Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1929

  1. It is important for blockchain networks to have high availability so that data within the blockchain can be accessed and verified at any given time.

  2. Because the network is always running in a decentralized manner, and network nodes are incentivised to continue running.

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#1930

  1. If we are going to store the most sensitive of data on blockchain, then have near 100% up-time is essential.

  2. Miners are incentiveized to keep the network running.

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#1931

  1. It is important for blockchain networks to be high availability so that the network continues to function globally 24/7 365 enabling anyone to access it.

  2. A blockchain network can achieve high availability by incentivising people financially to help keep it running.

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#1932
  1. For it to be globally accessible to the public for all transactions.
  2. Blockchain and incentives for miners.
1 Like
#1933

  • Why is it important for blockchain networks to be high availability networks?
    So the network will be protected from failure.

  • What is it that enables blockchain networks to have such high availability?
    People have an incentive to keep the system alive because everyone wants to make money. If part of the system goes down, people will rush in to try to replace the downed portion and the programming makes it easier for the replacement computers to mine.

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#1934

1.- Secure the network by incentive the participants through money.
2.- Mining and difficulty adjustment. If for some reason some miners stop working, difficulty decrease other miners soon will join the network.

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#1935

Why is it important for blockchain networks to be high availability networks?
It is important for blockchain networks to be high in availability so that bitcoin or any cryptocurrency on any blockchain can be mined or exchanged anywhere in the world 24/7, every day of the year.

What is it that enables blockchain networks to have such high availability?
The blochain never sleeps or closes. If for some reason somewhere in the world a large portion of the overall network stops mining or being part of the network there are many other nodes elsewhere to join or confirm the network.The copies of the public ledger are globally shared.

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#1936

High availability networks are important for blockchain as it enables the peoples of the world to make money
Global networks enable blockchain to have high availability

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#1937

1-High availability ensures there is security for the whole network as well as accessibility for everyone around the world.
2-Blockchain can ensure high availability through incentives Block rewards=money)given to the miners.

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#1938

And from the usage point of view, its quite inportant for a network to always be up and running.

Because blockchain is a decentralized database, all the computers that are participating in the network give us high availability. We call the miners in bitcoin. :slight_smile:

2 Likes
#1939

Thank you Mauro I appreciate your help.
Cheryl

1 Like
#1940

Its important to have high availability to keep the network secure and available.
there is financial rewards for the miners to keep the network available

1 Like
#1941

Homework on High Availability

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

Encourages network use case as a superior alternative to current/redundant infrastructures. Network reliability and security increases as node/miner participation is incentivised.

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

Decentralised network design and financial reward/incentive by nodes/miners to maintain efforts.

1 Like
#1942

[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? trust less systems work best when they can be depended on 24/7/365, without ever having down time.
  2. What is it that enables blockchain networks to have such high availability? many nodes online working separately yet interdependently, while being incentivized.
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#1943
  1. It is available 24 hours, 365 days of the year which is great for infrastructure. Also, it is a global infrastructure because of its being decentralized.
  2. The incentive to make money while mining on the network. So if a portion of the network goes down, then other computers will pick the network up because of this incentivization.
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#1944

1.because a global network needs to be open 24/7 to enable acces to users and to promise security.

2.incentives.

(this answers were a bit lazy so if anyone wants to correct me feel free to do so)

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#1945

1.Why is it important for blockchain networks to be high availability networks?
a) 1:22-1:27 “it is running 24/7-365 because everyone wants to make money.”
b) a Global financial system depends on the 24/7-365 availability(obviously)1:29-1:33) or entire countries will lose productivity denpending on which timezone a closing/limited blockchain system would be dedicated to.
c) 1:34-1:44 also high availability is important for other possible applications that can be built on top of blockchain.
d). To excel excellently as a planet. So that someone can discover and share the next great something and someone else can figure out a way to make it better in real-time. we can participate nonstop as a hive mind creating and producing and see what we the human race is exactly capable of. This is something our predecessors never dreamed of and the genesis of it is with us. YESSS!

2.What is it that enables blockchain networks to have such high availability?
a)1:48-2:05 financially incentivized miners

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#1946

  1. Because if they are going to power the global financial system, they have to be operating 24/7/365.

  2. Blockchain networks have high availability because miners are constantly working to keep the network active, and are incentivised to do so. The bitcoin network is longest continuously operating network because of this incentive structure.

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#1947

  1. Without high availability the tech would be useless. It must be reliable.

  2. A large network provides coverage so even if a portion of the network goes offline, there are others that will join in to make up the slack.

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#1948

  1. the world is always operating 24/7 365 people need to make transactions and have access to their funds and information. If this were not the case BC networks would not be able to support the worlds needs and may as well be a central system.

  2. the fact that there are economic incentives to mine, it is a constant race to earn money by keeping the network available, this in turn keeps the network secure by raising the hash-rate and difficulty.

1 Like