Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3013

  1. Because it runs a global network that never stops transacting.

  2. Tradable Value built from the need to have transaction capability decentralized to supply the neverending demand.

1 Like
#3014

1.Why is it important for blockchain networks to be high availability networks?
It is important for a blockchain network to have high availability because we are in a connected world, it needs to be running 24/7. Everybody can check the transactions at any point in time.

  1. What is it that enables blockchain networks to have such high availability?
    The fact that miners get rewarded, if some miners stop mining the difficulty will ajust (easier to mine) and more miners will enter the space to earn rewards.
1 Like
#3015
  1. If blockchain didn’t have high availability it would be useless because the world has different timezones and schedules when people would be accessing the blockchain.
  2. Mining incentives ensure that the blockchain is running 24/7.
1 Like
#3016
  1. For the use case of transferring value, the system has to work 24/7 and that there are no global (time)-borders.
  2. PoW for BTC and PoS in the future for many cases.
1 Like
#3017

It is important to the security of the network to always be on even when parts of the network are down. Constant availability to the blockchain network provides global network availability to create incentives through mining creating blocks in the chain verified by nodes through the protocol.

Mining the blockchain through incentives (rewards). because lets face it we all want paid.

1 Like
#3018

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    It is important for our financial system to be available when we need it. Bitcoin does that, because it is never “off”. It does not “sleep” or take days off - it is “ON” 24/7/365!

  2. What is it that enables blockchain networks to have such high availability?
    High availability is incentivized by rewards. Mining is key to this as miners support network and blockchain availability. When many miners participate security of network increases.

2 Likes
#3019

Cuz everybody wants to make money 24/7/365!

Money! If nodes go down it’s easier to mine so others take their place.

3 Likes
#3020

1 Reliability and availability ensures access
2 Incentive in the form of mining

2 Likes
#3021
  1. Why is it important for blockchain networks to be high availability networks?
    It’s important for the security of the blockchain and for it’s use, could’t be used if not.
  2. What is it that enables blockchain networks to have such high availability?
    incentive, without it unfortunately nobody would, could ,maintain it alive
1 Like
#3022

  1. It is important for blockchain networks to be high availability networks due to the fact that it improves the security of the network.

  2. Blockchain networks are enabled to have high availability because it is an incentivized process. Running a miner on the network ensures the financial incentives of finding and producing new Bitcoin blocks. When computers stop mining, for example, due to electricity outages or high-cost reasons, more miners will enter the network for profits. When this demand increases and there are a lot of miners active, the rewards will be more difficult to achieve and security will stabilize.

1 Like
#3023

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

People are financially dependent on them globally.

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

The fact that the system is incentivized, everyone is inspired to make money so even if the network lost any miners. There are always more willing to take their spot. It is global and runs 24/7.

2 Likes
#3024

1- It is important for blockchain networks to be high availability networks so that data can be access and recorded 'round tha clock.

2- Incentives enable blockchain networks to have high availability.

1 Like
#3025
  1. Why is it important for blockchain networks to be high availability networks?
  • to ensure that they run al the time to keep up the database or service they provide.
    making it restless
  1. What is it that enables blockchain networks to have such high availability?
    its power of runing all the time and beiing not one centralized computer but a network of different computers all around the wold keeping the netwoerk running.
1 Like
#3026
  1. Because its use case is global so it is important that it is available at every time golabally.
    2.The miners that are incentivizes to run the network at all time of day everyday.
1 Like
#3027

Homework: High Availability (Answers)

  1. For complete access 24/7 - 365 days a year.
    2… A unified network of incentivize miners.
1 Like
#3028
  1. Because they work 24/7/365
  2. Incentives, miners get money for validating the transactions and their work maintains the network up
1 Like
#3029

  1. As a global system, people will need assess to it at all times.

  2. Blockchain is able to have such high availability because people are incentivized to secure the network and keep it alive. Protecting the network is directly linked to making money from that network.

2 Likes
#3030

  1. High availability is vital for blockchain networks because high availability means that the network has strong security.

  2. Incentivization to miners enables blockchain networks to have high availability. When mining difficulty is high, profitability is low and miners are not incentivized, and vice versa.

1 Like
#3031

@ivan
Leader

Jun '19
Homework on High Availability - Questions

:small_orange_diamond:Why is it important for blockchain networks to be high availability networks?
Because they want to get costumers and it needs nodes. More available more costys, more notoriety.
:small_orange_diamond:What is it that enables blockchain networks to have such high availability?
The degree of acces through the internet, the intranet and blockchain satellites

1 Like
#3032
  1. Why is it important for blockchain networks to be high availability networks?

High availability is required to create a global infrastructure for e.g. currency and numerous other use cases. Miners must also be active 24/7/365 to ensure security.

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

High availability stems from the financial incentives constantly available to miners. Mining difficulty is adjusted to ensure security is kept at a high level (e.g. when a large number of miners cease activity, difficulty is lowered to incentivise new miners).

1 Like