Here is some blockchain info that everyone needs to know about to assist changes In financial changes in the world. Just below are some necessary information that will get up to speed. And do not worry, just having an understanding will suffice, the details are for those that want more.
First of all, the blockchain is an incorruptible digital record or ledger of peer to peer economic transactions. This is not just a program to record not just financial transactions but almost anything that is of value. Is this the end to identity theft???
WAIT – Let’s simplify this for you. Blockchain Info We Break Out in Simplicity:
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The blockchain is a huge, Non-central (meaning no one system is the “Central” Control) global spreadsheet.
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It keeps public record of who sends how many coins/tokens/information sets to whom.
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In the case of Digital Currency or Cryptocurrency ; it keeps Record of the balance of every account.
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many thousands of people (miners) across the globe who have “special” (high power computer that they uniquely configure) Recording transactions keeping this currency free of control from one party.
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The blocks within the blockchain consist of all the individual transactions that people send and receive through the blockchain. For instance all individual transactions that we send from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
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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 blockchain Info and Benefits to all of us:
Blockchain is a system (with no one central control) to bring everyone to the highest degree of accountability. Resulting in:
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No more missing or corrupt transactions.
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Puts a stop to human or machine errors. No more corrupt or broken databases.
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Stops transactions or exchanges (made in error) or with no consent of the parties involved.
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The blockchain guarantees the Legitimacy 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 referred to and explained best by considering it Internet 3.0. (Evolution of the Internet – better – safer – truth).
The blockchain is an incredibly ingenious invention – the brainchild of a person or group of people that we know by the pseudonym, Satoshi Nakamoto. But since then, it evolves 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 about blockchain become more clear here. Because they allow the distribution of digital information but not the ability to copy that information on blockchain, it creates an endless and constantly up to date and accessible database. Hence, blockchain technology creats the backbone of a new type of internet. This is the internet evolution makes the internet better for everyone globally. Originally devised for the digital currency, Bitcoin, the tech community now finds immediate and potential uses for the technology. Everything we see happen with the Internet changing commerce and how things happen and how it communicates; is not being re-done in a new revolutionary method with blockchain.
Due to recent proof of Bitcoin and the creation of blockchain; they call Bitcoin “digital gold.” Seems like it is actually 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. (probably far more by the time this is read). And it doesn’t stop there, as blockchains makes other types of digital value.
Blockchain Info does not need to be fully understood to be used by us all:
Like the internet (before blockchain) 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 knowledge of this new technology helps you to understand why it is considered revolutionary.
A distributed database – let us explain the blockchain info even more:
In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that when ever a secured and validated truth of any update is processed, that this 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 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 simultaneously, its data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Blockchain Info: 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:
- allow one entity has control.
- Has no single point of failure.
- Be corrupt or no one can steal your currency.
Blockchain Info 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 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 Info 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 we refer to as a “block”. As a result, here are two important properties that Blockchain creates:
- Transparency data is embedded within the network as a whole, by definition it is public.
- You cannot corrupt it. 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 Info: A network of nodes
A network of computing “nodes” make up the blockchain.
Node (a computer connectes 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 (this is what decentralizes blockchain). 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 each block they complete 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. Now it is evolving to the next level of technology. Now in a foundation 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 Info: 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, some important implications are now realized 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.
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.
Blockchain info: 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 always enhancing everything around us with or without our knowledge.
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 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 Info : Enhanced security
The security, validation and “Truth” that blockchain offers 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 the hold on data being centrally.
Especially relevant to today’s needs; The blockchain lacks central points of vulnerability that computer hackers can exploit.
Today’s internet has security problems that 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, evolve with blockchain Technology.
WHAT IS A KEY AND HOW DOES THIS CHANGE THINGS?
These methods of encryption we know as public and private “keys”. A “public key” (Generates a, random-string of numbers) this is users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency or any value of currency) go across the network and then record that as belonging to that address. Therefor 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:
- By printing it out, this creates what we refer to as a paper wallet.
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 Info: A second-level network
With blockchain technology, the internet (web) benefits with a new layer of functionality.
Hence, users transact directly with one another with peer to peer transactions — Bitcoin transactions in 2016 averag over $200,000 US per day. With the add of security brought by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, now 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 in Bitcoin trade)
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 may represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs underestimats this incredible new world of blockchain.
Feel like you are missing out? Do not. We have so many ways to involve you .
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