Blockchain insights and information for you on the latest cryptocurrency broken down for your understanding. Education is power. Find it here. In a world of constant change, it helps to have a place to go where you can read and gather an understanding about what you are seeking.
Blockchain is a digital ledger of transactions that can be programmed to record everything of value, from financial transactions to travel.
Here is Blockchain simplified for you:
- a global, decentralized spreadsheet (this means no Central system or authority is controlling it, ie: government)
- Keeps track of who sent what to whom (coins, tokens, information)
- it tracks what the balance of every account is with coins & cryptocurrency
- thousands of people (miners) across the world who have ‘special’ (high powered and uniquely configured) computers store and maintain it
- The blocks contained within the blockchain are made up of all the 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, you are seeing data on the Blockchain, not in any one personal system
Blockchain insights and benefits for us all:
- decentralized system which means the highest degree of accountability. As a result,
- an end to human or machine errors
- no more missed or corrupted transactions
- no more broken databases
- an end to transactions, errors, or exchanges without the party consent
- guarantees the validity of a transaction by recording it both on the main register and on a connected, distributed network of registers
- a validation protocol is in place to secure all networks
- safety is the highest concern
Blockchain technology explained further:
The blockchain is undeniably an ingenious invention. This technology is referred to and best explained by considering it another type of Internet. Remember the evolution of the internet? Better-safer-truth! The concept came from a person or group of people known by the pseudonym, Satoshi Nakamoto. However, 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?
Consequently, details to what blockchain is becoming more clear here. Due to digital information on blockchain being allowed to be distributed but not copied, it creates an endless and constantly updated and accessible database. Hence, blockchain technology created the backbone of a new type of internet. Everyone around the globe benefits from this. Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Just as we saw things change with commerce and communication on the developing, beloved Internet, is now being re-done in a new revolutionary method with blockchain.
Where does Bitcoin fit in here?
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 this). Moreover, it doesn’t stop there, as blockchains can make other types of digital value.
We do not have to know it all or fully understand it to use it!
Remember when you first got your computer, smart phone, laptop or new car? You had to read, learn and attempt to use it before figuring it all out. It is not necessary to know it all before using it. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary. See below how a Bitcoin transaction works:
A distributed database– let us explain the blockchain insights even more:
Picture a spreadsheet that is shared thousands of times across a huge network of computers. This spreadsheet regularly updates in a secure manner every time a transaction is processed. Understanding this basicdescription of blockchain will help you see its function and process. Furthermore, some benefits include:
- secured, validated database continually shares and reconciles all information
- One single location does not store the blockchain database
- public and easily verifiable record keeping
- no centralized version of this information exists for a hacker to corrupt
- millions of computers simultaneously host this information
- its data is available and accessible to anyone on the Internet
- ultimate security and transparency= truth
Blockchain insights: Durability and robustness
Blockchain technology is similar to the internet because it has a built-in toughness. Most relevant is that blockchain stores blocks of information that are identical across the network. Therefore:
- No single entity can control it
- has no single point of failure
- corruption or embezzlement are impossible
Blockchain insights about its history and creation in 2008:
Since 2008, Bitcoin blockchain has operated without significant disruption. To date, the only problems associated with Bitcoin have come from intentional human error, not flaws in the underlying process. The internet, which has proven durable for well over 40 years shows how our world needs continued and improved technology. Furthermore, the global community we all live and work in needs and deserves solutions for our future.
Blockchain insights on being transparent and incorruptible:
The Blockchain network is one constant consensus. It automatically checks in with itself every ten minutes. This is like a self-auditing ecosystem of digital value. The network reconciles every transaction that happens within ten minute intervals. As a result, here are two important properties which Blockchain created for these blocks:
1.) The network embeds transparency within the network as a whole. Therefore, Data is public.
2.) Corruption is impossible. To alter any unit of information on the Blockchain, would mean using a huge amount of computing power to override the entire network. Consequently, this possibility is becoming a larger barrier all the time.
Blockchain details: a network of nodes:
A network of ‘nodes’ make up the Blockchain. What is a node? A node is someone who mines bitcoin. Every node or miner in the decentralized system has a copy of the blockchain. Everyone is trusted equally. Transactions are broadcast to the network using software. Every node gets a copy of the blockchain, which gets downloaded automatically when you join the blockchain network.
Together they create a powerful second-level network. This is a whole different vision for how the internet can function.
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, the World Bank estimates that over $430 billion of 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.
Feel like you are missing out? Do not. We have so many ways to get you involved.
- Become a smart miner of cryptocurrency in the easiest way possible
- Visit here to see details on how to securely use your computers when you are not using them. You can make money literally while you are asleep.
- This is an easy way to earn free Bitcoin
- Create the possibility of becoming a millionaire, without even fully understanding it
- Build your financial future by mining bitcoin
- Bookmark this site for additional information