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Change is the word to describe the financial world.  One of those changes centers around Blockchain.  Here is the information you need so you can understand what blockchain is.  Do not get overwhelmed by the quantity of information.  The detailed information is for those who want a deeper understanding

First of all, the blockchain is a digital record, or ledger, of peer to peer economic transactions that is not able to be corrupted.  It records not only financial transactions, but transactions of most anything having value.  Perhaps, it is the end to identity theft?

WAIT – Let us simplify this for you. 

This is Blockchain information in simple terms:

• It records who sends how many tokens, coins, or information sets to whom.
• It is similar to a massive, global, non-centralized spreadsheet.  This means no single system is the “central” authority.
• Every account’s balance of coins or crypto is watched.
•  Thousands of miners (people) around the world have high-powered and uniquely configured (“special”) computers. They store and maintain it.
• It contains many blocks.  Each block is made up of each and every transaction transferred (sent and received) throughout the blockchain.  For example, these individual transactions are sent from places like OMINEX, Exodus, Geth, MetaMask, MyEtherWallet, Parity, Mist, etc..
• View your Crypto Balances in a Blockchain Wallet, such as Ominex.com.  Or, access your transactions on very specific resources such as blockchain.info, etherscan.io, and others. Through them, you view blockchain data.

Details and Benefits to all of us

Blockchain is a decentralized system developed to bring everyone to the highest degree of accountability.  This results in:

• No more missed or fraudulent 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 involved parties’ consent.
• The blockchain assures the validity of a transaction.  It records it not only on a main register but on a connected distributed network of registers.  The registers all connect through a secure validation protocol.

Internet 3.0 is the best description of Blockchain technology  

The blockchain is an amazing invention.  It is the brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto.  Since then, it evolved into something greater.  Let us explain the question people are investigating:  What is Blockchain?

Digital information on blockchain is shared but not copied. Hence, it creates an endless and continually updated and accessible database.  Blockchain technology created the backbone of a new type of internet.  Consequently, the internet positively evolved to benefit each person globally.  Its original creation benefited the digital currency, Bitcoin.  Now, the tech community is finding immediate and potential uses for the technology.  The blockchain method changes internet commerce and everything communicated on the internet.

Due to recent explosion of Bitcoin and the creation of blockchain; Bitcoin is called “digital gold.”  The total value of the currency to date is close to $350 billion US – probably far more by the time this is read.  However, it doesn’t stop there because blockchains makes other types of digital value.

Even if we don’t fully grasp Blockchain Details, the technology is available and useful to us

Like the internet (before blockchain), or your smartphone, computers, or car; you need not know how the blockchain works to use it.  Nonetheless, having a basic knowledge of this new technology helps you grasp why it is cutting edge.

Blockchain:  A Distributed Database

To explain in simple terms, picture a spreadsheet shared thousands of times across a vast network of computers.  Whenever a secured and validated truth of any update is processed, this network automatically updates this spreadsheet.  If you understand this concept, you have a basic description and understanding of blockchain.  There are many benefits to this process and function including, but not limited to:

• Information held on it exists as a shared, continually validated and reconciled database.
• The blockchain database isn’t stored in any single location, translated to mean, the records it keeps are legitimate, public, and easily verifiable.
• Not able be corrupted because there is no central version of this information available to hackers.
• Hosted by millions of computers at the same time; anyone on the internet has access to its data.
• Ultimate Security and Transparency.  Truth.

Durability and Robustness

Blockchain technology is similar to the internet in that it has a built-in durability.  Because it stores blocks of information that are identical across its network, it cannot:

1. Be controlled by any single entity.
2. Have any single point of failure.
3. Be corrupted or embezzled.

The History of its Invention/Creation

The invention of the Bitcoin occurred in 2008.  From that time forward, the Bitcoin blockchain operated without notable disruption.  (Any of the problems associated with Bitcoin to date are due to hacking or mismanagement.  Meaning, these problems come from bad intentions and human error, not flaws in the underlying concepts.)

The internet itself has been dependable for well over 40 years.  This track record bodes well for this technology.  This is encouraging as it continues to advance and is released for all uses and solutions for the Global Community we all live and work in.

Transparent and Incorruptible

The blockchain network lives in a state of constant unity.  Therefore, it is one constant accord that automatically audits 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 is referred to as a “block”.  As a result, here are two important properties created by blockchain:

1. Transparency data is embedded within the network as a whole, by definition it is public.
2. It cannot be corrupted. To alter any unit of information on the blockchain means using a huge amount of computing power to override the entire network.  It is almost impossible to override the entire network and it is constantly a larger and larger obstacle.*

*In theory, this could be possible.  In practice, it is unlikely to transpire. Finagling the system to capture Bitcoins, for instance, would effectively destroy their value.

A Network of Nodes

A network of computing “nodes” make up the blockchain.  A node is a computer connected to the blockchain network that uses a “client”.  The client performs the tasks of validating and relaying transactions.

Together, they create an impressive second-level network, an altogether distinct vision for how the internet performs.

Nodes and their role in the first blockchain example:  Bitcoin.

Every node is an “administrator” for the blockchain and joins the network voluntarily (in this sense, the network is decentralized).  However, each one has a motivation for engaging in the network.  That is, the chance of winning Bitcoins (competing to solve and be verified as the solution), proving proof of work, and creating the “minted” blockchain of information.  And finally, rewarded a specific amount of bitcoins for the completed block in the blockchain.

The internet was once simply a way to share “emails” and information.  Then, it grew into massive commerce and jobs, literally revolutionizing industry.  Interestingly, as a result of blockchain, it is already happening again.  That is, it is expanding to the next level of technology based on decentralized solutions and “truth”.

More and more, there are Bitcoin-like cryptocurrencies (exchangeable value tokens) available.  There are a gamut of possible adaptations of the initial blockchain concept that are now active or in development.  Since there are almost no deterrents, the uses and shared solutions will be a part of our lives now and into the future.

The Idea of Decentralization

As it was originally created, the blockchain is a decentralized technology, meaning no single person or country controls it.  All that occurs within it is a function of the total network.  Thus, there are some important outcomes to consider:

• Creating a new means to confirm transactions, means parts of traditional commerce could become no longer needed.
• Crypto and ICO/Token trades become almost concurrent on the blockchain.  This results in a Global economy of trade operating 24/7/365 with no reliance on market opening or closing.
• Critical record keeping, like a land registry, is now fully public.
• A global network of computers uses blockchain technology and collectively manages the database.  The database reports the recorded and structured transactions.  It makes information current and accessible.

The network administers the blockchain – not by any single central authority.  By definition, “decentralization” means the network works on a user-to-user (or peer-to-peer) foundation.  This, in turn, creates “truth”.

Who uses the blockchain?

Now, you do not need to have knowledge about the blockchain for it to effect on your life.  They enrich many things around us, often without our awareness of them and how they operate.

Currently,  the financial sector presents the most significant cases for this technology, for instance, international remittances.  In 2015, the World Bank figured that were over $430 billion US in money transfers sent.

Careers and jobs are abundant in the blockchain.  Presently, there is great demand for blockchain developers with no slowdown in sight.

Potentially, the blockchain cuts out the middleman for all types of transactions.  Thus, the reason new strategies for cultivating and being part of promoting new monetary gains are greater than ever.

With the creation of “wallet” applications, entry to the financial sector and use of blockchain cryptocurrencies now is a reality to the general public.  To begin with, people primarily used blockchain cryptocurrencies to purchase items with Bitcoin.  It was also able to store and access it along with other cryptocurrencies.

For any blockchain wallet or ICO direction, need, or resource, our recommendation is OMINEX.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Enhanced Security

The security, validation, and “truth” presented by blockchain are new and needed for total global solutions in all sectors.  By storing data across its network, this removes all of the risks that come with data being held in a central location.  In fact, it lacks central weak points that hackers exploit.

These methods of encryption are public and private “keys”.  A “public key” is a long, randomly-generated string of numbers.  It is a user’s address on the blockchain.  Values (such as Bitcoins, or any cryptocurrency (crypto) or Designed Variable) are sent across the network and recorded as belonging to that address.  The “private key” is like a password and it gives the owner access to their Bitcoin, other crypto, or other digital assets.  Your data cannot be corrupted when you store it on the blockchain.

No doubt, guarding your digital assets also means securing your private key:

• Print it out, creating a “paper wallet”.
• Cold Storage Solutions, such as a Trezor, permit you to keep your “Public Key” and its contents in a safe location.  They do this with built in and secure recovery points as you access them from the blockchain.  Click on the Image to order one today.

A second-level network

Blockchain technology benefits the internet (web) with a new layer of functionality.

Therefore, users transact directly with one another.  Bitcoin transactions in 2016 averaged over $200,000 US per day.  With the added security, new internet businesses are on track to fully disrupt the traditional institutions of finance.  Even more, if you want to really see how its growth go here for the latest in Market Cap.  This shows the hundreds of Billions of dollars traded in Bitcoin.

As published in 2017, Goldman Sachs believes that blockchain technology holds great promise.  They believe it could translate to global savings of up to $6 billion per year.  So, it seems that even Goldman Sachs underrated this growing new world.

Are you missing out?  Do not. 

Want to be a part of the future?  Become a Miner of Crypto on the blockchain in the simplest manner possible.  No need to fully understand it nor put capital at risk.  VISIT HERE for the details on how you can securely use your computers to benefit and earn BTC.   SEE THE DETAILS and GET STARTED HERE.  While this seems far-fetched, it actually opens the chance to create millionaires among even the simplest of us.  It is real.  And, it works whether you fully understand it or not.

There is a lot of info here.  So, bookmark and come back for more information.  Or, return and review what you already learned.  Subscribe to the right and keep up-to-date with the new blockchain program and services.

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