Homework on High Availability - Questions

It is important for blockchain networks to have high availability so that it can be accessed any time, anywhere and by anyone.

The decentralized nature of blockchain networks enables it to have high availability.

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  1. High availability is important in blockchain networks because of its globally accessible database that has 24/7 activity.
  2. Blockchain has such high availability because all miners are incentivized to keep the network going.
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High availability significantly increases the range of use cases for blockchain, to include highly important uses such as buying and selling, currency exchange ( needs to be near-instantaneous) and informational uses where high availability reduces response times to queries or completion times to tasks.

Using bitcoin as an example, outside of a complete failure of world electricity or a complete breakdown of the Internet, the incentive to miners to keep the blockchain available ensures that the system stays available. If a part of the network fails, then if there are fewer miners, mining becomes more profitable. In response to that, more people will mine, or mine more, and the system will return to equilibrium where mining is just profitable enough to enough miners to meet the demand to process blockchain transactions. The high availability of the system will thus be ,maintained.

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  1. High availability networks are kept running and online for use as much as possible.

  2. Incentives enable blockchain networks to have such high availability.

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It is important for blockchain networks to have high availability for incentives to make money.
It is the operation of mining and a shared network that enables blockchain networks to have such high availability.

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  1. So people and companies will always be access the network and for securing it.

  2. Incentives that companies and individuals receive for keeping the
    network available.

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  1. High availability network means it’s more secure and less likely to die.
  2. People are incenitize to keep blockchain network working.
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  • security
  • miners. if some miners stop, then other miners step in
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  1. Why is it important for blockchain networks to be high availability networks?
    low availability makes a network more vulnerable to malicious activities

  2. What is it that enables blockchain networks to have such high availability?
    time-based financial incentives (mining, PoS etc.) to the entities running/securing/validating the network

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1)Because there will be lots of people accessing the internet one go. If it is not high availability the network would crash.
2)Incentives

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  1. more computational power = more security = more decentralisation

  2. incentives (many miners)

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  1. It is important for networks to be high availability because users on the block-chain safely need and reliability and if the the network has higher availability it will only gain trust over time.

  2. The vast community of miners and nodes running across the world supports the ecosystem.

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

It’s basically “uptime”. It’s important for a network that’s global or that deals with financial, supply chain and any other “always on” situations and scenarios to be running 24/7 so there is no delay in transactions and the flow of information.

  1. What is it that enables blockchain networks to have such high availability?
    The financial incentives of mining keeps the network constantly running. When the network lags it becomes easier to make profits mining so people are more willing to jump in to try to make a profit; when the network is running high it’s less profitable but more stable. Either way miners are incentivized by profits to stay both honest and to keep the network running.
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1- At this moment it is imperative that there is a high availability in the blockchain, since it is not just trying to compete with a centralized system, (Banks, Wall Street) but it’s main goal is to completely erase a centralized system from the face of the world.

2- A world wide movement of people from every corner who wants to see this world change, this translates into pure incentives to go forward 24/7, 365.

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

A. It is important for blockchain networks to be highly available in order to ensure around the clock security, records, and transactions.

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

In order to run 24 days a week, 7 days a week, 365 days a year, blockchain networks incentivize people to continue mining data and information by contributing power to the system. If one portion of the network dies, then it’s information is still available because it is a decentralized network database.

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Bob, you “rocket” with these visual answers!! :smile:

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Hello IOT Community!

  1. Why is it important for blockchain networks to be high availability networks?
    A1. Blockchain networks need to be high availability because it is a global
    network-people living in different time zones all over the world.
  2. What is it that enables blockchain networks to have such high availability?
    A2. Blockchain networks have high availability because people are
    incentives to keep the network alive through incentives= making money!
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  1. As part of the global economy, the network needs to be accessible to anyone in the world at anytime.
  2. The incentive to make money ensures that mining is always being done to keep the network secure and available.
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  1. Why is it important for blockchain networks to be high availability networks?
    The main reason BTC blockchain or other blockchains remain secure and always running is if it were to shut off the whole crypto space will collapse. All trust in the system will be lost, no more nodes confirming transactions etc.

  2. What is it that enables blockchain networks to have such high availability?
    Every person involved on the backend has an monetary incentive to continue operation not only for the blockchain ecosystem for their own pockets by being rewarded with some type of currency.

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Why is it important for blockchain networks to be high availability networks?
This is useful for example in transactions, while one part of the world goes to sleep another part is awake. This means that you are able to transact 24/7/365.
What is it that enables blockchain networks to have such high availability?
The sheer number of computers on network and the fact that the networks spans across the globe allows for this.

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