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It is important for blockchain networks to be high availability networks because for it to be a decentralized self-maintained network at a global level it must be made available 24/7/365 so that itself can be looked after by miners from around the world any time when required to do so.
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It is the mining incentives that enable blockchain networks to have such high availability. Human beings survive a world driven by reward systems; from kids doing homework to earn some TV time to simply work a job in order to earn an income. Incentives is a mechanism and a way of survival in-built in the current modern society and because of this reason there will be no shortage of miners to perform incentivized tasks for blockchain enabling blockchain technology to have such high availability.
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Why is it important for blockchain networks to be high availability networks?
Because it is a global network, it needs to be available 24/7/365 days so people can access it any time globally. -
What is it that enables blockchain networks to have such high availability?
Miners are incentivized to keep it alive and protected.
Why is it important for blockchain networks to be high availability networks?
Globalisation is a essential part of our society so this makes it more essential.
What is it that enables blockchain networks to have such high availability?
Nodes, miners, security and all participants.
Homework on High Availability - Answers
- Why is it important for blockchain networks to be high availability networks?
Only with high availability everyone can become part of the network and participate its growth.
- What is it that enables blockchain networks to have such high availability?
The network is decentralized on many different servers which ensure that there is constantly action going on.
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Being highly available is important because it allows for a secure global infrastructure.
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The financial incentive
1 - It is important for it to be a high availability network because of the growing demand and amount of transactions and growth taking place.
2 - The high availability is achieved through the incentives from mining to keep the network up 24/7/365.
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Because they are global networks that need to run 24x7x365
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Mining and incentives for blockchain users ensures very high availability
- Since they are descentrilized they have to be running always.
- Miners and people working on the network making it more secure.
- Why is it important for blockchain networks to be high availability networks?
Because of the financial system and money. - What is it that enables blockchain networks to have such high availability?
Because of the incentive , and the money again.
- Networks have to be available around the clock to process transactions from anywhere.
- The decentralized network that is verified by miners enables its availability. If there are few miners on the network at a given time more will come in until the difficulty of mining rises to a certain level.
2.incentivized mining - since miners are always seeking profit, they are incentivized to remain available all the time.
1. Why is it important for blockchain networks to be high availability networks?
It is important so the network is available 24/7 to all the participants. In other cases, transactions would not be universally agreed and the system would lose its core value.
2. What is it that enables blockchain networks to have such high availability?
High network security and availability are provided by participants which are highly incentivized to keep it up and running.
- Why is it important for blockchain networks to be high availability networks?
if the network is not running, transactions cannot be processed, which makes the network useless. - What is it that enables blockchain networks to have such high availability?
The financial incentive leads to high availability
1.) People store their money on and sned their money through this network, so they require it to be available all the time.
2.) People are incetivised to keep the network alive.
1 - Why is it important that blockchain networks are high availability networks?
A1 - To enable the decentralization feature; so that the demands for transactions are processed, on a global scale, without congestion, viable time and lower cost; to provide security because the greater the availability, the greater the possibility of entry of new miners.
2 - What makes blockchain networks so available?
A2 - The reward or incentive.
- Why is it important for blockchain networks to be high availability networks?
It is important in order for the ecosystem to grow and allow adoption. Since it is a global infrastructure, it is important that the system is always on due to the time zones over the globe. - What is it that enables blockchain networks to have such high availability?
the decentralized network allows the blockchain networks to always be on due to the multiple nodes. There is no one point of failure so the systems is quite redundant translating to high availability
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High availability is necessary for critical applications
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Globally shared blockchains provide high availability and the miners are incentivized financially to provide availability
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Blockchain’s ability to remain secure depends on the network usage. Miners are incentivized to join the network the fewer computers are on the network. The fewer miners keeping the network secure the higher the fees and the more profitable mining becomes.
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Bitcoins blockchain is decentralized so no single point of failure is possible. Some connections might be disrupted but other computers or miners will be incentivized to replace them quickly.
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Why is it important for blockchain networks to be high availability networks? So that people will continue to use a particilar network service which in turn provides some benefit to the owners that develop and maintain that particular blockchain network.
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What is it that enables blockchain networks to have such high availability? Financial incentives for miners to provide high blockchain network availability.
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For a globalized system of transactions in a modern world, the network needs to accessible anytime from anywhere and not be limited to traditional regional limitations such as business hours and backed up, over-taxed centralized networks. This in turn incentivizes users to use these decentralized networks for the speed and accessibility.
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The higher the amount of network participation there is, the more incentives there are for miners and network operators, which in turn creates an ever growing decentralized and highly accessible network with more redundancy, consensus, and security. This is unlike centralized networks which often suffer from single points of failure.