Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2029

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

It is important that they be high availability networks because they have the potential to carry a large number of important financial and supply chain transactions across the entire globe 24x7x365.

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

What enables blockchain networks to have such a high availability is a super high level of redundancy. Multiple network nodes means that there is no one single point and failure and the system continues to function even if there are a large number of individual node failures.

1 Like
#2030
  1. To keep the global financial transaction and other such blockchain applications running round the clock.
  2. Incentive-oriented approach of blockchain network to keep itself alive. So, there will be definitely be miners available across the globe to run the network
1 Like
#2031

blockchain must have high availability for several reasons. First, it is a global ledger being maintained by nodes from all around the world in many if not all time zones. also, the information and transactions being recorded and verified are constant, and are being updated in real time. the digital age is making the world smaller and the need to transact information or assets needs to happen in growingly more efficient and timely manners than traditional business environment situations lend.

The interconnected, multinode consensus model enables blockchain to be up and running at all times because it implicitly relies on a vast network of machines constantly agreeing to add new blocks to the network. this also removes the possibility of a single point of failure, because all machines on the network have a valid, up to date copy of the chain.

1 Like
#2032

  1. Important for a global financial system to be always available. Business happens worldwide 24 hours a day, important that blockchain facilitates this.

  2. Mining. Due to the decentralized nature of blockchain networks, its important for them to be always running and highly secure. Mining incentives keep users engaged in maintaining the network constantly.

1 Like
#2033

1.Blockchains well suited for high availability scenarios, designed to avoid single points of failure. All of these nodes should be connected to the blockchain’s
2.blockchain tech designed to eliminate the need for third party lawyer banker middle man

1 Like
#2034
  1. Alot of people are using at the same time. Everyone is incentivised on keeping it alive.

2 Infrastructure

1 Like
#2035

1.)
Bitcoin is 24/7/365/ available worldwide and all what you need is access to the internet.
This creates trust and is essential for a worldwide blockchain payment system.

2.)
This is the big advantage of decentralization.
If part of the network fails, it still continues to run.

1 Like
#2036
  1. High availability = higher intrinsic value. We need to be able to make tx’s at all times.
  2. High availability is thanks to the decentralized nature of the blockchain database.
1 Like
#2037

1.Cause it is incentivised, because it’s a secure global infrastructure.

2.Mining, incentives

1 Like
#2038
  1. You want everyone in the world to be allways capable of using the network. You don’t want the network to ever shut down.
  2. Participants are incentivized by the opportunity to earn money to keep the network running.
1 Like
#2039

  1. To incentivize Blockchain growth.

  2. Blockchain never stops while ever there’s an internet connection.

1 Like
#2040

1 - Because it becomes an incentive to have more participants. With more participants, more security.

2 - Miners have all incentives to keep the network health and working well

1 Like
#2041

  1. For increased security and continuous access to trade your coins at any time.

  2. If any place containing the blockchain data shuts down, another copy somewhere in the world will take over, enough decentralised nodes running around the world to support the available data at any time.

1 Like
#2042

1.because there are people doing business 24/7 in multiple time zones
2.miners are rewarded for maintaining the block chain .if there is a disruption and some computers go down incentives go up and it becomes more profitable which fills the void

1 Like
#2043

It is not necessary for a central database to be online 24/7. My home server (with and SQL database) is offline at least a few minutes per month :stuck_out_tongue:

#2044

  1. It’s important so that the computer systems are always online and working.

  2. It has a high availability because there are many computers all over the world that power and keep the system going.

1 Like
#2045

It is important for blockchain networks to be high availability for it to be global. And be accessible 24/7/365.This is is possible because the blockchain is built on the internet which creates an internet of value. As long as the internet is accessible then so will the blockchain network.

1 Like
#2046

1.High availability is very important because a trust less technology need a software tuning 24/7/365
2. A never sleeping network give more incentives

1 Like
#2047
  1. Why is it important for blockchain networks to be high availability networks?
    High availability means 24/7/365
    blockchain is the new money system
    money and payments must be available 24/7/365
    So without the application of 24/7/365 blockchain will be meaningless
    For this basic reason, it important for blockchain networks to be high availability networks.

2.What is it that enables blockchain networks to have such high availability?
A. Decentralized Network Systems
B. 24/7/365 incentivized to keep blockchain alive

1 Like
#2048
  1. It is important for blockchain networks to be high availability networks because if they weren’t then miners would not be able to interact with the blockchain database and therefore network security would be diminished.
  2. Blockchain has very high availability because it is always functioning; there is no “off” period. Also, because interacting with the blockchain creates wealth, there is an inherent incentive for miners to keep interacting with blockchain networks to keep growing the wealth.
1 Like