Agreed. Blockchain does not take vacation!
- blockchain wants high network availability to stay balanced at a harder mining value of mining
- because its always on 24/7 and even if u lose connection to the network in any way its allways working so u never lose ur info
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So people can always make sure they can have their money, and if it went down people would be panicking if it went down, they wouldnât know if they would still have their money. It needs to be on 24/7/365 because people need to do business all the time.
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It has high availability because people can use it from all around the world. Lots of people are always working on it to make it more accessible. If some computers dropped off, other computers would be able to join.
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1-in order for a network to be global, it needs to be borderless which meansthat it must not follow a specific timezone.
2-the high nombre of participants from all over the world in the mining process. because ther are incentivized to make money through being wired in to the network 24/7/365. and also we have the difficulty adjusment which decrease ,if a portion of the miners stop mining other miners will join lightnenig fast.
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- Because it increases their security while at the same time profits those who provide that security.
- The incentives payed to those who provide that high availability & security (miners).
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Blockchain is used in various financial, supply chain infrastructure that helps value to be transfered , The availability of the network that is kept alive by all the computer node that are running helps effectively for value & information to be accessible and also helps provide security
Incentive that are reward to miners to secure the network
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The more availability, the easier it is for people to start mining, which means higher security.
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Because whenever many people drop out of mining, lots of new computers join because it had high availability.
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If a particular blockchain network does not have high availability, meaning it is sometimes down/non-functioning, it means that the new transactions are not being confirmed. If the transactions are not being confirmed it probably means that the miners are not mining, stakers are not staking, or there is a bug in the blockchain protocol itself - whatever the case it comes down to the conclusion that a blockchain network which is not highly available is not a safe nor functioning, and should not be used.
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Constant participation by nodes that run the network by confirming the transactions and store the copy of the public ledger. The nodes (miners, stakers, etc.) are usually incentivized by rewards to keep the network running constantly.
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1.) Why is it important for blockchain networks to be high availability networks?
Allows for it run 24/7/365, so people can always have access to it and new thing can constantly be built/added.
2.) What is it that enables blockchain networks to have such high availability?
Gives people incentives/rewards
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Why is it important for blockchain networks to be high availability networks?
24/7/365 High availability are important for blockchain network for the following reson :
1- Ensure security .
2- Value at any time or any where needed by people .
3- Incentive
5- Safe , secure and easy to reach.
- What is it that enables blockchain networks to have such high availability?
Decentralization , securty and immulability
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- It is important for blockchain networks to be high availability so it runs 24/7/365.
- Blockchain has a high availability due to incentives.
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For it to be available throughout the glove at any time. To support critical applications that need to be on 24/7.
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Incentives for miners. If the reward for mining is bigger & it becomes easier to mine - more people will get into mining. And vice versa.
Globalization & decentralization - if big part of computers in network become unavailable there are still computers that will support the network, so it won`t go down.
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- High availability is important because it increases security and allows access 24/7 all the time.
- High availability happens through constant mining. The miners are incentivized to be constantly mining to make money. This means security is increased and faster and because around the world people are constantly mining the network is always available.
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Why is it important for blockchain networks to be high availability networks?
Because the core aspect of trustlessness is dependent on having an array of available networks that can independently confirm the truthfulness or validity of the data.
What is it that enables blockchain networks to have such high availability?
The incentives to profit out of mining make it attractive to many parties. The fewer parties participating, the more attractive it becomes to the other non-participating parties to profit from mining.
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Why is it important for blockchain networks to be high availability networks?
It allows for in-demand applications to be available 24/7/365. For example, monetary apps such as currency exchange and purchasing.
What is it that enables blockchain networks to have such high availability?
Monetary incentives to run a node, such as a mining node. The incentive needs to be large enough for the node operator to make a profit, otherwise they may drop out. However, if enough node operators drop out then the mining difficulty will decrease which in turn will allow miners to generate higher profits and in turn bring in more node operators again - bringing the network back into equilibrium.
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- Why is it important for blockchain networks to be high availability networks?
Because blockchain networks are global it is absolutely required to be 100% available at any given time. High availability also means high security. - What is it that enables blockchain networks to have such high availability?
The main reason is the existence of an incentive mechanism which is regulating the security and availability of the network. When a portion of the network goes offline for any reason, other nodes are incentivised to join the network which leads to 100% availability and very high security.
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Homework on High Availability - Questions
- Why is it important for blockchain networks to be high availability networks?
Blockchain is the first network to run so successfully. it is because it is continually running 24/7/365, not dependent on any electrical outages in one global location. - What is it that enables blockchain networks to have such high availability?
The reason to works so well, with so much high availability, is because it is incentivized. Miners earn money to protect the network and increase security.
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Why is it important for blockchain networks to be high availability networks? For accessability and use
What is it that enables blockchain networks to have such high availability? incentives
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The high availability increases the security of the network by increasing the number of computers with the blockchains information, which means anyone trying to hack into the data would have to hack into more and more computers.
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The incentives allow for high availability because people want to mine a block to receive that incentive.
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Blockchain systems, are normally, global systems. In order to provide a good service, they need to be constantly available and ready to be used by any participant of the network. If this was not the case, there would be unfair advantages. For instance, the system online being operative while business hours on a certain part of the world. This wouldnât be good for a financial system.
High availability is achieved by having miners incentivised to keep the network running and producing new blocks. When miners are unavailable, the difficulty will decreased, enabling new miners to join the network.
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