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Money - electronic transactions of any denomination in any currency anywhere on Earth at any time.
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Incentives - money.
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We want the network to be highly available because the more nodes and validators that have access to the blockchain gives better security.
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Why is it important for blockchain networks to be high availability networks?
Because we need 24/7 support, people need to do banking during the weekends as well. Since blockchain is on the internet, it enables people to do transactions any time any where. There is little to none restrictions.
What is it that enables blockchain networks to have such high availability?
Incentives and internet makes it possible. In simple economic term, supply and demand. People wants to have 24/7 banking, then there will be people providing the required services on the blockchain.
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Because no one wants a network that is not stable. Just like in online banking, it can be offline on weekends making it a disadvantage in shopping online. Blockchain has the advantage for it it never goes offline and is available 24/7.
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Incentives. They are incentivized to perform 24/7/365 and making them more efficient.
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- For security and functionality which is achieved 24/7/365.
- Financial incentives ensures there are always miners to continue mining securing the network at the same time providing H.A.
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As it is a Global infrastructure and transactions can happen at any time 24/7/365 therefore it needs to be highly available to be regarded as a reliable to attract more users.
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Rewards for miners
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Because it enables the users to use the platform at any period of time, as well as it increases its security.
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the thing that enables blockchain networkds to have a high availability is because of the incesitives given to the miners.
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High availability and durability are the basis for the trust in the network
When the network goes down this creates financial opportunity for new entrants.
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- Because people want to earn money 24/7/365!
- To earn money people need to mine and therfore a copy of the ledger spreads all over the world. And because there will always be someone mining and looking for profit somewehere, the blockchain network will be available 24/7/365!
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I guess it’s important for all networks to be high availability. The video doesn’t say more than that it’s very important for the global financial system. Incentivisation enables blockchain networks to have such high availability. If miners stop mining for whatever reason, others are incentivised to take their place. Mining is how people make money protecting the network. The more miners, the more security.
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Why is it important for blockchain networks to be high availability networks?
R: For blockchain it is important high availability because it can be used globally at any moment.Since it is used by everyone around the globe have to be available 24/7/365. -
What is it that enables blockchain networks to have such high availability?
R: High availability is provided by the multiple computers connected together and they are all have a copy of the same ledger (database) where none can delete what was added and of course because they are incentivised.
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- The power of the network is the fuel for blockchain. Without the network blockchain will not go.
- Financial incentives is what enables blockchain networks to have such a high availability.
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Why is it important for blockchain networks to be high availability networks?
Network security is high when it is high availability on the blockchain network, this is how we protect the blockchain network.
What is it that enables blockchain networks to have such high availability
Financial incentives and united incentives.
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- So that anybody can use whenever they need it.
- Miners
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If the blockchain networks weren’t be high availability networks, then they would lose their trustlessness and there for their purpose. Since they were partially made to be constantly available and accesible for their users.
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With incentives, by rewarding those who actively securing and keep running the network.
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Why is it important for blockchain networks to be high availability networks?
it is important to keep it online. -
What is it that enables blockchain networks to have such high availability?
Everyone is incentivized to keep the network online.
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- Why is it important for blockchain networks to be high availability networks? - They are available 24/7/365 so there is continuous access globally at any time.
- What is it that enables blockchain networks to have such high availability? - Many miners and network participants.
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*1. Why is it important for blockchain networks to be high availability *
networks?
There is incentive to make money all the time. If the network is always running around, and if one sector fails, the remaining network just continues to perform.
2. What is it that enables blockchain networks to have such high availability?
Incentives - financially beneficial to always keep the network running globally.
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Homework on High Availability - Questions
1. Why is it important for blockchain networks to be high availability networks?
It is important for blockchain networks to be high availability networks because global finance and industry relies on a robust system to function well as a basic requirement.
2. What is it that enables blockchain networks to have such high availability?
What enables the blockchain networks to have such high availablity is the insentive given to miners to secure the network. The economics of price / block rewards versus costs / mining difficulty adjustments means that there is always fluctuating opportunity leading to incentivised maintainence of the network for different operators to enter into. phew …a mouthful!
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to ensure security of the network
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everyone is financially incentivised to keep it alive
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