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Why is it important for blockchain networks to be high availability networks?
As a global development, it needs to be available all day everyday. -
What is it that enables blockchain networks to have such high availability?
Incentives that keeps the miners mining.
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- blockchain is the longest living infrastructure network of all time. it’s never been offline because everyone is incentivized.
- incentivizing by mining keeps the infrastructure going and stable
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Without availability, blockchain networks start to lose their value.
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The interaction with them and incentives they provide.
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Why is it important for blockchain networks to be high availability networks?
Because any blockchain works 24h/7 and truth need to verified and accessed all the time. It complete difference comparing to banks for example that bank transactions only works from monday to friday and then have holidays during the weekend
bitcoin transactions can be send any day any time. -
What is it that enables blockchain networks to have such high availability?
Making money incentive, if any computer in the networks stops working, then miners can make more money and new computers join the network.
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Homework on High Availability - Questions
1. Why is it important for blockchain networks to be high availability networks?
Because they are global networks and people need to use it all the time.
2. What is it that enables blockchain networks to have such high availability?
The fact that is global, useful and also because it gives incentives to network participants.
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1. Why is it important for blockchain networks to be high availability networks?
- Because in order to be used globaly, people need infrastucture, available at all time. This can allow many other applications to be build on top of blockchain.
2. What is it that enables blockchain networks to have such high availability?
- Incentives. If a portion of the network dies for some reason, immidiately other computers will join the network. Because of mining. Mining is how the network is protected and how the miners earn money for keeping the network alive. Everyone are united when it comes to making money, and this is how the network is able to run 24/7/365.
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- Why is it important for blockchain networks to be high availability networks?
Answer: To secure the network. - What is it that enables blockchain networks to have such high availability?
Answer: Profitability = many miners
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- Because if the network was ever down since it is used globally, hundreds of thousands of people would be held up in their transactions.
- The incentive for mining. If one miner stops mining there will be always someone else looking to take their place. Because of this, the network is never short on nodes that keep it running 24/7
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- A blockchain network is a global network that is open 24//7/365 days a year. This allows anyone in the world to access it anytime.
2)The reason why blockchain networks have such a high availability, is because of the incentives involved.
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- High availability means that the blockchain is always accessible, 24/7/365.
- Mining enables blockchain networks to have high availability because there are incentives to keep the network running at all times. Mining protects the network while also making it profitable. If a portion of the network went down, more computers would immediately take their place.
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Homework on High Availability - Questions
Why is it important for blockchain networks to be high availability networks?
Given in the case of finance, blockchain provides a decentralized GLOBAL financial system, it is therefore critical for people to have access 24/7/365 from anywhere in the world to execute financial transactions quickly and trustlessly.
What is it that enables blockchain networks to have such high availability?
By incentivizing people in the network (miners) to keep it running 24/7/365
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Why is it important for blockchain networks to be high availability networks?
Because of worldwide usage 24/7 it must be open 24/7
What is it that enables blockchain networks to have such high availability
Achieved through incentives or block rewards given to miners. The rewards are automatically adjusted depending on the demand of the network
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The block reward gets halved every 4 years and doesn’t adjust based on the demand. Unless you are counting fees the miners also receive.
- Why is it important for blockchain networks to be high availability networks?
Considering, in the case of Bitcoin without any doubt is because is a mission critical network, is our money there. For the enterprise also have to be, they are trusting their investments and services for 3rd parties using the network, this means money and reputation. - What is it that enables blockchain networks to have such high availability?
The network is not centralized in one entity and all are incentivated
So…the right answer must be?
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Answer to this question is that people will always be incentiviced to mine bitcoin. Because if you successfully mine a block, you get the current block subsidy + all transaction fee’s of the transactions that are included in that block.
If Suddenly, many people stop mining, the difficulty of mining would become easier, so others will be happy to mine again. So as long as people like to make money, the bitcoin network will keep producing new blocks and confirming your transactions.
Every 2016 blocks, the difficulty gets adjusted to keep an average of 10 minutes per block
(2016 blocks should be mined in 2 weeks)
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- Why is it important for blockchain networks to be high availability networks?
For the global community to have 24/7/365 access
- What is it that enables blockchain networks to have such high availability?
Constant mining due to the financial incentives it brings to miners
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Everyone, everywhere can access it, keep track of what is going on on the Network.
Incentives, they encourage people to keep the Network alive, and the fact that it can be accessed anytime, anywhere. It is open 24/7/365.
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Why is it important for blockchain networks to be high availability networks?
it is important for blockchain networks to be high availability networks because there are transactions being made globally all the time. The high availability means that blockchain can run at all times any day of the year, no days off. There are a number of things that enable blockchain networks to have a high availability. Look at answer to #2 -
What is it that enables blockchain networks to have such high availability?
Mining enables blockchain networks to have such a high availability. Because a miner is incentivized to keep the network functioning. When there is money to be made, someone will do the job. Even a loss of power to a part of the world means that there will be an increase in mining in another part of the world to pick up for the loss of miners. This incentivizes miners to have an easier time to consensus. Thus, make more money.
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