Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2913
  • Why is it important for blockchain networks to be high availability networks?

The higher the availability of the blockchain networks the greater the level of trust that can be built as the consensus will be less bias through a larger network, relying on the many rather than the few.

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

Rewards enable blockchain to have high availability. If the network becomes less available the rewards go up causing a higher reward intensive which in turn causes the network to grow by people seeking the higher rewards.

2 Likes
#2914

  1. Blockchain networks need to be high availability to operate 7 days a week 365 days a year globally to process transactions, run supply chains constantly monitor and track in any application it is used. Eliminate any potential points of failure.

  2. Clustering nodes and mining enable blockchain network to have high availability and that any computer can join the network.

3 Likes
#2915

  1. In the use case of finance, people need access 24/7.

  2. Everyone participating in the network is incentivized with money to keep the network running.

2 Likes
#2916

It is important to maintain high availability to provide high security.

Blockchain has high availability due to financial incentives. If a portion of the network goes down security could go down, but fortunately so does the difficulty level for miners to get financially rewarded. So if part of the network dies for some reason it will be immediately replaces by more miners eager to make that easy money, and with the increase in new miners, the network will restore security.

2 Likes
#2917

So far this course has remined me again why blockchain is so important in the world we live in today. I feel like we are all frustrated with the fact that you can’t trust anything you read or hear these days. Over time as the immutable data base grows we will be able to trust what we read again.

1 Like
#2918
  1. Why is it important for blockchain networks to be high availability networks?
    It can hold and share any kind of data financial too 24/7 365 days a year.
  2. What is it that enables blockchain networks to have such high availability?
    Incentives
1 Like
#2919
  1. For access and security
  2. Incentives/Mining.
1 Like
#2920

1 - Because it´s global and allows 7/24/365 acess and security.

2 - We have miners that are incentivized.

2 Likes
#2921

  1. Why is it important for blockchain networks to be high availability networks?
    markets operate 24/7 with global infrastructure tilted towards finance, industrial, social and creativity.

  2. What is it that enables blockchain networks to have such high availability?
    Monetary incentives & profits enable blockchain networks to operate 24/7.

2 Likes
#2922

  1. It is important for blockchain networks to be high availability networks because the more people or computers that are in the networks, which in turn creates more copies of the blockchain, makes a higher level of security.

  2. incentives are what enables blockchain networks to have such a high availability. The world runs on a currency and this creates an incentive to accumulate more.

2 Likes
#2923

  • This is important because there are never offline, to offer money anytime, anywhere.

  • Blockchain enables networks the incentive to have it always working and to earn “mining” the Bitcoin.

1 Like
#2924
  1. Why is it important for blockchain networks to be high availability networks?

Available 24/7/365

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

Due to the incentives, in the case of bitcoin the miners. Everyone wants to make money.

1 Like
#2925

  1. It is important because there are many things that need a high availability.Not to mention everyone wants there programs or things to be available every time they want to use it. In this case bitcoin the first blockchain was made for a financial purpose to transfer value digitally, if they were not capable of being available all the time no one would use it.

  2. Sense every computer attached to the chain has a copy of this public ledger if a certain portion of the network lost its ability to do its job, such as mining. There is a lot of other nodes that can be pulled in to keep the network up and running. Creating the longest up time network ever made.

1 Like
#2926

High availability is essential for critical systems. If blockchain could not provide this it would not be widely adopted.

Mining to make money keeps a lot of nodes up on the network.

1 Like
#2927

1. Why is it important for blockchain networks to be high availability networks?
For example for financial sectors - it is available 24/7 which is huge advantage. Also if it is high available then it has more security.

2. What is it that enables blockchain networks to have such high availability?
Incentives through mining - people make money from mining. And when somebody stops mining, somebody else starts mining so it stays available.

1 Like
#2928

1.) It is important for blockchain networks to be high availability networks in order to be a global financial network that is capable of making money. It is incentivized to be so.

2.) What enables blockchain networks to have such high availability is the incentivization and readiness of miners to protect the network by mining which makes them money while protecting the network.

1 Like
#2929

1- The more availability the more people or businesses can use it. Also for people to trust the blockchain they need to know that it is not going to just shut down at any given time.
2- Blockchain/bitcoin has a high availability due to the fact that it never shuts down. With any given blockchain being supported by many nodes/miners the probability of it shutting down are slim. It is being ran/supported on a global scale.

1 Like
#2930
  1. Why is it important for blockchain networks to be high availability networks?

Its important cause if blockchain networks are going to be implemented worldwide they need to have high availability like 24/7 365 or else they will be ruled usless if network is down constantly.

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

Incentives and block rewards are giving to enable blockchain networks to have high availability

1 Like
#2931
  1. Because nowadays we are a global civilization that requires to operate 24/7
  2. Incentives (mostly economical)
1 Like
#2932

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  2. What is it that enables blockchain networks to have such high availability?
  • It is important because this ensures that payments can always be made / accessed for information.
  • The enormous amount of individual miners and nodes.
1 Like