The Internet changes occurring today require everyone to understand the Blockchain details and information that comes with it. We have set up helpful information to assist you in getting up to speed. Don’t worry; a basic understanding is all you need with the details you can learn later.
To start, Blockchain is an encrypted and safe digital spreadsheet of economic transactions. It is programmed for recording financial transactions and anything of monetary value.
WAIT – Let’s try to make it simple for you
- Blockchain is a gigantic and worldwide spreadsheet that Bitcoin and other similar Token currencies use to record their online financial transactions. A decentralized system which means no one entity controls it, such as a bank for instance. It is the Crypto standard everyone uses on the Internet.
- Keeps a record of coins and tokens that you buy or sell to.
- maintains a running total of the account balances for everyone using Cryptocurrency
- Hundreds of thousands of people called Miners,store and maintain the Blockchains. They have uniquely designed computers that service all Blockchain transactions.
- Individual Blocks that represent your transactions make up the the Blockchain. Companies like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity are Blockchain Wallets that protect your information.
- As you access your Cryptocurrency balances on the various wallets, you can see your financial data on the Blockchain. And only you can see it-noone else and no other computer can gain access to it.
Here are more Blockchain details:
Blockchain is a decentralized structure that maintains absolute accountability for your funds. This high degree of security ensures:
- No more lost or corrupted transactions.
- An end to human or machine errors. No more corrupt or broken databases.
- Transactions without the consent of the parties involved is a thing of the past.
- Blockchain insures the validity of your crypto transaction by recording it on multiple registers and never on a single computer. Encrypted protocols protect and secure all of it.
Blockchain technology has become Internet 3.0
Blockchain is a crafty invention. A person or a group of people under the pseudonym Satoshi Nakomoto designed it. Since that time, it has evolved into something bigger. But then again, what is Blockchain?
The details of Blockchain have become more apparent. All digital information on the Blockchain can be distributed but never copied for one person or group.
The database is constantly updating and accessible. Indeed, it has become the digital currency standard for the ever-evolving Internet. Furthermore, the entire tech community is finding unique ways to use Bitcoin. Today, it is revolutionizing the Internet as the new digital currency.
Bitcoin is “Digital Gold” because of its remarkable growth with more success to come. Actually, it is an excellent name for it; and it has proven to be just that. Today, the total value of the currency is close to $350 billion U.S. Dollars. This doesn’t stop here, as blockchains can make other digital value types, such as financial services.
You do not need to be fully understand Blockchain details for you to use it
Blockchain and Internet technologies work and are easy to understand. Nevertheless, a basic knowledge of this new technology helps you know why it is considered revolutionary.
A spread out database – let us explain the blockchain details even more:
Simply described, imagine a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that whenever any changes are made, the entire network comes to an agreement and updates this spreadsheet. If you can understand this, you have a basic description and understanding of Blockchain. The benefits to this system and its function include:
- Blockchain information exists as a shared, and continually authenticated database of transactions
- No single location stores any Blockchain information. The records are kept public in order to establish a permanent storage of transactions that are easily verifiable
- Since there is no single location to corrupt it’s impossible for a hacker to get a foothold and steal your private key.
- millions of computers simultaneously, host the transaction data for public use.
- Ultimate Security and Transparency.
Blockchain Details: Durability and robustness
Blockchain technology and the Internet share two essential qualities. Robustness to expand and unrivaled security. It is necessary to understand that inside the Blockchain:
No single entity controls it.
Has no single point of failure.
No hacker breaks into it. It can’t be corrupted or hacked into.
A short history of Blockchain technology
For well over 40 years, the Internet itself has proven to be rock steady as the online foundation. Blockchain technology also benefits from this because it sits on this sturdy and robust Internet platform.
Bitcoin first came online in 2008, and since that time, it has operated without problems. Today, any issues or problems have been due to hacking or mismanagement. These flaws are just lousy management and human error and not defects in the design.
On the other hand, the Internet has proven very stable for over 40 years. Blockchain sits on this solid Internet foundation.
Blockchain details on being Transparent and incorruptible
Cryptocurrency transactions are sent directly between two parties via private and public keys. Only you, your recipient, and the Blockchain know what the keys are. Unless the network authenticates the keys, the transaction will fail. Interestingly, these transfers have minimal processing fees, allowing users to avoid the banks’ deep fees for their services.
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- Inside the network the data is transparent and embedded in the network. Noone else can peek into your financial data.
- Your data and tranactions cannot be corrupted. To change your Block would require a tremendous amount of computing power to override the network and that simply can’t happen.
Blockchain details: A network of nodes
A network of computing “nodes” make up the blockchain.
A node is a computer that controls a client’s transactions and authenticates it. This is always performed by the network and never on the clients computer.
The network becomes a powerful second-tier level that performs the necessary encrypted security checks.
The role of Nodes in Blockchain:
Blockchain nodes are “administrators” and voluntarily join the network. Also, each node has an incentive for joining the web: the chance of winning Bitcoins. The nodes compete to solve and verify transactions and then create the “minted” Blockchain of information. Consequently, you have rewarded yourself with a specific increase in Bitcoins for completing it.
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There is a growing trend of Bitcoin-like cryptocurrencies that are already available. Also, the Blockchain structure is constantly changing, upgrading, and modifying itself as it expands for the future. Indeed, These solutions and adaptations will provide the next generation with new investments and financial opportunities.
Blockchain details: The idea of decentralization
As created, Blockchain is and will always be a decentralized system.
All computers on the network must agree with each other to authenticate all transactions.
Moreover, there are significant implications for this:
- A new way to verify transactions could alter traditional methods of commerce to the point where they are unnecessary.
- Token trades and other cryptocurrency transactions occur simultaneosly, but validated first by Blockchain computers. And they never sleep, working 24/7, 365 days of the year all over the globe
- Fully public records for anyone to view any transaction on the Blockchain
- A global network of computers that uses blockchain technology to jointly control a database that records all transactions providing up to date information that is available at all times.
Today, any issues or problems have been due to hacking or mismanagement. These minor flaws existed early on in Blockchain’s history and do not reflect at all on today’s rock solid and ultra-secure system. This was just bad management and human error and not flaws in the design.
On the other hand, the Internet has proven very stable for over 40 years. This track record is a plus for Blockchain because it sits on a solid Internet foundation.
Blockchain details: Who will use the blockchain?
Be aware that you don’t need to know the inner working of Blockchain to use it. Like the Internet, everything works transparently in the background without your involvement.
The financial industry has greatly benefited and profited from this technology. In fact, the World Bank projected that $430 billion in U.S. dollars were Blockchain money transfers sent in 2015.
Different categories of jobs and careers are beginning to evolve because of Blockchain cryptocurrencies. New technologies spawn additional working opportunities. Currently, there is a high demand for Blockchain developers because of the expansion of crypto.
Unlike a bank with central authority over your account, Blockchain cuts out this middleman. This also has the positive effect of eliminating the high banking fees on all their services.
Wallet applications are just that. Crypto wallets, like your regular wallet, store your digital currency. You can make as many digital wallets as you want for all kinds of accounts. Wallets are used by Bitcoin users but have spread to other digital currencies that abide by the same rules on the Blockchain network. We prefer and recommend OMINEX to set up your Blockchain wallets.
OMINEX is the leader in new wallet solutions in a massive global industry that requires hard-boiled solutions for an expanding crypto base.
Blockchain details: Enhanced security
The decentralized security offered by Blockchain is encrypted with keys to administer and manage all its financial transactions safely. Data stored throughout the network eliminates the risks of centrally held data, such as banks.
Since there is no one point of access in a centralized banking system, hackers can’t even gain a toe hold to break in. They would have to hack into every network computer with the Blockchain information of your transaction and, furthermore, magically flip all of them. And that is truly ridiculous and will never happen.
Another insecure method is the PASSWORD/LOGIN process. Passwords can be stolen or hacked; however, nothing else today can match Blockchain’s use of encrypted keys and decentralized 2 tier authentication. Because of this, there are signs already that Internet Security is changing and evolving along the lines of Blockchain.
Blockchain design uses a public and private key. The public key is the client’s address. Anyone on the network can look up a transaction without loss in security. It is just a log that says X made a transaction with Y. Only the client knows the private key and no one else. And with it, only they can access the wallet and their other crypto accounts. One recommendation is to print out a hard copy of your private key for safekeeping, just in case.
Methods for safeguarding include:
- Create a paper wallet by printing out your private key
- Cold Storage Solutions. A company such as Trezor allow you to keep your “Public Key” and its contents from the blockchain in a safe location with secure recovery points. Order one today by clicking the image to the right.
Blockchain details: A second-level network
The Internet (web) benefits from Blockchain’s new layer of security and functionality.
Because of this, users can do business directly with one another. Indeed, Bitcoin transactions in 2016 alone came to over $200,000 US per day. The traditional finance methods have been changing due to the increased security of Blockchain. It has turned upside down the conventional ways of performing financial transactions. Furthermore, if interested, you can see how many Billions of dollars. Bitcoin has made; go here for the latest in Market Cap.
Goldman Sachs, In 2017, stated that blockchain technology holds great potential. It is ideal in optimizing clearances and the settlements for financial transactions, claiming it could represent global savings of up to $6 Billion per year.
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