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Why is it important for blockchain networks to be high availability networks?
It is important to keep the network up and running for everyone 24/7. -
What is it that enables blockchain networks to have such high availability?
Miners have a monetary incentive to keep the network up and running, if some miners were to stop… others would come online.
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Blockchain’s high availability status is a critical feature in reducing the need for faith. If the network was “mostly” online, it would limit its capacity to be relied upon by critical infrastructure such as financial transactions.
Because of blockchain’s decentralized node system, it allows to stay up and running 24/7 even if one or more node is shut down.
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Why is it important for blockchain networks to be high availability networks? Answer: It makes them attractive for actors to engage with the networks. It makes them trustworthy, stable and secure, knowing that they are always up and running.
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What is it that enables blockchain networks to have such high availability? Answer: Nodes/Actors in the network are incentivized to keep blockchain networks up and running through mining. By engage in mining, they are rewarded with coins. The fewer nodes/actors in a blockchain network, the easier it is to mine and make money. And the more stable a blockchain network becomes, the longer and more difficult it becomes to mine. So the network is self-regulating in a way.
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The blockchain runs 24/7/365. For the network is always online, it’s important to be always accessible.
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All the different nodes and miners makes sure the network is always running, even when some nodes would break down.
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Why is it important for blockchain networks to be high availability networks?
High availability in the Networks is needed so everybody can use it everytime in their daily life no matter where they live. High accessibility is needed.
What is it that enables blockchain networks to have such high availability?
Through Miners who are incentevizied to keep the blockchain networks running. For each block they mined, they will get a reward.
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to be a global financial system you need to have access 24/7 over 365 days
2. its open all day, all year
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Highly available means higher security
Mining. The more computers that are mining, the higher security. Eventually hit evens out. If some computers go offline, then mining incentives will go up and more people will want to mine.
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Allows for more computer power for consensus and allow the secure global infrastructure.
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Incentives to mine
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To be able to satisfy the Global Transactions that are made 24/7/365.
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Incentives and mining that responds to supply and demand difficulties.
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- Why is it important for blockchain networks to be high availability networks?
To build trust and security.
- What is it that enables blockchain networks to have such high availability?
Mining and incetives
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[quote=“ivan, post:1, topic:8426”]
Why is it important for blockchain networks to be high availability networks?
Unlike centralized systems, Blockchain is a decentralized system of P2P network which is highly available due to its decentralized nature.
- What is it that enables blockchain networks to have such high availability?
Since in the Blockchain network, everyone is on a P2P network, and everyone has a computer running, therefore, even if one peer goes down, the other peers still work.
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Extremely important, as it creates access to the network 24/7 on a global scale, if something is not open during certain hours or periods, then it is not considered reliable, as different transactions occur every day and different hours!
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The fact that it doesnt rely on a single validator or person to run it, it will always keep running despite having 1 validator offline out of the whole network.
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If they’re going to the standard of finance, or any other resource that is used all over the world, it must be accessible all the time anywhere people are. An interruption could have economic or worse effects.
Incentives for the miners that run the network keep it so highly available. If the number of miners decreases, then the incentive of less difficulty to mine which means higher profits for miners automatically initiates and draws more miners in to keep it all running smooth.
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- It’s important, because blockchain is a global network and our world has time zones, so it has to work 24/7, 365 days in year, as we all need an access to it all the time.
- Blockchain is a network of computers and even if one of them will stop work suddenly, there is other one which will replace it immediately, so there is no option for network to blackout.
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Blockchain networks are global networks working all around the world. These networks need to be on for whenever someone needs to make a transaction no matter what the time as it varies from your location.
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The amount of people on the network and the incentives they have to keep it running.
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It is important for people to have the access to their assets as well as the performance of the network.
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Financial incentives contributes to high availability. If miners get out because profits are low this triggers an increase in payout to incentivize miners to get in.
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- Why is it important for blockchain networks to be high availability networks?
Answer: Everyone in the world is doing financial transaction every second - What is it that enables blockchain networks to have such high availability?
Answer: Financial incentives to those that verify (miners)
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1: For all the benefits of blockchain to be realised the network needs to have 100% uptime
2: Incentives for securing the network allow this
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- A global network needs to be open at all times in order to allow anyone in the world to access it.
- High availability is achieved through incentives such as rewards through mining.
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- Blockchain network is global.
- Incentives thru mining.
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