Homework on High Availability - Questions

Blockchain and Bitcoin 101
#282
  1. Why is it important for blockchain networks to be high availability networks?
    There valuable information on the blockchain which needs 247365 available.
  2. What is it that enables blockchain networks to have such high availability?
    It’s a distributed ledger with copies on every node. There is not a Single Point Of Failure.
#283
  1. Highly available, global, 24/7/365.
  2. Participation in the network, mining, is incentivized.
#284

  1. Why is it important for blockchain networks to be high availability networks?
    BC of use and access to the networks.

  2. What is it that enables blockchain networks to have such high availability? Incentives for the miners bc everybody wants to make money.

#285
  1. Why is it important for blockchain networks to be high availability networks?
  • It is important for blockchain networks to be high availability because people around the world need to be able to conduct transactions at all times, day and night.
  1. What is it that enables blockchain networks to have such high availability?
  • It is the desire to make money that enables blockchain networks to have such high availability. When less miners are active, the incentive for others to engage in mining increases.
#286

  1. Because there needs to be widely used and a self accounting system that can be more transparent for all data usage, whether it’s for finance or health care.

  2. It does not rely on just one just one data source or node and they are all incentivised together.

#287

  1. its important that blockchain to have high availability because people can use it all the time.

  2. 24/7/365…is will never close

#288

1&2. It is important for blockchain to have high availability networks to service users that need that demand. Miners enable blockchain networks to have high availability through monetary incentives.

#289

  1. To never stop. By a blockchain network operating 24/7/365, there is never any downtime. This allows the highest productivity available.

  2. It is available because it is alive and working 24/7 since there is incentive to keep it going around the clock with mining.

#290

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

By being a 24/7/365 available network it needs to support the demand of the network. Because it is a global decentralised network parts of the network could be down and it would still function as a complete network. Also with the different time zone across the globe the ability to access the network whenever one needs is important.( Brilliant)

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

The Blockchain Network is a network of Nodes ( not centralized). Each node holds a copy of the Ledger. By the virtue that the information is distributed in a decentralized way and if parts of the network were to go down the availability of the information would still be accessible via the rest of the network. There will always be access to information.

#291

  1. Because one of the most important ideas of blockchain is that anyone can executed fast transactions anytime.

  2. I assume that it is because of how it was programmed and thanks to the incentives that the miners get.

#292
  1. Why is it important for blockchain networks to be high availability networks?
  • Because a global network needs to be accessible 24/7 365 days per year to be useable by all. High availability encourages usage, increases efficiency and engenders trust.
  1. What is it that enables blockchain networks to have such high availability?
  • The incentive to secure the network and process transactions through monetary reward. If the mining difficulty goes up or price falls to much then unprofitable nodes are removed from the service. The difficulty to solve the blocks decreases per the protocol and makes it more profitable to mine again so others enter the process by starting to mine. The incentives assure a constant supply of persons wishing to mine for profit which secures, further increases capacity and continues decentralization of the network.
#293
  1. Because it provides above all reliability.
  2. Incentives.
#294
  1. When a blockchain becomes a fundamental operational informational structure that people rely on to fulfill a set of needs (whether it be financial or operational), it becomes very important that the network is highly accessible and available.
  2. This high availability is maintained by offering the right (mostly) financial incentives to network participants that verify the network, in this case through mining.
#295

Why is it important for blockchain networks to be high availability networks?
It shows the networks robustness and motivates more players to join, especially if there
is economical gains to be made.

What is it that enables blockchain networks to have such high availability?
Economic incentives ex. mining.

#296
  1. It is important for blochchain networks to be high availability networks because these networks need to be as accessible as possible in a financial system that is global.
  2. What enables blockchain networks to have such high availability are the incentives (mining) to keep the network working 24/7 365 days a year.
#297
  1. Why is it important for blockchain networks to be high availability networks?

One of the biggest selling points for blockchains is that they are high availability networks because they work 24/7/365. This is very important because people want to make money 24/7/365 and have access to their money

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

Because of the incentivize. One person that mines/stakes(keeps the network working) is being paid for that and this is a big insentivize to keep the network of the blockchain running 24/7/365

#298

having the ability to be “online” 24/7/365 allows the entire world to participate at their leisure. there are no more working hours, there is no one to trust. (except math). Bitcoin is there 24/7 when you need it the most. no business hours, no delays, no excuses.

Mining enables blockchain networks to have high availability because people are incentivized and rewarded to keep the network alive. If Asia stopped mining I know I would start.

#299

Blockchains need to be available at all times to allow transactions to occur at any time of the day or week. Users will need to know the network is always available in most cases.

Bitcoin and other blockchain networks are stored on many ,many servers and run at all times ensuring availability on a global scale.

#300
  1. Why is it important for blockchain networks to be high availability networks?

It’s important for blockchain networks to be high availability networks to ensure that the network is constantly incentivized 24/7/365.

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

Financial incentives for participants (miners) to secure the network enable blockchain networks to have high availability. Everyone wants to make money no matter where they are in the world; no matter colour, creed or political persuasion.

#301
  1. Because everyone wants to make money! All day, every day.
  2. Different miners that mine all the time to keep the security high and the network running.