Homework on High Availability - Questions

Blockchain and Bitcoin 101
#503

1- incentives making money drives high availability

#504
  1. Blockchain networks need to be high availability networks because their purpose is to serve the entire world. Working 24/7/365 days makes it possible for anyone in the world to use them regardless of the timezone they are at.
  2. High availability is allowed towards a system of incentives. People who mantain the network have the incentive to do so 24/7. Whenever someone stops doing so, someone else will join chasing the economic incentive.
#505

1 - Because it will enable people to transact all the time, therefore being very accessible.

2- Through mining the computers are incentivized to constantly protect the network.

#506

Why is it important for blockchain networks to be high availability networks?
To secure the usability, ease of access, and global consensus.

What is it that enables blockchain networks to have such high availability?
Incentives & rewards for: Discovery, Participation and Usability.

#507

1, Because the more network has availability the more it is secure. Blockchain is global database so it should be high available to be accessed by anyone from anywhere.

2, The miners are incentivised. if there are less nodes in network then the rewards is high.

#508

  1. It is important for blockchain network to be a high availability network because this way it is more secure, it can always be accessed, and transactions can be made whenever needed.

  2. What enables such high availability are incentives for maintaining the network available (mining).

#509

It’s important for blockchain to be run on a high availability network because transactions must be in real time. The entire network is secured by always being available for consensus.

Miners are rewarded financially for participating in the consensus network that establishes truth in the blockchain.

#510
  • Why is it important for blockchain networks to be high availability networks? The blockchain applications require global availability for critical applications.
  • What is it that enables blockchain networks to have such high availability? Global incentivization of blockchain verification enables the blockchain networks to have 24/7 availability and never go down. If nodes go down, due to incentives, more nodes will pop up and take over.
#511

  1. Why is it important for blockchain networks to be high availability networks?
    Financial networks need consistent uptime so people can access their money. Health records so when one needs their health info, it is available in a potential urgent scenario.

  2. What is it that enables blockchain networks to have such high availability?
    The fact that when part of the network (some miners) drops off, more miners join the network because with difficulty reduced there is more money to be made per miner–self adjustment. Bottom line: everyone wants to make money, keeping the network going.

#512

As they are globally used and incentivized, it has to be online all the time to give the best performance.

Incentivity and that the users trust, therefore use it.

#513
  1. Higher the availability faster the network itself .
  2. Reward .
#514

  • Why is it important for blockchain networks to be high availability networks?
    So that it is available for transactions 24/7/365

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

#515
  1. Why is it important for blockchain networks to be high availability networks?

a) Provides more network power to create a secure and efficient network through consensus.

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

a) 24/7 mining and financial incentives.

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#516

  1. Globally used people need access at all time. If blockchain become unavailable for any reason trust in the system may wane which would stifle growth.

  2. The incentives process allows people to make money and it is this that keeps people interested in the activity of mining and keeping computers on the blockchain network.

@Ivan, @filip, Is it fair to say at the moment because people are not getting “real” currency, the miners who are mining are doing it because they are simply passionate about the idea of bitcoin becoming of usable value in the future or perhaps they just enjoy the challenge?

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#517

1.Because it is a global entity so being accesible 24hrs a day is important for all of the people of the world.Also if you were to need to perform a transaction you need access when and wherever it was required
2.The network of users to verify information but more specifically, especially miners and the incentives they receive

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#518
  1. 24/365 online. There is to much benefits to list here. Basically the world is round and if your sleeping then there is someone else working in the middle of his day making money. If his goverment decides to block him for any reason, they cant.
  2. Because it is a decenteralized system meaning if all of america is cut out from electrocity, then they will stop only, not the whole world. It will be still functional.
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#519
  1. Why is it important for blockchain networks to be high availability networks?

Because the networks will be used all around the world so they need to be available at all times, especially in area of finances.

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

Because so many people are incentivized to mine that someone will always replace a miner who stops.

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#520

So information on the network are always available.

A decentralised network of computers, that are always running because the participants are financially incentivised.

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#521

Here we mean that as long as there are miners who wants to make money, the network is kept alive and new blocks are getting produced 24/7

#522

I think 99% of the miners just want to make money. And BTC is still worth lots of ‘real’ money (or currency to be more precise)

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