BLOCKCHAIN EDUCATION

The blockchain is an incorruptible digital ledger of economic transactions.  These can be programmed to record not just financial transactions but virtually everything of value.  Following is the basic compilation of blockchain education and information  EVERYONE needs to know n. However, included are additional details for those who have a need for greater understanding.

WAIT – Let’s Simplify That

Simply stated:

• The blockchain is like a huge, global, decentralized spreadsheet.
• It keeps track of who sent how many coins/tokens/information sets and to whom.
• In the case of Coins/Cryptocurrency, it tracks the balance of every account.
• The blockchain is stored and maintained by thousands of people.  Known across the globe as miners, they have high powered and uniquely configured computers.
• The blocks contained within the blockchain are made up of all the individual transactions sent and received through the blockchain.
• You can access your Cryptocurrency Balances on Ominex.com, or any other Blockchain Wallet.  Transactions can be viewed on various and specific sources like etherscan .io, blockchain.info, etc.   In these cases, you are seeing data on the blockchain, not in any one personal system.

More Blockchain Education 

Blockchain is a decentralized system bringing everyone to the highest degree of accountability. This results 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.
• A guarantee by the blockchain of the validity of a transaction by recording it,  not only on a main register but on a connected distributed network of registers.

Blockchain Technology 

Blockchain technology is referred to and is best explained by considering it Internet 3.0.  The blockchain is an undeniably ingenious invention.  It is the brainchild of a person or group of people known by the pseudonym  Satoshi Nakamoto.   Since its inception, it has evolved into something greater.  The main question every single person is asking is: What is Blockchain?  Our purpose here is to answer that question.

Details regarding blockchain become clearer here.  Digital information may be distributed but not copied on blockchain.  It creates an endless and constantly updated and accessible database.  Hence, blockchain technology creates the backbone of a new type of internet.  This internet has evolved to a point where it is better for everyone globally. Originally devised for the digital currency Bitcoin, the tech community is now finding more immediate and potential uses for the technology.

Bitcoin has been called “digital gold.” due to the recent proof of Bitcoin and the creation of blockchain.   “Digital gold” seems a great name for it. To date, the total value of the currency is close to $350 billion US.  That value will  probably be far greater by the time this is read.  And It doesn’t stop there.   Blockchains can make other types of digital value.

Blockchain Details

Blockchain details do not need to be fully understood for us to use them.  Like the internet before blockchain , you do not need to know how the blockchain works.. However having a basic knowledge of this new technology helps you understand why it is considered revolutionary.

In a simplified manner, picture a spreadsheet shared thousands of times across a vast network of computers. This network is designed to regularly update this spreadsheet.  When you grasp this concept, you have a basic description and understanding of blockchain.  Some benefits to this process and function include:

• Information held on a blockchain that exists as a shared and continually validated and reconciled database.
• The blockchain database, which isn’t stored in any single location.  That means its records are truly public and easily verifiable.
• No centralized version of this information.  Therefore it cannot be corrupted by a hacker..
• Hosting by millions of computers simultaneously, allowing its data to be 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 be controlled by any single entity.  It cannot have a single point of failure nor can it be corrupted or embezzled.

Blockchain Education: History of its Invention/Creation

Bitcoin was first invented in 2008. Since then, the Bitcoin blockchain has operated without significant disruption. To date, any of the problems associated with Bitcoin are the result of 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.  Logically then, blockchain technology has a positive future.

Blockchain Education: Transparent and Incorruptible

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

1. Transparency data embedded within the network as a whole is, by definition,  public.
2. It Cannot Be Corrupted.                                                                                                                                                     

Altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.  It continues to constantly becoming a larger and larger barrier . Although virtually impossible in practice, in theory, this might be possible.  But it would also have the effect of destroying its value.

Blockchain Details: A Network of Nodes

A network of computing “nodes” make up the blockchain.  A node is a computer connected to the blockchain network.  The node uses a client who performs the task of validating and relaying transactions and gets a copy of the blockchain.  T  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 Blockchain Example: Bitcoin.

Every node is an “administrator” of the blockchain, and joins the network voluntarily. However, each one has an incentive for participating in the network:

1. The chance of winning Bitcoins by  competing to solve and be verified as the solution;
2. Proving proof of work;
3. Creating the “minted” blockchain of information;
4. Receiving a reward for a specific number of bitcoins for the completed block in the blockchain.

The internet was once just a way to share emails and information/  However it grew into massive commerce.  Hence, as a result of blockchain, the cycle is starting again, evolving to the next level of technology based on decentralized solutions and “truth”.

There are an ever-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 currently active or in development. Because there are literally no barriers, the uses and deployed solutions will become a part of our everyday lives.

Blockchain Details: The Idea of Decentralization

Originally created as a decentralized technology, the blockchain is a function of the network as a whole. Hence, the following:

• 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.
• 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. This makes information up-to-date and available at all times.

Again, decentralization means the network operates on a user-to-user (or peer-to-peer) basis.

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 are one example.

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 are relevant for virtually everything.

Consequently the blockchain potentially cuts out the middleman for all types of transactions.  Thus 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 uses “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. The blockchain lacks centralized points of vulnerability that computer hackers can exploit, a factor especially relevant to today’s needs. By storing data across its network, the blockchain eliminates all of the risks that come with data being held centrally.

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.

Public and private “keys” are the accepted methods of encryption.  A long, randomly-generated string of numbers is a “public key,” providing a users’ address on the blockchain. . The “private key” is like a password that gives its owner access to his or her 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 your private key.

Methods for safeguarding include:

• Creation of 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 benefits from a new layer of functionality. As a result, 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 businesses are on track to completely disrupt the traditional institutions of finance.  Furthermore, if you want to really see how much it has grown, go here for the latest in Market Cap.   Showing you the hundreds of Billions currently being traded in Bitcoin makes the 2016 numbers look pathetic,

As published in 2017, Goldman Sachs believes that blockchain technology holds great potential, especially to optimize clearing and settlements of financial transactions.  They claim it could represent global savings of up to $6 Billion per year. It appears as though even Goldman Sachs has underestimated this incredible new world of blockchain.

Feel Like You Are Missing Out?  Don’t. 

Want to be a part of the future?

Become a Miner of Cryptocurrency on the blockchain in the easiest manner possible. Consequently, you do not need to fully understand it or put capital at risk. VISIT HERE for the details on how you can safely and securely use your Computers to benefit and earn BTC.  When you are not using your computers, you will still 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 simplest and non-understanding of us out there.  And therefore it is real.   It works even though you don’t understand it.

This can be a lot to take in.  Therefore we invite you to bookmark and come back for more information, or even just to review this information.   Keep updated with the new blockchain program by subscribing on the right..

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