To help in the world of change, here are some blockchain details and information everyone needs to know. We have put together some useful information to help you get up to speed.
First of all, the blockchain is a trustworthy digital ledger of economic transactions that is programmable to record not just financial transactions but virtually everything of value.
WAIT – To simplify: Blockchain Details Broken Down:
- The blockchain is like a huge, global, decentralize (meaning no one system is the “Central” authority) spreadsheet.
- It keeps track of who sent how many coins/tokens/information to whom.
- In the case of Coins/Cryptocurrency; it tracks the balance of every account.
- Thousands of people (miners) store and maintain it across the globe who have “special” (highly powerful and unique configuration) computers.
- The blocks within the blockchain are made up of all the individual transactions 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 Details and Benefits to all of us:
Blockchain is a system bringing everyone to the highest degree of accountability. Resulting in:
- No unsafe transactions, and you’ll miss nothing.
- 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 it involves.
- Furthermore, it guarantees the validity of a transaction by recording it. All of which connect through a secure validation protocol.
Blockchain technology: Evolution of the Internet – better – safer – truth.
It 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 become something greater.
Therefore, details to what blockchain is become more clear here. Due to digital information on blockchain it allows it to distribute but not copy. So, blockchain technology creates the backbone of a new type of internet. This internet evolution is better for everyone globally. Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happen with the Internet changing commerce and how things are being done; is not being re-done in a new revolutionary method with blockchain.
Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.” 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. (probably far more by the time you read through this page). And it doesn’t stop there, as blockchains can make other types of digital value.
Details, it isn’t necessary to fully understand it to use it:
Like the internet or your smartphone, computers, or your car; you do not need to know how the this system works for you to use it. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary.
Let us explain the details even more:
To make it easier, picture a spreadsheet that we share thousands of times across a vast network of computers. This 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:
- No single location stores the database, meaning the records it keeps are truly public and easily verifiable.
- No central version of this information exists for a hacker to corrupt.
- Millions of computers simultaneously host and its data is accessible to anyone on the internet.
- 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;
- Not one single entity controls it
- It has no single point of failure.
- It cannot be corrupt.
Blockchain details from the history of its Invention/Creation:
Bitcoin first came about in 2008. Since that time, there have been no significant disruptions in the Bitcoin blockchain operation. (To date, any of the problems 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 develops, and deploys new uses and solutions for the Global Community we all live and work in.
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 referred to as a “block”. As a result, here are two important properties created by blockchain:
- Transparency data; embed within the network as a whole, by definition it is public.
- NO corruption. 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.
Node (a computer connection to the network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which will download 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. However, each one has an incentive for participating in the network: the chance of winning Bitcoins (competing to solve and verify the solution), proving proof of work, and then creating the “minted” blockchain of information and the reward of 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, then grew into massive commerce and jobs, thus revolutionizing the industry. Hence, as a result of blockchain it is already happening again; evolving to the next level of technology based on decentralize solutions and “truth”.
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 no barriers; the uses and deployment of solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future.
More details: The idea of decentralization
The blockchain is decentralize 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.
- 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 transactions. Making information up-to-date and available at all times.
The network manages its own 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 the investigation.
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, 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. Therefore 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. Our recommendation for any blockchain wallet or ICO direction, need or resource is OMINEX.
In addition to many things and industries that came about because of the blockchain, this also creates a huge need for compliance and identification and verification. OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
Enhancement of 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 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 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, 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 Design 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:
- 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 points. Click on the Image to order one today.
A second-level network
With blockchain technology, the internet (web) benefits with a new layer of functionality.
As as result, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. With additional 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)
From a 2017 publication; Goldman Sachs believe 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 were unsure of the incredible new world of blockchain.
Feel like you are missing out? Do not. We have so many ways to get you involved.
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