Homework on High Availability - Questions

Blockchain and Bitcoin 101
#4278

Blockchain has high availability because it operates 365/24/7.

Everyone who participates in the blockchain network is incentivized to keep the network alive. The incentive is, making money.

Some participants are miners.

Miners, mine to protect the network while at the same time earning money; incentive. This leads to high security. If security declines, more people mine because it becomes easier to become involved in mining. These actions enable one to have the ability to have a secure network with high availability; 365/27/7.

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#4279

1.) So that people can access anytime when they needed.
2.)The more people doing mining, the higher security in blockchain.

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#4280

  1. It is important so that people can have access to the blockchain 24/7/365 - so that the applications that are built on top of blockchains are always available - for example currency or financial transactions can take place at any time and be recorded, and they can also be checked at any time.

  2. There are incentives which exist for people/ companies to keep the network up all the time. This is through mining. If, for whatever reason, a number of nodes get switched off, others will be incentivized to join, because mining will become easier and more profitable.

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#4281

1 High availability is important so that as many people as possible can use the network.
2 The network is constantly connected to the Internet.

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#4282
  1. High availability is important especially in blockchain because of the universal support it provides us. As it’s uses are realized, the availability is required to mirror it’s application.
  2. Blockchain platforms attain this high availability by incentivizing others to become part of the network to earn money. In this network, should an incident occur that would be detrimental to the process, other members of the network step in to bridge the gap providing near continuous availability.
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#4283

  1. One of the main selling points is high availability, Bitcoin invited everyone in the world to make money. You are free to choose when or where to take part and work. No other network has been able to be online this long which gives users high trust in the system and high availability.

  2. The transactions in the BC are verified by miners. Miners are like computers. Their only use case is to verify information. If a big portion of those miners die and stop working - immediatly many other people will continue mining because they get a portion of money when their Miners verify information.

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#4284
  1. For the high risk usecases, like hospitals and money transfering. It would be useless as a global value transmittor if it only worked once in a while.
  2. The number of miners mining 24/7 are growing, due to incentives.
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#4285

  1. It is an important selling point of blockchain. To be high available make it easy for people to join the network and participate.

  2. Everyone is Incentivized to make money and get a reward to keep it alive.

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#4286

1- High availability is important for blockchain networks because it makes the system available anytime for anyone on the network to see, check or verify any information or transaction. High availability also gives the network more credibility at every instant because there is no delay between the input of information or transactions and the actual processing and reading if the results. All events and activities on a blockchain network are immediate and hence we can verify anything in real time. High availability also means a huge number of users, since the each and every user is a ledger. This also means that high availability results in more security and resistance to false transactions or hacking.
2- The fact that everyone is incentivized, and everyone has a tendency to want to make money, is what provides this high availability. The ledger is in every user; the more users the better. As soon as network size decreases for some reasons, new users will immediately mine their way into the network and the number of users will increase directly. This incentive allows blockchain network to have high availability.

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#4287

  1. It is important for blockchain networks to be high availability networks because if it is to be used for financial transactions it needs to be available to everyone, everywhere, all the time.

  2. The reason blockcahin networks have such high availability is because it is decentalized and there are many nodes running the blockchain, the blockchain is always online 24/7/365.

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#4288
  1. Why is it important for blockchain networks to be high availability networks?

Because one of the main selling point of blockchain technology is that it will never go offline due to incentives for everyone to make money

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

Incentives to make money by increasing its security which leads to high availability

1 Like
#4289

  1. why is it important for blockchain networks to be high availability networks ?
    The main purpose for a high availability blockchain network is to stop potentials points of failure within the blockchain, ensuring the network can run 24/7 365 days a year without having a negative impact on businesses/organisations or people in general.

  2. What is it that enables blockchain networks to have such high availability ?
    The high availability comes from incentives such as money. Mining has an important role to play in which it protects the network and people make money.

1 Like
#4290
  1. High availability is necessary to both promote worldwide application and to host a continuous stream of information
  2. Blockchain is connected to many computers in many areas of the world, which allows other computers to pick up slack from any electric shortages except for a global blackout
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#4291
  1. Why is it important for blockchain networks to be high availability networks?
  • I think that one of the main things that make blockchain technology unique is that the blockchain network is available 24/7/365, and for this exact reason, it is important that blockchain is a “high availability network”!
  1. What is it that enables blockchain networks to have such high availability?
  • Incentivisation - everyone is incentivized to keep the blockchain alive by the profit of mining (or staking). The more mining or staking, the more secure the network is. The less mining or staking, the more profit there is from mining or staking, causing people to do more mining or staking.
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#4292

  1. High availability allows for infrastructure on a blockchain to run smoothly and with stopping. In the case of digital currency, one can make a transaction at any time the day, week or year just as he can with physical cash.

  2. Nodes operate by the law of supply and demand. If one node goes offline, the rewards for operating a node (mining) will increase, thus incentivizing another node to take it’s place.

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#4293

  1. High availability is what enables transactions to occur 24/7 and all around the globe. Without high availability, the network would be severely limited/far less secure.

  2. Financial incentives (I.E. Block rewards for miners to validate transactions/new blocks )

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#4294

  1. Because high availability is necessity for global financial system.

  2. The monetary incentives motivate people to participate keeping the blockchain network available.

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#4295
  1. Because it is imporant to have somethinhg available and accessible 365 - 24/7
  2. INCENTIVES: everyone want to make money. If some miners leave the network for any reason, new ones will come because mining is gonna be easier and they are incentivaded to do so.
1 Like
#4296
  1. Why is it important for blockchain networks to be high availability networks?

Blockchain is a global network never sleeps and is available at any given moment since its creation. Incentives help ensure the high availability of the blockchain. The network is decentralized and no central authority governs blockchain availability.

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

Incentivization enables blockchain networks to have high availability. Mining is how people make money to secure the network. The more miners there are, the more availability. Should one miner go off-line, other miners are able to step in to ensure availability.

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#4297

  1. Because it is one of the main difference of block chain. The fact that you can have access to it whenever and wherever is just grate.

  2. Incentives are the reason for miners to be working 24/7 in order to power the network.

1 Like