Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1969

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    If the blockchain is going to really compete with other centralized and local actors, it needs to be up and running all the time. A high availability gives usability to all different participants, everywhere around the globe.
  2. What is it that enables blockchain networks to have such high availability?
    The high availability is reached through incentives being built in the way mining works (PoW) or how the protocol for PoS is constructed (like Ouroboros in the case of Cardano). Basically itā€™s about increasing the rewards when the participation rate is low, in backing the system. Making it economically interesting to building new blocks on the chain 24/7/356.
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#1970

  1. Blockchain is important for a highly global financial system and other applications.

  2. Itā€™s an amazing reliable network, accessible 24/7, 365 days of the year.

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#1971

  • Why is it important for blockchain networks to be high availability networks?
    R: That way the network never stops

  • What is it that enables blockchain networks to have such high availability?
    R: Many computers turned on which process the blockchain through mining

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#1972

1. Why is it important for blockchain networks to be high availability networks?
in order to be able to be a fully global network without opening hours. there is also not relevance of time difference for anybody. like with bank opening hours, national holidays, all delaying bank settlements and transfers.
2. What is it that enables blockchain networks to have such high availability?
since the network is not people but computers spread all around the world, which do not need sleep, do not get sick and donĀ“t ask for holidays. :wink:

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#1973

That is true, but what enables that kind of reliability? :slight_smile:

#1974

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchainā€™s goal is to enable the transfer of value over a global network thatā€™s decentralized, immutable, transparent, and trustless. While a high availability global network is a desirable quality from a convenience standpoint for a ā€˜value transferā€™ protocol, this feature is intrinsic to blockchainā€™s stability, immutability and trustless promise.

  2. What is it that enables blockchain networks to have such high availability?
    High availability is made possible by incentivizing participants to keep the network alive through the process of mining - i.e. solving complex cryptographic puzzles in return for a predictable (code-defined) reward. This helps keep the number of miners stable. Should the number of miners fall, the level of difficulty of the cryptographic puzzle decreases, incentivizing new miners to step in, thus once again stabilizing the network.

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#1975
  1. The supply must always be available for it to be useful.
  2. The network is not deterred when parts of the network go down. All nodes contribute to the operation.
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#1976

1/2- Blockchain networks need to be high availability networks because with a continuous access to networks enhances security by itself (node and ledge backup) and giving incentives globally makes ROI high ( for miners especially) hence making blockchain network open 24/7/365.

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#1977
  1. Because Mon-Fri databases is already overcrowded and High availability is one of basic atributes of blockchain networks
  2. protocol an incentivization of participants
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#1978
  1. So that they are available 24/7 and 365 and most importantly, so that they are secure!
  2. People involved with blockchain are incentivized to keep it highly available as they are paid to do this through mining and the rewards from miningā€¦
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#1979

As opposed to centralised networks, if any part of the network goes down it it quickly reestablished to accomodate the transaction or new mining farms are entering the network to fill the void. Information is contained within the network or redistributed through the block.

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#1980
  1. Why is it important for blockchain networks to be high availability networks?

So that it does not stop running 24/7 365

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

Mining, which can become more or less difficult, but will always be incentivised.

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#1981

Blockchain networks need to be high availability networks in order to enable flawless transactions on the blockchain. For the blockchain to be trustless, it must have of high availability. Bitcoin is valued because of its high availability network.

Blockchain networks have high availability because of the money incentive. Miners are paid as an incentive to keep mining and keep the blockchain available. Without miners it would be impossible to confirm transactions on the blockchain and the blockchain would not operate or function as expected.

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#1982
  1. Money, everyone wants to make money so itā€™s important that the network to work all the time, like bitcoin is one of the networks which has never went offline, because everyone is incentivized.
    2.blockchain networks have high availability because if a portion of the network dies other computers will join the network because of the mining.
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#1983

network is never off line and thus always available

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#1984
  1. So that transaction can be done in realtime, and there isnā€™t any down time.
  2. Incentivised participation through Mining allows for high availability.
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#1985

  1. Why is it important for blockchain networks to be high availability networks?
    Makes it possible to transfer wealth on the network whenever you need to (even on weekends).

  2. What is it that enables blockchain networks to have such high availability?
    Miners make money by securing the sustainability of the network, if one part of the network shuts down, the difficulty for mining decrease and some other miner will have incentive to jump in and provide computing power to the network, and by doing that, make money.

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#1986

  1. Bacause in order to the system to work efficiently and attractively, people need to be able to rely on it 24/7, 365 days a year.

  2. Mining. Because if a lot of computers shut down, mining becomes easier and other computers will be incentivised to take over the job, because mining becomes easier. So avalability will stay safe.

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#1987

  1. Why is it important for blockchain networks to be high availability networks?
    So that everyone using the technlogy (applications on top of the blockchain, or financial aspects) have 24/7 access.

  2. What is it that enables blockchain networks to have such high availability?
    Because everyone who keeps the network going is incentivised to do so.

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#1988

  1. It is important for blockchain networks to be highly available because of the critical functionality that it provides. For example, if weā€™re referring to Bitcoin, it is important that bitcoin can be transacted 24/7, especially in a global capacity. Whether it be the businesses that rely on it, the people that use it, or the mission critical applications that are built on top of it, it is important that the network is always available for use.

  2. Blockchain networks are highly available because they are also decentralized. If one node goes down, there is always another node available. Participants in the blockchain network are always given incentive in order to ensure the blockchain is accurate and highly available.

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