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Blockchain is an internet system that digitally processes economic transactions. In terms of operations, it is uniquely incorruptible and has the capacity to record every transaction of value. This is a technological innovation that was originally meant for digital currency. Here in our web community we have blockchain details and information that can be helpful to anyone.

Details on Blockchain

• The blockchain is like a huge, global, decentralized spreadsheet. This means that no one system is the “Central” authority.
• It keeps track of who sent how many coins/tokens/information sets to whom.
• In the case of Cryptocurrency; it tracks what the balance of every account is.
• Thousands of people (miners) who have special computers store and maintain it across the globe.
• The blocks in the blockchain are made up of all the individual transactions. Blockchain sends and receives these transactions through places like OMINEX, My Ether Wallet, Meta Mask, Exodus, Mist, Geth, Parity, and everywhere else.
• When you access your Cryptocurrency Balances on Ominex.com, or any other Blockchain Wallet. Or view your transactions on various and specific sources like etherscan.io, blockchain.info, etc., you see data on the blockchain. Not in any one personal system.

Blockchain Information and Its Benefits

This is a system that brings everyone to the highest degree of accountability. Resulting in:

• Transactions void of corruptions
• An end to human or machine errors.  No more corrupt or broken databases.
• An end to transactions or exchanges without the consent of the parties involved.
• 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.

Blockchain Technology An Evolution Of The Internet

The blockchain is an undeniably ingenious invention. The brainchild of a person or group of people known by the pseudonym (Satoshi Nakamoto). But since then, it has evolved into something greater, and the main question every single person is asking, and we are here to help explain is: What is this ingenious revolutionary invention?

Consequently, details to what this new invention is here. Blockchain allows us to distribute and not copy digital information. This creates an endless database.  And it constantly updates and accesses database.  Hence, this new technology created the backbone of a new type of internet.  This is the internet evolved to where it is better for everyone globally. Originally devised for the digital currency, the tech community is now finding immediate and potential uses of the technology.

Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin is also called “digital gold.”  Seems like it is actually a great name for it; as it has proven to be just that. To date, the total value of the currency is close to $350 billion US. (probably far more by the time this is read).  And it doesn’t stop there, as blockchains can make other types of digital value.

Unlike 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 helps you to understand why it is revolutionary.

Blockchain As A Distributed Database

Simply picture a spreadsheet that you share thousands of times across a vast network of computers. Then realize that the design of this network is to regularly update this spreadsheet when ever there is need to secure and validate the truth. If you can grasp this concept, then you have a basic description and understanding of blockchain.  Some benefits of this process and function include:

1. The system can share, and continually validate and reconcile database about the information held on this new invention.
2. The database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
3. No centralized version of this information exists for a hacker to corrupt.
4. It is hosted by millions of computers simultaneously. It’s data is accessible to anyone on the internet.
5. Ultimate Security and Transparency. TRUTH.

Blockchain Durability And Robustness

This new technological innovation has a built-in robustness; and stores blocks of information that are identical across its network on blockchain. It has the following advantages:

1. No single entity can control it.
2. There is no single point of failure.
3. No room for corruption or embezzlement of data.

History Of This Invention/Creation And transparency 

Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. To date, any of the problems associated with Bitcoin has been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.

The internet itself has proven to be durable for well over 40 years.  This is a track record that bodes well for blockchain technology as it continues to develop. The Global Community we all live and work in can also deploy it for internet solutions.

The blockchain network lives 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-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions is a “block”. As a result, blockchain  brings in into existence two important properties:

1. Transparency – The system publicly embeds data within the network as a whole.
2. It is void of  corruption. To alter any unit of information on this self-auditing ecosystem would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.

In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.

Blockchain Information on network of nodes

The Blockchain comprises a network of computing “nodes” 

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.

Every node is an “administrator” of the blockchain, and joins the network voluntarily. This act decentralizes the network. This is a  proof of work which creates the “minted” blockchain of information that rewards a specific amount of bitcoins for the completed block in the blockchain.

The internet was once just a way to share “emails” and information. And later grew into massive commerce, jobs, and revolutionized industry. In the same way, it is already happening again; the blockchain is evolving to the next level of technology based on decentralized solutions and “truth“.

There is every growing Bitcoin-like cryptocurrencies whose exchangeable value tokens are already available. In addition, there is a full range of other potential adaptations of the original blockchain concept. And they are currently active, or in development. Because there are literally no barriers; the uses offer solutions that will be part of our everyday lives and is happening already.

Blockchain Information On Decentralization

The blockchain technology operates on a system of Decentralization, as it was originally created. Therefore anything that happens within the blockchain is a function of the network as a whole. Hence, the system realizes some important implications as follows:

• Creating a new way to verify transactions which renders some aspects of traditional commerce unnecessary.
• Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. This in effect realizes a Global economy of trade operating 24/7/365 with no market opening or closing.
• Vital record keeping, like  land registry, is now fully public.
• A global network of computers uses innovation to jointly manage the database that records structured transactions. This makes information up-to-date and available at all times.

It therefore means that this new technology manages its network by itself, and not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth

Who Will Use This Technological Innovation?

Keep in mind; you do not need to know about the blockchain for you to make use of it. Like computers, they have been enhancing everything around us with or without our knowledge of how they function.

Currently, finance (International remittances, for instance) offers the strongest use cases of the technology. As a result, the World Bank records that over $430 billion US in money transfers were made in 2015.

Therefore jobs and Careers are abundantly available in this technology. At the moment there is a high demand for blockchain developers. This is not going to slow down. So implications for evolving into the blockchain is relevant for virtually everything.

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

With the invention of “wallet” applications, the general public can now access the financial sector and make use of blockchain cryptocurrencies. Initially people were using these applications to buy things with Bitcoin. And they were able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet and any need for ICO direction, or resource.

Since this new technology created things and industries, there is a huge need for compliance and identification and verification.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

This Technological Innovation Enhances security

This revolutionary system offers security, validation and “Truth” necessary for total global solutions in all sectors. It stores data across its network; and eliminates all of the risks that come with data being held centrally.

The blockchain is void of centralized points which makes it highly impossible for computer hackers to exploit. And it is very relevant to today’s needs.

Today’s internet has security problems that pose as a plagued to it’s users at one time or the other. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology.  Therefore blockchain has great improvement on the security, and all other aspects of the Internet.

These methods of encryption are known as public and private “keys”. A “public key” randomly-generates long string of numbers and has the user’s address on the blockchain. Values such as Bitcoins, or any Cryptocurrency or Designed Variable are sent across the network.  And they have records as belonging to that address. The “private key” is like a password that gives it’s owner access to their cryptocurrencies, or other digital assets. 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 and creating a paper wallet.
• Cold Storage Solutions. Such as a Trezor which allows you to keep your “Public Key” and it’s contents in a safe location. And it enables you to access them from the blockchain with built- in and secure recovery points. Go to the Image and order one today.

You Can Get Involved In Many Ways

Want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain in the easiest manner possible. Truly, you do not need to fully understand it or put capital at risk. Therefore stay informed here for the details on how you can safely and securely use your Computers to benefit and earn BTC. The benefits go on whether they are idle or in use. Be part of mining the most productive forms of Cryptocurrency.  SEE THE DETAILS and get STARTED HERE.  This is literally creating the possibilities of millionaires.  And it is real. In conclusion, this works without you fully understanding it.

Therefore we invite you to bookmark and come back for more information, or to review this information. The information provided will increase your appreciation for this education on blockchain. Also there is growth and adventure for us all to witness. Maybe you will be like the thousands of others informed by our Blog on blockchain details here.  Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services and fun to be had by us all.

As you come back for more information, I can assure you of a lot more of fun and benefits. WANT even more? We have it… Therefore be sure to REGISTER and subscribe on the Right Hand side of the screen.

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