Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3837

  1. It is important for blockchain to be a high availability network to keep everyone incentivized to make money and keep it alive.

  2. By keeping people incentivized to make money, doing things like mining, enables the blockchain network to have such high availability.

1 Like
#3838

  1. High availability equals high conversion power of the network what brings up the security.

  2. High availability is incentivised by financial reward while mining the blocks.

1 Like
#3839
  1. To protect the continuity of the network security 2. Incentive
1 Like
#3840

  1. Why is it important for blockchain networks to be high availability networks?
    So that they can stay open otherwise the work will not happen. If there availability decreased it would signal a potential vulnerability or manipulation, security, etc… The global network needs to be open and secure 24/7.

  2. What is it that enables blockchain networks to have such high availability?
    Mining and incentives to make money. When security goes down many start mining and then the security goes back up again. The incentives or block rewards given to miners is what keeps the network available.

1 Like
#3841
  1. Why is it important for blockchain networks to be high availability networks?

Blockchain is a 24/7 365 global infrastructure, it is continuously running because we all want to make money no matter where we are or what time.

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

Miners to be incentivized for mining transactions. In other words, People make money protecting the network via mining

1 Like
#3842

  1. high availability is important because this is a good selling point comparing to the existing financial system where you always have to depend on banks and their schedule.

  2. The internet enables blockchain to have such high availability. There will always will be people who will maintain the network as long as there are at least 2 computes on the networks.

1 Like
#3843

1./2. Anyone anywhere can access blockchain networks 24/7/365 via the internet.

1 Like
#3844

  1. Blockchain networks need high availability for security purposes. The more miners are connected to the network, the more secure the network becomes and the more difficult the mining tasks are. The more nodes there are connected to the network the higher the security as there will need to be consensus between all the nodes when validating transactions. Even if some of the nodes go offline, there will always be others to validate.

  2. Incentives fuel network availability. When the number of miners go down, the mining tasks become easier, therefore motivating people to start mining again, therefore ensuring that there will always be a bunch of online nodes in the network.

1 Like
#3845

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

It is important for blockchain networks to be high availability if they are to be used on a global scale to ensure the transaction of information is seemless. Business and social systems need to be accesible around the clock.

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

Incentives such as mining allow this high availability. If people stop mining for any reason, this makes it easier for others to mine so they will do so and this increases availability again.

1 Like
#3846
  1. Why is it important for blockchain networks to be high availability networks?

Because it needs to be a reliable source of conducting transactions 24 hours a day, 7 days a week, 365 days in a year. This is because throughout the world there is always a need to be able to conduct business and complete transactions.

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

Because it is a decentralized network that allows people to make money by processing and adding blocks to the blockchain. People always want to make money so if one node went down for some reason, there will be others ready to take their place. If some quit all together, this will make it easier for others to replace them and complete blocks.

1 Like
#3847

  1. Why is it important for blockchain networks to be high availability networks?
    To ensure efficiency and security of transactions within the network.

  2. What is it that enables blockchain networks to have such high availability?
    Financial incentives are placed. Ability to make money within the network.

1 Like
#3848

  1. Why is it important for blockchain networks to be high availability networks?
    If blockchain wants to be used on a global scale, it must be available 25/7/365.

  2. What is it that enables blockchain networks to have such high availability?
    The decentralised nature of blockchains allows for redundancies on the network, there will always be outages on some of the nodes,
    but there are many more that are still working, and new ones will be added.

1 Like
#3849
  1. High Availability of blockchain is important because everybody should have access to on global infrastructure and therefore chance to earn some money.
  2. High availability is enable through incentives for miners to keep it alive. If group of miners stop mine, mining will became cheaper and the other miners will replace the original ones because they get rewarded.
1 Like
#3850

  1. Allow everyone to be able to access the environment and be able to transact securely

  2. The descentralised network allows multiple redundancies on the network and outages on the nodes will be recovered by others participating in the mining in which they will get rewarded

1 Like
#3851
  1. Becos everyone wants to make money.
  2. Becos blockchain has 24/7/365 infrastructure. It never sleeps.
1 Like
#3852
  1. It adds to the security and allows for the blockchain to remain secure.
  2. Incentives
1 Like
#3853

  1. In order for a blockchain network to reliably perform its function (e.g., decentralized digital currency), it needs to be a high availability network. This is essential because without high/permanent availability, the blockchain loses its edge over centrally controlled networks. The whole point is to be autonomous from outages or failures that could affect a single centralized provider.

  2. High availability is made possible by a network that is large enough and that creates (financial) incentives for all participants to keep it alive and running.

1 Like
#3854

  1. Why is it important for blockchain networks to be high availability networks?
    Because is a global network that never stops and is necessary to be active at all times for everyone in the world to use it.

  2. What is it that enables blockchain networks to have such high availability?
    the incentivizing system behind it, all the people that provides computational power to the network gets paid. when someone support hashing power to the network through mining earn fractions of BTC, in the case of BTC network (SHA-256).

1 Like
#3855
  1. It is important for blockchain networks to be high available networks because a secure global infrastructure is needed.
  2. The nodes enable blockchain networks have a high availability because if one goes down there is a copy of the ledger on all of the other computer.
1 Like
#3856
  1. Why is it important for blockchain networks to be high availability networks?

It is a 24/7/365 global operation, never sleeps, always making money

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

Incentives = making money for miners

1 Like