Homework on High Availability - Questions

Blockchain and Bitcoin 101
#603
  1. Why is it important for blockchain networks to be high availability networks?
    A. Many applications are built on top of the blockchain and need 24/7/365 availability to function, it is decentralized and that is the strength, it is always up somewhere.
  2. What is it that enables blockchain networks to have such high availability?
    A. The incentive to keep it alive, to earn the money mining the bitcoin, to keep the blockchain alive.
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#604

  1. Blockchain networks need to be available for instantaneous use anywhere in the world not restricted by time zones so people are incentivised to use them making them secure which creates a common interest through self interest.

  2. The health of the blockchain creates availability. The blockchain is kept alive by individual actors and groups of actors incentivised to join the network if others, for whatever reason leave. For now the primary incentive is the mining of tokens, that will probably change over time.

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#605

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    A) Global networks like blockchain need 24/7 availability for a 24/7 world.

  2. What is it that enables blockchain networks to have such high availability?
    A) Incentivized network of global miners.

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#606

1. Why is it important for blockchain networks to be high availability networks? Incentivised Network that need to be accessible at anytime for Network verification, stay trussless where miner keep the Network secure
2. What is it that enables blockchain networks to have such high availability? Minning/Globalizing/Consesus(Incentive) and Run 24/7

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#607

The High availability is very important to keep the network alive and because it is for worldwide use no matter where you are or in which time zone you are in

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#608

Consesus & Incentive keep the network running 24/7

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#609
  1. The blockchain is a global community of users and must be accessible around the clock and in every location.
  2. The decentralized network is internet accessible at all times.
#610
  1. If it’s not available all the time, it can’t be used for critical applications worldwide.
  2. There are sufficient monetary rewards to incentivize other people to take up the slack if some people are slacking off in processing transactions.
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#611

  1. Incentives/ Financial growth

  2. Mining and Incentives

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#612

  1. Being highly available eliminates potential single points of failure in the network and prevents any downtime thus improving the network’s reliability and usefulness.

  2. Mining and incentivisation is what enables blockchains to have such high availability.

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#613

  1. The more nodes mining, the higher the security, strength in numbers.

  2. The incentives of mining mean more people will dedicate computing resources to it and with greater copies of the ledger comes more security.

#614

Q1, Why is it important for blockchain networks to be high availability networks?
A, A global network every minute of every day is needed, if there is fewer ppl mining then the network can become vulnerable.Miners are rewarded financially

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#615
  1. Why is it important for blockchain networks to be high availability networks?
    Security assured through mining process.
  2. What is it that enables blockchain networks to have such high availability?
    Incentinves, decentarlization, same copy of th eledger at every node in the network.
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#616

  1. If there is a high availability, this also means that there is a high security factor.

  2. Because of mining. The amount of people mining will always go towards a certain equilibrium that possesses a high security standard.

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#617

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  2. What is it that enables blockchain networks to have such high availability?

Answers:

  1. A global network needs to be open 24/7 365 to maintain high availability and to enable anyone in the world to access it. The blockchain has lasted the longest at maintaining high availability.

  2. Blockchain is able to achieve high availability through incentivised mining. These are block rewards given to miners.

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#618
  1. To give incetives
  2. its runing 365/7/24. and its reduntant with its network
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#619
  • Why is it important for blockchain networks to be high availability networks?

It is important for blockchain networks to be running at all times because human beings run all the time. At all moments of everyday someone will need to benefit from transferring value. Keeping to only set time lines will lead to delays in projects that may need goods and services right away!

  • What is it that enables blockchain networks to have such high availability?
    Blockchain networks have high availability because the foundation of the network is spread out among thousands of individuals from around the world. With this kind of infrastructure it makes it very difficult to take everyone offline at once. So no matter what time of day we can trust multiple people to be holding up the network of an open blockchain.
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#620

It is important for blockchain networks to be high availability networks as it is global and different countries have different time lines so it can be used at any time, which would be good for businesses in one country dealing with businesses on another time line. Also for financial and currency markets which could be traded at any time and other markets and businesses that would benefit from it always been available.

A blockchain network has such high availability as it has a global infrastructure which runs 365 days 24.7 never closing.

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#621

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

  1. Why is it important for blockchain networks to be high availability networks?
    High availability ensures security and builds trust

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

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#622
  1. Why is it important for blockchain networks to be high availability networks?
    This means that the network is highly reliable
  2. What is it that enables blockchain networks to have such high availability?
    People are motivated by making money so, if there is a problem in the network, like loss of power, then other computers in the network will come into help, when this happens it’s easier to mine, as the network becomes ‘stable’ it then becomes harder to mine and less profitable. By doing this is self regulates.
    [/quote]
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