Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3657

1 you can rely and build on it
2 Incentives for the miners to keep the network running and growing

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#3658
  1. because everyone wants to make money
  2. miners are incentivized to keep the network up, running and secure
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#3659
  1. Because it allows the network to run globally 24/7/365
  2. Nodes running on the network globally all the time 24/7/365
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#3660

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

Because 24/7/365 people are trading, spending and mining.

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

The 24/7 mining leads to higher security. Higher security leads to safer transactions and a more secure blockchain. The safer and more secure the blockchain is, the more people will be wanting to use it.

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#3661
  1. Why is it important for blockchain networks to be high availability networks?

High availability means that the network or application is available 24/7/365

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

The number of participants in the community, ensuring that the network is operating at scale.

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#3662
  1. because it never misses an opportunity and it encourages wider adoption for those who want to utilize blockchain on 24/7 bases. Possibly also, it may not be manipulates while ā€œsleepingā€
  2. constant network of validators who are financially incentivized. mining
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#3663
  1. Cause all the people who have invested in them needs to have complete access 24/ 365
  2. Thanks to the miners around the world that are incentivize to produce money.
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#3664

1.24/7/365 ,stock market,forex,commodities market is open just monday to friday,crypto market is open evey minute in the year,this is the only market where people can make money every day(if they know good direction) :slight_smile:

2.Mining

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#3665
  1. Because it needs to serve people and businesses on a global scale 24 hours per day all year .
  2. Incentives make sure there are enough miners to keep the network running
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#3666

  1. Why is it important for blockchain networks to be high availability networks?
    Since blockchain is global it needs to service the world. With blockchain servicing important world markets the need to be always up and always accessible is extremely important.

  2. What is it that enables blockchain networks to have such high availability?
    The nodes on the network or miners are what make the blockchain HA.

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#3667

  1. It is important because it makes blockchain available for use 24/7/365

  2. Decentralization and incentives

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#3668
  1. It is one of the selling points of blockchains, cause they are always available to be accessed whenever you need them for whatever you need them.

2.Because incentives.

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#3669

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

So they are always available, no outage possible.

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

Incentives to encourage individuals and entities to run nodes.

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#3670

1. Why is it important for blockchain networks to be high availability networks?
Because being available without interruption provides the blockchain with the computational power to secure the network through consensus, to allow constant interaction and therefore to remain as a global infrastructure.
2. What is it that enables blockchain networks to have such high availability?
Incentives, because everyone wants to make money.

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#3671

Why is it important for blockchain networks to be high availability networks?
The principle of the blockchain is to be available anytime, anywhere around the world, so the network must be is always ON. Since it has multiple applications, and currency it is just one of them, blockchain systems are meant to be available whenever they are needed, so being of high availability is crucial.

What is it that enables blockchain networks to have such high availability?
Incentives, and we are speaking of financial incentives. It is in everyone interest to keep the blockchain network up and running, because there are profits to be gained, and it is here where Miners come in :slight_smile:

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#3672

It is important for blockchain networks to be highly available networks because if they were not highly available, they wouldnā€™t be a useful currency.
A decentralized ledger along with incentives encourages the network to have such high availability.

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#3673
  1. Availability must be high so anyone can use the network at any time.
    2)Blockchain uses incentives to maintain high availability .
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#3674

Homework - High Availability
Benefits of Using Blockchain
1. Why is it important for blockchain networks to be high availability networks?
2. What is it that enables blockchain networks to have such high availability?

From https://academy.ivanontech.com/products/blockchain-bitcoin-101/categories/1689609/posts/5674013

Q1 It is important for blockchain to be highly available because it is primarily a financial network, specifically a global one. It is trying to be a global protocol so it should not be affected by time zones or human working hours.

Q2 Blockchainā€™s high availability is enabled by its miners. Miners are incentivized by being part of the network (financially) giving them a financial reward by keeping the network online. If some miners stop mining, the incentive increases in relation to the work put in. This insures that there are always miners to keep the network online.

Keyword - Mining, Incentives

Notes -
Q1. It adds value to the network by being highly available. Global infrastructure.

Q2. rewards are automatically adjusted

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#3675

  1. Why is it important for blockchain networks to be high availability networks?
    The greater the accessibility and availability, the more people will use it, and the more reliable and trustless it will be as more and more nodes will be constantly auditing all processes that are occurring in real time.

  2. What is it that enables blockchain networks to have such high availability?
    Effectively, the internet. However, incentives paid to miners to continue to develop blockchain systems keep them constantly operating and developing.

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#3676

  1. Imagine you went to the store and wanted to buy food. You get to the cashier, open your wallet to pay, and suddenly realize your money is glued to the insode of your wallet. You canā€™t use it. And you suddenly canā€™t pay. So you canā€™t eat. And the shop canā€™t sell anything. Transactions arenā€™t possible. The economy stops.

  2. The promise if mining new coins incentivizes miners to run additional nodes to support the network. The massive distributed system of transaction processors provides resiliency and uptime.

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