Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3937

  1. Why is it important for blockchain networks to be high availability networks?
    Users all over the world need to be able to reliably transact on the blockchain 24/7/365.

  2. What is it that enables blockchain networks to have such high availability?
    Miners are financially incentivized to validate transactions.

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#3938

  1. Why is it important for blockchain networks to be high availability networks?
    It’s important because people want to use it all the time.

  2. What is it that enables blockchain networks to have such high availability?
    People are incentivized to mine in the network. Everybody wants to make money.

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#3939

[quote=“ivan, post:1, topic:8426, full:true”]
Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    High availability allows others to join the network which increases the security of the network. High availability is also an incentive for users as they are not reliant on a business or a market being open.
  2. What is it that enables blockchain networks to have such high availability?
    The incentive to make money enable blockchain networks to have such high availability. Miners are rewarded for mining while increasing the security of the network.
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#3940
  1. Why is it important for blockchain networks to be high availability networks?
    Because you can access to it in any moment from anywhere. Not as traditional bank that have special work time or territory.
  2. What is it that enables blockchain networks to have such high availability?
    Incentives like mining without stopping from all around the world
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#3941
  1. Why is it important for blockchain networks to be high availability networks? must operate 24/7 365
  2. What is it that enables blockchain networks to have such high availability? incentives to operate according to security protocols, increased usage heightens security.
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#3942

  1. it allows everyone to have the access like never before ensuring the improvement and the transparency. It is the place where everyone in this earth can access and do a transaction, a new freedom.

  2. it is incentivized meaning those who invest to keep the network going 24/7 are in it for financial gain via mining.

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#3943

  1. It’s important for blockchain networks to be high availability networks because different people, at different places, have different needs and times when they may need or want to use the network.

  2. Having many people around the world running the network prevents it from being taken down (even momentarily). The network itself incentivizes people to prevent the network from stoping.

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#3944
  1. Why is it important for blockchain networks to be high availability networks? Mining increases network securities due to the financial incentives.
  2. What is it that enables blockchain networks to have such high availability? Blockchains are running 24/7/365.
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#3945

  1. it is important for the blockchain networks to be highly available to ensure everyone has an opportunity to make money.

  2. Miners enables the blockchain networks to have a really high availability.

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#3946
  1. The net operates 24/7/365 year after year. It’s always available.
  2. Miners (a network of computers) protect the network.
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#3947
  1. So they stay online 24/7 and gather more and more information and build more and more security.
  2. Incentives
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#3948

  • Why is it important for blockchain networks to be high availability networks?
    For security reasons, there needs to be networks working 24/7 - 365 days a year.

  • What is it that enables blockchain networks to have such high availability?
    You touched on the mining process, which seems to regulate the security and availability, by making it easier for people to mine when other people stop mining, thus ensuring that people are always engaged with the blockchain network and sustaining it.

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#3949

  1. Why is it important for blockchain networks to be high availability networks?
    if the network is not available the underlying concepts of consensus can be undermined. Different nodes will have different entries in the ledgers and will be no consensus for entries that happened when the network was not available.

  2. What is it that enables blockchain networks to have such high availability?
    The participants are incentivized to keep it up. The more participants the smaller individual-related but increased security.

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#3950
  1. If we are dealing with value transfer and the network goes down for a day, it could cause economies to stifle. High availability networks are needed to avert the above example.
  2. Mining and the incentives that come with keeping the network up and running.
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#3951

  1. Because it’s a major advantage over the current system. People require access at all hours, as different time zones (everyone on Earth) and also transactions required 24/7

  2. Nodes. A large network of computers that never sleep!

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#3952
  1. It’s important for security.
  2. Mining incentives.
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#3953

  1. Everyone wants to make money. It’s important to keep financial transactions possible at any time.

  2. There are incentives to keep blockchain network alive, through mining. If many people stop to mining, mining becomes easier, meaning more people will start mining.

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#3954

Question #1: Why is it important for blockchain networks to be high availability networks?

High availability is important to applications running on the blockchain. It is an important selling point for the use case of blockchain. Many projects and applications running on the blockchain rely on its security-based approach that also promises high availability.

Question #2: What is it that enables blockchain networks to have such high availability?

Users are given an incentive to mine new blocks to keep the network secure. As the network loses miners, mining becomes easier to compensate and encourage others to take the place of lost miners. When the security goes up the difficulty goes up as well.

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#3955

  1. Why is it important for blockchain networks to be high availability networks?
    Because everybody need to use it 24/7/365.

  2. What is it that enables blockchain networks to have such high availability?
    It is running on a lot of systems all around the world.

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#3956

It is important for blockchain network to be high availability network because of security. It is reached through mining. Mining is the way the network is protected.

Incentives enable blockchain network to have high availability.

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