The world is changing, blockchain is here and you need to read this to stay informed about what blockchain is and how it will play an important role in our future. Here is some information that I have compiled to help educate you and get you up to speed. Don’t worry, this information will make more sense as you read this.
WAIT – I’ll Make This Simple. Blockchain Details:
- The blockchain is like a huge, global, spreadsheet with no center authority.
- 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 across the globe.
- The blocks contained within the blockchain are made up of all the individual transactions sent and received.
- 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.
More Information On Blockchain And Benefits:
Blockchain is a system (decentralized) to bring everyone to the highest degree of accountability. Resulting in:
- No more missed or corrupted transactions.
- An 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.
- The blockchain 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.
Blockchain technology is considered Internet 3.0.
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?
Details to what blockchain is should be becoming more clear. Information on blockchain can’t be copied but it can be distributed and what does it create? An endless and constantly updated and accessible database. Hence, blockchain technology created the backbone of a new type of internet. This is the internet evolved to where it is better for everyone globally. Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happen with the Internet changing commerce and how things are being done and communicated; is not 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.” Seems like it is 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. (probably far more by the time this is read). And it doesn’t stop there, as blockchains can make other types of digital value.
Like the internet or your smartphone, computers, or your car; you do not need to know how the blockchain works for you to use it. However, having a basic education of this new technology helps you to understand why it is considered revolutionary.
A Distributed Database:
Picture a whole network of computers that all get to share the same information. 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 blockchain 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 at the same time.
- Ultimate Security and Transparency. Truth.
Blockchain: Durable and Strong
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; the blockchain cannot:
- Control by any single entity.
- Has no single point of failure.
- Corrupt or embezzle.
Blockchain History: Invention/Creation
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
The internet itself has proven to be durable for well over 40 years. This is a track record that bodes well for blockchain technology as it continues to be developed, and deployed for all uses and solutions for the Global Community we all live and work in.
Blockchain Information 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. Each group of these transactions is referred to as a “block”. As a result, here are two important properties created by blockchain:
- Transparency data is public data.
- It cannot be corrupted. 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.
Blockchain Information: A Network of Nodes
A network of computing “nodes” make up the blockchain.
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.
Node is an “administrator” of the blockchain. And it joins the network voluntarily. Each one has a reason for participating in the network. The chance of winning Bitcoins. Proving proof of work, and then creating the “minted” blockchain of information.
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.
Blockchain Details: The Idea of Decentralization
The blockchain is a decentralized technology. Ok so I know what your asking. What does decentralized mean? My understanding is blockchain has no one party in charge. Every network is able to make its own decisions.
Whatever happens within the blockchain is a function of the network as a whole.
- With a new way to verify transactions; spending money the traditional way could become unnecessary.
- Cryptocurrency and ICO/Token trades happen almost at the same time on the blockchain. Realizing a Global economy of trade operating year round with no market opening or closing globally.
- Vital record keeping, like a land registry, is now fully public.
- A global network of computers uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.
To add definition; “Decentralization” means the network operates on a user-to-user basis.
Blockchain Details: Who Will Use The Blockchain?
Keep in mind; you do not need to know about the blockchain 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.
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. That’s 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, and to be 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.
Blockchain Details: 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. blockchain eliminates all of the risks that come with data being 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.
Public and private “keys” are encryption. A “public key” is a users’ address on the blockchain. 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:
- Print it, create a paper wallet.
Cold Storage Solutions. Trezor, for example, allows you to keep your “Public Key” and its contents as you access them from the blockchain which in turn provides a safe location with built in secure recovery points. Click on the Image to order one today.
Blockchain Details: A Second-Level Network
With blockchain technology, the internet benefits with a new layer of functionality.
However, 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 go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)
As published in 2017; Goldman Sachs believes that blockchain 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. Goldman Sachs has underestimated this incredible new world of blockchain because .
Feel Like You Are Missing Out?
Want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain in the easiest manner possible. Consequently, you do not need to fully understand it or put capital at risk. 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 and get 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, it works.
This can be a lot to take in. While this information I have provided will only increase your appreciation for this education on blockchain. Stay informed by my Blog on blockchain here. Subscribe now.
Response Magic