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

What is Blockchain Technology you ask? Simply put, Blockchain a cloud-based decentralized database which automatically records all transactions and keeps them forever for everyone to see.

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

• The blockchain a vast, global, decentralized (meaning no one system is the “Central” authority) 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.
• It stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers.
• The blocks contained within the blockchain made up of all the individual transactions sent and received through the blockchain.  For example, all single 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 see data on the blockchain, not in any one personal system.

More blockchain features and Benefits to all of us:

The blockchain method (decentralized) to bring everyone to the highest degree of accountability.  The blockchain 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.

Resulting in:

• No more missed or corrupted transactions.
• 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 involved.
• The blockchain guarantees the validity of a transaction by recording it not only on the main register but a connected distributed network of registers.  All of which connect through a secure validation protocol.

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 more significant, and the main question every single person is asking, and we are here to help explain; is: What is Blockchain?

Consequently, details of what blockchain becomes are more evident here.  Due to digital information on blockchain being allowed to distribute but not copied, it creates an endless and continuously updated and accessible database.  Hence, blockchain technology built the backbone of a new type of internet.  The internet has evolved to where it is better for everyone globally. Initially devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happens 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.

Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $80 billion US. However, blockchains can create other types of digital value, and like the internet (or your car), you don’t need to know how the blockchain works to use it.

Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.”  It seems like it is an excellent 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 this is read).  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 smartphone, computers, or your car; 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 considered revolutionary.

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

In a simplified manner, picture a spreadsheet that shared thousands of times across a vast network of computers. Then realize that whenever a secured and validated truth of any update process, that this new network designed to update this spreadsheet regularly.  If you can grasp this concept, you have a basic description and understanding of blockchain.  Some benefits of this process and function include:

• Information held on a blockchain exists as a shared, and continually validated and reconciled database.
• The blockchain database isn’t stored in any single location, meaning the records it keeps are genuinely public and easily verifiable.
• No centralized version of this information exists for a hacker to corrupt.
• Hosted by millions of computers simultaneously; 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 built-in robustness. By storing blocks of information that are identical across its network; the blockchain cannot be:

1. Controlled by any single entity.
2. No single point of failure.
3. Corrupted or embezzled.

Blockchain details from the history of its Invention/Creation:

Bitcoin 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 issues come from lousy 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 continued to develop and expanded for all uses and solutions for the Global Community we all live and work.

Blockchain details on being Transparent and incorruptible

The blockchain network lives in a state of constant consensus.  Accordingly, 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 regulates every transaction that happens within ten-minute intervals. Each group of these transactions referred to as a “block.” As a result, there are two critical properties created by blockchain:

1. Transparency data embedded within the network as a whole, by definition it is public.
2. It cannot be corrupted. Altering any unit of information on the blockchain would mean using a considerable amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier continually.*

*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 analysis: A network of nodes

A network of computing “nodes” make up the blockchain.

Together they create a robust 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 (in this sense, the network is decentralized). However, each one has an incentive for participating in the network.  The chance of winning Bitcoins (competing to solve and be verified as the solution), proving proof of work.  Then creating the “minted” blockchain of knowledge and being rewarded 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 an 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. Also, there is a full range of other potential adaptations of the original blockchain concept that is currently active, or in development. Because there are 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: 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 strong use cases for the technology. International remittances, for instance. 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 further 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 wallets 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 vast 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 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.  Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.

The methods of encryption 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) sent across the network and then recorded as belonging to that address. The “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrencies, 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:

• Keep a paper copy of your wallet by printing it out
• 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.

All 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 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 traded in Bitcoin)

As published in 2017; Goldman Sachs believes blockchain technology holds great potential which is to optimize clearing and settlements of financial transactions primarily.  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 the blockchain.

Feel like you are missing out?  Do not.  There are many ways you can get involved.

Want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain in the most straightforward manner possible. Consequently, you do not need to understand it or put capital at risk entirely. VISIT HEREfor 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 among even the most straightforward and non-understanding of us out there. It is real, and this works whether or not you fully understand the blockchain.

This information is a lot to take in.  We invite you to Bookmark this page and check back often for the most up to date information.  You will have an appreciation for education found here on the blockchain as progress moves us into the future.  Maybe you will be like the thousands of others informed by our Blog on blockchain details here.  Be sure to subscribe to the right and keep up to date with the new blockchain knowledge, programs, services, and fun we all have.