Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1487
  1. Why is it important for blockchain networks to be high availability networks?
    In order to become global financial vessel it needs to be 24/7 no down time.
  2. What is it that enables blockchain networks to have such high availability?
    Making profit as Incentive to maintain the network
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#1488

1- Well, especially if blockchain is being used for currency purposes, of course people want to be able to have access to their funds non-stop!

2- If a portion of the network goes down, many other computers will just join in through mining due to the incentives!

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#1489

1.) for a secure global finacial infrastructure.
2.) There are nodes throughout the global network, so if one or many go down there are more than enough to secure the network.

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#1490

1.because they are a global financial system and required 24/7 for money and verifiable data
2. A network of computers enables high availability, when one flops the others take over and the miners keep mining

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#1491

  1. High availability means there are many people/computers on the network mining which keeps network security high.

  2. Mining drives the protection of the network. As the difficulty level of mining rises and miners are successful (due to the financial incentives), this increases the protection even more thereby retaining the high availability. Even if a significant portion of the network died all of a sudden, other computers would immediately join the network due the aforementioned financial incentives; thereby increasing the security and availability.

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#1492

Homework on High Availability.

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

  1. With the blockchain network being available 24/7 365 days a year, this can help with real use case examples like digital currency on the blockchain. If network was not running or only running sometimes then this use case for example would not be widely adopted. Also with high availability of the network it will also be

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

  1. With incentives on the network security and high availability will always remain. If people stop mining or portion of the network dies, it will incentives other to join the network because the difficulty of mining for example might drop. All new miners that join will be incentives to secure the network by mining which will then in turn bring back up the difficulty in the network and keeping the network secure.
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#1493

It is important for blockchain networks to be highly available because then people can access it anytime unlike a traditional bank for example that is closed during the holidays and weekends.

What enables the blockchain networks to have such a high availability are the incentives in particular the financial incentives thus everyone keeps the infrastructure running.

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#1494

  1. Dealing with financial transactions requires an uptime of 100%.

  2. A decentralized p2p network of nodes that compete with each other and can earn rewards. In simple words, network pays you for helping it out with your infrastructure service.

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#1495

A1. money money money money money how could the system ever be allowed to go down! simply put, reliability!

A2. By being a decentralized network of nodes

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#1496

High Availability Task - Questions

Why is it important that blockchain networks are high availability networks?

High availability allows you not to be offline, this is guaranteed 24 hours a day, 7 days a week, 365 days a year.

What allows blockchain networks to have such high availability?

Being a decentralized technology where there is a financial incentive allows high availability.

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#1497

High Availability Task - Questions

Why is it important that blockchain networks are high availability networks?

High availability allows you not to be offline, this is guaranteed 24 hours a day, 7 days a week, 365 days a year.

What allows blockchain networks to have such high availability?

Being a decentralized technology where there is a financial incentive allows high availability.

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#1498

1.It is very important for a global financial system and so many other application that can be built on the networks.

2.People/miners are Incentivized to keep the network running.

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#1499

  • Why is it important for blockchain networks to be high availability networks? They are highly available 24/7/365. This makes the network very reliable and dependable.

  • What is it that enables blockchain networks to have such high availability? Incentives through mining makes the network very reliable.

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#1500

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    • It unites everyone on a global level in all time zones (no need to wait for markets or banks to open). You have the ability to run apps, trade, lend, or borrow at all times.

  2. What is it that enables blockchain networks to have such high availability?
    • Incentives for miners to follow the rules for profit keeps a steady supply of miners, even if many decide to stop mining or can’t mine (such as power outages). This leads to high availability and a more robust network that can adapt to fluctuations in network participation.

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#1501

  1. If it is not easily available it will encourage less people to use it.

  2. It runs 24/7/365. It doesn’t need a person to handle/approve/reject your transaction. Anyone can access it as long as they have the internet.

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#1502

Why is it important for blockchain networks to be high availability networks?
For a blockchain to be functionally effective and global, it must be fully reliable and available 24/7/365. This high availability provides a solid foundation for all applications (financial and non-financial) to be built upon and operate on the blockchain.

What is it that enables blockchain networks to have such high availability?
Blockchain networks are highly available because they are incentivized. Since earning money is a universal desire, money is the incentive that attracts people to mine, thus increasing the blockchain’s security and making it highly available.

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#1503
  1. It is important for blockchain networks to be high availability networks because the more available it is then it improves network security and makes the blockchain more appealing to new business aswell as giving confidence to current users.
  2. What enables blockchain networks to have such high availability is because the network is global and if part of the network went down, it is easy for others to join the network to continue mining. People are mainly incentivised to make money and when there are less miners it is easier mine blocks.
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#1504

1: Why is it important for blockchain networks to be high available networks? The trading market needs to be "Open"al all times all over the world… when half of the world is a sleep, there can’t be any trading. World trading goes on 24/7/365
2: What is it that enables blockchain networks to have such high availability?
Because of the miljons of computers connected all over the world…, even if a great deal of the computers went down, immideately others will take its place.

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#1505

  1. Why is it important for blockchain networks to be high availability networks?
    For service availability. Network doen means no transactions.

  2. What is it that enables blockchain networks to have such high availability?
    The decentralized nodes, connected via the internet.
    When part of the nodes go down, rest will take over and .new nodes will be created by others due to the financial incentives.

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#1506
  1. Why is it important for blockchain networks to be high availability networks?
    So there is never an outage as financial transactions can never be compromised.
  2. What is it that enables blockchain networks to have such high availability?
    Incentives bring many more nodes into the network, keeping it alive
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