Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3396

1: Blockchain networks need high availability since the entire world depends on it 24/7.
2: What enables high availability is a constant audience of people actively engaged in using and developing it.

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#3397
  1. to ensure security and trust in the validity of the blockchain, and to ensure mining is working all the time in order to be able to publish global transactions that are happening 24/7/365
  2. it is a global network of miners and nodes, even if in a country the network is down due to a central authority that banes the blockchain, users can still use it in other ways. By incentivizing miners to use their hashing power in order to validate transactions it is increased the stability and truth of the network. Basically banning blockchain is impossible, by incentivizing miners to play by the rules it creates a stable truth system, this is the reason why in China there are most bitcoin farms. They realized that crypto is the new global currency impossible to ban its usage.
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#3398

  1. Why is it important for blockchain networks to be high availability networks?
    In order for people to have trust in the system. People doing transactions with BTC for example need the network to be available 24/7 365.

  2. What is it that enables blockchain networks to have such high availability?
    Monetary incentives. Miners are incentivised by being paid for producing crypto currency and the more the miners, the better the security.

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#3399

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

24/7:365 days of availability means that a higher consensus is or can be reached. Consensus guarantees security, security guarantees trust (of the network), and so on …

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

Through globalisation and through incentives.

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#3400

  • Why is it important for blockchain networks to be high availability networks? So that the network is always there and it’s always accessible.

  • What is it that enables blockchain networks to have such high availability? Bitcoins has never been offline. Everyone is in incentivized to keep it alive through mining. 365/24/7

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#3401

That is what makes them great and can he used when you want or need 24 / 7 / 365 like exchanges.

That it is run on mining computers globally incentivized by earning money.

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#3402
  1. Blockchain networks have high availability because it is the best way to be accessible to people all over the world in any time zone in any way of life. It is the best way to gain global acceptance and use.
  2. Incentives drive blockchains high availability. Everyone wants it to succeed because every wants money.
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#3403
  1. It decentralizes and makes everything available all the time which is an advantage over traditional markets.
  2. Blockchain is spread over a wide network across the plane and if an area goes down, it switches to other computers, just like the internet. There is no one central source that has operating hours.
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#3404

high availability 24/7, 365 days a year
mining, incentives

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#3405

It’s important for usability in a real life. Blockchain operates all time of a day, all days.

Financial support for mining. The responsibility of mining can be taken by anyone.

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#3406
  1. Why is it important for blockchain networks to be high availability networks?
    Because no one wants to be away from their money.

2.What is it that enables blockchain networks to have such high availability?
People are incentivized by money.

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#3407

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

Blockchain networks are always operating 24/7 which is important to have for a global network.

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

Miners are incentivized to secure the network.

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#3408

Answers to the High Availability homework.

Feel free to give me a feedback for these answers.

  1. Why is it important for blockchain networks to be high availability networks?
    It will provide more security to the Blockchain network.
    If one ledger/node “dies” another one would be connected instead, immediately.

  2. What is it that enables blockchain networks to have such high availability?
    By incentivity and miners, who will get financial rewards for solving math and check if transactions are correct.
    If lot of miners would leave the network, it would become easier for other miners to collect the rewards, and that again would make new miners want to join the network to get the rewards.

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#3409

  1. The blockchain needs global verification EVERY second. The high availability network means security, incentivization and operation 24/7/365. This is the only way to ensure security & to create mining (rewards for blocks solved)

  2. The fact that it can never be turned off. Miners help by keeping the blockchain active because they get rewarded/incentivized for this action.

1 Like
#3410
  1. When a system is worldwide, people need to have availability 24/7/365.
  2. Incentives
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#3411
  1. Every second is an activity somewhere in the world which need be operated (verified). To be high responsive the network must be high availability, 24/7/365.
  2. Decentralized incentives,
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#3412
  1. It is important to ensure speed, banks do not work on weekends and transactions are sometimes delayed. With bitcoin the transactions are always being processed no matter time or power issued in some side of the world.
  2. Mining and incentives. As people get incentives (money) to process transactions and add blocks, is on their best interest to keep it up 24/7. If because a power outage or whatever the mining power decreases, rewards per miner increase, attracting other miners on the higher-than-usual rewards.
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#3413

Because its financial system on the network so there has to be available all the time and mining make sureof it

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#3414

Constantly being available for use is great because your information, money, and technology are always available. The best ability is availability.

Because there is no central storage location or company that handles all of the storage, and it’s run through the blockchain, it is always available as long as somewhere in the world has an internet connection and is able to mine data.

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#3415

because the network is being used 24/7/365 and in almost constant use globally

everyone is incentivized to make money

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