Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2933
  1. Blockchain networks use cases usually involves services that requires infinite up time as we will be required to interact with them 24/7
  2. Incentives for the upkeep of the network.
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#2934
  1. Why is it important for blockchain networks to be high availability networks?

ItĀ“s a very functional network where you can do business 24/7/365. The security is higher if the network is broad and always online.

  1. What is it that enables blockchain networks to have such high availability?
    ItĀ“s due to the incentives built in to the system. Evereyone wantĀ“s to make money. And mining is making that happend. And the fact that itĀ“s always a broad online network.
2 Likes
#2935

Homework on High Availability

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

It is important for blockchain networks to be high availability networks because people around the globe across all time zones want to use the network for transactions at different times so it is very important that these networks are running 24/7 to allow all transactions to take place.

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

Financial consensus mechanisms such as proof of work that reward validator nodes through block rewards allow high availability.

2 Likes
#2936

[quote=ā€œivan, post:1, topic:8426, full:trueā€]
Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    Being financial protocol, it would be useless if the network where not available.

  2. What is it that enables blockchain networks to have such high availability?
    The availability of multiple miners, and the self-regulating incentives if low or high amount of miners.

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#2937

1.To keep it alive and available at all times so anyone can use it. It also helps
secure network by enabling new computers to hop on if some fall away.

2.Because of the blockchain technology and its monetary incentives through mining.

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#2938

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

    When it comes to finance, money doesnā€™t sleep. You can transfer value and information in real
    real time. Information can be used in real time to help solve problems on a macro or global
    scale.

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

    Incentivized mining allows for the network to be highly available 24 hrs a day, 7 days a week,
    and 365 days a year.

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#2939

  1. because people need access to their funds, anytime of the day. it has to be reliable.

  2. Incentives, like block rewards given to miners. It forces people to play by the rules.

2 Likes
#2940

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    So it will accessible 24/7.
    What is it that enables blockchain networks to have such high availability?
    Incentives for mining
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#2941

  1. It is important to be part of global infrastructure and to be available at all times. Users can transact 24/7/365.

  2. The decentralized nature of the network, coupled with incentives to keep it running.

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#2942

  1. Itā€™s important that there is high availability so that transactions can be made 24/7

  2. Miners are incentivize financially to continue mining and therefore the availability of the coins is always there

2 Likes
#2943

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    It increases trust that you can do your tx whenever you want to.
  2. What is it that enables blockchain networks to have such high availability?
    The fact that everybody in the network (node) what to earn money. So there is always somebody who is willing to process your tx.
2 Likes
#2944
  1. Why is it important for blockchain networks to be high availability networks?
    Because the data access is worldwide which adds to the security, computational power and consensus.
  • What is it that enables blockchain networks to have such high availability?
    Minning for bitcoin
2 Likes
#2945
  1. Why is it important for blockchain networks to be high availability networks?
    To keep it running alive 24/7/365 and maintain its use cases, the minerā€™s incentives keep the network secure as hundreds of infrastructures and applications getting built on the Blockchain to continue benefiting the technology as it keeps on evolving.

The high availability of Blockchain is important to keep this technology labeled as the solution for future global infrastructure solutions. :sweat_smile:

  1. What is it that enables blockchain networks to have such high availability?
    Because it runs all the time, nonstop! And itā€™s been proven for a long time to be the longest-running network has been performing this well as mentioned in the course.
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#2946

1.So it can be used anywhere 24/7 which increases itā€™s value and usability.
2. Because miners are incentivised and are rewarded.

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#2947

1.They are available 24/7/365 and therefore suitable to people in any timezone, any office hours.
2. Incentives, such as money from mining. If one portion of network is down more will take itā€™s place due to incentives.

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#2948
  1. High availability provides 24/7 access irrespective of where in the world you are.
  2. Miners are rewarded to keep it operational
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#2949

Why is it important for blockchain networks to be high availability networks?
ļ»æSo they can operate without interruption 24/7/365

What is it that enables blockchain networks to have such high availability?
ļ»æBlockchain networks are incentivized. If network availability drops miners are leaving the network because profitability is dropping. As miners leave the network and availability drops, new miners are attracted because difficulty drops and hence mining becomes more profitable.

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#2950

Why is it important for blockchain networks to be high availability networks?
It is important because alot of financial institutes rely on blockchain for transactions
and this also involves other applications as well as currency so this is extremely important.

What is it that enables blockchain networks to have such high availability?
Blockchain networks have such high availalability because of the fact that there are
monetary incentives for those nodes that control, maintain and protect the blockchain.
This has been identified as mining

1 Like
#2951

[quote=ā€œivan, post:1, topic:8426, full:trueā€]
Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain is a global network which needs to be open 24/7/365 days for anyone to access from any part of the world.
  2. What is it that enables blockchain networks to have such high availability?
    It achieves high availability through incentives or block rewards to the miners.
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#2952

  1. Itā€™s important for blockchain networks to be high availability so it can keep up with global demand. There is a 24/7 365 days a year need for the blockchain network, so high availability is vital.,

  2. More often than not, it is financial incentives that enables blockchain networks to have such high availability. After all, why would people ensure high availability network if they werenā€™t being rewarded for it? A prime example of this is the mining that takes place in Bitcoin. ( More on this in future videos :wink: )

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