Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2673

1- to sustain the high volume of transactions happening across the globe 24/7/365
2- the number of mining power supporting the system -

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#2674

  1. It’s important for blockchain networks to be high availability networks because it supports a global financial system and may more things to come in the future.

  2. Blockchain has such high availability because miners are incentivized through the rewards they receive. Potential loss of these rewards keeps them from validating false transactions. Also, if a miner drops off then there is one to take its place.

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#2675
  1. it is necessary to scale globally.
  2. Different blockchain systems enable networks to have a high availability, In case of Bitcoin it’s Mining.
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#2676

1.- Since blockchain networks are decentralized and one of the main characteristics is being a trustless network, it is important that is highly available. For example, Bitcoin will not be successful if you could not rely on making a transaction whenever you need to.

2.- Money incentive to maintain the network running; in the case of Bitcoin: mining.

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#2677

[quote=“ivan, post:1, topic:8426”]

  • Why is it important for blockchain networks to be high availability networks? People want to make money, it need to be on all the time and accessible
  • What is it that enables blockchain networks to have such high availability?
    Mining i.e. incentives
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#2678
  1. It is important for blockchain networks to be high availability networks so that they can provide continuity of service to their users, which is highly critical especially for financial services.
  2. Participants of the blockchain networks, especially miners, are incentivized to be up 24/7/365.
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#2679
  1. Just look at what happens when banks shut down. It low availablity makes your vaule and usefulness go down.
  2. It’s decentralized nature eliminates a cetral point of failure building,while building resiliency to new attacks. Plus incentivizing the miners to provide proof of work.
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#2680

  1. the higher the availability the netowrk has the more secure the network is

  2. what enables the blockchain network to have high availability is computers thats are turned on mining on the network

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#2681

  1. The high availability plays an important role in the ensuring the credibility of the blockchain. People has to be able to access the network any time of the day without any issues if this technology has to be appealing for real life use cases.

  2. Money is the motivation for people - Management 101. The same applies in Blockchain. People (In this case specifically Miners) are incentivized to keep the blockchain up and security of the whole system up. If the number of Miners active at a time is very high, then some might stop mining, but others will fill these gaps. Its is fair to say that it is the incentives that keep the blockchain up and going.

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#2682

Why is it important for blockchain networks to be high availability networks?
High availability,network is available at all times it never goes down and globally used.
What is it that enables blockchain networks to have such high availability?
Incentivess, everyone can make money.

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#2683

  1. By being a high availability network, which is available for access 24/7/365, it means that regardless of what happens to one of some parts of the network, there will always be other areas of the network in operation.

  2. Financial incentives ensure there are always miners online somewhere. If some mining operations are somehow eliminated, it makes mining easier and, the easier mining becomes, the more new miners move in.

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#2684

A1:High availability enables you to operate block chains 24/7 and makes them very reliable and stable! This in turn provides network users with the necessary confidence and reliability.

A2: Value/monetary incentives/rewards are the main pillar to ensure a blockchain operates twenty-four hours a day and is always available. In the case of a proof of work the incentives/rewards is provided by “mining”.

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#2685
  1. To be able to make and track transactions on time, keep security and consensus posible.
  2. Everyone is incentivized to keep the network alive because of mining (blocks are produced through mining, that is how people makes money protecting the network).
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#2686

  1. As a global network,blockchain must be available 24/7 all year around.

  2. The running math protocols on the computers are incentive and enables to be available.

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#2687

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

It’s important for the global financial systems and so many applications that can be built on the top of blockchain to keep running without any downtime.

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

Mining and incentive that miners get for keeping blockchain alive 24/7/365.

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#2688
  1. Why is it important for blockchain networks to be high availability networks?

Because they need to be available at all times for transactions to take place. And because the more nodes working to keep it available the greater the security.

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

Fundamentally, because people are incentivized to contribute computing power to the network and since the incentive has been good enough throughout Bitcoin’s history. The network has remained up and running the entire time (high availability).

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#2689

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    It is all about high availability! 24/7 every day! People wants to make money :slight_smile:

  2. What is it that enables blockchain networks to have such high availability?
    people want to make money and blockchain is build to do it most secure and efficient way

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#2690
  1. Why is it important for blockchain networks to be high availability networks?
    Part of what makes blockchain networks so special is the fact that it is global. Anyone in in the world can use it at any point in time and therefore high availability is important. High availability is also critical for security.
  2. What is it that enables blockchain networks to have such high availability?
    The technology is designed to incentivise miners to maintain a high level of availability. The more active the miners the more difficult it gets to mine but the less active network mining gets the bigger the incentives get back to mining.
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#2691

  1. Unites people all over the world with a 24/7/365 available means of doing business and conducting transactions. Outperforms any other business or financial network.

  2. The network of nodes/miners distributed worldwide and that they are provided an incentive to keep the network up and running all the time which builds strength.

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#2692

  1. To keep the network secure and up and running and for businesses that are running 24/7 such as social media, health care, pharmacy, gaming etc.

  2. The profits of mining. If less people are mining, the security and difficulty of solving the math problem decreases making it easier and more profitable for others to mine and get rewarded. This incentivizes more people to start mining which increases the security and difficulty again.

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