Homework on High Availability - Questions

Blockchain and Bitcoin 101
#463
  1. So in every moment we can verify if something is truth.
  2. A lot’s of parties included so if someone stops some other will come in that place because of incentives.
1 Like
#464
  1. To verify transactions and guarantee security 24/365
  2. Rewards or incentives to make money
1 Like
#465

  1. It provides robustness and security to the network. The fact that its dealing with storing and transmitting value adds to the desire and requirements for it to be highly available.

  2. People are incentivised the join the network and add to its security. One way that they can participate is mining. Some might join just to add to the security simply because they are invested financially are are self interested in preserving network security.

#466

Nice,
Miners are not only adding security, but make sure they are putting transactions into blocks to become immutable on the blockchain

#467

Homework on High Availability - Questions

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

Blockchain networks are almost by definition, high availability. This is part of the beauty of their design. The importance is hard to overstate. But the fact that they are so highly available interacts with their consensus mechanisms to make them more secure because more people can participate in them all over the world and at all times. Another important aspect of their high availability is that it makes them more competitive than centralized networks. I.e. you can use them any time and anywhere.

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

They are built using consensus mechanisms. The consensus mechanisms are provided via a decentralized protocol that exists as data on the internet. So therefore it is available for anyone in the world to participate in and interact with. So you can say that they are native to the internet. So since the internet has high availability so do blockchain networks. The incentive structure of the consensus mechanism insures that many people will participate in it.

1 Like
#468
  1. Why is it important for blockchain networks to be high availability networks?
    worldwide functionality
  2. What is it that enables blockchain networks to have such high availability?
    incentives
#469
  1. Why is it important for blockchain networks to be high availability networks?

Businesses operate around the globe 24/7/365 so in order for they system to work it must be available to use at any given point in time.

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

Financial incentives for mining and verifying transactions.

1 Like
#470
  1. To ensure it’s secure and able to perform a transaction without delay
  2. Miners are uncertified to keep the network up and running
#471

Blockchain networks work 24/7 by financial ‘incentives’ (not uncertified) because miners want to make money.

#472

1- Because they are global and people need to use it all the time.

2- Incentives, in another word mining. and by globalizing it. and making it run 24/7

#473

  1. So that anyone can access it anytime

  2. Incentives, everyone wants to make money

1 Like
#474

  1. It is important for blockchain network to have high availability so that it can be recognized as a global tool.

  2. Mining which incentivizes enables high availability for the blockchain network.

1 Like
#475
  • Why is it important for blockchain networks to be high availability networks?

It is important for blockchain networks to be high available networks since its a global infrastructure and the higher the availability the stronger the security is.

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

The fact that everyone wants to make money, it is on 24/7 365 since everyone incentivized to keep it that way. There will be always new miners that will join in case other active miners will be cut off for one reason or another ( electricity shortage etc. .)

1 Like
#476

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    People trust it because the protocol operates 24/7/365, therefore it can be of use anytime. High availability means that miners secure the network.
  2. What is it that enables blockchain networks to have such high availability?
    Miners are incentivised to participate and are rewarded
1 Like
#477
  1. Why is it important for blockchain networks to be high availability networks?
    For a globlal financial network, people need will always be able to complete transaction when ever they want. Otherwise if the netwok stops, so those the world economy.
  1. What is it that enables blockchain networks to have such high availability?
    Blockchain miner (which are the machines that run the network) are incentive to keep the network running.
1 Like
#478

  1. Blockchains need to be high availability networks because consensus cannot be reached during network down time so transactions will not be processed during this period. Users will not trust a network that is failing to process transactions periodically.

  2. Blockchains achieve high availability by enabling a large network of miners distributed globally that are incentivized to remain available 24/7/365.25 by receiving tokens.

1 Like
#479

  1. Why is it important for blockchain networks to be high availability networks?
    Because if it’s not then transactions would be stuck and people will loose trust in it

  2. What is it that enables blockchain networks to have such high availability?
    In short: Insentivizes. If you participate to the network and have a node running you help the network

1 Like
#480
  1. So that way there is no Turnoff switch. It can keep transacting 24/7/365.
  2. independent nodes from all over the world. That way if many nodes fail from one section of the globe all the rest everywhere else can keep the chain transacting.
#481

  1. There are industries such as finance and energy that require 24/7 network operation. It is important for blockchain to be able to cater for this requirement to support these industries.

  2. The decentralized nodes in the network enable the highest availability in the blockchain.

#482

  1. Why is it important for blockchain networks to be high availability networks?
    Because high availability means trust and its crucial for longterm development of this ecosystem.

  2. What is it that enables blockchain networks to have such high availability?
    Miners are incentivised to keep the network alive by earning money.

1 Like