The Blockchain is a new and exciting technology. We are living in a world of change, and in the coming days, weeks and months we are going to see a lot of change. The world of the internet is experiencing great change, with the introduction of the this new system. We have compiled some useful information to help you get up to speed. This can all be a little confusing. No need to worry though. All you need is a basic understanding of this new system. You can leave the details to those who really want to dive into it.
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not only financial transactions but also virtually everything of value.
Central authority no longer exists with this decentralized system. The blockchain keeps track of who sent how many coins/tokens/and information to whom. In regard to coins/cryptocurrency, it keeps track of what the balance of every account is. Thousands of computers across the world, known as miners, store this information and update it every 10 minutes. These 10 minute periods are called “blocks”.
Missed or corrupt transactions no longer exists. An end has been put to human or machine errors, as well as transactions made in error. The blockchain guarantees that every transaction is completely accurate, because it is stored on an entire network of computers. This guarantees that no one can get in and change information in a computer.
Creators of blockchain
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 exactly what the blockchain is.
Digital information on the blockchain is distributed among a network of computers, but cannot be copied. It is constantly updated every 10 minutes showing all the new transactions.
The original use of blockchain
This new system was originally devised for the digital currency, Bitcoin. However, the tech community is now finding immediate and potential uses for the technology. We saw this happen when the internet changed commerce, as well as how we communicated. We are now seeing the internet change again in the new revolutionary method with blockchain.
Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.” It 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. dollars (probably far more by the time this is read). And it doesn’t stop there, as blockchains can make other types of digital value.
Another Advance in Technology
When the internet was first brought to the public, we didn’t understand it. The same is true when other new technologies were brought to the public, such as your smartphone, computers, or your car. We did not fully understand how it worked, but we were able to use it. The same is true for the blockchain technology. We can use it, even though we don’t fully understand it. Just a basic understanding is all you need.
To help understand this new technology even better, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that when a transaction is made on any computer it is updated on this spreadsheet. The spreadsheet updates every 10 minutes. If you can understand that basic concept, then you have a general idea how this system works..
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 this new technology as it continues to be developed, and deployed for all uses and solutions for the Global Community we all live and work in.
Security of the blockchain
The blockchain network lives in a state of constant consensus. It automatically checks in with itself every ten minutes. 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. First, all 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.
The use of “nodes”
The individual computers that connect into the network making up the blockchain are called “nodes”. These computers perform the task of validating and relaying transactions to other “nodes” in the network. When an individual who has a computer joins the network, the blockchain is automatically downloaded onto your computer. Your computer then becomes a Node.
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 incentive for joining the network is the chance of winning Bitcoins. Your computer, node, processes and validates transactions proving proof of work, and then creates the “minted” blockchain of information. You are then rewarded a specific amount of bitcoins for the completed block in the blockchain.
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”
Blockchain and cryptocurrencies
There are an ever 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 in the future
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. This system operates 24/7/365 with no market opening or closing. Vital record keeping, like a land registry, is now fully public. A global network of computers uses this 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.
Keep in mind; you do not need to fully understand this system 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, the World Bank estimates that over $430 billion US in money transfers were sent in 2015.
Jobs and blockchain
Jobs and Careers are abundant in this system. At the moment there is a high demand for blockchain developers. This is not going to slow down.
Consequently, the this new network 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.
Storing and managing cryptocurrencies
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 this system, this created a huge need for compliance and identification and verification. OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
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; this system eliminates all of the risks that come with data being held centrally.
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.
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 this network, 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, creating what’s referred 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. Go HERE to order one today.
A second-level network
With this new 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 this new n 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 dollars per year. It’s possible that even Goldman Sachs has underestimated this incredible new world of blockchain.
Joining the Blockchain
Feel like you are missing out? Do not. We have so many ways to get you involved.
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 to make money mining bitcoin. (This program will only run on your computer when you are not using it. It has been tested and retested to make sure it contains no virius or anything else that might harm your computer.) By signing up for free to mine bitcoin, you will become a part of mining the most highly valued 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.
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. Maybe you will be like the thousands of others informed by our Blog on blockchain details here. Subscribe to the right so you can be kept up to date with the new blockchain program, as well as internet offers and deals we find that we think you might enjoy.
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