- If blockchain networks were not always available 24/7 then their use case is limited or lost. e.g. imagine if btc could only be traded during certain hours only, then traders in certain parts of the world would not be able to use the blockchain for transactions.
- The availability is high because miners are incentivised to keep it running to make money
-
Blockchain network is highly decentralized and allows anyone across the globe the access. Therefore it has to be highly available 24/7/365.
-
It is the incentive scheme via block rewards that ensures blockchain network to have such a high availability. Every node from the network is incentivized to play the rules and ensures the network security.
-
It allows the networks to be available 24/7/365. It needs to be available all the time because its important for a global financial system to constantly be running.
-
Because everyone on the network is incentivized to keep it alive. If a portion of the network dies, immediately other computers will join the network because of mining.
-
Itās funny, because just this weekend I wanted to buy the crypto dip, but my deposit to my bank was not completed until Tuesday because of the Presidentās day holiday in the USA. This system is already completely obsolete!
With blockchain, I can make transactions at any time from anywhere with internet. -
Proper incentives to everyone to keep it constantly availableā¦ greed!
1.when a network has high availability it becoms reliabel whitch allso make it very secure
2.it is becuse of the many miners?
Homework on High Availability - Questions
- Why is it important for blockchain networks to be high availability networks?
Because itās a global network transactions need to be validated 24/7/365. High availability also ensures the security of the network, if some parts of the network are out of use others will take over.
- What is it that enables blockchain networks to have such high availability?
Because of financial incentives, people want to make money.
1- Because this ensure service availability 24/7/365.
2- The incentive model to the miners is what ensures high availability.
Blockchain networks are online all the time because of the large number of nodes across the globe. Because of this, the networks never go āofflineā and they are available 24/7/365.
Because everyone across the globe needs to access the blockchain at all times, nodes are incentivized for providing security through mining. But as mining increases, the difficulty goes up so it stabilizes and always stays āonlineā.
-
Why is it important for blockchain networks to be high availability networks?
This insures that you have access to your money at all times. -
What is it that enables blockchain networks to have such high availability?
Miners have a financial incentive to keep the network up and running at all times.
Why is it important for blockchain networks to be high availability networks?
1.) This is important due to 24/7/365 Infrastructure as a Global System. Everyone can make money.
2.) What is it that enables blockchain networks to have such high availability?
Miners provide Security to the Blockchain through Incentives. They make money by providing security to the Blockchain. Its Global, If one point of failure occurs there are other miners to verify
-
It is important for the blockchain networks to be highly available, because with global infrastructure in place the networks needs to be running 24/7, 365 across all time zones.
-
Blockchain networks are highly available, because everyone wants to make money.
- A blockchain network that is not available is not truly decentralized and not independent of external circumstances.
2.Anyone can run a node, and anyone can utilize the chain.
- less user, not successful
- Incentives
-
There would be no adoption of a network that is not reliable.
-
Decentralization and incentives for miners to maintain the network.
Why is it important for blockchain networks to be high availability networks?
Answer: So anyone can view their transactions, records, etc anytime 24/7/365.
What is it that enables blockchain networks to have such high availability?
Answer: Due to its decentralized nature, nodes around the world are responsible and incentivized in maintaining and verifying transactions.
-
It is important for blockchain networks to be high availability so that they can be used in the real world all of the time. Value transfer can take place 24/7 and the economy will run much more smoothly.
-
Blockchain has high availability due to the fact that the networks information is spread between multiple computers in multiple locations and so if one area goes offline, then the other areas can maintain the system.
- Because these networks can be used 24/7/365 and there is no restrictions like boundaries for example.
- Human always want to make money and that is the best way to make decentralized network working. Thatās the most practical use of human greed I would say
.
- It has to reach consensus continuously and be available to verify all transactions at anytime.
- The amount of nodes contributing to the consensus of the blockchain and the incentives to keep the blockchain operational without any downtime.
-
Being high availability gives it a big advantage over the traditional financial system. The network is always up and running.
-
The miners enable the network to be of high availability and there will always be miners because if some miners stop mining the difficulty will decrease making it cheaper to mine, therefore incentivising new miners to begin mining.
1.Why is it important for blockchain networks to be high availability networks?
Above all people want to make money 24/7 so financial transactions need to be reachable at all times. Its an advantage no human controlled entity can provide.
2.What is it that enables blockchain networks to have such high availability?
The incentives (through mining) are too high for the network to be operational so the different players are on high alert all the time to keep the network running.