Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2533

  1. So that anyone, at any time may interact with it at will

  2. The incentivization as well as peoples want for profit, resulting in the fact that somewhere there will always be someone who wants to maximize his profits, leading to the network being up and secure 24/7 365 days of the year

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#2534
  1. Why is it important for blockchain networks to be high availability networks?

it’s important for them to be high availability because this enables a 24/7/365 engagement, allowing individuals to utilise it whenever they wish for whatever purpose they wish be this financial transactions or information purposes.

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

the network of nodes is what enables the blockchain to have high availability if one area was to loose power or for any other reason not able to undertake mining other areas would pick up the slack,

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#2535

  1. The importance of high availability is because blockchain networks are available non stop.

  2. What enables blockchain network to have high availability is that everybody wants to earn money.

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#2536
  1. As it is a 24/7 always running blockchain, It brings true trust when it is availabilie the whole time!

2)That it has incentives to always be online with mining , trust to the ledger 24/7

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#2537
  1. Why is it important for blockchain networks to be high availability networks?
    Because it allows to continue maintaining the security of the network for global usage.
  2. What is it that enables blockchain networks to have such high availability?
    Miners who are incentivized to keep the network in function.
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#2538

1- They need to be highly available because it is used for many things including payments and if they are down then you cannot use it and therefor it needs to be highly available. Also it needs to be highly avaible for security
2- They use incentives, mostly financial like the bitcoin mining.

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#2539
  1. This assures that ALL recordings can be tracked !
  2. Because it is decentralized and relies on a network of computers instead of just a single entity !
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#2540
  1. High availability increases chances of making money.
  2. Incentives through mining
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#2541

As a global network, is needs to be up and running at all times.

Incentivized system of mining keeps the blockchain network running 24/7/365.

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#2542
  1. Why is it important for blockchain networks to be high availability networks?

So that transactions can be verified and BTC changes hands within a reasonable time frame

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

Because its a network of computers (nodes) throughout the world 24/7 that are mining the SHA-256 computation to gain consensus and then rewarded for every block they solve.

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#2543
  1. Why is it important for blockchain networks to be high availability networks?
    These networks need to always be available due to how central the projects being run on them, like currency, finance, energy etc. are to modern life. For example, the bitcoin network needs to be available 24/7/365 because transactions are occurring at all times around the world.
  2. What is it that enables blockchain networks to have such high availability?
    The structure of the mining protocol incentivizes miners to keep these networks running. The fewer miners there are, the easier it is to mine and the higher the financial rewards.
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#2544

  1. It is important for blockchain to be high availability to supply the 24/7, 365 days a year, global demand.

  2. Blockchains are able to have such high availability, by running two or more nodes redundantly and simultaneously. If a node fails, the ledger is still running somewhere else on another node.

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#2545

its perfect for finance, to have that “thing” which is still there, no matter what happened to any part of world, accessible at anytime and anyplace with simple technology needed.

decentralization

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#2546
  1. Why is it important for blockchain networks to be high availability networks?
    -Important because it keeps the networks alive, therefore can be used 365 days per year 24/7, it is used on a global scale therefore high availability is required to have access at all times.
  2. What is it that enables blockchain networks to have such high availability?
    Participants who join the networks get rewards, by doing so, the network is secured and transactions are being verified.
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#2547

1. Why is it important for blockchain networks to be high availability networks?
So that the business operations/commerce/markets and therefore the global economy can run 24/7/365 without any hiccups. Imagine a customer wants to purchase something on a website but the website is down because its centralized and the business that owns the website will lose money. If the servers were decentralized, it would have high availability and have a very low probability of going down. Customers can keep shopping and business wont lose money.

What is it that enables blockchain networks to have such high availability?
Being decentralized and distributed is what allow blockchain networks to have such high availability. It creates redundancy and has no single point of failure.
Also nodes in the network are incentivized to keep the network to be highly available.

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#2548
  1. Why is it important for blockchain networks to be high availability networks?
    –> because the users need to be able to rely on the network.
  2. What is it that enables blockchain networks to have such high availability?
    –> in decentralized networks every node can execute the work of any other node. If a part of the network is unavailable other nodes will execute the work. All players in the network are incentivized to provide their computing power for the mining (validation) process through mining rewards.
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#2549

  1. Why is it important for blockchain networks to be high availability networks?
    It is important for the blockchain network to be available 24/7/365, so that transactions can be carried out and verified any time of the day, to avoid disruption to the services it’s providing.

  2. What is it that enables blockchain networks to have such high availability?
    Blockchain provides such high availability, by having many network nodes, that each have a copy of the ledger. The operators of these nodes are incentivised to keep their node available. If a node goes down there are other nodes that can provide the service.

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#2550
  • Why is it important for blockchain networks to be high availability networks?
    Global scale requires high availability. Also that means incentives are working and the protocol maintains value.
  • What is it that enables blockchain networks to have such high availability?
    Inherent motive of rewards, making money building consensus and interacting with blockchain.
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#2551

1- Because the networks must be kept secure 24/7, so anyone at any time can participate in the incentives

2- Mining

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#2552
  1. Why is it important for blockchain networks to be high availability networks?

It is important so that the blockchain infrastructure can be reliable and available for business and other uses 24-7 365 days a year. This reliability offers significant value to the blockchain.

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

The blockchain enablers, miners in the case of the Bitcoin network are financially incentivised to keep the network running constantly.

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