Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2190
  1. Why is it important for blockchain networks to be high availability networks?
    To support global transactivity, the system needs to be runing 24/7/365.
  2. What is it that enables blockchain networks to have such high availability?
    Global presence and the ability to alwats have the system supported as well as incentivizing to keep it running.
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#2191
  1. because it keeps it secure and reliable.

2… incentives, everyone wants to make money. If a massive amount of miners all of the sudden stop mining, then mining becomes easier therefore more profitable and others will start mining.

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#2192

  1. Because the incentive that everybody wants to make money.

  2. Everybody is incentivised to make money and it is running 24 7 365.

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#2193
  1. Its important to have high availablity networks because the more people in a decentralized network the safer it becomes.
  2. Block chain being 24/7/365 and incentivized brings people to be part of the network.
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#2194

  1. It is important for blockchain networks to be high availability networks because if transactions are happening all over the world it would mean that they are happening at any given moment, every day so availability is crucial. When one part of globe is asleep, others are awake so there needs to be availability of the network people who are in a position to perform transactions.

  2. People are given monetary incentives to keep the blockchain networks available (This is mining in a nutshell).

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#2195

– To have the system online 24/7/365. It’s never offline for the global community’s activity never sleeps.

– It’s a highly incentivized system that keeps the network secure and available.

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#2196

To operate the network globally, the network must be available 24/7/365.

There is financial incentive for miners to operate on the network, this also increases security of the network.

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#2197

  1. Because the Blockchain is basically a global database, it needs to be available all the time, 24/7/365. With that being said, it requires members of the network to keep it up and running effectively.

  2. Incentives, peoples want to make money. Low volume on the networks leads to easier computations for block creation and higher incentives, more members will see the incentive to mine. During periods of high volume, network members or miners are required to solve harder problems for compensation. Driving up costs to mine and ultimately driving down the number of people mining.

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#2198

Why is it Homework on High Availability - Questions

  1. important for blockchain networks to be high availability networks?
    If users cant count on the blockchain to be available when then need it they will use something else.
  2. What is it that enables blockchain networks to have such high availability?
    Financial incentives to those who support the network
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#2199

  1. In order to be global and available for everyone to use when needed in any time zone.

  2. Mining. Miners earn cryptocurrency as a reward for mining, as mining becomes more difficult less people mine and this incentivizes more people to mine as the competition decreased.

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#2200

  1. Why is it important for blockchain networks to be high availability networks?
    Because when you are working with something like finances and transactions at a global scale, you need the network to be up 24/7/365. That is what makes Bitcoin better than any traditional bank or trading asset. You need the network to be up 24/7/365, because whenever you want to send funds or receive funds, you need it right then.

  2. What is it that enables blockchain networks to have such high availability?
    What enables blockchain networks to have such high availability is incentives to do so. Like in bitcoin, you have mining, and miners are rewarded new bitcoin for solving a mathematical problem, that allows them to find the next block. If it was not for incentives, then the network would not have as much availability .

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#2201

1- It wont be adopted on a global scale if it is not dependable.

2- Through incentive’s the miners this ensures both the security and availability of the system. If one part of the system goes down it will be replaced by miners in another area.

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#2202

  1. It is important for blockchain networks to be high availability networks so that it can be readily available to anyone that require to make transactions at any time. Also, it is becoming more secured as blocks are been created and built continuously, thus disincentivise or deter hackers.

  2. The miners, who perform the mining in the network, that are motivated by the incentives it carries.

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#2203

  1. It is important for blockchain networks to have high availability because it make the network more secure and also creates wealth.

  2. Well, it is always running 7/24/365 because miners are always running somewhere in the world. If miners shutdown other miners are incentivized by profit to take their place.

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#2204
  1. Why is it important for blockchain networks to be high availability networks?

To maintain high level of security, for a global data base. If the network be low availability there will be no one using it. For the transfer of value, it need to be online 24/7 to meet the need of users transferring value in different timezones across the globe.

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

Incentives, where high up time of nodes allow verification for transactions and that node owners are incentivised, similar to mining.

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#2205

1. High availability ensures the blockchain continues running. Should one country ban it, everyone else picks up the slack, and keeps it running.
2. The blockchain holds fast because it’s incentivized by rewarding the miners.

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#2206
  1. It allows them to scale appropriately as they grow and are adopted by more people businesses institutions etc. also it allows whatever the use-cases that particular blockchain offers to always be available as long as the network is running.

2.The fact that the network doesn’t sleep and is available at all times through all the different timezones and places in the world, so no matter what time or where you are in the world it runs the same as any where else.

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#2207

  1. Why is it important for blockchain networks to be high availability networks?
    Global financial and mission-critical use cases using the blockchain have more security in a network that is high availability

  2. What is it that enables blockchain networks to have such high availability?
    Decentralized financial incentives. EX: Proof of Work/Mining

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#2208
  1. Why is it important for blockchain networks to be high availability networks?

high availability networks mean access to it whenever 24/7 wherever you are. It makes it global and not dependent on a region so if one part of the world goes down the blockchain still exists and is online.

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

incentives ensure the high availability by 1)being in multiple nodes 2)mining and 3)financial incentives for keeping the network going

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#2209

Availability creates the opportunity for miners (who are incentivized to fact check the blockchain through being compensation) to have an ecosystem to function

Blockchain tech is able to have such high availability due to having public ledgers being available globally and an ecosystem that is self perpetuating (miners keep an accurate log = are compensated = rinse repeat)

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