Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3276

  1. The BTC Blockchain Network is a global network in high demand for the public to send/receive and spend BTC. The network is open 24/7 due to the high demand for transaction processing.

  2. The network is incentivized to process transactions 24/7. The miners receive a reward with BTC for transactions they process into a block.

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#3277

Q1. Everyone wants to make money all over the World.

Q2. Because it is back behind Thousands of nodes?networks so your can transaction can never be lost or removed.

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#3278

  1. to avoid failures or downtime and also for mining.

  2. Having different nodes failure in any single node will not impact processing of transactions.

1 Like
#3279

[quote=“ivan, post:1, topic:8426”]

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

It fosters reliability. This allows you to count on blockchain technology and Bitcoin.

  • What is it that enables blockchain networks to have such high availability?
    All of the miners. As mining goes down so does the security but almost immediately you have other miners which makes the security go up.
1 Like
#3280
  1. Blockchain is supposed to be useable 24/7 and this is achieved by having a big decentralized community around it that is supporting and securing it via mining. This way you can work with and rely on the blockchain all the time and your transactions can happen all the time.
  2. There are miners all around the world validating and confirming the transactions that are made. There is a fine equilibrium between mining difficulty and the number of miners which keeps the system alive and incentivized.
2 Likes
#3281

[quote=“ivan, post:1, topic:8426”]

  • Why is it important for blockchain networks to be high availability networks?
    Being global, they must be permanently available at all times
  • What is it that enables blockchain networks to have such high availability?
    The fact that the contributors ( miners) are incentivized to make sure it never goes down
1 Like
#3282
  1. It is critical for a financial network not to go offline
  2. Mining is securing the networks availability because if there are less miners mining becomes easy so more miner will have the motive to join and fill the void
2 Likes
#3283
  1. Why is it important for blockchain networks to be high availability networks?
    High availability networks are important because it helps keep incentive to keep it running. By allowing them to run 24/7/365 you can reach a global community.
  2. What is it that enables blockchain networks to have such high availability?
    24/7/365
1 Like
#3284

  1. In order for provenance and consensus to be reliable there has to be a solid defense against the ledgers of different nodes having different transactions. If the network is not available when an apparently valid transaction comes in, one ledger ( the receiving ledger) may end up being different from the rest of the network. This makes continued consensus challenging. Provenance also involves a point of information download which needs certainty that the data of the ledger being used to perform provenance is up to date.

  2. Blockchain network participants are monetarily incentivised to maintain the high availability of the network, with incentives increasing proportionally to the current need for network participants.

1 Like
#3285

[quote=“ivan, post:1, topic:8426”]

  • Why is it important for blockchain networks to be high availability networks?
    Otherwise it cant function as the stability point that value transformation needs to be trustworthy.
  • What is it that enables blockchain networks to have such high availability?
    [/quote] The miners and the nodes that are decentralized. Miner awards are the incentives to run those.
1 Like
#3286

  1. With high availability, blockchain networks are available 24/7/365. With this access, the blockchain provides security and reliability to it’s users.

  2. High availability is enabled by many nodes connecting and agreeing on/processing transactions, also called mining.

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#3287

  1. For a global financial system, and other use cases. Ultimately high availability provides a reliable & secure 24/7 infrastructure for information and value exchange and many other purposes.

  2. The high availability of Bitcoin is incentivized through people making profit generated by mining.

1 Like
#3288

Homework on High Availability - Questions

1. Why is it important for blockchain networks to be high availability networks?
For network security and scalability.

2. What is it that enables blockchain networks to have such high availability?
The incentive to make money, which led to a market that is open 24/7 globally!

1 Like
#3289

  1. Why is it important for blockchain networks to be high availability networks?
    a.) High availability is important for blockchain networks because it provides incentives to keep the networks available, and it increases network security due to continuous mining.

  2. What is it that enables blockchain networks to have such high availability?
    a.) Incentivised mining enables blockchain networks to have high availability. Miners are rewared for their work, thus more work more reward.

1 Like
#3290
  1. High availability =‘s constant cash cow.
  2. Miners get incentivized to keep it running and secure
1 Like
#3291

Why is it important for blockchain networks to be high availability networks?
High availability is important for reliable/constant access to the data (only for some industries is 100% vital).

What is it that enables blockchain networks to have such high availability?
High availability is achived through multiple nodes and decentralization combined with incentives for running those nodes.

1 Like
#3292

  1. BC, and especially the cryptocurrencies, are meant to be some sort of new money. Since money is core to any economy, any monetary system needs to be highly available. BC has the ambition ot be part of many core aspects of the society. And this means availability of he BC is mandatory.

  2. Participants to the BC and incentivized(by being paid) to keep the network running.

1 Like
#3293

  1. They must be high availablity networks so that it can funciton on a global scale, 365 days 24/7.

  2. Mining and continual working.

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#3294
  1. Blockchain networks are infrastructures where applications like currencies can exist, they need to be high availability to meet the demand of the applications used on those networks to make the network reliable/desirable.
  2. The presence of mining in the blockchain means that if a portion of the network were to fail, other pc’s on the network (miners) would then fill the space and restore the network to high availability. Incentivized security is always maintained.
1 Like
#3295

  1. Blockchain networks need to be accessed 24/7/365 so need a high availability.

  2. Incentivized mining enables blockchain networks to have a high availability.

1 Like