Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2472

yes thanks. The miners make profit for every block created and for the fees. Fewer miners more profit for the newcomers. When the last coin will be mined the miners will compete for fees,
therefore bitcoin will allways keep alive.

#2473

  1. Global application that needs to be available at all times.

  2. 24/7/365.

1 Like
#2474

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

         The network never goes down. This makes it an "immortal" data system

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

            MINING, the greed for wealth. straight up. The people behind the networks want to be incentivized, because of this the network stays alive and true.
1 Like
#2475

  1. Why is it important for blockchain networks to be high availability networks?
    A: It is important for people around the world to be able to access the information contained in blockchains 24/7. Especially when people want to be able to make financial transactions. If the network is unreliable (frequently down) then people will be less likely to use it (and its utility will decrease).

  2. What is it that enables blockchain networks to have such high availability?
    A: Incentives. Financial incentives, specifically. Miners are given financial incentives to constantly mine new blocks. If the difficulty level starts to get too high, then the difficulty level is reduced (bringing new miners back in).

1 Like
#2476

Homework on High Availability

  1. Why is it important for blockchain networks to be high availability networks? So it can be accessible 24/7 and 365 days globally.
  2. What is it that enables blockchain networks to have such high availability? By having a 24/7 365 days infrastructure and because everyone is incentivized to keep it alive.
1 Like
#2477

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    High availability of the network :arrows_counterclockwise:is assuring that all nodes are connected and working together to validate transactions, and other smart contracts used on decentralized applications.
    High availability is also more people joining the network as miners, hence the difficulty growing of the mining and the security improving. :earth_africa:

minors-vs-miners_o_517236

  1. What is it that enables blockchain networks to have such high availability?
    People joining as group of persons to mine (pools). Also, The need of earning some sweet cash :moneybag: :moneybag: :heavy_dollar_sign: which makes people incentive to protect and run the network.
    b1749682b16c58d2b8eb37774682c171

Keep grinding :muscle:
Keep coding :writing_hand:

@dapp.coding

1 Like
#2478

  1. Why is it important for blockchain networks to be high availability networks?
    At every moment in time some where in the world it is 12:00 pm. not everyone is asleep at the same time. business needs to happen 24/7 x 365. and it will be a matter of life and death some place on the planet.

  2. What is it that enables blockchain networks to have such high availability?
    many many nodes are all incentivized to support the network. when not enough minors are working the mining process gets easier you can make more money, when there are too many it gets harder so some will drop off.

1 Like
#2479
  1. because they carry value and it’s important for that not to be lost at any point in time
  2. everyone in the network is incentivized to keep the network alive and by design mining keeps the network alive (and secure)
1 Like
#2480
  1. Why is it important for blockchain networks to be high availability networks?
    So it is accessible 24/7/365 globally to exchange value.

2.What is it that enables blockchain networks to have such high availability?
It’s all about the incentivation of the network of nodes. It pays to play correct which creates high availability

1 Like
#2481

  1. It must do its job no matter what, so people get trust. Mining is continuously proces which protect the network.

  2. Miners get rewarded for helping the network.

1 Like
#2482
  1. Why is it important for blockchain networks to be high availability networks? High availability networks allows more access, thus allowing more proof / evidence of the information, making the blockchain information more robust and less prone to off-time.
  2. What is it that enables blockchain networks to have such high availability? Incentives in running / validating the blockchain networks leads to high availability. I think it’s more like free market where there is supply and demand, when there are demands for the validated proof / information, there are incentives and people will participate in the blockchain networks.
2 Likes
#2483

Hi Bob,

I love your graphical representations. Just curious what tool you are using to generate these amazing looking decision trees ?

Best
Max

1 Like
#2484

  1. High availability of the network 24/7/365 allows for greater adoption time and
    incentives miners to make money. I liken it to a corporate shareholder except being
    math based and programmatic these shareholders are always open and “Trustless”.
    Banks, stock markets and 90% of corporations are not open 24/7 /365.

  2. Ii’s achieved through mining which in turn provides the incentive.

1 Like
#2485

  1. Why is it important for blockchain networks to be high availability networks?
    So everyone can participate easily in creating blocks, mining coins, real time participation, keep it safe.

  2. What is it that enables blockchain networks to have such high availability?
    that everyone participating it’s incentivized, everyone wants to give a service in exchange of an incentive.

1 Like
#2486

  1. Because they are used to transfer value or valuable information, the more available they are, the better.

  2. Having a large number of participants, who, in the case of Bitcoin, are financially incentivized to participate in the network, making it more secure.

1 Like
#2487

  1. Because it what keeps the network secure and running.

  2. Mining rewards.

1 Like
#2488

  1. It is important because it provides the infrastructure to allow the network reach consensus with each transaction in the happening on the network.

  2. Each node plays a significant role in the network to reach consensus and mining which needs the computational power to produce the next blocks.

1 Like
#2489
  1. It needs to be accessible at all times because is a global network
  2. Everyone is incentivized to operate on the network i.e. mining
1 Like
#2490
  1. They must be always online and usable. Especially for worldwide use cases because it is always daytime somewhere.
  2. The incentive to earn money.
1 Like
#2491
  1. people want to be able to use them at anytime they want and the infrastructure needs to be able to hold the entire world and everything they want to do on it
  2. incentives
1 Like