Homework on High Availability - Questions

Blockchain and Bitcoin 101
#844

  1. Why is it important for blockchain networks to be high availability networks?
    It encourages transactions to occur 24/7/365. If you can’t trade because the network is down then it’s a loss of opportunity for all participants.

  2. What is it that enables blockchain networks to have such high availability?
    Mining: it provides incentives to process transactions so that there are no down times.

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#845
  1. Why is it important for blockchain networks to be high availability networks?
    To provide 24x7x35 service to consumers
  2. What is it that enables blockchain networks to have such high availability?
    Mining, distributed nodes and incentives.
1 Like
#846

Homework on High Availability - Questions

Why is it important for blockchain networks to be high availability networks?
The importance of blockchain networks being highly available networks is that it allows a network to operate 24 hours a day 365 days a year and 7 days a week thereby eliminating any downtime associated with traditional databases.

What is it that enables blockchain networks to have such high availability?
Blockchain networks have such high availability because the network is distributed across many nodes, or miners, that are incentivized to mine and, hence, keep the network operating.

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#847
  1. It’s world wild, thus needs to be available 24/7
  2. Incentives
2 Likes
#848
  1. As with any network, having access to the data is important for businesses/transactions to continue flowing through the network.
  2. It has many nodes. It is available as long as one of the nodes is up.
1 Like
#849
  1. Why is it important for blockchain networks to be high availability networks?
    If the blockchain network is highly available, it increases the security of the network.
  2. What is it that enables blockchain networks to have such high availability?
    Everyone is given incentive to keep the blockchain alive. If people stop mining a blockchain, it will attract other miner because they are given incentive to mine and are attracted by the reduction in difficulty.
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#850

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

So everybody can access and use his/her own money at any time around the world

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

With the incentive of Profit, the basic human need to survive in this world, earned through mining, the blockchain is maintained in operations continuously all day long

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#851
  1. Because everyone wants to make money
  2. the amount of mining
1 Like
#852
  • Why is it important for blockchain networks to be high availability networks?
    Systems are very secure when the do not do stop and start. Every stop and start has risks. Like a aircraft. The highest risk for a crash comes when a plane lands or is going through a lift off. Once in the air the risk for a crash is very little and as long petrol [gas] is fully supplied the plane could stay for ever in the air. The same applies to a network. If it runs 24/7/365 all the time the risk is very minimal that it becomes unstable. A stable network is key for all operations necessary to run any organisation. Clients love the fact that one can use a network all the time without any interruptions and gives a sense of high security.
  • What is it that enables blockchain networks to have such high availability. It is one math and one protocol standard that is right across the whole network/world. It is one standardized system with one protocol
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#853

  1. Because it has to run 24/7/365 to ensure that Information doesn’t get lost or corrupted. And for a Blockchain to be of use, it has to be accessible by every participant at any time.

  2. Mining, people are incentivised (with money) to keep the network secure, to add new blocks and verify Information.

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#854

Any network, especially financial, benefits from being up and running 24/7. it is global and needs to available at all times.
The incentives given to the network to keep it available.

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#855
  1. Blockchain networks need to be high availability in order to deal with global financial information. If something were to operate as a digital cash, transactions will be happening all over the world all of the time.
  2. Blockchains are highly available because all participants are financially incentivised to keep the network running.
1 Like
#856

And most importantly, the economic incentives makes it high available. People like to make money, so there will always be miners confirming transactions.

#857

That is a important comment, thanks. The incentives make it very important and I feel business models based on that [incentives] are of great values. I am just in the development of a real estate idea, where people when the save energy [for heating, hot water and or electricity] while renting a property they will be rewarded with incentives like rent reduction. The same could apply for people who design and build new real estate developments, where governments can give the developers incentives for building healthy homes or smart energy homes. Further, I am developing the concept of having a block chain where all used materials in the design of new residential an commercial buildings can be traced all the way to inception. Of course all used materials shall be having such a high content value that when the building is demolished all materials could be recycled to a large percentage and while doing that reducing dramatically all landfills around the planet and avoid a massive environmental problem for future generations. Its all about holistic thinking and design practice.

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#858
  1. so its open and usable for everyone at anytime -> fair
  2. decentralization and incentive for being part of the network and securing it
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#859
  1. It’s a global network, therefor it needs to operate 24/7/365
  2. Financial incentives
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#860

1-Because trading is one of the main activities humans do. If not the biggest one. For anything you aquire, you make a trade. EVERY time. Since the high availabily such an important and fullfilled stat from our beloved mother Blockchain, that is Bitcoin

2-What enables in our case the high availability are the incentives to keep ir running and keeping it accountable. A system where you are rewarded for keeping the truth with you and available for all. A paradigm shift from the actual finantial structure implemented in our world

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#861
  1. It is important because everyone is incentivized to keep it alive and make profit… it is also important for global financial system !
  2. Large network of miners !
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#862

  1. Why is it important for blockchain networks to be high availability networks? So they can be used globally and at any time.

  2. What is it that enables blockchain networks to have such high availability? incentives everybody wants to make money.

1 Like
#863
  1. To incres the value.
  2. mining for example.