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It is important for global financial system.
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Incentives enables blockchain networks to have such high availability.
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1. Why is it important for blockchain networks to be high availability networks?
A: They need to be available 24x7x365 so that if one part of the network is compromised another part can handle the demand of maintaining the transaction ledger so users can continue transacting.
2. What is it that enables blockchain networks to have such high availability?
A: The network is composed of multiple nodes that continue validating transactions even if other nodes are compromised…redundant back up because there is incentive to keep it running.
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Homework on High Availability - Questions
1. Why is it important for blockchain networks to be high availability networks?
It is important for blockchain networks to have high availability networks because the network has to be accessible 24 hours a day, 7 days per week and 365 days per year. Thats because the blockchain serves a global netwerk so it has to be available in any timeframes of the world.
2. What is it that enables blockchain networks to have such high availability?
Blockchain networks have high availabilities by design because they operate a trustless system by providing incentives to miners or nodes without involving third parties. Transactions must be verified by several blocks till all the involved parties reach consensus before they get approved. Don’t trust! VERIFY…!
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Homework on High Availability - Questions
1. Why is it important for blockchain networks to be high availability networks?
In order to serve as a global network it needs to be accessible 24/7, 365 days a year.
This in return leads to a higher security level. Higher availability means more blocks can be added which means extra verification and more consensus.
2. What is it that enables blockchain networks to have such high availability?
This is because expansion of the network is incentivized. Miners are rewarded for securing their hash rate levels and availability of this hash rate to the network. More blocks - more consensus - more rewards for miners
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Why is it important for blockchain networks to be high availability networks?
High availability is important for so many reasons. When your bank, Visa or whatever similar is down you are blocked economically unless you have cash or crypto. -
What is it that enables blockchain networks to have such high availability?
Miners have economical incentive to keep the system running.
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- Why is it important for blockchain networks to be high availability networks?
Because it is a global network with a global demand. This means that there is always someone (or something!) who can need something at anytime from the network.
- What is it that enables blockchain networks to have such high availability?
Because it is decentralized and everyone (or everything) in it is incentivized to keep the network up.
In addition this decentralized eco-system keeps up it’s own pants because of mining:
Miners make the network security go up, but at the same time the difficulty of mining will go up as well. This will make the mining go down again and the security goes down as well, but with it also the difficulty of mining. And this makes the mining go up again etc etc.
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- Why is it important for blockchain networks to be high availability networks?
Multiple reasons- different time zones through the world, data verification is always accsessible. - What is it that enables blockchain networks to have such high availability?
Mining- POW, POS
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- It is going to be slow.
- Amount of online computers on the blockchain network, which have incentive to do this.
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Global Infrastructure needs a 24/7/362 availability. People wants to make money.
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Miners are incentified to keep the network up and running
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It’s important because we want blockchains to be able to run at all times and not have any downtime. The high availability of blockchain will allow this.
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Because blockchain miners are incentivized to verify transactions, this motivates many people to mine around the globe. When the incentives are less valuable, the reward of mining will be easier to achieve. This will result in people getting back in to mining again, thus having constant mining 24/7.
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The world does not stop, always moving and the network that supports it, and looking to be a global standard must be available 24/7/365
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The international network of pc’s that run the blockchain. They will never run out as they get incentivized for being there
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Is it important for blockchain networks to be high availability networks because it increases the security of the network.
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That it is operating 24/7/365
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its important to have high availability to the network because it will allow for the most amount of people to use it.
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The high availability is pushed through by incentives (mining)
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- Why is it important for blockchain networks to be high availability networks?
To provide highly secure global infrastructure.
2)What is it that enables blockchain networks to have such high availability?
Incentive to mine Bitcoin( get paid)
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Homework on High Availability - Questions
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Why is it important for blockchain networks to be high availability networks?
Blocks are compiled every 9-10 minutes. They have to be on 24/7 because that’s how blockchains work. We have taken the central authority out so the network can run continuously. -
What is it that enables blockchain networks to have such high availability? The miners doing their work to validate the blocks. As more miners come in, the difficulty goes up, so some leave or take a break as the rewards are not high enough. Then the cycle continues as the difficulty eases and more come back in. The miners are also working 24/7.
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Why is it important for blockchain networks to be high availability networks? Bitcoin is a store of value protocol that needs to be constantly up with no downtime due to the importance of people money not being lost or unavailable when needed.
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What is it that enables blockchain networks to have such high availability? The incentives of the nodes being rewarded for mining encourages them to always be up. Also, the less people mine the easier it becomes causing people to want to come back and reap the rewards they might have missed out on.
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It allows open markets 24/7, for miners to earn and produce and secure the network. users to access mpney or information at anytime.
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Incentives and a global 24/7 ledger.
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It’s important to have high availability because it allow for enhance security of the bitcoin network. Enhanced security makes it hard to hack, and is more reliable. As a financial tool for transacting value, you want it as secure and reliable as possible = trustless (no trust needed). And as a network that transact value you want it to run 24/7, like visa and mastercard.
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What enable the blockchain network to have a high availability is the rewarding system that is built into its protocol. It allow you to make money by keeping the system honest.
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It’s available global 24 hours a day, 7 days a week and 365 days a year. So on any time in the world you can use it.
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Mostly incentives, for the miners to anticipate in the network
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1.Why is it important for blockchain networks to be high availability networks?
The availability must be reliable 365/7/24 over different timezones having a global adoption.
2.What is it that enables blockchain networks to have such high availability?
The blockchain is “always on”, no downtime because of the incentives offered to the miners. The amount of incentives change according to the number of miners contributing.
The constant adjustment of the reward will enable miners to stay or get in as new miners, even if some others may leave. This could be the case, if ie their mining rigs are outdated or there have been stronger regulations in their country that make mining unprofitable.
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