Homework on High Availability - Questions
Why is it important for blockchain networks to be high availability networks?
24/7 365 network important for global systems, in particular finance, more nodes increases security
What is it that enables blockchain networks to have such high availability?
Mining…financial rewards for effort to complete transactions on the blockchain, the more difficult it gets to mine, nodes leave, others join to keep the network running and security high
Because it is used globally and it is very comfortable for users. We don’t need to worry about any breaks and We can get remittances in weekends.
High availability is possible due to decentralized network and users generously incentivized to keep it running.
Because the network has to be accessable 24/7/365… so it has to keep running 24/7/365 otherwise it would not work… This is the beauty of blockchain… It has no opening or closing hours to transfer money, add data or whatever… A decentralized network with high security always accessable and usable…Mi
Mining enables it. Mining ensures also the security of the network and how people make money by protecting the network…
It is important because the need to transact value never ceases. The need to transact is always present on a global scale no matter the time or place. The fact that blockchains are available 24/7/365 is an advantage over traditional financial systems such as stock markets and banking. In order to satisfy the global need to transact value, networks must be available and accessible at all times.
Incentivized systems enable high availability. There are always people who want to earn money by processing network transactions. In Bitcoin, it is the proof of work consensus mechanism. In Ethereum, it is proof of stake. Both consensus mechanisms create a juicy incentive for network participants to indulge in at all times.
Homework on High Availability
It important for blockchain networks to be high availability networks because it allows everyone to have access 24/7/365 and the whole world operates 24/7/365. If Bitcoin was only online from 9-5 EST time in wouldn’t be usable on a worldwide scale.
People being financially incentivized enables blockchain networks to have such high availability.
To maintain the security of the blockchain network it need to be highly avaliable. Blockchain is not just a financial systems. Financial systems is just one of the use case. And yes it is one of the main ones. So high availability makes sure that the networ is secure.
The ncentives provided and the distributed nature of the blockchain networks makes it highly available.
Why is it important for blockchain networks to be high availability networks? Because it’s 24/7 & world wide.
What is it that enables blockchain networks to have such high availability? Incentives
1.High availability means that people can use it any time anywhere and it keeps running
2. Miners enable the blockchain to keep running. The more miners there are the more secure the network is.
It is important because apps, business systems, supply chain require them most of the time. If the network isn’t that highly available, it’s hard to use that when we need it.
Blockchain networks have such a high availibility because the miners who power up the network are incentivized with money. At the same time they are also make the network secure. If in any case, there are less people mine in the blockchain, somehow the current miners can get more money so it attracts other people to mine also and finally they increase the security and make it high available.
Blockchain selling point if that it is available for everyone 24/7/365 because of its global consumption. and it as also recognized ti the the longest available structured. and also, in the case of any computer crashing there is the ledger in another computer where it can easily back up the computer
Everyone wants to make money 24/7 365 days a year. It is paramount to have a system that allows for this.
Incentive to take part in the network. People get rewarded for keeping the network up and running.
Here we mean dat as long people want to mine for profit, the bitcoin network will keep confirming transactions and keep it alive.
Yes, and the incentives for mining bitcoin. As long people wanna make money mining,
the network will keep producing blocks and confirming users transactions.
The importance for blockchain networks to be high availability is that they are global infrastructures which are value protocols. If blockchain networks weren’t available 24/7 they wouldn’t be sustainable for global usage.
A very high quantity of nodes running blockchains, globally, due to the incentived economic structure , enables blockchain networks to have high availability.
So that everyone can have access to ther funds or information 24/7/365.
Mining or staking. Rewards for mining or staking incentivizes individuals and companies to keep
computers/mining rigs online to receive those rewards.
Having 24/7/365 access to the blockchain networks is paramount to running a system efficiently.
Incentives