Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2553

  1. High Availability ensures that the network is open to all users at all times. This builds confidence in the network, and encourages greater use.

  2. Incentives via the validation process known as mining or staking. Mining/staking rewards are distributed to those who maintain the network.

1 Like
#2554
  1. High availability means that the network can easily become more and more decentralized, since anyone can participate.
  2. Incentives through money aka Bitcoin.
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#2555
  1. Because the network needs to be available 24/7, given It’s through this availability that the network can keep minting blocks
  2. Operators are incentivized by money
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#2556
  1. Because it is a global financial infrastructure and every participant should have an acces to the secured network.
  2. The miners are incentive to protect the network and get reward while securing the network.
2 Likes
#2557

To offer 24/7 365 infrastructure that never stops working

Mining and miners protect the network incentivised to keep it alive

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#2558
  1. Blockchain networks are able to run non-stop live all the time and that is important for any financial system
  2. Because participants supporting the blockchain networks to earn the interest
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#2559
  1. Why is it important for blockchain networks to be high availability networks?

they have to be accessible all the time in order for transactions to be stored, sent, received and for data to be available

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

incentivized mining - since miners are always seeking profit, they are incentivized to remain available all the time - if they go offline for whatever reason, other miners will fill the space

1 Like
#2560

  1. Why is important for blockchain (BLKC) networks to have high availability networks?:
    for a global audience to have access at any given time, 24/7/365

  2. What is it that enables BLKC networks to have high availability?:
    Incentives - mining ($, like all businesses…)

2 Likes
#2561

  1. It is important for blockchain networks to be high availability networks because they then can be used in applications where 24/7 up time is imperative.

  2. What enables blockchain networks to have such high availability is the incentives to make money by proof of work or proof of stake.

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#2562
  1. It’s important that blockchain networks are highly available because people around the world want access to their money/ apps or whatever they use on the blockchain 24/7. For it to be truly decentralized, no time-zone should have preference. Global adoption would be limited if in parts of the world, some people can only use the blockchain at night.
  2. The decentralization, many nodes all over the world prop up the system and as a result, it would take a global event to shut them all down at the same time - such an event will bring everything else down basically. Additionally, when fewer miners are battling for block rewards, it’s easier for any individual miner to win, as a result, it’s more attractive for new miners to join the network - bringing robustness up and the risk of unavailability down.
2 Likes
#2563

There is a loophole in a system of registering the claim of the rights on a piece of real estate. After the notary proves the transaction, there is a time lag before the transaction is recorded in a register. It creates a risk that some buyer would have an incentive to sell the same piece of real estate twice or three times in a row (and we are not speaking here about a situation, when the register’s IT infrastructure is downright down, sorry for tautology :)) With blockchain availability feature this situation could be easily avoided.

The availability is based on human desire to earn some additional cash. The blockchain (particularly BTC) is incentivizing folks to uphold the system through mining.

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#2564

  1. It is important because blockchains are a P2P network and if the availability were to go down even for an hour, the less miners there would be and that would make the network less secure as the more there the higher level of consensus and therefore reliability.

  2. Incentives. Miners want to make money, and they are incentiveized to keep the network running.

2 Likes
#2565
  1. So everyone and anyone can have access at anytime.
  2. Incentives have been provided for miners to keep it going
1 Like
#2566

  1. It is important for blockchain networks to be high availability so that the networks remain highly secure

  2. Incentives are what enables blockchain networks to have high availability

1 Like
#2567

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  • The network is global and can be accessed 24/7, 365 days a year. The high availability is the key to keeping the network alive and secure.
  1. What is it that enables blockchain networks to have such high availability?
  • Financial incentives, mining.
2 Likes
#2568

  1. Why is it important for blockchain networks to be high availability networks?
    Cos people use it all the time. Buying and selling

  2. What is it that enables blockchain networks to have such high availability?
    Incentives make it highly available. Everyone wants to make money

1 Like
#2569
  1. Why is it important for blockchain networks to be high availability networks?
    Because “money never sleep” as they say. But also because on blockchain you can build a lot of services and they need to be always available
  2. What is it that enables blockchain networks to have such high availability?
    The main factors are that blockchain is decentralized, so there are many copies of the database running at the same time (if someone is not available, there are many other copies available), and if someone quits the blockchain, a lot of devices want to join the place left free because of mining(reward). The more people mining, the more secure blockchain is but rewards are lower. When someone quits, rewards grow higher and a lot of people want to jump in.
1 Like
#2570

1 Why is it important for blockchain networks to be high availability networks?
It is important because people can use the network at anytime from any location around the world.

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

1 Like
#2571

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    1R. It’s the only way to keep the system running to keep writing data, the network secure and available for all user, companies or whoever need to use it.
  2. What is it that enables blockchain networks to have such high availability?
    2R. Mining (financial Incentives)
1 Like
#2572
  • Why is it important for blockchain networks to be high availability networks?
    • If we want blockchain networks to get adopted globally, they have to be available 24/7/365, because somewhere around the world, someone is going to need to access whatever information is stored in there.
  • What is it that enables blockchain networks to have such a high availability?
    • In Bitcoin, mining is what enables it to have high availability. To keep the integrity of the network, they are rewarded financially to provide valid data and help secure the network from malicious attacks.
1 Like