where blockchain unites all the people in the world, since everyone wants to make money, then that is the reason why blockchain has a high availability status.

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#1904

1 it must be available 24/7 worldwide
2 miners run 24/7 to make profit

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#1905

  1. It is import to be highly available as it is used world wide at all times of the day. Transactions are processed constantly.

  2. I has high availability as miners are always joining the network to make money.

1 Like
#1906

  1. Why is it important for blockchain networks to be high availability networks?
    -> more availability = greater security; more participants securing network = more availability of the resources that enable the network

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

1 Like
#1907

  1. The high availability is what gives the network strong reliability. A 7-11 type system enables anyone from any timezone to be able to access the network.

  2. Incentives to create bags :moneybag:

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#1908

  1. It is important for the blockchain to be highly available so users will be able to use it at any time needed and rely on it.

  2. The reason blockchain has a high value is because the miners are incentivised to support the network. Furthermore, the fewer miners work - the more profit they have.

1 Like