One of the newest changes to our world is here, some blockchain details and information everyone needs to know about. We have gathered valuable data to assist you with getting up to speed. And, no need to worry, understanding will come. The details are for those that need a tad more information.
As a matter of fact, the blockchain is an incorruptible digital ledger of monetary exchanges. Which can be customized to record those exchanges as well as practically everything else of significant worth.
Let’s break it down for you:
- It’s like a huge, global, decentralized (meaning no one system is the “Central” authority) spreadsheet.
- It keeps track of who sent how many coins/tokens/information sets to whom.
- In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
- It is stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers.
- The blocks contained within the blockchain are made up of all the individual transactions sent and received through the blockchain. For instance, all individual transactions sent from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
- When you access your Cryptocurrency Balances on Ominex.com, or any other Blockchain Wallet or view your transactions on various and specific sources; like etherscan.io, blockchain.info, etc., you are seeing data on the blockchain, not in any one personal system.
The Benefits to us:
It is a system to bring everyone to the highest degree of accountability. Resulting in… ~No more missed or corrupted transactions.
~The end to human or machine errors. No more corrupt or broken databases.
~An end to transactions or exchanges (made in error) without the consent of the parties involved.
~And, guarantees the validity of a transaction by recording it; not only on a main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
The Blockchain Technology & Internet 3.0 are both seen as new frontiers!
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking, and we are here to help explain; is: What is Blockchain?
Consequently, details to what it actually is becoming more clear here. Due to digital information on blockchain being allowed to be distributed but not copied; it creates an endless and constantly updated and accessible database. Hence, this technology created the backbone of a new type of internet. The internet has evolved to where it is better for everyone globally. In addition, originally devised for the digital currency; Bitcoin’s tech community is now finding immediate and potential uses for this type of technology. Everything we saw happen with the Internet like the changing commerce and how things are being done and communicated, is now being re-done in a new revolutionary method with blockchain.
Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.” Even so, it seems like it’s actually a great name for it; as it has proven to be just that. To date, the total value of the currency is close to $350 billion US. (By the time you read this it will probably be way more ). Also. it doesn’t stop there, as blockchains can make other types of digital value.
No need to fully understand it to use it:
Like the internet (before blockchain) or your smartphone, computers, or your car; you do not need to know how it works for you to use it. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary.
Besides, if you are a little overwhelmed, that’s okay! You now should have some basic idea of what is the blockchain and what it does. Furthermore, for those okay and want more please continue on…
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*Distributed Database – let’s go more in depth about Blockchain:
In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. Next, realize that when ever a secured and validated Truth of any update is processed; the network is designed to regularly update this spreadsheet. If you can grasp this concept, you have a basic description and understanding of blockchain. Some benefits to this process and function include:
- Information held on a blockchain exists as a shared, and continually validated and reconciled database.
- The database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- It is Hosted by millions of computers simultaneously. its data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
~Durability and robustness
Blockchain technology is similar to the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network; It cannot:
- Be controlled by any single entity.
- Has no single point of failure.
- Be corrupted or embezzled.
~Details from the history of its Invention/Creation
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
Additionally, the internet itself has proven to be durable for well over 40 years. This is a track record that bodes well for this technology and continues to be developed, and deployed for all uses and solutions for the Global Community we all live and work in.
~On being Transparent and incorruptible
The blockchain network lives in a state of constant consensus. Therefore, it is one constant consensus that automatically checks in with itself every ten minutes. This is a kind of self-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. A “Block” is a group of these transactions. As a result, two important properties created by blockchain are here:
- Transparency data is embedded within the network as a whole, by definition it is public.
- It cannot be corrupted. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.*
*In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
~A network of nodes
A network of computing “nodes” make up the blockchain.
A Node is connected to the blockchain network using a client that performs the task of validating and relaying transactions on your computer. The Node gets a copy of the blockchain, which gets downloaded automatically upon joining the blockchain network.
Whereas, together they create a powerful second-level network, a wholly different vision for how the internet can function.
~Nodes and their role in the first blockchain example: bitcoin.
Every node is an “administrator” of the blockchain, and joins the network voluntarily (the decentralized network). However, each node has an incentive for participating in the network; the chance of winning Bitcoins (competing to solve and be verified as the solution); Proven proof of work, creating the “minted” blockchain of information then being rewarded; a specific amount of bitcoins for the completed block in the blockchain.
Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized industry. Hence, as a result of blockchain it is already happening again; evolving to the next level of technology based on decentralized solutions and “truth”.
There are an every growing Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. In addition, there is a full range of other potential adaptations of the original blockchain; concept that are currently active, or in development. Because there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future.
~The idea of decentralization
The blockchain was originally created as a decentralized technology, and remains so today. Anything that happens within the blockchain is a function of the network as a whole. Hence realizing, some important implications by this:
- By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
- Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing. Global.
- Vital record keeping, like a land registry, is now fully public.
- A global network of computers uses block chain technology to jointly manage the database; that records the recorded and structured transactions. Making information up-to-date and available at all times.
The blockchain is managed by its network, and not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” and the possibilities from all forms of mass collaboration this makes possible, are just beginning to be investigated.
~Who will use the blockchain?
Keep in mind; you do not need to know about it for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.
Currently, finance offers the strongest use cases for the technology. International remittances, for instance. Resulting in the estimation, by the World Bank, that over $430 billion US in money transfers were sent in 2015.
Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.
Consequently, the blockchain potentially cuts out the middleman for all types of transactions. Hence the reason new methods for generating and being part of creating new monetary gains are higher than ever.
Access to the financial sector and use of blockchain cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin. As well as, being able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet or ICO direction, need, or resource.
In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification and verification. OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
~Enhanced security
The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. By storing data across its network, it eliminates all of the risks that come with data held centrally.
Especially relevant to today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit.
Today’s internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology. Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.
More methods of encryption…
Methods of encryption used are public and private “keys.” A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency or Designed Variable) are sent across the network and are then recorded as belonging to that address. The “private key” is like a password that gives its owner access; to their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding of your private key.
Methods for safeguarding include:
- Okay then, print it out! It is now a paper wallet you can create.
- Cold Storage Solutions. Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain; in a safe location with built in and secure recovery points. Click on the Image to order one today.
~And finally, a second-level network
With blockchain technology, the internet (web) benefits with a new layer of functionality.
As published in 2017; Goldman Sachs believes that this technology holds great potential. Especially to optimize clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs has underestimated this incredible new world of blockchain.
Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought by the blockchain; new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic); Go here for the latest in Market Cap. Bitcoin trades in Hundreds of Billions of dollars, regularly. See it for yourself!
Feeling you’re missing out on it? Don’t. Get involved with all the Blockchain Details & Information today!
The future awaits you! Want to be a part of it? Become a Miner of Cryptocurrency on the blockchain in the easiest manner. Consequently, you don’t need to fully understand nor put your own money at risk to try it. VISIT HERE for the details on how you can safely and securely use your Computers (when you are not using them and they would be otherwise idle); to benefit and earn BTC (though you will be part of mining the most productive forms of Cryptocurrency). SEE THE DETAILS & GE STARTED HERE. This is literally creating the possibilities of millionaires amongst even the simplest and non-understanding of us out there. And it is real. In conclusion, this works without you fully understanding it.
This can be a lot to take in. So we invite you to bookmark and review this information. While the information provided will only increase your appreciation for this education on blockchain, there is nothing but growth and adventure for us all to witness. Maybe you will be like the thousands of others informed by our Blog on blockchain details here. Subscribe today, to the right. Keep up to date with the new blockchain program. These services and fun will be had by all of us.
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