Homework on High Availability - Questions

Blockchain and Bitcoin 101
#703

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

As the networks are global these have to be available 24/7 in any part of the world. The high availability makes the networks more secure and trustfull

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

Incentives

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#704

  1. Its important because its a global database that needs to be accessible 24/7

  2. Incentives

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#705
  1. Blockchain needs to be an HAN because otherwise the network of people on which it relies for mining would not be as incentivized and certain of its security as it is today. The crucial point about Bitcoin and Blockchains in general is that it ensures its members that it will be active no matter what.
  2. It is probably a mix of both its protocol (as it is designed to be active nonstop without risks) and its mining-based incentive system, basing on which it is designed that the system will keep running to ensure the network a proper level of activity.
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#706
  1. Why is it important for blockchain networks to be high availability networks?

It is important for blockchain networks to have high availabilty because they are global networks, where participants require access to that network from anywhere at anytime. Having high availability allows participants to have a lasting interest and trust in the blockchain network.

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

High availability is enabled on blockchains by incentivizing particpating parties. In Bitcoin’s case a financial incentive. If a portion of a blockchain network goes down, there are other participants who will be take the incentive to join their computers to the network.

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#707

  1. High availability is important so that the network can work globally. Information on the network may need to be accessed or updated any time and high availability makes that possible.

  2. Being that blockchains exist on several computers globally there is no down time, blockchains run 24hrs a day 7 days a week 365 days a year. Blockchain networks provide incentives to keep the network up and running efficiently and effectively.

#708
  1. Because the blockchain networks are used to store and secure information the network needs to run 24 hours a day as this is global and trusted.
  2. With the help of nodes all over the world keeps the network running and because of the lack of a central pooint there is no chance of failure.
#709

Why is it important for blockchain networks to be high availability networks?
So it can be used as a global currency.

What is it that enables blockchain networks to have such high availability?
Miners get an incentive.

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#710
  1. Why is it important for blockchain networks to be high availability networks?
  • So that everyone can acces it and make use of it whenever they need it, thus being open 24/7/365 is crucial for building a trustworthy relation.
  1. What is it that enables blockchain networks to have such high availability?
  • The more blocks in the chain the more secure it is, miners have the job of creating blocks and are incentivized through money to do this job. It is because of this incentive that ensure that there are always people mining all around the world.
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#711

  1. High availability allows the blockchain network to be on and open 24/7/365. This is critical for many potential applications, such as finance, where high availability is necessary.

  2. Blockchain enables high availability because participants are incentivized to create blocks through a process called mining.

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#712
  • Why is it important for blockchain networks to be high availability networks?
    because it is 24hours, 7 days a week, 365 days on going. it is incentive of making money.
  • What is it that enables blockchain networks to have such high availability?
    because everyone is here to make money, incentive.
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#713

  1. High availability is a key selling point for blockchain to be implemented by companies due to the fact that the network is available 24/7, 365 days a year. This technology brings a new level of productivity and profitability to these companies.

  2. If a portion of the network were to go down due to electrical, software or connectivity issues, the mining difficulty will be decreased, and more miners will step in to chase profits. Blockchain technology is built on incentives, meaning people are highly incentivized by a financial reward to keep the network alive by mining, thereby, protecting the network and ensuring high availability.

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#714
  1. Because the services the blockchain provides tend to be very important, i.e. money transfers, and to be available at all times.
  2. Miner rewards incentivizes miners to join the network if supply of miners fall, or demand for transactions rise.
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#715

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    it allows for 24 hours a day, 7 days a week for 365 days a year.for transactions to take place. Also allows for transactions to be processed, validated on many nodes at any time of the day or night.

  2. What is it that enables blockchain networks to have such high availability?
    The nature of this distributed network enables high availability. If one node fails, all of the other nodes in the network are equipped with the full data set, therefore bringing down the network would require bringing down every node providing computation power.

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#716

it is important for blockchain networks to be high availability because everyone in the world has access to it different time zones different countries so for everyone to be able to mine it has to be accessible 24,7 365 so that it can be used by everyone

blockchain networks can have such high availability is because it has built-in incentives which is achieved through mining which is a group of people that want to make money.

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#717

  1. It is important for blockchains to be high availability networks because if the network is not working people will lose trust in it. This is due to the possibility that users will not have access to the downed network when they actually need to use it. High availability also allows for anyone to use the network, which means there is a low to nonexistent barrier to entry. The network is helped along by this because other centralized systems have a higher barrier of entry, since a centralized entity can block individuals from using their network.

  2. Miners are the ones who make high availability blockchain networks possible, since they are the ones who are being incentivized by the network to power it with their mining activity.

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#718
  1. Blockchain networks provide a database/ledger that increases its value if it has high availability. For Bitcoin, a network for financial transactions would be pretty much unreliable and thus useless if its availability is not high and guaranteed.
  2. The decentralization and incentive scheme push the network participants to keep it alive and always available, earning rewards for keeping it secure and ongoing.
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#719
  1. So as everyone around the world can access this at any time anywhere.
    2.Mining - provides network security
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#720
  1. It’s important because it’s working on a global scale with no stops or drops.
  2. The mining system.
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#721

1.Why is it important for blockchain networks to be high availability networks?
It is important so it can be accessed 24/7/365 no matter where we are in the world. There will always be a network of nodes securing the system. This is necessary in a modern global economy where there is always business transactions being performed .

  1. What is it that enables blockchain networks to have such high availability?
    It maintains such high availability because miners are incentivised by financial reward to keep mining and therefore keeping the blockchain highly available. If there is a reduction in the amount of miners running on the system the mining dificulty will decrease therefore providing financial incentive for miners to join the network.
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#722
  1. Because they are global and people like to make money!
  2. Its a global decentralized network that no one can turn off. It is verified by math and not a central figure.
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