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To help in the world of changes, here are some blockchain education and information everyone needs to know about.  We have compiled some useful information to help you get up to speed.  And do not fret, an understanding will suffice, the details are for those that want more.

The blockchain is an incorruptible digital recorder or ledger of economic transactions.Making it not just a program to record not just financial transactions but virtually everything that is of value. This could be the end of identity theft!!!

WAIT – Let’s make that more simplified for you.  Blockchain Details Broken Out in Simplicity:

• The blockchain is like a huge, global, decentralized 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.
• Maintained by thousands of people with special computers.
• The blocks in blockchains made up of individual transactions sent and received through the blockchain.  In addition, 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 a system to bring everyone to the highest degree of accountability. Resulting in:

• No more missed or corrupted transactions.
• The blocks in blockchains made up of all the individual transactions sent and received through the blockchain.
• The blockchain guarantees the Legitimacy of a transaction. It is recorded not only on a main register but on a connected and distributed network of registers.  All of which connect through a secure validation protocol.
• No more missed or corrupted transactions.

Blockchain technology referred to and explained best by considering it Internet 3.0.  (Evolution of the Internet – better – safer – truth).

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. What is Blockchain? and we are here to help explain.

Consequently, details to what blockchain become 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. Originally devised for the digital currency, 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 and communicated; is not being re-done in a new revolutionary method with blockchain. This is the internet evolved to where it is better for everyone globally. Hence, blockchain technology created the backbone of a new type of internet.

Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.  (To date, the total value of the currency is close to $350 billion US. (probably far more by the time this is read).  Seems like it is actually a great name for it; as it has proven to be just that. And it doesn’t stop there, as blockchains can make other types of digital value.

Blockchain details do not need to be fully understood to be used by us all:

Like the internet (before blockchain) or your car, computers and last but not least the smartphone; you do not need to know how the blockchain works for you to use it. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary.

A distributed database – let us explain the blockchain details even more:

In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. And it doesn’t stop there, as blockchains can make other types of digital value. Then realize that whenever a secured and validated truth of any update is processed, that this network is designed to regularly update this spreadsheet. Some benefits to this process and function include:

• No centralized version of this information exists for a hacker to corrupt.
•  And it doesn’t stop there, as blockchains can make other types of digital value. Information held on a blockchain exists as a shared, and continually validated and reconciled database.
• It is Hosted by millions of computers simultaneously, its 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:

1. Be controlled by any single entity.
2. Has no single point of failure.
3. Be corrupted or embezzled.

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.  This is a track record that bodes well for blockchain technology as it continues to be developed and deployed for all uses and solutions for the Global Community we all 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.  The network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions is referred to as “block”. This is a kind of self-auditing ecosystem of a digital value. Likewise, here are two important properties with blockchain:

1. Transparency data embedded within the network as a whole, by definition goes public.
2. Incorruptible. Altering units of information on the blockchain would mean a huge amount of computing power to override the network. Something that is virtually impossible and 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.

Together they create a powerful second-level network and a wholly different vision for how the internet can function.

Nodes and their role in the first blockchain example: bitcoin.

Every node an “administrator” of the blockchain, and joins the network voluntarily (in this sense, the network decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins (competing to solve and be verifying the solution), proving proof of work, and then creating the “minted” blockchain of information and rewarding 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 a decentralized technology, as originally created.

Anything that happens within the blockchain is a function of the network as a whole. Hence, some important implications 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.  Global.
• 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 the recorded and structured transactions. Making information up-to-date and available at all times.

Blockchains 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, creating “truth” and the possibilities from all forms of mass collaboration makes possible begin 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.

Currently, finance offers the strongest use cases for the technology. For instance International remittances. As a result, the World Bank estimates that over $430 billion US in money transfers 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.

Blockchain details: Enhanced 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 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 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.  Furthermore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.

Methods of encryption known as public and private “keys”. A “public key” ( long, randomly-generated string of numbers) a users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency or Designed Variable) sent across the network 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, 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.

Bitcoin, users can do transactions directly with one another which makes it easier for them to be able to make these transactions.  In 2016 the average Bitcoin transactions averaged over $200,000 US per day. Uniquely the added security brought by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance.  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. 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?    

Want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain in the easiest manner possible. You do not need to fully understand being a miner or put your own capital at risk. VISIT HERE for the details on how you can safely and securely use your Computers (when you are not using them and they would be otherwise idle) to benefit and earn BTC (though you will be part of mining the most productive forms of 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.  And it is real. This works without you fully understand it.

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