What is blockchain for? That is the question of the century and one that can be answered right here. You shall find that we have compiled a lot of very useful information just to help you understand what we are talking about. Some of the details may be a little over your head yet as you read through I hope that I can help you understand better.
First thing I want to make sure you know is that blockchain is the incorruptible leader in digital ledger of economic transactions. I know that’s a lot just in the one sentence. We are going to break it all down for you.
WAIT – Let’s make that more simplified for you. Simplicity of what Blockchain is for:
- Blockchain Crypto is the biggest, global, decentralized spreadsheet.
- This really keeps track of who sends what to whom.
- Including coins or even just information
- For Coins/Cryptocurrency; it tracks what the balance of each and every account is.
- All maintained and stored by thousands of people across the globe. They have “special” (high powered and uniquely configured) computers.
- Why is it called blockchain. So every transaction represents a block throughout the chain. For example all individual transactions sent from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
- Whenever you access your Cryptocurrency Balances on Ominex.com, or any other Crypto Wallet. Or Just view your transactions on various and specific sources like etherscan.io, blockchain.info, etc.. What you are seeing is data different places, not in any one personal system.
Let’s get down to more benefits to all of us:
This system brings everyone the highest degree of accountability. Resulting in:
- Cleaner transactions meaning: no more missed or corrupted transactions.
- Taking out the human and machine factor translating as: No more corrupt or broken databases.
- Ending of fraud such as transactions or exchanges without the consent of the parties involved. Adding an extra layer of security.
- Having a secure validation protocol connecting all the systems together means that the transactions are always secure. Plus there is more than one system holding the transactions so if one goes down your information and transactions are still safe.
Internet 3.0 is the best way to explain this. None before have had this level of security.
I would say that blockchain took a lot of ingenious thoughts all come into one place to make it work properly. Plus it has evolved into something even better than before. The main question has been what is blockchain for?
Digging deeper is were things become clearer. It is similar to other digital information. It’s gathered in to one endless, updated, and accessible database. Hence, a new type of internet is born through the created technology. This particular internet has made life better for so many around the world. The tech was originally devised just for digital currency. Yet with this evolution it changed commerce as well. The New revolutionary method improved how things are done and communicated. Thus ended work being re-done.
Bitcoin only gained from everything going on as well. This new type of coin has changed things around the globe. Along with becoming known as “digital gold”. Thus taking it to a whole new level. Not only that it has also increased the digital value of other blockchains. That’s what I call a win/win..
Understanding of the process doesn’t need to be there in order to take advantage of this opportunity:
Just like so many other things. You don’t need to know everything about them before you can use them. The internet just for one example. I’m sure you used it a lot before really understanding what you where really doing. The same goes for smartphones or computers. Everything was foreign before it became normal. In other words this revolution called blockchain will soon become just another type of Crypto Currency.
More of an explanation about the database:
Let’s take this one step further to simplify this. Take a huge spreadsheet across a enormous network of computers. Also shared thousands of times. Then the vast network updates this particular spreadsheet. Grasping this concept is the best start to understanding blockchain. Benefits of this are below:
- The database is continually validated by sharing information through the blockchain therefore everything is also reconciled.
- Easily verifiable by not putting all the information in a single location. This also helps keep the records truly public.
- Thus having the information spread across several computers also makes the information incorruptible by hackers.
- At the same time being supported by millions of computers. Thus making it even more accessible to anyone.
- Transparency and Security brought to the supreme. Thus causing nothing but Truth.
Durability and Robustness
Similar to the internet, Blockchain Tech has the ultimate built-in Robustness. The blocks of information are the same across the entire network. Thus blockchain can’t be:
- Accessed and controlled by any single entity.
- There is no single point of failure.
- Skimmed from or perverted.
An Explanation of the history of its Invention/Creation:
When Bitcoin was first brought to life in 2008 the world began to change. There have been no significant disruptions to the blockchain sence this time. The only type of errors have been purely human error. Up to this point bitcoin has endeavored to make everything as error free as possible. With that being said nothing when it first comes out is without problems.
With the internet’s proven track record of more than 40 years we think our future is bright. We continually works to make this solution even better for the Global Community.
Blockchain bringing a whole new level of Transparent and incorruptible
Blockchain unlike most networks is in a constant state of consensus. Thus, every 10 mins the network is automatically checked with itself. In other words the system does a self-audit of the digital value. This makes reconciliation of the network seamless and every 10 minutes as well. Each block is considered a group. This makes the properties of blockchain:
- Transparency: All data embedded within the network is public.
- Corruption. With all the blockchains linked like they are. It would take more computing power than what is a available to override the network. Thus making this action next to impossible. We are also working to improve the security of it even more.*
*In theory, this could happen. In practice, it’s extremely unlikely. Hence, if this were to actually happen the person responsible would also be destroying the bitcoins value.
Blockchain: An organization of nodes
Blockchain is made up of an organization of computing “nodes”.
To put nodes into normal terms. I is a collection of blockchain connected to a computer validating and relaying transactions. Once a computer has joined the organization it connects and downloads information automatically.
When you put everything together they create an amazing second-Level network. With this level it makes a different version of the internet so function is increased.
Putting The first blockchain and Nodes together with bitcoin
In order for the network to stay decentralized every node is an “administrator” of the blockchain. Yet they have to join the network voluntarily. Although there is also incentive to becoming a voluntary member of the network. One of which is the chance to win bitcoins for solves and other solutions. Also providing proof of work or stack and creating blockchain information. All the While earning bitcoin rewards just for completing block in the chain.
The internet grew from just sharing “emails” and information to massive revolutionized industry including commerce and jobs. The same is already happening with blockchain. It is evolving upward to the next level of technology. All done through the decentralized solutions and good old fashion “truth”.
Currently the cryptocurrencies have evolved as well. Besides just having bitcoin there are now hundreds of different ones that you can get involved with. Plus with no barriers the uses and solutions will soon become a part of our everyday lives and more so in the advancing future.
Making the idea of decentralization a reality.
As originally created and based blockchain is decentralized technology.
What to hear something amazing? Whenever anything happens in the blockchain. It is a function of the network as a whole. Therefore some very important implications are realized:
- This bright and shiny new way to verify transactions is going to put an end to some aspects of traditional commerce.
- With the blockchain, Cryptocurrency and ICO/Token trades happen almost simultaneous. Creating a true 24/7/365 operation of trade. Which means we can go GLOBAL with no market closing or opening.
- Fully Public Vital records.
- Information at your fingertips. The global network of computers jointly managing the database of recorded and structured transactions. Truly 24/7.
All of this really means that there isn’t one central authority. Everything is managed through the network. Making it truly decentralized. Thus creating “truth” and possibility through mass collaboration. Also making the possibilities even bigger than ever before.
Who will blockchain be useful to?
Even though you might not know it know blockchain is going to come into your life in a very useful way. With everything being enhanced by computers and the knowledge of how to use their functions.
Currently, blockchain is revolutionizing the way the world trades and pays. This has completely taking over so many of the ways we do things around the world. It is also go to take logistics to a place we haven’t had before. That’s trust.
Unlike a lot of computer based programs. Blockchain is actually creating jobs and careers. It’s not slowing down either. Taking this to the next level.
With blockchain having everything as public there is no middleman. Therefore the one on one is the new method for generating and creating upgraded monetary gains and get growing.
When you think about it we term things the same both in and off the computer. Case and point: The “wallet” was created so that people had access to finances and blockchain cryptocurrencies at the same time. This also opened up to the general public at the same time. I would recommend you go here for the “wallet” of choice.
Along side all the changes that were happening due to blockchain. The need to verify identity and compliance also came about. Click here to find the leader in those areas and so much more for all things crypto.
Enhancement to security with Blockchain.
We took away the risks associated with data held centrally. Now we have to make it even more secure. The global solutions require validation and “truth” in there dealings and that’s what we offer through blockchains revolutionary system.
Computer hackers love to exploit centralized points. The vulnerability is almost impossible to shore up. With Blockchain we have met the needs of today and made it relevant for the future.
In the past we relied heavily on the “username/password” system to protect us. Those are proving unreliable and easy to break. With blockchains security methods we use encryption technology. As the internet evolves with the introduction of blockchain so do the systems we use to keep the internet safe.
The encryption technology above is also known as public and private “keys”. Public keys are exactly that they show your address on the blockchain. This is also recorded so that your address is recognized (username). That means that the Private Key is similar to your password. Both together give you access to your bitcoin and other cryptocurrency. While the blockchain is incorruptible your information is only as safe as your “guard” for your private key.
Safeguarding Methods include:
- Good Old Fashion Printing. Also creates a paper wallet.
- Or you can move into the future with an online solution. Your private keys can all be kept save by going here and getting the best solution that I have found.
Blockchain brings your network to the second-level!
Blockchain has introduced a whole new level of functionality. This is going to take the world by storm.
Let’s go over some numbers. in 2016 the average number of bitcoin transactions were in the $200,000 US range per day. With blockchain taking charge those numbers have sky rocketed. We are on track to disrupt traditional institutions. So look at it like this. Either you’re on the wave of the future or watching everyone else pass you by. Don’t believe what I’m saying. Go here to see it for yourself. Tens of billions are being traded daily now.
According to Goldman Sachs in the next 10 years a majority of financial transactions will be on a blockchain. That means that everything from the way we bank to the way we pay is going to change. Be ready for the shift.
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I know it is a lot of information. It can feel like drinking from a firehose. That’s why I say take it slow. One step at a time will get you there faster than sitting still. You can even start your own adventure right here with us. We give you a lot of education and help you get up to speed on everything. Plus you can keep updated just by subscribing on the right.
