A global network needs to be open 24/7 to enable anyone to use it in the world, blockchain achieves this
Mining is how we incentivise the network to make money
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The networks need to run 24/7 to enable everyone to access the network to allow others to join in securing the chain. Transactions would not go through during any downtime and peoples faith/trust in the network may lead to a migration to another blockchain leaving the current one more vulnerable to attack.
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Mining/Nodes and its reward incentives lead people to secure the network. Greed and desire does not stop and neither is the likelihood of bitcoin.
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- why is it important for blockchain networks to be high availability networks?
you need miners to continually be mining to protect and build the network. miners want to make money so are rewarded to verify data, thereby protecting the network. - what is it that enables blockchain networks to have such high availability?
miners mine 24/7 365.4.
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1- Because were talking about a global scale. Everything must be available 24/7
2- Incentive to verify/mine
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- Because it is available 24/7/365
- Incentivize through mining
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1.Why is it important for blockchain networks to be high availability networks? Because it goes on and need to go on 24-7-365days. No other network has achieved this
2.What is it that enables blockchain networks to have such high availability? people around the globe are incentivised to keep it alive and also people want to earn money.
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[quote=âivan, post:1, topic:8426â]
Homework on High Availability - Questions
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Why is it important for blockchain networks to be high availability networks?
It has an infrastructure of availability 24/7/365 for people to be able to use it globally. -
What is it that enables blockchain networks to have such high availability?
Everyone is incensitized to keep it alive because everyone wants to make money.
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Blockchain needs to be available 24/7/365 so people around the world can use it anytime they need it, as everyone lives on different schedules.
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Blockchains are always available because the networks are made up of thousands of computers that are always online. They are incentivized to always stay online through block rewards.
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- Why is it important for blockchain networks to be high availability networks?
Global access, round the clock, blockchain is available to everyone all the time. - What is it that enables blockchain networks to have such high availability?
Mining incentives and 24/7/365 access protects the networks.
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Why is it important for blockchain networks to be high availability networks?
To have easy and open access allows the network to be more secure, along the incentives. -
What is it that enables blockchain networks to have such high availability?
They are available 24/7/365 for anyone to access and mine.
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1-High availability is important for blockchain networks because it is sustaining a global financial system and operating 24/7 and 365 days a year.
Blockchain network is enabled to have such high availability by design and is a first of its kind. The network allows for other computers to pick up when systems fail and is held together by common goal of making money.
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Why is it important for blockchain networks to be high availability networks?
Because people live and work in different time zones. The world is a big place and in order for people to continuously conduct business with each other it is necessary to always be open and available for business. -
What is it that enables blockchain networks to have such high availability?
Due to a vast amount of computers (nodes) in the blockchain network. These computers ensure the availability and security of the system. Miners have an incentive to be open 24/7 so that they can verify transactions and collect the mining rewards.
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For validation of transactions to occur, uptime or high availability is needed.
Incentives to keep the blockchain networks running ensure its high avalability
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Homework on High Availability - Questions
- Why is it important for blockchain networks to be high availability networks?
If transactions bottleneck, there would be delays, and be viewed as unreliable. - What is it that enables blockchain networks to have such high availability?
There are many validators, and with segwit and lightning, throughput increases.
high availability is needed to keep global ventures running smoothly .
Incentives enable blockchain networks to have high availability , if networks went down in one region the incentive of new mining profits would encourage others to continue .
- Because it is important to be continuously running the network 24/7, 365 days per year which in turn keeps security levels high.
- Mining is the feature which enables blockchain networks to have such high availability. Mining presents the incentive to keep the network alive.
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Why is it important for blockchain networks to be high availability networks?
It all is intensified everybody want to keep it live. And it make those that have it up and running to make money out of it. so they basically make an make it more redundant and secure -
What is it that enables blockchain networks to have such high availability? It is a big network of computers mining on a blockchain. and there is a determent difficulty that is changing in sentence of how many miner it is on the network. The stay in the game because of the rewards. and they all have the ledger of the transactions on their computer.
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Why is it important for blockchain networks to be high availability networks?
It is especially important for networks that conduct financial transactions on a global level to be available 24/7. Since on a global level it will always be critical somewhere in the world to have access to ones personal assets at anyone moment in time. This is also true for businesses perhaps even more so.
What is it that enables blockchain networks to have such high availability?
It is the miners who provide such high availability and they do so because they are incentivized by block rewards to process as many transactions as quickly as possible.
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- Obviously, A good network ought to be available at any time, anywhere, to be reliable and allowing transactions all over the planet at what ever hour of the current day - at what ever date - and ultimately being able to work when traditional banking system wouldnât (apart from payments systems like Visa or others).
- What enables that high availability are the âbeautifulâ incentives that allow miners to mint their own reward in accordance of their results, within the PoW concept empowered by the protocol.
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Hi Cathy, I see your thoughts, what you say is why it is possible, but not why it works. Those actors all have something in commun thatâs this activity is quantitatively sustainable for being a full time job due to the protocolâs incentives. Meaning these actors wonât be rewarded if their ârigâ is down for as long as itâs down which leads us to the concept of Proof of Work which is Mathematically proven âstringâ that would save endless and useless verification to validate each and every block - Therefor, each miner has a job to do which is securing their Hash-rate levels and availability of this Hash-rate to the network if he wants to be paid for the amount of energy it owes to engage because the network is incentivized. Millions copy of the Blockchain does not participate in high availability but are essentials for security, combine to the amount of Hash-rate total delivered by these millions miners. High availability is purely du to their motivation has a business to cash-in their revenus, allowing substantial Cash-Flow to buy more efficient rigs with better Hash-rate and less power consumption. (see next Difficulty - Halvings - ⌠for farther deep understanding of what is mining).
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