To help in the world of changes, here are some blockchain details and information. Everyone needs to know about blockchain. We continue to gather useful information to help you get up to speed. And do not fret, a basic understanding suffices, the details are for those that want more.
Don’t worry if some of this doesn’t make sense initially either. Repetitive exposure and reading of this content helps all of these details make more sense.
First of all, the blockchain is an incorruptible digital ledger of economic transactions that program to record not just financial transactions but virtually everything of value.
Blockchain Details Broken Out in Simplicity:
The blockchain is like a huge, global, decentralized (meaning no one system is the “Central” authority) spreadsheet.
It keeps track of the flow of coins/tokens/information and between whom. The sender and the receiver.
In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
Thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers store and maintain the blockchain.
ARE YOU MINING YET?
All the individual transactions sent and received are blocks. These blocks make up 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, or any other Blockchain Wallet, you are seeing data on the blockchain. Not in any one personal system. Similarly, view your transactions on various other virtual wallets. For example, specific sources like etherscan.io, blockchain.info, etc.. The same thing, these are on blockchains.
More blockchain details and Benefits to all of us:
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. How? By recording it. Not only on a main register but, simultaneously, on a connected distributed network of registers. All of which connect through a secure validation protocol.
Blockchain technology is best referred to as the new internet
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. The main question every single person is asking, and we are here to help explain; is: What is Blockchain?
Consequently, details to what blockchain is become more clear here. Blockchain allows distribution of digital information, yet not copying. The creates an endless and constantly updating and accessible database. Hence, blockchain technology creates the backbone of a new type of internet. This is the internet evolving to where it is better for everyone globally.
Internet Transitioning
Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we see happen with the Internet changing commerce and how we do things and how we communicate; is now being re-done in a new revolutionary method with blockchain.
Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin is being called “digital gold.” Seems like a great name for it; as it is proving to be just that. To date, the total value of the currency is close to $350 billion US dollars. (probably far more by the time this is read). It doesn’t stop there. Blockchains can make other types of digital value.
Blockchain details and information do not need to be fully understood to be used by us all:
You do not need to know how the blockchain works for you to use it. Like the internet (before blockchain). Or your first smartphone, computer, or your car even. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary.
A distributed database – let us explain the blockchain details and information even more:
Simply, picture a spreadsheet you can share thousands of times across a vast network of computers. Then realize that whenever a secure and validated truth of any update processes, this network will regularly update this spreadsheet. When you grasp this concept, you have a basic description and understanding of blockchain.
Benefits to this process and function include:
Information held on a blockchain exists as a shared database. Featuring continual validation and reconciliation.
The blockchain database stores records in multiple locations. Meaning the records it keeps are truly public and easily verifiable.
No centralized version of this information exists for a hacker to corrupt.
Millions of computers host, simultaneously, its data. The multi-hosting making the data accessible to anyone on the internet.
Ultimate Security and Transparency. Truth.
Blockchain Details and Information: 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; the blockchain cannot:
Prevents control by any single entity.
Has no single point of failure.
Protects against corruption and embezzlement.
Blockchain 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.)
The internet has proven to be durable for well over 40 years. This is a track record that bodes well for blockchain technology. Blockchain continues to develop and deploy for all uses and solutions for the Global Community we all live and work in.
Blockchain details 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” refers to each group of these transactions. As a result, Blockchain creates two important properties:
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.
Blockchain details and information: A network of nodes
A network of computing “nodes” make up the blockchain.
Node (a computer connected to the blockchain network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the blockchain network.
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 (in this sense, the network is decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins (competing to solve and be verified as the solution), proving proof of work, and then creating the “minted” blockchain of information and 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.
Blockchain details: The idea of decentralization
The blockchain is a decentralized technology, as it was originally created.
Anything that happens within the blockchain is a function of the network as a whole. Hence, we now realize 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 blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.
A network manages the blockchain, 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 an investigation.
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 are 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. As a result, the World Bank estimates 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 has become 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 creates a huge need for compliance and identification and verification. OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
Blockchain details and information: 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; the blockchain eliminates all of the risks that come with central holding of 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 plague 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, are evolving with blockchain.
These methods of encryption are known as 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:
A paper wallet refers to a print out,
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.
Blockchain details: A second-level network
With blockchain technology, the internet (web) benefits with a new layer of functionality.
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 (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 can represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs underestimates this incredible new world of blockchain.
Feel like you are missing out? Do not. There are many ways to get you involved.
Want to be a part of the future? Become a Miner of Cryptocurrencyon 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 START HERE. This is literally creating the possibilities of millionaires. Even among the simplest and non-understanding of us out there. And it is real. In conclusion, this works without you fully understanding it.
Let’s face it! This can be a lot to take in. So we invite you to bookmark us and come back for more information as we learn more too. Or review this information when you come back to it. While the information provides an increase in your appreciation for this education on Blockchain, there is nothing but growth and adventure for us all to witness. Like the thousands of others informed by our Blog on Blockchain details here. Keep up to date with the new Blockchain program and services when you subscribe at the top right of this page. There is fun waiting for us all.
Bottom Line Blockchain
While trying to absorb all these details and all this information, I am arriving at my own summary of Blockchain. Here’s the scoop, in my interpretation. There is a new internet on the horizon. It’s already there and working like a maniacal machine. This new internet calculates, records, tracks, and reconciles. It also identifies, validates. and can serve up a scoop of ice cream. Okay, well, not the ice cream.
Extremely high tech equipment runs this new system. People with great intelligence across the globe are helping run the equipment. They have a crazy knack for understanding computer and technology jargon. More importantly, measures are in place constantly to improve and provide for stronger security. This is a benefit of having a large mass of people involved in community oversight of the system’s functioning. Plus it is in a continual process of updating.
The powers of internet and blockchain want everyone to board this train. In the long run, this will be a much better and stronger internet. Blockchain will be our way of living, transacting and more. Someday, soon, we will be shopping, banking, investing and then some. Wait! We are doing that now. Think on a bigger scale. Blockchain makes it possible to leave behind the extra time and running around to take care of these things. We can do it all from our computers now.
One final question…Are you Ready?
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