Homework on High Availability - Questions

Blockchain and Bitcoin 101
#2953

1)So the transactions are completed in good time and the information is available 24/7
2)The incentives help to encourage miners to mine in turn increasing availability

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#2954
  1. Why is it important for blockchain networks to be high availability networks?

The network is global infrastructure and needs to be highly available for security reasons. All of the nodes in the system have a copy of the ledger and can maintain it if sections of the network go offline.

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

Incentives make it so that the networks are highly available to all.

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#2955

To allow access and updates 24/7/365. The internet is high availability and since blockchain is a system built for the internet that is important.

The nodes in the network that are mining. Financial insentives.

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#2956

  1. It’s important for blockchain networks to be high availability networks because of the. incentivized system which relies upon those who can access it for financial returns, creative endeavors, etc. This also provides more security as more computing power is added to the network.

  2. What enables the blockchain network to have such high availability is through equilibrium the process of mining. If some portion of the network is shut down, mining difficulty becomes easier and it drives more action into this area. If it becomes too hard, people stop mining and the difficulty drops.

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#2957

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    These networks need to be operational around the clock 24/7 365 whenever anyone needs to make a trustless transaction or verify a transaction.
  2. What is it that enables blockchain networks to have such high availability?
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#2958
  1. Why is it important for blockchain networks to be high availability networks?
    So it can continue 24/7/365 without interruption to provide security as well as a framework for constant global interaction
  2. What is it that enables blockchain networks to have such high availability?
    The nodes located across the globe, each wanting to get their own share of the block rewards.
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#2959
  1. Why is it important for blockchain networks to be high availability networks?

If we use one standard network worldwide for any given use, it means millions of users want and need access to the system 24/7. With wide adoption comes the necessity of high availability. For example, a bank might have several million customers, yet those customers might be restricted from making international transfers after 5pm or on weekends, because they are using the banks’ proprietary system.

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

Blockchain uses the masses supporting and running the network, to provide constant availability to masses of users.

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#2960

You forgot to answer :smiley:

#2961

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain networks with high availability have an advantage because users can access the data 24hr/7days a week without interruption. This in turn leads to greater security, reliability, incentives for profit and trust from the users.

  2. What is it that enables blockchain networks to have such high availability?
    There is an incentive for miners to maintain the network security. In other words the longer a miner stays online the more profit is generated through subsidies and transaction fees. If a few computers shut off other computers will take their place.

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#2962

  1. The networks need to be highly available because only by that way it can reach consensus and security

  2. The blockchain network is able to be highly available because of the density of computer networks nowadays (which mean more computational power) The incentive is rewarded for mining so there will always exists a copy of the node elsewhere in global shared ledgers

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#2963

  1. It is important for them to be high availability networks for the soul purpose of them being accessible at all times during the day.

  2. What enables them to be like this is the incentives that is has.

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#2964

  • It protects the network and gives 24/7 accessibility

  • Incentives

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#2965

1. Why is it important for blockchain networks to be high availability networks?
As a global network that allows transactions, traceability and auditing, it needs to be up 24/7/365. We are all tired of the legacy banking system which stops working after 5 PM, during weekends and needs ages to get something done.

2. What is it that enables blockchain networks to have such high availability?
Incentives as part of the drive for money we all have.

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#2966

1, because it was created to bring financial freedom to the poorest, different time zones around the globe, and if its a store of wealth and transfer of currency it needs to be there 24/7
2. decentralised , no central banks calling shots, nodes automatically keep in touch ,the full ledger is always available , plus miners keep it moving along for the fees !

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#2967
  1. It is important for blockchain networks to be high availability networks because everyone is incentivized to keep it alive, keep the system going.
  2. What enables the blockchain network to have such high availability is that once one computer goes down, many other computers will join the mining. Mining incentivizes this which also makes the security higher.
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#2968

High availability is necessary to provide security of the network

High availability is made possible by financial incentives for the miners

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#2969

  1. It is important that blockchain networks have high availability to ensure 24/7 ease of access to the network.

  2. Blockchain networks have high availability because of the global network of miners.

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#2970

  1. Because it is a global network and need to be available 24/7/365.

  2. Mining incentives
    Mining makes it possible to make money and keep the security high available.

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#2971
  1. Why is it important for blockchain networks to be high availability networks?
    Its everywhere and at any time someone in some country will be using it.
  2. What is it that enables blockchain networks to have such high availability?
    There is always a computer willing to do the task. If one or a large number of computers happen to slow down/stop nearly instantly more computers “miners” will come online and pick up for the slack.
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#2972

  1. Due to the fact that blockchain is a global infrastructure it needs to be available at all times, as it would be useless if it weren’t.

  2. It is spread across many networks and computers so that if a part of it is down then more computers will be called into action to allow for no change in the availability. Miners are also given incentives to keep the availability high.

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