Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1326

1. Why is it important for blockchain networks to be high availability networks?
Brings trustworthiness and increases usability.

2. What is it that enables blockchain networks to have such high availability?
Through mining not only financial incentives are received but the network is also protected and made available continuously.

#1327
  1. For a system that is supposed to be available worldwide, high availability is key because of time zones. If someone in Japan needs to make a transaction in Japan, they need to be able to do it even though half of the world might be sleeping then. High Availability allows the network to keep running 24/7/365 for BC tech. to keep its edge.

2.Blockchain achieves High Availability by always staying online by incentivizing participants through mining. Mining allows participants to make money as they ensure the security of blockchain transactions

#1328

1-Why is it important for blockchain networks to be high availability networks?
Nees for consensus so that transactions can be confirmed and hight security.

2-What is it that enables blockchain networks to have such high availability?
Financial incentives and decentralization.

#1329
  1. Why is it important for blockchain networks to be high availability networks?
    HA is required for easy access, blockchain data security and maintenance
  2. What is it that enables blockchain networks to have such high availability?
    Mining or continuous transaction enables HA.
#1330

Homework on High Availability - Questions

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

Blockchain networks need to be highly available so that transactions can be validated and updated at all times to maintain provenance, consensus, security and immutability.

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

Incentives by mining, in the future by staking.

#1331
  1. The network is used worldwide therefore it must be available 24/7.
  2. Financial rewards for the miners. The miners bring nodes in the air and make sure that the network is available.
#1332

  1. Why is it important for blockchain networks to be high availability networks? To allow anybody in the world to access the network it needs to open 24/7 and Blockchain creates this.

  2. What is it that enables blockchain networks to have such high availability? Miners will be incentivised.

#1333

  1. Why is it important for blockchain networks to be high availability networks? The network is a unified global network, thus its importance of needing to be available 24/7/365. No regional “banking hours” with BTC.

  2. What is it that enables blockchain networks to have such high availability? Blockchain networks depend on synthesis reactions, where all the reactions ultimately create consensus. Mining incentives provide the financial motivation that ensures the network will always be up.

#1334
  1. Why is it important for blockchain networks to be high availability networks?
    It is important for security purposes. It allows anyone to access the network 24/7.
  2. What is it that enables blockchain networks to have such high availability?
    Miners are the reason why the networks stay on. Miners have an incentive to mine BTC which would increase the security and difficulty of the network.
#1335

  1. Why is it important for blockchain networks to be high availability networks?
    In order to trust a network and be incentivized, HA must be considered a top priority.

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

#1336

It is important critical areas such as finance transaction, health care data and so on. These areas need to be available 24/7/365.

The miners, who are incentivised by money to secure the network

#1337
  1. Why is it important for blockchain networks to be high availability networks?
    It is important to have “HA” since business is conducted around the world at all times and financial transactions need to be sent and received, consumer goods need to verified, and all these moving parts need reliable infrastructure that is going to be online 24/7 365.
  2. What is it that enables blockchain networks to have such high availability?
    INCENTIVES!!!
1 Like
#1338

Because it is global and needs to be accessable at all times

Incentives

#1339

High availability provides security, ability to mine, make money with mining

Incentive to mine and make profit enables high number of nodes functioning 24/7/365, difficulty mining fluctuates, allowing for adjustments in the number of miners, providing security and availability

#1340
  1. If someone builds a project on a blockchain network, they trust that it will not collapse. Therefore it is important that the network has a high availability as other projects are at risk.
  2. Blockchain networks have high availability due to incentives. Miners will always be active as they are rewarded after mining a block on the network.
1 Like
#1341
  1. Maintenance of utility and user confidence
  2. Mining
#1342

  1. The more BC network runs on a high level of availability, the more it ensures it’s high level of security, productivity and decentralization.

  2. The accessibility and decentralization of BC network is what allows it to enjoy higher levels of availability. Notwithstanding the fact that BC is inherently an incentivized network.

#1343

  1. It is important for blockchain networks to be highly available as this guarantees its general adoption and provides assurances that the technology is one that will align with a lot of business commercial requirements.

  2. Blockchain networks has a high availability as a result of the increase in the number of nodes (computers) that are involved in mining as the miners are incentivised to make money by keeping their “lights on”

#1344

  1. The reasons that availability is useful, are limitless. The primary reason that availability is needed, is because that this enables a 24/7 means for conducting financial transactions, or at least this is what most comes to mind.

  2. What enables the extreme availability of blockchains, is the distribution and decentralization of the network, and the incentives to maintain the network, such as the profitability of mining. Mining adds blocks to the blockchain and rewards the person or persons involved financially for adding a block of data transactions, incentivizing people to maintain blockchains.

#1345

  1. It’s important for blockchain networks to be high availability as they are global networks and require such availability to keep it alive, transparent, and secure.

  2. Incentives allow blockchain to have high availability.