Homework on High Availability - Questions

Blockchain and Bitcoin 101
#3977
  1. Why is it important for blockchain networks to be high availability networks?
    It is important for every user that this central backbone is always running.
  2. What is it that enables blockchain networks to have such high availability?
    All the nodes make it impossible that a single problem gets the blockchain down. And the miners keep the transactions always ongoing.
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#3978
  1. Why is it important for blockchain networks to be high availability networks?

Because for them to function as global immutable databases or stores of value, they need to be accessible 24/7/365

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

By providing an incentive. In the case of Bitcoin (money) it is providing Bitcoin to miners that secure the network.

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#3979

  1. High availability means high security

  2. Incentivization

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#3980

1 - to let everybody participate to make money

2 - incentives to participate and build the network

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#3981
  1. Basically anyone can make money
    2.mining.
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#3982

Answers:

1: Having a blockchain network with high availability makes the chain more secure
because if one region of the network looses power the other areas will keep the network
functioning.

2: A blockchain network will have high availability 24/7 all year if the network has many
miners and nodes operating throughout the world.

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#3983

1 . It is important because for the use cases of blockchain , transfer of value and tracking of maybe supply chains ensures realtime information is always available .

2 . High availability in blockchain networks is realised through incentives , when a portion of the network dies other computers will join the network.

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#3984

  1. Because it is the first condition for mass adoption to be possible, and because the more people have access, the more secure is the network.

  2. The fact that a copy of the ledger exist on every machine using it.

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#3985

  1. It makes them more secure because there are more verifiable places to provide consensus. It also provides value all day every day for every timezone.

  2. The incentives for providing availability through mining or other methods.

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#3986

1. Why is it important for blockchain networks to be high available networks?

Since blockchain is being used to store financial assets, or anything of importance, it’s crucial that it’s running all the time so that people can access their funds.

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

Since blockchain exists without a central authority, if any unit or set of units goes out of power or use, there will be other units to step in and process for them.

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#3987

  1. Because one of the key ideas of blockchain is to unite the globe, means everyone no matter in which timezone they live, has acces to the network. If used for money transaction, people probably want to be able to use it whenever they want.

  2. Because people are motivated to keep it going at all time. (Motivated through incentive)

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#3988
  1. High availability network is critical for blockchain network as it creates reliability across the infrastructure. If 1 decentralized network goes down, another decentralized network can pick up the work and continue the mining. Reliability 24/7/365 creates reliability and efficiency.
  2. Blockchain networks have high availability due to monetary incentivization by mining for individual decentralized network. In return it creates reliability and efficiency, a network that never sleeps.
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#3989

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

It is a financial market network, meaning availability is of upmost importance to keep network active

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

Miners contribute to the nodes for the blockchain to operate, if a certain portion of miners go offline, this incentivizes new parties to mine and be incentivized for doing so

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#3990

1 Its an advantage in opposition to any other markets, everyone wants to make money and everyone can do it 24/7/365.
2 Miners get paid for maintain the network

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#3991

1.Because this increases security and makes the network attractive to people
2.Blockchain networks have high availability because of mining incentives,if nodes fail or leave the network there is always better incentive for more to join and act as validators.

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#3992
  1. Why is it important for blockchain networks to be high availability networks?
  • the global financial system never sleeps, somewhere it is always running. All finance markets are son far limited by ‘business hours’ Bitcoin has none and is constantly available
  1. What is it that enables blockchain networks to have such high availability?
  • distributed network around the world.
  • Incentivised through difficulty adjustment: if there is a lessening of miners then difficuty is lowered and more miners join ensuring the security of the network
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#3993

  1. Why is it important for blockchain networks to be high availability networks?
    The longer the network is online, the more secure the network becomes.

  2. What is it that enables blockchain networks to have such high availability?
    Profitability for miners and the readiness and desire for new miners to step in if demand decreases

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#3994
  1. Why is it important for blockchain networks to be high availability networks?

Its important to be running all the time to be available for people to use it anytime

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

The incentives for the miners, and the possibility to keep running and working also if some part of the network fails

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#3995

  1. Why is it important for blockchain networks to be high availability networks?
    High availabilty provides better reliability as the blockchain is a global network and needs to be up and running 24/7/365.

  2. What is it that enables blockchain networks to have such high availability?
    Incentive with payment for node operators to verify blockchain transactions. If a part of the network goes down, other node operators will fill that void.

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#3996

1: It is important for them to be high availability so that they can be constantly online and used

2: It’s a people based network and because people are incentivized to keep it running because of money

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