To be sure when I first heard about “Bitcoin” I thought this is a fad, a trend that would fizzle out. WRONG!! Certainly I did not understand the concept of BLOCKCHAIN. So here are some blockchain details and information everyone needs to know about. Also do not worry just a basic understanding is all that you need. Below are some simplified details on how cryptocurrency works and why.
First of all, the blockchain is an incorruptible accounting of economic transactions. While financial institutions use ledgers for income statements and balance sheets. This data is prone to manipulation, we have all heard the expression “cook the books”! In contrast blockchain is a digital ledger that is incorruptible as explained below.
Simplified blockchain details and information
First of all the blockchain is a global decentralized spreadsheet. By decentralization it means no one person or entity can control the information. Because all the transactions will be stored and maintained by thousands of individual people across the globe. These people (miners) track and record all purchases, trades and information continuously. So this worldwide spreadsheet will be continuously updated and stores all balances in every account.
Furthermore the blocks within the blockchain are the individual transactions sent and received through the chain. So when you access your cryptocurrency account you are seeing data on the entire chain, not in any one central system or location.
Blockchain Details, Accountability is Key!
Because no one has authority over the chain, everyone is held to the highest degree of accountability. By decentralizing this results in:
- No missing or corruption of transactions.
- Incorruptible databases.
- An end to erroneous transactions or exchanges.
- The chain guarantees the validity of a transaction. By recording and distributing it throughout the entire network.
The Evolution of a safer and more truthful Internet.
Unquestionably the technology to create blockchain is an ingenious invention! By consensus it is thought to be the brainchild of a person(s) known by the pseudonym, Satoshi Nakamoto.
Above all Blockchain technology is vitally important to the Internet because of its incorruptibility! Besides that the information on the chain is only distributed, it cannot be copied or duplicated. Hence the chain creates an endless, constantly updated and accessible database. Obviously blockchain technology has become a template for a better type of internet!! Originally created in 2008 to make Bitcoin viable. Even more the tech community is now finding immediate and potential uses for this technology. Also that is why it is being referred to as “Internet 3.0”!!!
Anyone can participate in Cryptocurrency!!
Admittedly when computers first came out we were in Awe!! Undoubtedly we did not fully understand them we just enjoyed using them! Besides that we surely did not fully comprehend how the internet worked either. Because you do not need to know how the chain works for you to use it. However a basic knowledge of this new technology will help you to understand why everyone considers it revolutionary. Also a complete understanding of this new technology 100% is not a requirement to participate in cryptocurrency!!
A distribution of the database is why blockchain is truth!
By distributing information across a vast network globally there is no central point of attack. Because sharing the information through thousands of computers continually it is validating and updating. While thousands of computers are processing this information in thousands of different locations, transparency is inevitable. Thus truth in the network. 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 chain exists as a shared, continually validated and reconciled database.
- The blockchain database isn’t stored in any single location. Which means the records it keeps are truly public and easily verifiable.
- No central version of this information exists for a hacker to corrupt.
- It is hosted by millions of computers simultaneously. This data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Durability and robustness
Blockchain technology is similar to the internet because it has a built-in robustness. Because the internet has withstood the test of time and is durable. By storing blocks of information that are identical across its network, the blockchain:
- Cannot be under the control of any single entity.
- Has no single point of failure.
- Is incorruptible to embezzlement.
Because the internet has proven to be so durable, many feel the blockchain will far exceed expectations for “robustness”!! Unquestionably this technology will continue to evolve!! As computer scientists work with this technology and develop more uses we will truly see astonishing results.
Transparent and Incorruptible
No doubt the blockchain network lives in a state of constant consensus. Because the network reconciles every transaction every 10 minutes. Even more this creates a kind of self-auditing system. Each group of transactions creates a “block”. As a result, here are two important properties created by blockchain:
- It is transparent: by embedding data within the network as a whole, by definition it is public.
- It is incorruptible. To alter any unit of information on the chain would mean using supercomputers to override the entire network. By trying to corrupt the network, it would devalue whatever you were trying to hack or “steal”. The attempt would be “moot”.
A Network of Nodes
A network of computing “nodes” make up the blockchain.
Simply put a “node” is a computer that connects to the blockchain network. Performing the task of validating and relaying transactions. When a node enters the blockchain, they become part of the network.
Thus creating a powerful second-level network; a completely different vision for how the internet can function.
Bitcoin the first blockchain example, employs “Nodes”
Because every node is an “administrator” of the blockchain. By participating in the network your incentive is “mining” Bitcoins. This is providing proof of work, creating the “minted” blockchain of information. Thereby your reward is a specific amount of bitcoins for completing a block.
No longer is the internet just a way to send “emails” and share information. No doubt it’s expansion is revolutionizing the industry; creating new jobs and massive commerce. Furthermore, as a result of blockchain we are rapidly moving into a new realm of possibilities. Surely evolving to the next level of technology based on decentralized solutions and “truth”.
Certainly the rapid growth of Bitcoin-like cryptocurrencies is astonishing. Undoubtedly other potential uses are in development. Because there is no end to the possibilities of future uses!!
Who will use the blockchain?
Undoubtedly future adaptations and applications will impact all our lives.
Currently, financial institutions are taking advantage of this technology. Because we live in a global economy now and all global transactions will be safer and more reliable.
Also jobs and careers are abundant within blockchain. Currently there is a huge demand for blockchain developers. The possibilities for this technology are endless. Therefore, evolving into the blockchain is relevant for just about everything.
Wallet an absolute must have!
Obviously having easy access to your crypto-currency required the invention of a “wallet”. Because you need a place to store your “crypto” and easy access to make purchases. We recommend OMINEX for your wallet.
Also cryptocurrency requires a need for compliance with verification and identification. OMINEX is the leader in a user compliant “wallet” for all cryptocurrencies.
Security Enhancements!
More importantly the security, validation and “Truth” blockchain offers us is necessary for global transactions. By storing data across its network; this chain eliminates all of the risks that come with data being held centrally.
No doubt today’s internet is susceptible to security problems. We all rely on the passwords to keep our records safe. Blockchain security methods use encryption technology. Therefore security will greatly improve with this technology.
Must have encryption storage
These methods of encryption are known as public and private KEYS. Your public key is a long randomly-generated string of numbers. This key is the users’ address on the blockchain. As Crypto-currency is being sent across the network it records it as belonging to that address.
Because this private key is like a password that gives its owner access to their crypto. Besides that when you store your data on the blockchain, it is incorruptible. But you must safeguard your private key to protect your crypto-currency.
Methods for safeguarding include:
- Print it out, create a paper wallet.
- Also using Cold Storage Solutions; Such as a Trezor allow you to keep your Public Key in a safe location. Another built in and secure way to access recovery points.
A second-level network
Because of blockchain technology, the internet benefits with a new layer of security and functionality.
Furthermore now users can transact directly with one another. Bitcoin transactions in 2016 averaged over $200,000 US per day. Also, see how much it has grown go here for the latest in Market Cap.
Likewise as published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize the clearing of financial transactions; claiming it could represent global savings of up to $6 Billion per year. Seems the banks appreciate this technology!
Do not miss out! Start mining and earning today!
Above all be a part of the future! Become a Miner of Crypto-currency on the blockchain in the easiest way possible. Consequently, you do not need to fully understand it or put capital at risk. You must VISIT HERE for all the details. Your computer will be safe and secure while earning crypto! SEE THE DETAILS and START RIGHT HERE. This is creating fantastic possibilities even if you don’t fully understand it.
To be sure we have covered a lot, so we invite you to bookmark this for review. While sharing just the basic concepts and details, we hope it was a boost to your confidence. Be sure to subscribe to the right so you can deep in the know!
Response Magic