Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2513

  1. People always want to be making money, so blockchain networks are highly incentivized to be open 24/7/365.

  2. Miners from across the world are highly incentivized to maintain and protect the network 24/7/365.

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#2514
  1. Why is it important for blockchain networks to be high availability networks?
    The BlockChain Network is always online and there is a huge encouragement in the community to keep it alive.
  2. What is it that enables blockchain networks to have such high availability?
    With miners who have the goal of wanting to make money. Mining goes up and the difficult increases and when mining goes down the difficulty decreases and the incentive to people to mine increases.
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#2515

  1. Blockchains such as bitcoin are highly available to most people in the world that have an internet connection; this expands the available pool of people that can internet and exchange value and it provides opportunity for those who otherwise would be shut off in closed societies or people without access to banks or similar institutions.

  2. High availability in the bitcoin blockchain is achieved through the digital programming principles laid out by its creator (Satoshi Nakamoto?). Those principles include: creating a limited supply of bitcoin and using an ingenious system of verifying and recording transactions and making them transparent. The system succeeds due to its recognition and reliance on individual self-interest (everyone wants to make money) and the idea of incentivizing honesty in transactions (so individuals, to succeed, need to act honestly).

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#2516
  1. Why is it important for blockchain networks to be high availability networks?
    –High Availability networks are protected through mining, when a lot of networks are mining, the network security is high at this point.
  2. What is it that enables blockchain networks to have such high availability?
    –Incentives. Mining protects the network, and people make money when they mine (which drives the incentive to keep the availability/security high). If a portion of the network goes down, immediately other networks will join because of mining and this keeps the network accessible 24/7/365.
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#2517

Blockchain networks are a global infrastructure therefore are required to be available to all people and businesses at any hour of the day across the world.
Mining enables blockchain networks to have 24/7 365 availability/accessability due to the financial incentives available to miners. If a part of the network can no longer mine, it will quickly be replaced with computers and networks who are willing to take over and receive the financial benefits of doing the mining, supporting the network and authenticating transactions.

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#2518

1.for use case a global network needs to be used at anytime anywhere in the world.

2.financial incentives and worldwide mining operations.

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#2519
  1. Why is it important for blockchain networks to be high availability networks? It’s important because the blockchains are global and allow everyone the freedom to make transactions at any time of the day.
  2. What is it that enables blockchain networks to have such high availability? The blockchain users have incentives for mining so the more time they run a blockchain, the more money the can make.
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#2520

  1. Why is it important for blockchain networks to be high availability networks?
    Having 100% uptime, is something almost impossible to achieve with traditional apps. But having a network/ infrastructure run flawlessly 24/7/365 is a very good value proposition for anyone relying on blockchain functionality or services.

  2. What is it that enables blockchain networks to have such high availability?
    The fact that if some miners, at a certain point, stop validating transactions in the network, difficulty and security goes down. But monetary incentives go up (block rewards get split between fewer miners) and so at a certain point other miners will pick up work, until a balance is reached.

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#2521
  1. Why is it important for blockchain networks to be high availability networks?

The reason being that Bitcoin invention has united everyone on the globe because of the inherent need to make money

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

This is because of the high volume of people mining daily.

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#2522
  1. Why is it important for blockchain networks to be high availability networks?

It is important that there is continuity in the blockchain, as that means the users can use it with no time restrictions.

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

The economic incentives in mining are so well structured that the mining computers can run all day long.

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#2523
  1. Why is it important for blockchain networks to be high availability networks?
    Because of its global use, the network has to be available for all participants to use across the globe. At any point the network needs to be accessible for people to transact.
  2. What is it that enables blockchain networks to have such high availability?
    There are nodes all over the world that participating in mining to keep the network up and running.
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#2524
  1. Because there is a 24/7 demand that must be met
  2. Incentive to make money
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#2525

  1. High availability is important as financial transactions (and other use cases for blockchain) need to be fast and reliable in order useful.

  2. Financial incentives mean that if fewer nodes are on the network it becomes more profitable for others to join the network keeping a high number of nodes and hence high availability.

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#2526
  1. Why is it important for blockchain networks to be high availability networks? So anyone can access it anytime all the time.
  2. What is it that enables blockchain networks to have such high availability? The incentives behind the network, people getting paid.
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#2527

  1. Why is it important for blockchain networks to be high availability networks?
    because it is in use 24/7/365 all across the globe

  2. What is it that enables blockchain networks to have such high availability?
    continues mining and use.

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#2528

My Answers

  1. It is important for blockchain networks to be highly available because i would improve security which is an important factor in a financial system.

  2. Blockchain networks are incentivized which enables it to have such high availability.

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#2529

Homework on High Availability - Questions

Q1. Why is it important for blockchain networks to be high availability networks?
A1. The main purpose of high availability is to eliminate potential points of failures in a network.

Q2. What is it that enables blockchain networks to have such high availability?
A2. In a distributed network, if a system fails, the other systems in network equipped with the full data set, can continue function and not fail.

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#2530

Blockchain and Bitcoin 101
Benefits of Using Blockchain
High Availability

Homework on High Availability

Why is it important for blockchain networks to be high availability networks?
High availability is important so that anyone, anywhere, can access the network any time. It means that the network is available 24 hours/day, 7 days/week, and 365 or 366 days/year. Blockchain is worldwide. People are in various time zones and need access available to them no matter the time. High availability is necessary for transactions to be processed around the clock. It is necessary for stability and doing business.

What is it that enables blockchain networks to have such high availability?
There is a profit incentive in maintaining high availability. People make money by mining. If many people decide to stop mining because it is difficult, then just as many or more will start mining because it became easier when many left. Mining requires an active computer on the blockchain network. The more computers, the more stability. The more stability, the more likely the system will remain available. With so many people mining, even if there is no electricity or a government shutdown of internet or some other crisis in one area, there will be enough computers in the rest of the world to keep the blockchain available.

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#2531

  1. Because it’s 24/7 and 365 days all time accessible for the everyone globally.

  2. it’s the incentives, when the miners mine the block they will be rewarded.

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#2532

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

I think ,First of all its the char-actor and personality of the blockchain which makes it all unique and different from others.

Secondly the technology behind the infrustracture of blockchain makes it work 24/7/365.

Third its based on the value not information

Also it makes the blockchain more interesting and brings more enthusiasm

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

-Mining

-Insentivise
:grinning:

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