Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3256
  • Why is it important for blockchain networks to be high availability networks?

The network is always running, reason is because you need to have an option to buy and sell/spend anytime you need just like fiat currency.

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

Global network nodes / miners help with creating high availability. The miners incentives are coins received for validating.

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#3257

  1. To ensure that the blockchain is functional and secure 24/7, having nodes and copies of the blockchain to verify transactions.

  2. Incentives to make money.

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#3258
  1. because that makes it 24/7
  2. incentives - if someone is mining, he/she gets a reward
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#3259
  1. Because it allows access to everyone 24/7/365 and keeps the network strong and secure.
  2. Mining, its the incentive used to keep such high availability
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#3260
  1. Because everybody all around the world want to make money at all time ! :slight_smile:

2 . the decentralized network

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#3261
  1. It’s a global network and the users want to enagage in transactions around the clock. The faster the network is, the better. It’s high availability is also one of the advantages over legacy networks.
  2. Miners are incentivized for keeping the blockchain up-and-running. There is no single point of failure due to its decentralized nature.
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#3262

  1. Why is it important for blockchain networks to be high availability networks?
    Important to keep the network running 24/7/365, so that everyone can be incentivized in keeping it running. Everyone wants to make money, so that’s why everyone wants to get incentivized -> high availability is secured. High availability also drives security! Always someone/some computer available to help. Finally this all drives the whole performance of the network.

  2. What is it that enables blockchain networks to have such high availability?
    Incentives -> the wish to earn money. The Mining process basically makes this possible.

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#3263
  1. Why is it important for blockchain networks to be high availability networks?

The sectors in which an blockchain is used rely on it to be 24/7/365 available.

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

Miners gaining an incentive for ensuring that the network is secure and available. When there are not enough miners the incentive for mining goes up. This ensures that there are always enough miners.

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#3264
  1. So that global access and use is unbroken and always available.
  2. The decentralized readily available, and incentivized so that other nodes will take up when some go out.
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#3265

(1) So that the Internet of value is open to everyone. In addition it is important for functionality that the network is open 24/7.
(2) The incentives that are available to those who verify transactions.

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#3266

  1. Why is it important for blockchain networks to be high availability networks?
    the block chain is 24/7, users have to be on it always to keep it alive, this is done thru user incentives.

  2. What is it that enables blockchain networks to have such high availability?
    user incentives, everyone want to make money, so they use mining and other ways to keep the network alive.

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#3267

1 so its easy to access for everyone
2 mining

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#3268

  1. To allow for transactions to be processed 24/7 and 365 days a week with no downtime. It also secures the network.

  2. Miners are incentivised to keep the network running. When some computers in the network goes down, mining difficulty drops and more miners would join as a result. Miners make money by providing their computing power to the network.

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#3269

Because it’s never offline.

Mining keep protected the network. There’s high availability through incentives given to miners.

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#3270
  1. To keep the system running
  2. Incentives like mining
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#3271

Why is it important for blockchain networks to be high availability networks?
They mostly function as financial utility which means it is relied upon heavily. It must be available at all times!

What is it that enables blockchain networks to have such high availability?
First of all due to decentralisation. The network is “hosted” by multiple nodes. So if one node fails, the other nodes still keep the network running. The continuity of this is guaranteed with incentives. A running node is rewarded with value which makes it attractive to participate. The more nodes there are, the harder it becomes to unlock this value while it becomes easier when less nodes are active, therefore, when a big portion of the network would fail or quit it would become easier to unlock this value which means more nodes will be spawned automatically.

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#3272

1. Why is it important for blockchain networks to be high availability networks?
It is important for a blockchain network to be a high availability network because network security relies on it. Miners always have to be in operation to validate transactions. The more miners there are, the more secure the network becomes. Additionally, it is important because this is a financial network therefore it is a mission-critical function that should always be available.

2. What is it that enables blockchain networks to have such high availability?
Incentives are the backbone of the blockchain network’s high availability. Incentives bring in miners seeking to make a profit. The more miners that come in results in better availability because the likelyhood of taking out the network goes down.

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#3273
  1. Because the blockchain networks need to be available globally and thus need to run 24/7 365 days a year.
  2. The networks are enabled by miners who work for incentives.
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#3274

People want to be able to make money 24/7

People wanting to make money off the network incentivizes high availability.

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#3275
  1. It is important for blockchain networks to be high availability in order for people and corporations to use it 24/7.
  2. Incentives, the people who keep the networks up want to make money off those networks. Another reason is that when one network contributor goes down another pops up. Less contributors makes the market easier to join.
1 Like