Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1126
  1. Why is it important for blockchain networks to be high availability networks?
    If bitcoin is distributed over high availability networks security goes up.
  2. What is it that enables blockchain networks to have such high availability?
    Each node contained the complete record of past transactions validating securely the next block.
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#1127

  1. Why is it important for blockchain networks to be high availability networks?
    High availability leads to high usage, high incentives, and high security.

  2. What is it that enables blockchain networks to have such high availability?
    *It is the technology itself and it’s decentralized nature that allows for high availability. *

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#1128

1.Why is it important for Blockchain networks to be high availability networks?
So that we can have access to the networks anywhere in the world 24/7/365.

2.What enables Blockchain networks to have such high availability?
Miners are receiving incentives to mine blocks, so that even if part of the network failed for
some reason, meaning the difficulty for mining reduced, other miners would then come in
continue mining to gain incentives [money!].

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#1129

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
  • The Bitcoin blockchain has a great record. No downtime, which means the network is reliable. This very important to build a strong ecosystem and achieve mass adoption.
  1. What is it that enables blockchain networks to have such high availability?
  • Decentralization! The is no button to switch off the server since the data is stored on multiple nodes that are running 24/7/365. Even if some miners / validators shut down, other people will start validating and running the network.
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#1130
  1. Why is it important for blockchain networks to be high availability networks? Because this a global infrastructure serving everyone and anytime of the day. Availability is one of the biggest value components to this type of network.
  2. What is it that enables blockchain networks to have such high availability? This is achieved by miners or nodes upholding the network so they can receive rewards for doing so. People will come together to run a network if the incentives are there.
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#1131

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

The importance grows as the demand on that blockchain becomes more global. A financial vehicle linked to the world’s stock markets would need a highly available infrastructure 365 days a year. The internet has grown to become more highly available due to network development, demand and infrastructure.

As the Bitcoin blockchain has shown over the last 10yrs, blockchain is a brilliant system for high availability as it has had no downtime since inception.

It’s Pity I couldn’t say the same thing about exchanges?

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

In a word, Incentives. In a proof of work blockchain system such as Bitcoin, it’s the miners who are incentivised to maintain the network with the hope of financial reward. There are always new miners ready to step in and make this process profitable when other miners leave the network when it is no longer profitable for them which creates a lack of incentive. This is the free market working at its best. Finally, the larger the network becomes the more highly available it becomes.

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#1132

  1. Why is it important for blockchain networks to be high availability networks?
    So everyone can have access no matter the time of day through the world.

  2. What is it that enables blockchain networks to have such high availability?
    The ability for anyone to run a node which means everyone has an opportunity to maintain the system they use.

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#1133

so that the network can always be trust because it is always running, if there was downtime the network could be changed during the offline status.

incentives provide the motivation for people to use the blackchain including the incentives for miners.

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#1134
  1. Why is it important for blockchain networks to be high availability networks?
    With the network constantly running, there is a concrete service being produced 24/7/365 for anyone on earth.
  2. What is it that enables blockchain networks to have such high availability?
    With mining incentives, everyone wants to help secure the network, improve on it etc etc.
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#1135

1.BTC for example everyone wants to make money to the system is available 24/7 365 days a year and is the longest living system. It is a global finacial system so very important to be highly Available.

  1. Everyone wants to make money. Because everyone is incentivized to keep it alive.
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#1136

  1. Why is it important for blockchain networks to be high availability networks?
    Optimal functionality. These are networks that do not shut down. They are available anytime all the time 24/7 365. people and businesses need access all the time. The structure of the pow concept creates an incentive to attract anybody that contributes to the infrastructure to make money. This is in such a way that ensures there will always be a network.

  2. What is it that enables blockchain networks to have such high availability?
    I pretty much covered that n the answer to question 1. The incentive for people to supply computing power appeals to the human nature to want to make money.

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#1137
  1. Why is it important for blockchain networks to be high availability networks?
    Answer: Blockchain networks are global in nature and need to support transactions 24/7/365
  2. What is it that enables blockchain networks to have such high availability?
    Answer: Greater parts of the network will always be available even when some parts are down - through Incentives (money) - mining is part of this.
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#1138

  1. Why is it important for blockchain networks to be high availability networks? It is important to maintain security and 24/7/365 access to function.

  2. What is it that enables blockchain networks to have such high availability? Incentives and mining which leads to nodes running in network continuously.

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#1139

  1. Why is it important for blockchain networks to be high availability networks?
    Ans: in general many users will utilize a blockchain network simultaneously worldwide. If availability is low the network would be unable to service the users efficiently leading to it’s abandonment.

  2. What is it that enables blockchain networks to have such high availability?
    Ans: Distribution, and availability of nodes, combined with efficient use of blockchain data by the network, a result of efficient programing.

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#1140
  1. It’s important because that means more miners, which means more security.
  2. The monetary incentives.
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#1141

Why is it important for blockchain networks to be high availability networks?
Everyone wants to earn money. So it’s best to do it on a network that works all the time and is secure.

What is it that enables blockchain networks to have such high availability?
The network is global so there will always be a new miner to take the place of the old one

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#1142
  1. Why is it important for blockchain networks to be high availability networks?

High availability networks run 24/7 365 which is very important in the financial/currency markets. This is also important for any other applications built on blockchain networks.

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

Mining protects the network, and keeps security high. People are given financial incentives to keep the network alive.
:pick: :pick: :pick:

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#1143
  1. So that everyone, everywhere can interact with network
  2. People mining all the time
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#1144

1.) Blockchain networks must be highly available in order that people can always access it. People must be able to submit new data to the ledger at all times.

2.) It is the incentivization that enables the high availability. In other words, the network is always running because miners make money for keeping it running.

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#1145

  1. It is important for block chain networks to be high availability netorks because if a company is using it and needs access all the time, they will always be able to work on it

  2. Incentives enables block chain networks to have such high availability

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