Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1427

  1. Why is it important for blockchain networks to be high availability networks?
    For Bitcoin/crypto to succeed as a global financial system then it makes sense that there has to be 24/7/365 availability. This is so that differing time zones across the globe can deal in financial transactions 24/7/365.

  2. What is it that enables blockchain networks to have such high availability?
    I think it’s mining that enables the blockchain networks to have high availability?

1 Like
#1428

  1. it is used worldwide so it must be accessible 24/7/365

  2. incentive to make money

1 Like
#1429

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    For a blockchain to provide real time audit opportunities it is important for the network to be up and running at all times. The blockchain should also be accessible by everybody (assuming an open blockchain network) for it to function as an open network. In order to ensure trust it is also needed for the network to have no downtime. If the network is not sufficiently decentralized that could lead to downtime and could mean that the blockchain cannot be fully trusted so in that case high availability could be used as a measurement for trustworthiness.
  2. What is it that enables blockchain networks to have such high availability?
    Certain blockchain networks have high availability due to the way they are designed. They incentive actors of the network to make money by facilitating the decentralized structure. Bitcoin for example uses its difficulty adjustments to manage the incentive structure. When less parties start to mine bitcoin, the difficulty adjustment drops in order to incentivize new miners to join the network.
1 Like
#1430
  1. It is important because people need to be able to make transactions on the blockchain 24/7.
  2. People mining enable this because they support the network by using computer power and they make a small amount of money which can add up over time.
1 Like
#1431

To be more accessible to the population?

What really enables blockchain networks like bitcoin is money, people want to get money so they are incentivised to keep the network up and running, Just like btc miners are rewarded for doing their part in the blockchain by getting bitcoin.

1 Like
#1432

  1. Blockchains are global networks of computers that need to be accessed 24/7/365 so that the database can be secured all the time.

  2. Incentive mechanisms like Proof of Stake and Proof of Work mining enables blockchains to have high accessibility.

2 Likes
#1433

Because it’s a global online technology in different fields and everyone is incentivised to keep it alive.

1 Like
#1434
  1. Why is it important for blockchain networks to be high availability networks?

Because transactions need to be made 247 365. the ledger needs to be available 247 365.
For example the stock markets are only open mon-fri 9-4.

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

Incentives to keep miners producing blocks. creating higher security.

1 Like
#1435
  1. It important to maintain network 24/7/365 to maintain consensus of the blockchain.
  2. Miner are incentivized to maintain the network with rewards.
1 Like
#1436

  1. Why is it important for blockchain networks to be high availability networks? If many people / companies runs the network, it will stay safer.

  2. What is it that enables blockchain networks to have such high availability? People / companies is incentivized running the network and also keeps it safe.

1 Like
#1437

Why is it important for blockchain networks to be high availability networks?
If you want to break the mold, break it, don’t reuse the same format of the legacy systems that were borne of another time with redundant technology. The world today is a global network and a blockchain needs high availability in order for people all across the world to access it, provide power, security.

What is it that enables blockchain networks to have such high availability
Blockchains speak math, universal language. And everyone wants to speak it because, money.

1 Like
#1438
  1. Why is it important for blockchain networks to be high availability networks?
    The blockchain is validated in real time so it must be available 24/7.
  2. What is it that enables blockchain networks to have such high availability?
    24/7 access
2 Likes
#1439

  1. Blockchain networks need to be high availability networks in order to keep them secure. The more people using, or more importantly verifying, the network - the more consensus can be had and therefore more security, reliability and trust in and of the network.

  2. Blockchain networks have such high availability through incentivisation. Nodes are given financial rewards (in most cases) in order to verify blocks of information.

1 Like
#1440

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

To maintain the blockchain trustless consensus security infrastructure while servicing transactions on a global scale.

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

Financial incentives for miners globally to compete every second of the day.

1 Like
#1441

  1. Why is it important for blockchain networks to be high availability networks?
    Because we want it to be high availability, how useful is a network you or the party you want to transact with can’t have access to.
    It makes it much more useful, especially compared to the old banking system.

  2. What is it that enables blockchain networks to have such high availability?
    The network incentives miners because they can make money, witch enables high availability

1 Like
#1442
  1. money never sleeps, neither does the blockchain.
  2. the availability is high, because miners want to earn money.
1 Like
#1443

  1. It is important for blockchain networks to be high availability networks because it unites people around the world which gives money making opportunities for all corners of the world. also if a part of the blockchain network is down because of the high availability somewhere else in the world someone else will pick up from there keeping the network running 24/7 365.

  2. Hard money talks, incentives is what enables blockchain networks to have such high availability.

1 Like
#1444

Homework on High Availability - Questions

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

High availability promotes people’s confidence in the system. People will not tolerate an unreliable network.

  1. What is it that enables blockchain networks to have such high availability?
    Whenever availability is threatened by a loss of network nodes occurs for whatever reason, there is an increased monetary incentive for people to add their computers as mining nodes to replace the missing nodes.
1 Like
#1445

1 It is important for blockchain networks to be high availability networks because it is acting as a currency exchange. It could lose its value if people stop trusting it due to not being online and able to get their money, conducting transaction.

2 Since there is value in running the network, if someone leaves the network, they will quickly get replaced.

1 Like
#1446
  1. It is very important because it is a currency, you want to withdraw your money whenever you want to do that, you do not want to be dependend on the fact if the blockchain is online or not. This would lose blockhain his value of this was the case and people will stop trusting the blockchain sooner.
  2. Everywhere around the world there are machines that make sure the blockchain is online and whenever a machine stops mining at one side of the world, on the other side of the world someone will start mining because the hashrate has dropped and it is easier for the other person to mine and make money.
1 Like