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Why is it important for blockchain networks to be high availability networks?
Its important for a network to be highly available so as to keep the network/business/incentives alive and secured global infrastructure is needed. -
What is it that enables blockchain networks to have such high availability?
Nodes keep the blockchain networks highly available because if one node/computer dies, mining is how will protect the network and bring in more nodes.
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For truly global finance as well as other systems, it is important for 100% constant availability.
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Mining incentives enables the network to remain constant.
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Why is it important for blockchain networks to be high availability networks?
-> Because its a global system and everybody needs to be able to access it at any time. High availability means also high security as other Miners can immediately take over if there is a problem. -
What is it that enables blockchain networks to have such high availability?
-> Because its kept alive by all miners around the world that have an incentive to mine to earn money. In a way, availability is guaranteed by people wanting to earn money.
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- Stability, reliability and access at all times in a globalized network is essential.
- The self adjusting incentivized mining difficulty is genius.
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Why is it important for blockchain networks to be high availability networks?
If it contains the whole truth of whole iindustries / use Cases, it is mandatory to be accessible 100% -
What is it that enables blockchain networks to have such high availability?
Incentives that are created by mining (users are rewarded to keep the network alive/secure)
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High Availablity is known as backup nodes; one offline then others are available for verifying transactions instantly thus the Blockchain High Availability will be on 24/7/365.
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- Because everyone is incentivized to keep it alive 24/7/365 and make money through mining.
- Because of mining. Their incentive is to keep the process going and if parts of the network dissappears, other miners will fill the gaps (when the difficulty is lower) and raise the difficulty which increases the security.
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1 because need to be available 24/7
2 incentivization
- to ensure non stop availability and therefore confidence in accessibility of the network which is essential for a effective global platforms working across multiple platforms e.g. financial systems and currencies
- Participants / computers in the network are financially incentivised to participate in the network thus providing it resiliency and availability
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Blockchain networks have high availability to enable round the clock access and to ensure continued security of the network.
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The rewards offered to miners ensure that they are always working and so the network is always available.
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High availability makes the blockchain network secure and accessible all the time.
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Monetary incentive
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[quote=“ivan, post:1, topic:8426, full:true”]
Homework on High Availability - Questions
- Why is it important for blockchain networks to be high availability networks?
Being highly available enables great consensus, makes the public ledger available to the world 24/7 - What is it that enables blockchain networks to have such high availability?
Its decentralized & incentivised by nodes & mining
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Why is it important for blockchain networks to be high availability networks?
[1] They are often dealing with storing critical information like financial and the associated updates every second. Hence, if one of these networks were to go down, Billions of dollars can become inaccessible.
Bitcoins current market cap is: 117.81 billion U.S. dollars
What is it that enables blockchain networks to have such high availability?
[2] The network being a distributed one and folks (miners) being rewarded for having systems in place to maintain the functioning of network.
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It is how it becomes secure and desirable
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Mining, which auto-regulates in difficulty depending on availability
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- It is an expectation these days and going forward that whatever anyone is using is available 24/7/365 irrespective of where/who you are or your creed. Members are incentivised to do the right thing.
- Decentralisation - if a node/nodes falls off the network there are others that still operate and others that will join the network. Members are incentivised to do the right thing.
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- Why is it important for blockchain networks to be high availability networks? - Our Bitcoin funds are non-stop available, which is one of the main selling points.
- What is it that enables blockchain networks to have such high availability? - Mining incentives, the decentralized nature of the model with a high number of computers, dynamically adjusted difficulty level.
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It is important because it allows for services / applications to run without any interruptions.
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Financial incentives are given to miners, who keep the network running 24/7.
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- Blockchain networks need to be highly available so that the security level is also high, since they are correlated
- Constant miners which do the work of writing everything on the blockchain for a profit.
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- It’s important for hospitals and financial institutions to remain fully functional because certain needs are time sensitive.
- Incentives keep people mining, which in turn keeps the blockchain going.
Because it enables other applications to be built on top of the blockchain that need a network thats can be trusted 24/7 365. This could be for example be medical information, currency and supply chain info.
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The blockchain is built upon a incentives mechanism thats founded in the money making aspect of society. This system is made out of mining thats running 24/7 to mine blocks that have value. And there will be miners because of simple supply and demand principles.
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