First of all, the blockchain is an incorruptible digital ledger of economic transactions. It records, not just financial transactions, but virtually everything of value.
WAIT – Let’s make that more simplified for you. Blockchain Details Broken Out in Simplicity
- 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.
- Stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers.
- Blocks – 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.
More blockchain education and benefits to all of us:
Blockchain is a decentralized system 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 – Internet 3.0. (Evolution of the Internet – better – safer – truth).
The blockchain is an undeniably ingenious invention. It is 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?
The digital information on blockchain creates an endless and constantly updated accessible database. Hence, blockchain technology created the backbone of a new type of internet – the internet evolved. It is better for everyone globally. Originally devised for digital currency, the tech community is now finding immediate and potential uses for the technology. Now the blockchain is creating a new revolutionary global Internet.
The total value of the currency is close to $350 billion US.and probably far more by the time you read this. And it doesn’t stop there, as blockchains can make other types of digital value.
You don’t need to fully understand Blockchain details
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. Basic knowledge of this new technology however, helps you to understand why it is considered revolutionary.
A distributed database – let us explain the blockchain details even more
Think of it as a spreadsheet that is shared thousands of times across a vast network of computers. Then whenever a secured and validated truth of any update is processed, 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 a single location. That means the records it keeps are truly public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- Hosted by millions of computers simultaneously
- The data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Blockchain education: 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
- Corrupted or embezzled, or
- Has no single point of failure
Blockchain education 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. It’s track record bodes well for blockchain technology as it continues to be developed. The technology is deployed for all uses and solutions for the global community we live and work in.
Blockchain education 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” consists of a group of these transactions. Two important properties created by blockchain as a result of these transactions are.
- Transparency – data is embedded within the network as a whole and by definition it is public.
- 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: A network of nodes
A network of computing “nodes” make up the blockchain.
A computer connected to the blockchain network using a client that performs the task of validating and relaying transactions is a node. Each node gets a copy of the blockchain which gets downloaded automatically when 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.
As an “administrator” of the blockchain, each node joins the network voluntarily thus making the network decentralized. However, each node has an incentive for participating in the network by winning Bitcoins and proving proof of work. By doing so, a “minted” blockchain of information is being created and 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 was originally created as a decentralized technology.
Anything that happens within the blockchain is a function of the network as a whole. Hence, 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.
- Vital record keeping, like a land registry, is now fully public globally.
- Finally, a global network uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information current 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 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.
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 details: Enhanced security
The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. The blockchain lacks centralized points of vulnerability that computer hackers can exploit which is especially relevant to today’s needs.
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 methods of encryption. A “public key” (a long, randomly-generated string of numbers) 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:
- Printing it out and creating 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 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 could represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs has underestimated this incredible new world of blockchain.
Feel like you are missing out? So don’t fret!
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This can be a lot to take in. So we invite you to bookmark and come back for more information, or to 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.
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