Enclosed in the this page are some block-chain details and information Including some compiled useful information to help you get up to speed. Also more detailed resources for those that want more.
First of all, the blockchain is a digital ledger of economic transactions that can be programmed to record virtually anything; once recorded it cannot be corrupted.
Simply Stated:
- The block-chain is like a huge, global, decentralized spreadsheet.
- It keeps track of who sent how many coins/tokens/information sets to whom.
- You can Track the balances of all Cryptocurrency. People or companies with special computers store and maintain the transactions, which holds all the transactions.
- A block-chain sends and receives individual transactions (blocks). Company’s like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, and Parity record and maintain transaction blocks within a blockchain.
- When you log in Ominex.com, or any other Block-chain Wallet to access your Cryptocurrency Balances you are seeing data on the block-chain, not in any one personal system.
More blockchain details and Benefits to all of us:
The decentralized block-chain system creates the highest degree of accountability. Resulting in:
- No more missed or corrupted transactions.
- Eliminates Errors. No more corrupt or broken databases.
- Transactions or exchanges (made in error) requires consent of the parties involved. So they are eliminated.
- The blockchain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
The pseudonym Satoshi Nakamoto, invented this undeniably ingenious invention – no one knows who invented it , But over time it has evolved into something greater
Due to digital information on blockchain which distributed but not copied, it creates an endless and constantly updated and accessible database. Hence, blockchain technology created the backbone of a new type of internet. Thus, the internet evolves to be better for everyone globally. Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. The Internet changed the way we do commerce. Blockchain revolutionizes how we do things and how we communicate over the internet.
Bitcoin has been called “digital gold.” And it has proven to be just that. It’s total value is about $43 billion US. And it doesn’t stop there, as blockchains can make other types of digital value.
For everyone to use it; you only need is a basic understanding of Block-chain.
In order to use blockchain you do not need to know how it works. Having a basic knowledge of this new technology helps you appreciate why it is considered revolutionary.
A distributed database
A distributed database is a spreadsheet that is shared thousands of times over a global network of computers. Each secure transaction is processed and validated then the network is designed to regularly update this spreadsheet. Benefits to this process and function include:
- A shared, and continually validated and reconciled database.
- A decentralized database stored in many location and made easily verifiable.
- decentralization means no single computer that has data that can be stolen by hackers
- Hosted by millions of computers simultaneously, And accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Block-chain: Foundation and Durability
Blockchain technology is like the internet in that it has a built-in robustness. Decentrelization of data is the key the blockchain cannot:
- Be controlled by a single being or company.
- Has no single point of failure.
- Be corrupted or embezzled.
Block-chain details from the history of its Invention/Creation:
Bitcoin was first invented in 2008. To date, the Bitcoin blockchain has had no serious disruptions. (the few problems associated with Bitcoin have been due to willful greediness or human error, and not flaws in the underlying concepts.)
The foundation of the internet was created over 40 years ago, its durability and robustness continues today. The internet is the basis for blockchain technology, as a result, it continues to be developed, and expand for all uses and solutions allowing for the world to benefit.
Block-chain details on being Transparent and incorruptible
The blockchain network lives in a state of constant harmony. It automatically checks in with itself every ten minutes. This self auditing system checks all the transactions of digital values. Each transaction creates a “block”.
Two important properties created by blockchain:
- Transparency. it’s public
- Virtually incorruptible. Someone would have to hack into millions of computers simultaneously and change the decentralized network in real time*.
*In theory, this could be possible. But in practice, the result would destroy the value of bitcoin, thus negating the intent of doing it.
Network Nodes
A Block-chain network, holds many client computers, known as Nodes. These nodes automatically download and validate all relaying transactions.
Combing nodes creates a powerful second-level network, a purpose not intended but expands the functionality of the Internet.
Nodes and their role in the first block-chain example: bitcoin.
A node acts as an “administrator” of the blockchain, as it voluntarily joins the Block-chain network. Each node gets an incentive for joining in the network: To gets Bitcoins. (they compete to solve mathematical equations and verify it as the solution), The data creates a “verified” blockchain of information that rewards bitcoins for its work.
Blockchain technology for cryptocurrencies (exchangeable value tokens) creates a full spectrum of potential adaptations for its use. Because there are literally no barriers; the uses and adaptations will be a become part of our everyday life; now and in the future!
Block-chain And Decentralization
Decentralized technology makes any transaction a function of the whole network.
This creates some important implications:
- Future technology that will inevitably create new ways to verify transactions could negate some aspects of traditional commerce making them unnecessary.
- Computers can run 24 hours a day, 365 days a year. Hence, A Global economy of trade operating 365 days a year. Never closing.
- All records are public.
- Computer nodes allow real time up to day information to available at any time
Block-chain: Who will use it?
Anyone can use this technology! You do not need to know how it works to be able to use it. Like computers that have been making our lives easier, you do not need to know how a computer works to be able use it.
Currently, there is a high demand for blockchain developers. A whole new generation of related careers and jobs for our future.
The availability of Block-chain cryptocurrencies created a need for “wallet” applications. Bitcoin, and other cryptocurrencies. used these applications for people to access, store and buy things. We highly recommend OMINEX as your cryptocurrency wallet or ICO resource.
As block-chain became more popular, creating a huge need for compliance and identification and verification. OMINEX is the leader in blockchain compliance, verification solutions, and user “wallet” for cryptocurrencies.
Block-chain details: Enhanced security
Decentralization created a revolutionary solution against hacker risk by not storing data centrally.
Encryption methods have evolved because of blockchain technology. Because the internet is the foundation of blockchain, all aspects of internet security has evolved with along blockchain.
One method of encryption use public and private “keys”. A “public key” (a computer-generated random string of numbers) is a users’ address on the blockchain. A private key is like a password that allows users to access to their Bitcoin, other cryptocurrency, or other digital assets. Keeping the private key secure is necessary to protect your security.
Methods for keeping your private key secure include:
- printing it out, and physical storing in.
- Cold Storage Solutions. Keep your “Public Key” and its contents in a safe location with built in and secure recovery points.
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