Basic Blockchain Technology Education
First of all, the Blockchain is an Incorruptible Digital Ledger of Economic Transactions. These transactions can be programmed to record not just financial transactions, but virtually everything and anything of value!
Ok – So Maybe That Isn’t Entirely Clear…..Let’s Simplify It A Bit More.
- The Blockchain is a huge, global, decentralized spreadsheet. (Decentralized: no one system is the “Central” authority)
- It keeps track of who sent how many coins/tokens/information sets to whom.
- It tracks the balance of every account.
- This decentralized spreadsheet is stored and maintained by thousands of people (miners) across the world.
- The blocks contained within the Blockchain are made up of all the individual transactions sent and received through the Blockchain.
- When you access your Cryptocurrency Balances on Ominex.com (or any other Blockchain Wallet), you will be seeing data on the Blockchain, and not in
any one personal system.
Blockchain’s Decentralized System Brings Everyone to the Highest Degree of Accountability.
In other words, NO CHEATING, STEALING, OR CORRUPTION.
- No more missed or corrupted transactions
- An end to human or machine errors, and no more broken databases
- No transactions or exchanges without the consent of the parties involved
- The Blockchain GUARANTEES the validity of a transaction, by recording it on a connected distributed network of registers.
Blockchain Technology is referred to as the Internet 3.0. (Evolution of the Internet – better – safer – truth).
Blockchain is the brainchild of an unknown person, or group of people, known by the pseudonym, Satoshi Nakamoto. Because the digital information on Blockchain is permitted to be distributed (but not copied), it creates a continuously updated database. Therefore, Blockchain Technology has created the basis for a new type of internet. Originally devised for the digital currency Bitcoin, the tech community is now finding other uses for it.
We have already experienced major changes in commerce through the use of the internet. Now we will see all of that redone through a revolutionary new method called BLOCKCHAIN.
Bitcoin (one of many forms of Cryptocurrency) has been nicknamed “Internet Gold”. This has turned out to be a very good name for it, as it has proven to be just that!
Remember – all of the intricate details of Blockchain Technology do not need to be fully understood in order to benefit you.
This is great news, isn’t it? Like the internet (prior to Blockchain), or many of the other things you utilize on a daily basis, you do not need to fully understand how the Blockchain works in order to use it, but having a basic understanding of it will prove useful.Blockchain Technology 101
Picture a spreadsheet that is shared thousands of times across a vast network of computers. Whenever a secured and validated truth of any update is processed, the network is designed to regularly update the spreadsheet.
If you can grasp this concept, you have a basic description and understanding of Blockchain.
Some benefits to this process 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. Because of this, the records it keeps are public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- It is hosted by millions of computers simultaneously, and its data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
By storing blocks of information that are identical across its network, the Blockchain cannot be controlled by any single entity. Thus, it cannot be corrupted or embezzled.
Blockchain Technology Education from the History of its Creation
Bitcoin was first invented in 2008. Since that time, the Bitcoin Blockchain has operated without significant disruption.
The Blockchain network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions is referred to as a “block”. As a result, there are two important properties created by Blockchain:
- Transparency data is embedded within the network as a whole, meaning 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. This is something that is virtually impossible, and constantly becoming a larger and larger barrier.
A Network of Computing “Nodes” Make up the Blockchain
A Node is a computer that is connected to the Blockchain Network. It uses a client to perform the task of validating and relaying transactions. The Node gets a copy of the Blockchain, which is then downloaded automatically upon joining the Blockchain Network. Together they create a powerful second-level network, and a completely different vision of 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: proving proof of work, and then creating the “minted” Blockchain of information, thus being rewarded a specific amount of Bitcoins for the completed block in the Blockchain.
You can compare this to the way the internet was once only a way to share “emails” and information; but eventually grew into massive commerce, jobs, and revolutionized industry.
As a result of Blockchain, it is happening again – evolving to the next level of technology, based on decentralized solutions and “truth”.
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.
- 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 is used to record the 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 further define, “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis, and thereby creating “truth”.
So – Just Who Will Use Blockchain?
Most individuals don’t entirely understand the intricate details of their computer – and so it will be the same with Blockchain. We can still use and benefit from what we don’t entirely understand. Jobs and Careers are abundant in the Blockchain. We are already seeing a high demand for Blockchain developers. This is not going to slow down. Implications for evolving into the Blockchain are relevant for virtually everything.
Blockchain Basically Cuts Out the Middleman For All Types of Transactions.
The public was given access to the use of Blockchain Cryptocurrencies with the invention of the “wallet” applications. Cryptocurrency “Wallets” were first used by people to purchase items with cryptocurrency. We highly recommend OMINEX for any Blockchain wallet. OMINEX is the leader in Blockchain compliant solutions and user “wallet” for cryptocurrencies.
Enhanced Security of Blockchain Technology
The security, validation and “Truth” offered by Blockchain is revolutionary – and necessary – for total global solutions. 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.
Today’s internet contains 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. These methods of encryption are known as public and private “keys”. A “public key” (a long, randomly-generated string of numbers) is a user’s address on the Blockchain.
Values (such as Bitcoins, or any Cryptocurrency) 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, or Cryptocurrency. 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:
- Printing it out, creating what’s referred to as a paper wallet.
- Cold Storage Solutions, such as a Trezor, allow you to keep your “Public Key” and its contents in a safe location with built in and secure recovery points.
With Blockchain Technology, the Internet Benefits With a New Layer of Functionality.
Blockchain users can transact directly with one another. Bitcoin transactions in 2016 averaged over $200,000 per day. With the added security brought on by the Blockchain, new internet businesses are on track to completely disrupt the traditional institutions of finance! Additionally, if you want to see how much it has grown, go here for the latest in Market Cap (This will show you the hundreds of billions being traded in Bitcoin.)
As published in 2017; Goldman Sachs believes that Blockchain Technology holds fantastic potential. They claim it could represent global savings of up to $6 Billion per year. It now appears that even Goldman Sachs has underestimated this incredible new world of Blockchain!
If Anything You’ve Learned Here So Far Intrigues You, Please Read On!
If you would like to benefit from this massive thing called Blockchain, you can now become a miner of Cryptocurrency on the Blockchain Network.
Remember, you do not need to fully understand all of it in order to benefit from it! VISIT HERE for the details on how you can safely and securely use your own computers to benefit and earn BTC. This is creating the possibility of millionaires among even the simplest of people. This is very real, and it really works – whether or not you completely understand it!
You will want to visit this page often to read and review the latest information on the Blockchain Network. We know that it is a lot of technical information, so we will be providing additional explanations of this amazing technology.
We hope that you will sign up at the right to receive e-mails to alert you of other offers and additional information on the Blockchain Network as they become available.