Blockchain A-Z Breakdown made easy to understand. First of all, the blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
How all this can Benefit you or myself?
The Block chains is a system (decentralized) to bring everyone to the highest degree of accountability. Resulting in:
People of all kinds are able to secure their assets without a Government Agency having or taking control of it. Pretty cool, huh. So this is very huge and important for people that come from other countries than just the United States. Why? Because most don’t have bank accounts, or savings account even inheritance the governments have seized from them.
Furthermore, this allows all transactions to go through a Block chain or a community of like minded individuals with crypto-currency. Each transaction is able to be viewed by as many computers. So, it’s verifiable on a spreadsheet without being controlled by the government.
Block –Chain A-Z Breakdown
Future wow, it is something else. Check out this Crypto it hasn’t even launched yet. Be one of the first click here and join. Also, these items below all in the favor of the little guy:
- 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
block –chain guarantees the validity of a transaction by recording it not only on one mainregister but on a connected distributed network of registers. All of which connect through a secure validation protocol.
( Evolution of the Internet – better – safer – truth).
The blockchain is an undeniably ingenious invention – by one man that belongs to a group of people known as the Pseudonym, his name is Satoshi Nakamoto, who is the brilliant mind behind blockchain. But since then, it has evolved into something greater, and the main question every single person is asking, and I am here to help explain; is: What is Blockchain?
Consequently, the Blockchain details will become more clear here. Due to digital information on any one blockchain being allowed to be distributed but not copied, it creates an endless and constantly updated and accessible database to nearly anyone who knows how to access them through the internet. Blockchain technology created the backbone of a new type of internet. This is the internet evolved to where it is better for everyone globally. Originally it was created to be used as our new form of digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happening with the Internet changing commerce and how things are being done and communicated; is now being re-done with a new revolutionary method, which is blockchain.
Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.” Since cryptocurrency has become so popular and is said to be the futures way of currency, it is well on its way to being proven to being 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 have the ability to make other types of digital value as well. We now have more.
All the
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 is considered revolutionary.
You can download this program and start mining for free. All the cryptocurrency is stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers. (Become a sub miner with Computta (FOR FREE). Where everything is given to you at no cost.)
A distributed database – let us explain the block-chain details even more:
This network is designed to regularly update this spreadsheet. If you can grasp this concept, you have a basic description and understanding of
- 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 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.
Block-Chain A-Z Breakthdetails on the history of Its Inventor/Creator:
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 mismanagement or no knowledge behind the miners. In other words, these problems come from lack of knowledge about blockchain which has caused the human errors, not flaws in the underlying concepts.)
The internet itself has proven to be durable for well over 40 years. Forty years of proven success through the internet is plenty of history to prove that the blockchain technology will as well be successful as it continues to be developed and deployed for all uses and solutions for the Global Community we all live and work in.
Blockchains A-Z Breakdown Transparency and Incorruptibility:
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. Which makes this system a self-auditing ecosystem of a digital value. Due to how the network reconciles every transaction that happens within ten-minute intervals. Then, it takes that group of reconciled transactions and creates what we call a “block”. As a result, here are two important properties created by blockchain:
- Transparency data is embedded within the network as a whole, by definition it is public.
- It cannot be corrupted. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.*
Blockchain details: The idea of decentralization
The blockchain is a decentralized technology, as it was originally created.
Anything that happens within the blockchain is a function of the network as a whole. 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 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.
The blockchain is 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, this creates “truth” and the possibilities from all forms of mass collaboration this makes possible are just beginning 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. International remittances, for instance. As a result, the World Bank estimates that over $430 billion 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.
Continued Block-Chain A-Z Breakdown…
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.
Block-Chain A-Z Breakdown and 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 being held centrally.
Especially relevant to today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit.
- 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.
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.
Feel like you are missing out? Do not. We have so many ways to get you involved.
*In theory, this could be possible. In practice, it’s unlikely to happen. In a nutshell, if one did take control of the system to capture Bitcoins, for instance, it would also have the effect of destroying the entire value of those Bitcoins.
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