To help in the world of changes, here are some blockchain details and information everyone needs to know about. I have compiled some useful information to help you get up to speed. And don’t worry, an understanding will suffice, the details are for those that want more.
First of all, the blockchain is an incorruptible digital ledger of economic transactions. Blockchain can record not just financial transactions, but virtually everything of value.
WAIT – Let’s make that more simplified for you. 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 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.
- Thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers, store and maintain the blockchain.
- All of the individual transactions sent and received through the blockchain, make up the blocks contained in 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.
More blockchain details and Benefits to all of us:
Blockchain, a decentralized system, brings 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 also on a connected distributed network of registers. All connected 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 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 this is here to help explain; is: What is Blockchain?
Consequently, details about blockchain become more clear here. One may not copy the distributed digital information on blockchain. Therefore, it creates an endless, constantly updated, and accessible database. Hence, blockchain technology created the backbone of a new type of internet. An internet evolved to the point that 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 the way 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, some call Bitcoin “digital gold.” And, it seems that is actually a great name for it because it has proven to be just that. To date, the total value of the currency is close to $350 billion US, and by the time you read this is probably by far more. And it doesn’t stop there, as blockchains can make other types of digital value.
We do not need to fully understand blockchain to use it:
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, basic knowledge of this new technology helps you understand why it is considered revolutionary.
A distributed database – let us explain the blockchain details even more:
In a simplified manner, picture a spreadsheet shared thousands of times across a vast network of computers. And, when a secured and validated update processes, the network regularly updates 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.
- Storage of the blockchain is not in one location, which means 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 simultaneously host the blockchain, and anyone on the internet an access the data.
- Ultimate Security and Transparency. Truth.
Blockchain Details: 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:
- Be controlled by any single entity.
- Has no single point of failure.
- Be corrupted or embezzled.
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 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 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. Each group of these transactions is a “block”. As a result, blockchain creates two important properties:
- Transparency. Embedded data within the network is by definition, public.
- It cannot be corrupted. Alteration of any unit of information on the blockchain uses 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: 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, which makes the network 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
Blockchain, as originally created, is a decentralized technology.
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.
Its network, and not any one central authority, manages the blockchain. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth”. Investigation is just beginning regarding the possibilities resulting from all forms of mass collaboration.
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. As a result, estimation by the World Bank shows over $430 billion US in money transfers 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. People first used wallets to buy things with Bitcoin, and 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. When the blockchain stores data across its network, it eliminates all of the risks of centrally held data.
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 also 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 methods of encryption. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. The blockchain sends values, such as Bitcoins, or any Cryptocurrency or Designed Variable, across the network and records them 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:
- Create a “paper wallet” by printing it 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. Also, 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.
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