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As the world changes around us, its a good idea to learn about blockchain details and information.  We have compiled some useful information to help you make since of what you are learning.  Don’t freak out, its easy to learn and and get started.

First off, the blockchain is is the leader in  digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything you want..

WAIT – Let’s simplify That for you.  Blockchain Details Broken Down:

• The blockchain is huge, so no one is head of authority
• It keeps track of every transaction, like coins/tokens/information sets
• In the case of Cryptocurrency, it tracks the balance of every account.
• Your account is stored and maintained by thousands of people (miners) across the globe who have high powered and uniquely configured computers.
• The blocks in the blockchain are made up of all the individual transactions sent and received through the blockchain.
• When you access your Cryptocurrency Balances or transactions on Ominex.com, or any other Blockchain Wallet you are seeing data on the blockchain, not in any one’s personal system.

More blockchain details and Benefits for all of us:

Blockchain is a system that is decentralized to bring everyone to the highest degree of accountability. Resulting in:

• No more missed 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 consent other parties.
• The blockchain guarantees the transaction by recording it not only on a main register but on a connected distributed network of registers.  All of the sites connect through a secure validation protocol.

Blockchain technology is referred to as the best by considering it Internet 3.0.  (Evolution of the Internet – better – safer – truth).

The blockchain is an ingenious invention. This invention is the brainchild of a group of people known by the pseudonym,  Satoshi Nakamoto. But since then, it has evolved into something way bigger, and the main question every single person is asking, and what we are trying to explain is: What exactly is Blockchain?

The good thing is that, details to what blockchain is, it’s become more clear here.  Due to digital information on blockchain being allowed to be distributed but not copied, it creates an endless and constantly updated database. But, blockchain technology helped create a new type of internet.  This is the where the internet evolves to where it is better for everyone globally. Originally devised for the digital currency, Bitcoin, but the tech community is now finding immediate uses for the technology. Everything we saw happen with the Internet changing commerce and how things are being done and communicated.

Due to recent proof of Bitcoin and the creation of blockchain, Bitcoin is legit  “digital gold.” The nick name suites them pretty well due to the fact that, to date the total value of the currency is close to $350 billion US. But it doesn’t stop there, as blockchains can make other types of digital value.

Blockchain details don’t need to be fully understood to be used by us all:

Like the internet,before blockchain, your smartphone, computers, or your car; you do not need to know how the blockchain works for you to use it. However, having a basic knowledge of this new technology always helps us understand why it is considered revolutionary.

A distributed database – let us explain the blockchain details even more:

To make it simple, picture a spreadsheet that is shared thousands of times across a huge network of computers. Then realize that when ever a secured and validated truth of any update is processed, that this network is designed to regularly update this spreadsheet.  If you can grasp this concept, you have a basic description and understanding of blockchain.  Some benefits to this process and function include:

• Information collected and held on a blockchain exists and is  shared, and continually validated.
• The blockchain database isn’t stored in any single location, meaning the records are kept truly public and easily verifiable.
• No centralized version of this information is there for a hacker to corrupt.
• It’s hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
• Ultimate Security.  Truth.

Blockchain Details: Durability and robustness

The Blockchain technology is similar to the internet in that it has a built-in robustness. By storing blocks of information that are identical across its whole network; the blockchain cannot:

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

Blockchain details from the history of its Invention/Creation:

Bitcoin was first thought up in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. For the record, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, human error and bad intentions cause these problems, not flaws in the underlying concepts.

The internet itself has proven to be very durable over the past 40 years.  This track record really helps the blockchain technology as it continues to be developed, and deployed for all uses and solutions for the Global Community we live and work in.

Blockchain details on being incorruptible

The blockchain network lives/stays in a state of constant consensus.  Therefore, it is one constant consensus that automatically checks in with itself every ten minutes.  This is a kind of self checking ecosystem of a digital value. The network looks at 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 pout 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 you would need to be using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier every day.

In theory, this could possibly happen. In practice, it’s very unlikely to happen. For example, taking control of the system to capture Bitcoins, for instance, could also have the effect their value.

Blockchain details: A network of nodes

A network of computing “nodes” make up the blockchain.

Together they create a powerful second-level network, a wholly different vision for 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. However, each one has an incentive for participating in the network: the chance of winning Bitcoins (competing to solve and be verified as the solution), proving proof of work, and then creating the protected blockchain of information and being rewarded a specific amount of bitcoins for the completed block in the blockchain.

Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and a overall major industry.  Hence, as a result of blockchain it is already happening again; evolving to the next level of technology based on decentralized solutions and the truth.

There is a growing Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or developing. Because there are literally no barriers the uses and solutions will be a part of our everyday lives (if not already) in the advancing future.

Blockchain details: The idea of decentralization

Blockchain technology is a decentralized technology, as it was originally created.

Anything that happens within the blockchain is a function of the network as a unit. But, some important implications are now realized by this:

• By creating a new way to verify transactions; aspects of traditional commerce could become very unnecessary.
• Cryptocurrency and ICO/Token trades become simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no opening or closing times.
• Vital record keeping, like a land registry, is now public.
• A global network of computers uses blockchain technology to manage the database that records the recorded and structured transactions. Making information available at all times.

The blockchain is managed by its network, and not any one single authority. Therefore, this creates “truth” and endless possibilities from all forms of mass collaboration this makes possible are just beginning to be investigated.

Blockchain details: Who will be using the blockchain?

Keep in mind, you do not need to know about the blockchain network for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them.

Currently, finance offers the strongest use cases for the technology world. take international remittances, for example. As a result, the World Bank estimates that over $430 billion US in money transfers were sent in 2015.

Jobs and Careers are abundant in the blockchain community. At the moment there is a very high demand for blockchain developers. This is not going to slow down anytime soon. Therefore, implications for evolving into the blockchain helps with virtually everything.

Consequently, the blockchain  cuts out the middleman for all types of transactions. The reason new methods for generating and being part of creating new monetary gains are higher than ever.

Access to the financial sector and the use of blockchain cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin, it enables you to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet or ICO direction.

In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification verification.  OMINEX is the leader in blockchain solutions and user “wallet” for cryptocurrencies.

Blockchain details: Enhanced security

These prodigals, validate and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. By storing data across its network, 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 take advantage of.

Today’s internet has security problems that have that has made us all mad. We all rely on the username and password you pout in the system to protect our identity and online assets. Blockchain security prodigals and methods use encryption technology.  Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain network.

These methods/types of encryption are known as public and private “keys”. A “public key” is a long, randomly-generated string of number that becomes a users’ address on the blockchain. Values such as Bitcoins, or any Cryptocurrency or Designed Variable that is sent across the network and are then recorded as belonging to that address. The “private key” is like a password that gives its owner uses access to their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is impenetrable. This is true, although protecting your digital assets will also require keeping your private key safe.

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 as you access them from the blockchain in a safe location with built in and recovery points. Click on the Image to order one today!

Blockchain details: A second-level network

With blockchain technology, the internet benefits with a new layer of functionality.

Users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought in by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look like nothing) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin every day)

As published in 2017; Goldman Sachs believes that blockchain technology holds amazing potential. Especially to optimize clearing and settlements of financial transactions.  They claim it could totally represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs has really underestimated this incredible new world of blockchain.

Feel like you are missing out?  Don’t.  We have many ways to get you involved.

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This can be a lot to take in.  So we invite you to bookmark this and come back for more information, or to review this information. While the information provided will only increase your appreciation for this education on blockchain, there is nothing but new beginnings for us all to witness. Maybe you will be like the thousands of other individuals informed by our Blog on blockchain details here.  Be sure to subscribe to the right so you can stay up to date with the new blockchain program, services and fun to be had by us all.

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