Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1206

1.) High availability is needed in order to maintain increased security.

2.) Incentives on the part of all those involved.

1 Like
#1207
  1. To have higher security, and keep it running all the time.
  2. Incentives/mining. Increases security.
1 Like
#1208
  1. Why is it important for blockchain networks to be high availability networks?

Any system that spends most of its time not available/working is not useful (think machines in a factory). In a financial system, a low availability network wouldnā€™t be used, as not knowing if you can pay for something would be very annoying. In terms of a system where data is involved, think about how annoying it is when you go to check an energy bill and the providers website is down, preventing you from doing anything.

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

Incentives attract people to try and keep the network working and secure (mining). So long as one node on the network remains connected, the system will work, and the incentives will increase automatically to attract extra participation

1 Like
#1209
  1. To ensure the global usage und the security by the miners
  2. The incentive to make money
1 Like
#1210
  1. Why is it important for blockchain networks to be high availability networks?

To be available 24/7 365 d/w. This way it will suit the needs of users globally.

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

The mining process. If one of the computer will be offline, other one will pick it up and so on.

1 Like
#1211

  1. It is important for blockchain networks to be high availability networks because everyone must work together to keep the network alive and running. If a separate network were to partially die (i.e. lose electricity) a different network would step in to help.

  2. Mining enables blockchain networks to have such high availability. It helps in both making money and protecting the network.

1 Like
#1212

The network needs to be high so people can make transactions/money 24/7/365
Itā€™s on of the big advantages of the blockchain.

Incentives give the network high availibility. If for some reason there would be less miners the diffculty of mining decreases and more miners are incentivised to join

1 Like
#1213

  1. High availability means that many nodes are verifying transactions which means high security. Plus, data is accessable 24/7 365

  2. The high availability is due the data being stored on every node within the network

#1214

1/ Why is it important for blockchain networks to be high availability networks. ?
Well the Blockchain protocol is 24/7 365 days a year.

1 Like
#1215

High Availability Homework

  1. Blockchain needs high availability because it is used for important financial transactions all around the world 24/7.

  2. Such high availability for blockchain networks is enabled through mining and its financial incentive.

1 Like
#1216

  1. Why is it important for blockchain networks to be high availability networks?
    The blockchain needs to be always on so transactions can be done around the globe, 24/7 every day.

  2. What is it that enables blockchain networks to have such high availability?
    Itā€™s a decentralized system with so many miners (incentivised by making money) that if one miner fails thereā€™s always one next in line to take over.

2 Likes
#1217
  1. Because it is important to be accessible at all times in different time frame zones.
  2. Incentives that reward computational power to be maintained in a energy efficient fashion setting its price production cost.
1 Like
#1218

  1. Because it needs to be up and running 24/7/365 days a year, with no down time which is another aspect that makes it secure, otherwise the whole purpose and idea is meaningless.

  2. The incentive on people to make money by mining.

1 Like
#1219

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Homework on High Availability - Questions

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

One of the triads of information security is Confidence, Integrity and AVAILABILITY , of all decentralized and independent global network nodes/miners this extremely limits the probability of network failures, which leads to greater availability.

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

All of the decentralized global network nodes / miners. Miners are incentives by bitcoins they receive for coming to consensus/figuring out a super long and hard math problem which results in a block being created on the network.

1 Like
#1220

  1. because many people depend on it.

  2. mining, and making it public.

1 Like
#1221
  1. So anyone anywhere in the universe can access it 24/7/365.
  2. Financial incentive. Everyone wants to make money, money, money!
1 Like
#1222
  1. It is important because they are practically never offline and run 24/7/365 and people using them can rely on that
  2. Blockchain networks have high availability because the participants have incentive to keep the networks alive (PoS and PoW)
1 Like
#1223

Yes, And the financial incentives to mine, you get a reward in Bitcoin to successfully mine a block. This keeps the network producing blocks and confirming transactions. If mining becomes to difficult, some miners will shut down, so the difficulty will drop and new people will join mining again. Itā€™s making a good balance to keep confirming transactions in approximately 10 minutes per block interval.

#1224

1.high availability means that the network is always running (24-07) and can always be relied upon.
2. because of the mining many computers are connected to the network. if one falls out another will be able to catch up. itā€™s protecting the availability

#1225

Why is it important for blockchain networks to be high availability networks?
To make money and secure the network.

What is it that enables blockchain networks to have such high availability?
Thru mining and the rewards received.