A: Because everyone wants access to their money no matter what time of day, bitcoin never takes a day off/vacation or holiday. Business hours are 24/7/365 somewhere in the world.
A: The bitcoin network is able to run constantly because there is money (bitcoin) to be made by mining no matter where in the world or no matter what time of day. Miners are incentivized to keep it running.
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Why is it important for blockchain networks to be high availability networks?
Blockchain is a global infrastructure that is only as strong as its active network which requires it to be available 24/7 365 days and if not highly available less money would be produced, people are incentivized to keep the network alive. -
What is it that enables blockchain networks to have such high availability?
The incentives for those involved to make money.
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Why is it important for blockchain networks to be high availability networks?
Because high availabilty is important for the global financial system. -
What is it enables blockchain networks to have such high availability?
The application incentive is important and mining to enable the block.
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Right yes, I must have forgot the financial incentive for miners!
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Q1. Why is it important for blockchain networks to be high availability networks?
- High availability provides more security through the numbers of copies between the network decentralized data, bringing more reliability using Math and consensus.
Q2. What is it that enables blockchain networks to have such high availability?
- If the network goes down, the difficulty to mining drops, and becomes more profitable mine, and mining it is the incentivized method for people continue to use Hash power to protect the network. If the network is to crownded, the difficulty increase to mine and some miners maybe stop to work, but as soon as some miners stop and difficulty starts to drop some new miners comes to the system.So, the system is always operating in a way that is available, is profitable and this keeps the system secure.
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Because blockchain networks are global networks for value transactions. This high availability, 24/7/365 (366 in a leap year
), feature of this technology, gives it a competitive advantage in trading and other use cases, where global non-stop real-time data are crucial for good outcomes. A sound economic system never stops, neither does the World. -
Their incentivized miners that secure the network through mining the blocks, for which they are rewarded. The network (as we know it today) never shuts down in its totality. When part of the network is turned off (for any reason), the mining difficulty (to solve the math that mines a block) goes down, attracting other people to run the protocol and join the network, increasing again the mining difficulty and consequently the networks security. This organic adjustment of the network’s security is achieved through the balance between the mining difficulty and profitability, for the miners. Thus, enabling the blockchain networks to have such high availability.
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- Why is it important for blockchain networks to be high availability networks?
With more computers able to access the network, then there will be more security that the network will remain working. If an town would lose signal to the network then they would not be able to make transactions and they would lose access to their wealth. - What is it that enables blockchain networks to have such high availability?
Owners of nodes and mining nodes are rewarded with financial gains as they keep the network alive.
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Why is it important for blockchain networks to be high availability networks?
For the adaptation, the network must always be available for use. Much like your chakras,
The chakras must be opened in a specific order, or the energy will not be able to flow
properly. -
What is it that enables blockchain networks to have such high availability?
When you have a high volume of miners, you have high availability.
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Blockchain networks will be used to connect the entire world on one network. If the financial or supply chain markets are to use blockchain, it needs to be highly available so all institutions can use it 24/7/365.
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Incentives/$. Miners are paid when they are working. Downtime = loss of money. If a chunk of miners go offline, the difficulty will go down, making it easier for new miners to enter the space.
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- High availability is required for global benefit of the network… transactions, earning, etc., are only possible when the network is accessible and stable.
- Incentives keep the network running (high availability is ensured by miners who are pursuing the rewards and verifying transactions).
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Why is it important for blockchain networks to be high availability networks?
Accessibility and to maintain security
What is it that enables blockchain networks to have such high availability?
Financial incentives.
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- There are used cases where high availability is required on a 24/7/365 basis. For example the bitcoin blockchain network requires global availability around the clock for the network to be active for new transactions to be able to invest, transact or move value etc. at any given time.
- Mining capability or additional computational power being able to join the network when network participation falls due to incentives mechanism helps ensure high availability.
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Why is it important for blockchain networks to be high availability networks?
To allow transactions anytime, anywhere with anybody -
What is it that enables blockchain networks to have such high availability?
Miners being incentivized to run the protocol
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1- For confirming transactions, it is important to have a high availability network
2- Incentivized Miners to make money make the network always available
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1 - Because that means it is reliable, it works properly and always.
2 - The correct incentives set properly so there will always be miners interested in keep it running.
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Simply because it is of the best interest of everyone using the network for both its users and miners. Whether its the regular bitcoin user trying to transfer some money from one account to another at any given time or a miner trying to join the network to earn some extra cash flow and improving the infrastructure security.
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It is one of the consensus mechanism previously discussed what allows this to happen. Thanks to Proof of Work (Mining) enough people are incentivized to keep the network running and highly available. If difficulty goes up and some miners leave, this will lead to the difficulty to go down and new miners to join and so on…
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Why is it important for blockchain networks to be high availability networks?
High availability in this industry typically means that the data -
which is presumed to be valuable, if not life/death critical - must be available both:
- Time: ALWAYS
- Space: EVERYWHERE (potentially - at least where there’s access to “the network”)
Again, the data which the network contains could be life/death critical both animately & inanimately
(human-animal-plant-mineral or business-conceptual).
What is it that enables blockchain networks to have such high availability?
This video focused on human needs-wants-desires (ref. Maslow) as the main drivers
of high availability – through the phenomenon of “Incentivization” via the activity of “mining” –
i.e. providing monetary rewards for keeping the network in an “always-on” high availability state
constantly performing calculations in order to win the mining lottery and receive a monetary reward.
A different conversation might discuss the technical (hardware/software/protocol) drivers
that insure a high availability state.
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It is important for the blockchain networks to be high availability networks because so many people would be using the networks all around the globe in completely different time zones. If we all are to find the network to be efficient, and convenient then it must be available as much as possible. Each application of the network’s use has to be available to add information to the network by all the different people using it.
The blockchain, at least in terms of Bitcoin, creates incentive for people to keep mining. when there is less mining, the ability to make higher profits becomes easier, which causes once more people to opt in and do more mining. The more mining that is done increases the difficult through which profits can be extracted. The amount of people wanting to make the profits keeping many many people mining. The high degree of mining bring less fluctuations to the marketplace creating a more consistent kind of stability. This allows a longer track record of the networks developing that high availability.
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It is important for blockchain networks to have high availability to protect the network from downtime if a failure occurs. This high availability is accomplished through mining and the decentralised nature, plus incentives to the miners.
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- Why is it important for blockchain networks to be high availability networks?
Because it is an infrastructure being used twenty for seven all days of the year. So it needs to be operational at all times. Btc for instance, might be used to transfer funds and therefore it needs to be available. - What is it that enables blockchain networks to have such high availability?
The incentivization of miners to earn money by mining blocs which makes the network safe and protected. The technology makes it possible.
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