To help in the world of changes, here are some blackthorn details 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.
First of all, the blocking is an incorruptible digital ledger of economic transactions that can be programmed to record not only financial transactions but virtually everything of value.
WAIT – Let’s recall that more simplified for you. Block chain Details Broken Out in Simplicity:
- The block chain is like a huge, 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 is stored and maintained by thousands of people (minors) across the globe who have “special” (high-powered and uniquely configured) computers.
- The blocks contained within the block chain are made up of all the individual transactions sent and received through the block chain. 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 identifying data on the block chain, not in any one personal system.
More blocking details and benefits to all of us:
Blockchain is a system (decentralized) to bring everyone to the highest accountability. 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 (written in error) without the consent of the parties involved.
- The block chain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
Blockchain technology is referred to and explained best by considering it Internet 3.0. (Evolution of the Internet – better – safer – truth).
The block chain 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 each person is asking, and we are here to help explain; is: What is Blockchain?
Consequently, details to what block chain is become clearer here. Due to digital information on the block chain being allowed to be distributed but not copied, it creates an endless and constantly updated and accessible database. Hence, block chain technology created the backbone of a new type of internet. This is the internet evolved to where it is better for everyone globally. 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; this is not being re-done in a new revolutionary method with block chains.
Due to recent proof of Bitcoin and the creation of block chains; Bitcoin has been called “digital gold.” This seems like it is actually a wonderful 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 block chains can fix other types of digital value.
Blockchain details do not need to be fully understood to be used by us all:
Like the internet (before block chain) or your smartphone, computer, or your car; you do not need to know how the block chain 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 block chain details even more:
In a simplified manner, picture a spreadsheet shared thousands of times across a vast network of computers. Then realize when ever a secured and validated truth of any update is processed, that this network is designed to regularly update this spreadsheet. If you can grasp this concept, you have a basic description and understanding of the block chain. Some benefits to this process and function include:
- Information held on a block chain exists as a shared, and continually validated and reconciled database.
- The block chain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- It is 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 like the internet in which it has a built-in robustness. By storing blocks of information that are identical across its network; the block chain cannot:
- Be controlled by any single entity.
- This has no single point of failure.
- Be corrupted or embezzled.
Blockchain details from the history of its Invention/Creation:
Bitcoin was first invented in 2008. Since that time, the Bitcoin block chain 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 criminal 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 block chain 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 details on being transparent and incorruptible
The block chain 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 type 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”. Therefore, here are two important properties created by block chain:
- Transparency data is embedded within the network, by definition it is public.
- It cannot be corrupted. To alter any unit of information on the block chain would mean using a huge amount of computing power to override the entire network. Something 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 block chain.
A node (a computer connected to the block chain network using a client that performs the task of validating and relaying transactions) gets a copy of the block chain, which gets downloaded automatically upon joining the block chain 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 block chain example: bitcoin.
Every node is an “administrator” of the block chain, and joins the network voluntarily (in this sense, the network is decentralized). However, each 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, and then creating the “minted” block chain of information and being rewarded a specific amount of bitcoin for the completed block in the block chain.
Just as the internet was once simply a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized industry. Hence, following the block chain it is already happening again; evolving to the next level of technology for decentralized solutions and “truth”.
There is an every growing Bitcoin-like cryptocurrency (exchangeable value tokens) already available. In addition, there is a diversity of other potential adaptations of the original block chain 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 block chain is a decentralized technology, as it was originally created.
Anything that happens within the block chain is a function of the network. 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 block chain. 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 block chain technology to jointly manage the database that records the recorded and structured transactions. Passing information up-to-date and available at all times.
Its network manages the block chain, 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 opportunities from all forms of mass collaboration this makes possible are only beginning to be investigated.
Blockchain details: Who will use the block chain?
Keep in mind; you do not need to know about the block chain for it to be fruitful 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. Therefore, the World Bank estimates that over $430 billion US in money transfers were sent in 2015.
Jobs and careers are abundant in the block chain. At the moment there is a high demand for block chain developers. This is not going to slow down. Therefore, implications for evolving into the block chain is relevant for virtually everything.
Consequently, the block chain 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 block chain cryptocurrencies became accessible to the public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin, and to store and access it along with other cryptocurrencies. We recommend OMINEX for any block chain wallet or ICO direction, need, or resource.
In addition to many objects and industries created by the block chain, this created a huge need for compliance and identification and verification. OMINEX is the leader in block chain compliant solutions and user “wallet” for cryptocurrencies.
Blockchain details: Enhanced security
The security, validation and “Truth” offered by block chain is revolutionary and necessary for total global solutions in all sectors. By storing data across its network; the block chain eliminates all the risks that come with data being held centrally.
Especially relevant to today’s needs; the block chain 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 on line. Block chain security methods use encryption technology. Therefore, Internet Security, along with almost all aspects of the Internet, have evolved with block chains.
These methods of encryption are known as public and private “keys”. A “public key” (a lengthy, randomly-generated string of numbers) is a users’ address on the block chain. Values (including Bitcoins, or any Cryptocurrency or Designed 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 block chain, 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. Like a Trezor, allow you to keep your “Public Key” and its contents as you access them from the block chain 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 block chain technology, the internet (web) benefits with a new layer of functionality.
Hence, 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 block chain, new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to know how much it has grown (becoming the 2016 numbers seem pathetic), 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 block chain technology holds great potential. Especially to optimize clearing and settlement of financial transactions. They claim it could represent global savings of up to $6 billion per year. This seems like, even Goldman Sachs has underestimated this incredible new world of block chain.
Feel like you are missing out? Do not. We have so many ways to get you involved.
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This can be a lot to take in. So we invite you to bookmark and come back for more information, or to review this information. While the information provided will only increase your appreciation for this education on the block chain, there is nothing but growth and adventure for us all to witness. Maybe you will be like the thousands of others informed by our Blog on block chain details here. Be sure to subscribe to the truth so you can be kept up to date with the new block chain program, services and fun to be had by us all.
