- It is important for blockchain to be high availability network because everyone need to be incentivized to keep the network going to be able to profit from the network activity.
- High availability is enabled by mining. If the one portion of the networks stops working the other computers are joining the network. Mining protects the network.
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- Why is it important for blockchain networks to be high availability networks?
- Because is 24/7/365. In addition every miner is incentivated.
- What is it that enables blockchain networks to have such high availability?
- Miners are incentivated to maintain the block chain operating.
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- Because the world needs 24/7/365 availability of the network for most applications of a blockchain. We need to be able to transact value and data, any place - any time by anyone.
- The incentives for people to keep the network up and running. Without a valuable reward (read money) to keep the network up and running most people just wont take the effort to do it.
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- Why is it important for blockchain networks to be high availability networks?
Because we want to make sure that they run 24/7/365.
- What is it that enables blockchain networks to have such high availability?
Mining and incentives. If a portion of the blockchain dies it will soon be replaced with another part of the block to fulfill its function.
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It is important to be high availability so everyone around the world can use it anytime they wish. It makes it potentially more profitable and also secure at the same time.
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Incentives are a main driver in keeping blockchains alive 247. Like mining. Mining helps protect the blockchain, but at the same time miners get incentivized to keep doing their role in the blockchain.
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1 - Blockchain is global. People can use it from all around the world, anytime.
2 - Incentives to make money by mining.
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- Because as a truly global database it has to operate 24/7/365 to ensure real-time use cases are instant and secure.
- Because of the number of nodes across the globe that are kept active through incentivization meaning if a single node, or an entire region goes offline, the network continues in other regions.
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- because without availability on the network can lead to failed transaction
- itâs global, one part of the network fails another part will join in
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- To protect the network.
- Financial incentives and an adaptive reward system.
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[quote=âivan, post:1, topic:8426, full:trueâ]
Homework on High Availability - Questions
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Why is it important for blockchain networks to be high availability networks? so that transactions are approved all the time, there must be enough processing to power the sending of transaction and creation of blocks.
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What is it that enables blockchain networks to have such high availability?
[/quote] the mining network that is powered by big amounts of decentralized computing
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IVAN ON TECH ACADAMY QUESTONS ON HIGH AVAILABILITY OF BLOCKCHAIN
2/17/2021
1, why is it important for blockchain networks to be high availability networks?
It is important for blockchains to be high availability networks because; it is global, and there are different time zones in the world and people are always working and needing different kinds of services provided by the blockchain as such everyone should be able to access it without it closing or shutting down when carrying out transactions by either the miners or customers, the higher the availability of networks the more secure the blockchain as well due to the fact it will be more difficult to mine
2, What is it that enables blockchain networks to have such high availability
The number of miners available determines the security of the blockchain. The more the number of miners the mor secure the blockchain. If one network dies another one comes in automatically there by assuring the level of security.
Gina
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- Why is it important for blockchain networks to be high availability networks?
These networks need to be high availability simply because they only work if they are on all the time. Otherwise, people would not have faith in the network and it would not be a safe means of exchanging value.
- What is it that enables blockchain networks to have such high availability?
High availability is ensured by each user being incentivized to mine blocks. We all want to make money, so we keep the machine running.
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- Blockchains are based on public consensus, which requires that information be validated continuously and be available without interruption.
- Networks are available at all times because there are thousands of computers running the program all over the world and which are being incentivized to remain online.
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1.) If a network is working 24/7 it means that anyone can use it at any given point in time. there for bringing higher value and more availability/use case to the users worldwide. unlike the stock market that can only be traded on weekdays because it relies on actual humans to verify the sell and buy orders.
2.) The blockchain network is always available because the verifiers, or miners, are being incentivized to verify the transactions by being paid for it. The miners chase profits and bring availability and security to the network. if mining becomes less active. the validation becomes easier and more people are lured in to verify.
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Why is it important for blockchain networks to be high availability networks?
To offer a 24/7/365 global financial network with high security
What is it that enables blockchain networks to have such high availability?
Financially incentivised mining process
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- High availability is created by the incentives given to miners to keep the network alive. For users and developers to continue using and building the network.
- When security declines many people start mining resulting in increased security, so the network maintains the high availability once again.
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Why is it important for blockchain networks to be high availability networks?
It provides 24/7/356d reliability for various use cases. The world never stops and access to this kind of infrastructure shouldnât either. -
What is it that enables blockchain networks to have such high availability?
Blockchain mining is incentivize so that the network is maintained. If one mining node goes down another would take its place.
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IVAN ON TECH TEST QUESTIONS Benefits of cryptocurrency
- Greater Transparency
Blockchain is know to be great with transparency in the sense that every transaction on the blockchain is written in a public ledger in real time. Everyone who knows a little about blockchain or really wants to see the transactions can do so without a problem. This I think put a lot of pressure of on anyone providing any kind of services to others to make sure they are what they claim to be.
Efficiency
Cryptocurrency was created to eliminate the middle man or institution. It is a digital way of carrying out not only financial transactions but also services etc. It was created so two people are able to transact business directly between the two persons without going thru or using a middle person or institution to finalize the transaction. This makes transactions time efficient, and less to no fees and still with even greater confident transactions will be accurate.
Security
Cryptocurrency is more secure because transactions are mined and verified by all networks involved before they blocks are placed on the block chain. Every transaction must be link to the previous transaction to be able to create a new transaction. This prevent duplicates and those mining these coins makes it even more secured because the more miners the more difficult it is to hack. Miners use mathematical solutions to create a block. Because miners are rewarded for creating more and accurate transactions with incentives, they rather do the right thing to get more rewards than falsify any documents
Improve traceability
Every transaction thatâs ever been created on the blockchain stays there for ever and can be traced with ease. It can also assist in authentication of goods from manufacturers making sure they are the ones and that what ever product they say it isâŚis accurate including products/ingredients used manufacture or prepare the product.
Gina
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- Why is it important for blockchain networks to be high availability networks?
Because the network runs on a protocol of verification trough multiple computers we need a network that is up 24/7/365 otherwise it just wouldnât work. The more people that are running the blockchain , the higher the security of the protocol will become. - What is it that enables blockchain networks to have such high availability?
Miners keep the network up while getting rewarded for it , if the network is âoverminedâ it will become very hard to mine and some people will stop mining.
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1.)It is important for blockchain networks to have high availability so that it can be accessed at any time.
2.) People mining enables the blockchain to have a high availability. This increases security.
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