Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2773
  1. Why is it important for blockchain networks to be high availability networks?

High availability networks allow access 24/7 so information can be processed/added whenever necessary.

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

The blockchain network is constantly validated in a proof of work instance by miners who are incentivised with rewards.

1 Like
#2774

1 - is important because you have a 24/7/365 of network .

2 - because everyone get incentive to keep it alive. because of mining.

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#2775
  1. There must be lots of participants for it to work correctly & provide high security.
  2. Decentralization - anyone anywhere can join the network and run a node, and incentivizing miners means many will.
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#2776

Because it ads value if something that´s needed is always available without delays.

Incentives for mining assures that there will always be working

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#2777
  1. It is secure and accessible in an unprecedented way because the incentives set up for mining :moneybag: are aligned with the utility of the network.
  2. Mining is profitable in an inverse relationship to the supply of miners. So if for any reason the network experiences a lack of miners, in creates a profitable opportunity for new miners to meet the demand and thus increasing the network security.
1 Like
#2778
  1. Why is it important for blockchain networks to be high availability networks?
    This creates trust so in the future business and all other application can run 24/7 with the system being down.
  2. What is it that enables blockchain networks to have such high availability?
    Blockchain is enabled with high availability do to the miner working 24/7 to keep the network up.
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#2779
  1. Why is it important for blockchain networks to be high availability networks?
    to be consensus and to add benefit
  2. What is it that enables blockchain networks to have such high availability?
    miners and incentives
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#2780

  1. It is important for blockchain networks to be high availability so they are accessible 24/7 to users of the network. This means that the blockchains are not susceptible to observances of holidays or government-imposed lock-downs in an economy. Blockchains with high availability are always accessible regardless of domestic and foreign circumstances.

  2. What is it that enables blockchain networks to have such high availability? Financial incentives which provide opportunities for individuals, companies, or governments to earn money.

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#2781

Blockchains are useful because they are transparent, trustworthy, and available to everyone to use and verify if they so wish. To be transparent and trustworthy takes strong network security, and blockchains security comes from having lots of users working their hardest to secure the blockchain and earn more rewards, this in turn helps secure a network 24/7 and highly available.

2 Likes
#2782

  1. Why is it important for blockchain networks to be high availability networks?
    So they’re more useful.

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

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#2783

  1. Because if a portion of the network dies, immediatly other computers have to be able to join the network.

  2. It is always online since it’s launch on the internet and is accessible globally.

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#2784

  1. Why is it important for blockchain networks to be high availability networks?
    Because they have to keep working the network and all the transactions and information that is going through it.

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

1 Like
#2785

1. Why is it important for blockchain networks to be high availability networks?
It provides easy accessibility at any time, any day, becoming a much more efficient way of doing transactions than the traditional banking system.
2. What is it that enables blockchain networks to have such high availability?
Miners are incentivized to keep the network running efficiently at all times.

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#2786

Computers from all of over the world are mining.

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#2787

  1. Blockchain networks must be highly available because the security of the blockchain is dependent on demand and incentives.

  2. Incentives, like money.

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#2788
  1. Why is it important for blockchain networks to be high availability networks?

Because it is a global network that serves individuals in all timezones.

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

Incentives for mining (verifying).

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#2789

  1. Because it is working around the clock with ppl mining and being incentivized.

  2. Mining enables the network to maintain high security.

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#2790

  1. Because it is a worldwide network that need to create and record transactions that happens 24/7 all year long.

  2. It is incentives through mining that enable the high availability.

1 Like
#2791
  1. Why is it important for blockchain networks to be high availability networks?
  • It is very important the network to be alive 24/7/365
  1. What is it that enables blockchain networks to have such high availability?
  • It is because of the miners. If some of them stop mining, immediately new miners will start.
1 Like
#2792
  1. It is important for networks to be high availability because it is a global network that works in different time zones at any moment in time. So for applications like Bitcoin, it makes monetary transactions efficient for all markets at any moment in time. The more it is up and running it becomes more productive and useful for all global users. It is also important for the security of the network. If the network would have to stop and run again, it would cause many inefficiencies and security issues.
  2. The way that the blockchain networks enable high availability is the mining incentives. If some nodes stop working the mining difficulty goes down in proportion. So new miners would come in to try and get an easier and cheaper mining reward.
1 Like