- It is important, in particular, for a global financial system but also for the vast majority of blockchain use cases
- Users are incentivised to contribute to network capacity
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- Why is it important for blockchain networks to be high availability networks?
It is important for blockchain networks to be high availability networks because it is a global aspect. Blockchain networks unite the world because everyone wants to make money and they get incentives for keeping the network alive. Also many things can be built on top of the blockchain from anywhere, so it needs to be running 24/7, so anyone in the world can build at any day or time.
2.What is it that enables blockchain networks to have such high availability?
Blockchain networks have such high availability because of mining. Mining gives people incentives to keep the network alive at all times. When there is a lot of mining going on, that means that the security is also high. After some time, with high mining volume and high security, the network will either become stable or people will stop mining because of the difficulty being high. If people stop mining, the security goes down and the mining becomes easier. When this happens, new miners, or the people that stopped mining, will come back quick, boosting the security and mining difficulty once again. This never ending cycle keeps the blockchain network running without downtime.
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High availability networks are important so the networks grow globally, and as it grows it becomes more secure and builds trust, and everyone continues to be incentivized.
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Blockchain networks will have high availability because miners are incentivized, and when they are incentivized they will protect the network and blockchains.
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- Why is it important for blockchain networks to be high availability networks?
Blockchain is a global network and so needs to be available 24/7 365 days of the year. It’s availability is directly correlated to the security of the infrastructure.
- What is it that enables blockchain networks to have such high availability?
Incentives. If the availability drops, mining rewards become easier which increases the amount of mines on the network which increases availability.
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- To be competitive on a global scale, to provide equal chances for every user.
- Blockchain networks are built on incentives to run 24/7, in case of a drop out of one portion of a network, there will be another one jumping in, lower demand of miners stabilizes the network, the decrease of miners attracts new ones.
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Why is it important for blockchain networks to be high availability networks?
It is a global network therefore needs to be available 24/7/365 as the world does not have a break
What is it that enables blockchain networks to have such high availability?
Mining is incentivised so if there are less miners difficulty decreases giving people the incentive to mine again , if there is an oversupply of miners it becomes less profitable therefore some people will stop mining
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- This network thrives on availability for instance i can have invested a lot in bitcoin and then i need something important or i have a financial emergency i can always withdraw the money that i already own.
- When people are mining across the world it acts almost as a generator if there are a lot of people mining the network runs well where as if less are mining it loses effectiveness but the great thing is that when miners stop mining it invites other people to start mining as well because everyone wants to make money. So really money or the hunger for money keeps it running well.
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- They achieve the function of use by being connected, data cannot be verified if the network is not continually running.
- System incentives. People run nodes and validators in their best interest(to make money) this makes it more likely for the network to continue.
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- Why is it important for blockchain networks to be high availability networks?
It is important as it a global system where everyone can access it easily at any time from everywhere. It also adds security and trust. - What is it that enables blockchain networks to have such high availability?
It is a system that works on incentives if the incentive to mine drops rewards became higher and there will be new miners coming in and vice versa.
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- Why is it important for blockchain networks to be high availability networks?
Answer: For blockchain to function it need to be active and all activity is thanks to its incentivized network. Or else it would be useless.
- What is it that enables blockchain networks to have such high availability?
Answer: It is because incentives, let’s say that a big portion of the Bitcoin network would go offline because of power outage, the rest of the network would just take over and continue with the network without no down time.
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It is important for blockchain networks to be high availability networks because money is being exchanged on a global scale and in a decentralized fashion. If mining nodes fail others will pick up the slack or new ones will join.
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The varying global mining nodes and the decentralized protocols enable blockchain networks to have such high availability.
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Because it is used Globally and of all the important data and financial transactions that will be going through the blockchain it is imparative that it is working 24/7.
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By incentivising the blockchain through rewarding computers for provenence and consensus makes it win / win to keep the blockchain available at all times.
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- because it is global, it has to be available 24/7
- it is incentivized.
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Homework on High Availability - Question July 16th, 2020
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Why is it important for blockchain networks to be high availability networks?
High network availability supports network security and improves the network as
a global financial system. -
What is it that enables blockchain networks to have such high availability?
The blockchain high availability is enabled by incentivizing the network operator.
The network operator support system security by a method of operation called mining.
-Hector A. Martinez
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It is important for blockchain networks to have high availability so that everyone worldwide can take advantage of the technology.
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Mining enables blockchain networks to have high availability.
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#1 its very important at times of uncertainty nice to know its available.#2blockchain is a network of decentralized computers and if a group of the network stops working other network computers will pick up where needed …
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Because many applications need 24/7 access and if it’s global it has to be available all the time.
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It is provided through incentives. If someone stops mining it opens opportunity for other person to start mining and earning. It’s totally open free market.
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1. Why is it important for blockchain networks to be high availability networks?
For something to be adopted into global infrastructure it has to be reliable and accessible, so it has to have high availability.
2. What is it that enables blockchain networks to have such high availability?
The mining network - miners protect the network, and they are compensated for their efforts. When there are less miners the algorithm they have to solve to validate the transaction becomes easier, so more people join the network, which would then increase the complexity of the algorithm. When there is too much competition and the algorithm is very complex, people might stop mining, in which case the problem would adjust downward in difficulty. So this competitive + dynamic environment allows the network to have high availability because participants are incentivized to keep it alive.
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I think it important for blockchains to be high availability networks, because this allows for anyone, anywhre in the world full access to opperate within the blockchain. This can really bring down barriers between businesses operating in different time zones.
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What enables blockchains to have this 24/7 availability are incentives
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High availability networks promote global access for transactions, 24 7 365.
Access and availability and security in function for the longest, reliable time span in all time zones in usage applications.
High availability from different sites in multiple locations and computers all working in tandem in different locations globally. Miners run expensive equipment, with high energy costs, with the incentive of payment in bitcoin.
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