- It is important for blockchain networks to be high availability networks because it makes them secure and guarantees backup verification nodes if one or more go down.
- Incentives are what keeps the blockchain network in such high availability - there are always miners on standby who are incentivized to take over instantly when another miner stops for whatever reason.
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- Just like internet, it needs to be available 24/7/365
2.To maintain high availability, blockchain networks needs incentives.
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For convenience and to be able to make use of the at any moment with certanty.
Its really important in some use cases like Value transfer. -
Algorthmic mechanisms that ensure that the network will keep runing in the case of a drop of players or Hash power making sure the network keeps runing 24/7/365.
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When being used for financial transactions for example. If the network was up sometimes when you went shopping it would be pretty much useless.
Blockchain can be always on as copies of the ledger are globally shared. If all the systems in North America went done the Blockchain would keep running everywhere else.
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1.To provide secure global infrastructure for everyone.
2. Financial incentives stimulate sharing information through the network.
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1.-The network needs to be up 24/7
2.-Incentives for miners/users to keep it alive
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- Why is it important for blockchain networks to be high availability networks?
- For example, if we want to use BTC for daily transactions, we need the network running 24/7. If I am at a store, I need to pay now. If somebody on the other side of the planet is at a store, he also needs to pay now.
- The same applies for production chains. Maybe the production line runs 24/7. Maybe it is expensive to stop. Maybe the supplies come from distant countries in different time zones.
- What is it that enables blockchain networks to have such high availability?
- Difficulty adjustment.
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It has to be accessible and available all the time. especially for financial transactions,.
- because everyone is incentivized to keep the network alive. Triggered by the fact that you can earn money, there will be always computers joining the network ( because of mining)
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1. Why is it important for blockchain networks to be high availability networks?
Firstly, high availability means that there is greater security for the network.
Secondly, global blockchains being available 24/7/365 enable constant transactions to flow through the network which is ultimately better for the users of the blockchain; and that which is better for the user is ultimately what survives because people will always prefer what is better/easier for them; that’s just human nature – A non blockchain example is Blockbuster videos which eventually died out because it was easier and simpler and more convenient to use Netflix.
2. What is it that enables blockchain networks to have such high availability?
Incentives, coupled with the fact that it is decentralized.
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- there is always demand. the internet is up 24 hrs p day.
- it is incentified. because of incentives there will always be a certain amount of nodes in operation.
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It’s extremely valuable with a network being avaliable 24/7. This ensures business, supply chain and transactions to function all the time and builds trust in the network.
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It’s incentivised by mining. If many miners go out of business/fail to mine it becomes easier and more lucrative to start mining so others will take over
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1.) In Financial usage, such as BTC, high availability, or 24/7/365 access is a must. In a more general view though instant access gives the user options and freedom. This adds overall value as time is a precious commodity that is non-renewable.
2.) A decentralized network of global miners who have a pecuniary Incentive to mine provides for high availability; this mining process verifies and protects ledger.
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Why is it important for blockchain networks to be high availability networks?
So people all over the world in any time zone can be making mulla
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What is it that enables blockchain networks to have such high availability?
It is incentivised.
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it’s important for the security of the network
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Incentives to be part of the network
High availability hastens block distribution
incentives for successful mining
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Why is it important for blockchain networks to be high availability networks?
-too be accesible for everyone over the world 24/7 365 days a year.
What is it that enables blockchain networks to have such high availability?
because everyone is incentive too make money,everyone wants too keep it alive.
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It is important as it needs to be accessible anytime and anywhere globally to render it useful and safe.
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The incentive to be able to profit from it, people are profit-driven.
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- Because it is used by people continuously throughout the world operating in different time zones. These people are invested in trade, in making a living through it.
- Decentralisation - any part can continue in the absence of another.
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Why is it important for blockchain networks to be high availability networks?
To enable secure global infrastructure 24/7 365 days per year for transactions. -
What is it that enables blockchain networks to have such high availability?
Everyone is incentivised to keep it alive. Everyone wants to make money. If one network goes down there is a copy of the ledger on all the other computers in the network.
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Why is it important for blockchain networks to be high availability networks?
High availability allows use at any time without interruption.
If a portion of the network dies, new miners will join the network to rebuild it.
When many people are mining, the network security is high. -
What is it that enables blockchain networks to have such high availability?
Availability is provided by miners.
Miners are incentivized to mine.
Mining difficulty is automatically balanced: difficulty goes up when there are too many miners, goes down when there are too few.
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