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Blockchain details and information can be found here to help the world of change.  Everyone needs to know about it and have some kind of understanding.  We have compiled some useful information. To help you get up to speed.  Do not fret, an understanding will suffice, the details are here for those that want more.

First of all, the blockchain is an incorruptible digital ledger. Made up of economic transactions, that can be programmed to record. Not just financial transactions but virtually everything of value.

WAIT – Let’s make that more simple

Details Broken Out in Simplicity:

• The blockchain is like a huge, global, decentralized (meaning no one system is the “Central” authority) spreadsheet.
• It keeps track of who sent how many coins/tokens/information sets to whom.
• In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
• It is stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers.
• The blocks contained within the blockchain. Are made up of all the individual transactions sent and received through the blockchain.  For instance all individual transactions, sent from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
• When you access your Cryptocurrency Balances on Ominex.com, or any other Blockchain Wallet. As well as view your transactions on various and specific sources like etherscan.io, blockchain.info, etc. You are seeing data on the blockchain, not in any one personal system.

More blockchain details and Benefits to all of us:

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

• No more missed or corrupted 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 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 is referred to and explained best by considering it Internet 3.0.  (Evolution of the Internet – better – safer – truth).

The blockchain is  undeniably a 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. Thus the main question every single person is asking. That we are here to help explain; is: What is Blockchain?

Consequently, details to what blockchain is 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 and accessible database.  Hence, blockchain technology created the backbone of a new type of internet.  This is the internet evolved. Thus it is better for everyone globally. Originally devised for the digital currency, Bitcoin. The tech community is now finding immediate and potential uses for the technology. Everything we saw happen with the Internet. Changing commerce and how things are being done and communicated. Is now being re-done in a new revolutionary method with blockchain.

Due to recent proof of Bitcoin and the creation of blockchain. Bitcoin has been 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.

Does not need to be fully understood to be used by us all:

Like the internet (before blockchain) or your smartphone, computers, or your car. You do not need to know how the blockchain works. For you to be able use it. However, having a basic knowledge of this new technology. Helps you to understand why it is considered revolutionary.

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

In a simplified manner, picture a spreadsheet. That is shared thousands of times across a vast 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 held on a blockchain exists as a shared, and continually validated and reconciled database.
• The blockchain database isn’t stored in any single location. Thus meaning the records it keeps are truly public and easily verifiable.
• No centralized version of this information exists for a hacker to corrupt.
• It is Hosted by millions of computers simultaneously. Its data is accessible to anyone on the internet.
• Ultimate Security and Transparency.  Truth.

Durability and robustness

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 network; the blockchain cannot:

1. Be controlled by any single entity.
2. Has no single point of failure.
3. Can not be corrupted or embezzled.

The history of its Invention/Creation:

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 have 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 be developed, and deployed. For all uses and solutions for the Global Community we all live and work in.

Being Transparent and incorruptible

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 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. Therefore it would take a huge amount of computing power to over ride the entire network. To alter any unit of information on the blockchain. Something that is virtually impossible and is 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.

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 (in this sense, the network is decentralized). 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 “minted” 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. That grew into massive commerce, jobs, and revolutionized industry.  Hence, as a result of blockchain it is already happening again. Evolving to the next level of technology based on decentralized solutions and “truth”.

There are an ever growing amount of 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 in development. Because there are literally no barriers. Therefore the uses and deployed solutions will be a part of our everyday lives (if not already).  But in the immediate and ever advancing future.

The idea of decentralization

The blockchain is a decentralized technology.

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

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

The blockchain is managed by its network. Not by 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 the blockchain?

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

Currently, finance offers the strongest use cases for the technology. International remittances, for instance. The World Bank estimates that over $430 billion. In US  money transfers were sent in 2015.

Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, 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. For generating and being part of creating new monetary gains are higher than ever.

Access to the financial sector and 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. In addition to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet or ICO direction, need, or resource.

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

Enhanced security

The security, validation and “Truth” offered by blockchain is revolutionary. As well as necessary for total global solutions in all sectors. By storing data across its network;The blockchain eliminates all the risk.

Especially relevant to today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit.

Today’s internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology.  Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.

Public and private “keys”are known as methods of encryption. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency or Designed Variable) are sent across the network and are then recorded as belonging to that address. The “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrency, 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:

• Create a paper wallet by printing
• 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 secure recovery points. Click on the Image to order one today.

Blockchain details: A second-level network

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

Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. Thus the added security brought by the blockchain new internet businesses. That 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 pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin).

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

  You don’t have to feel like you are missing out !

Want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain. In the easiest manner possible. Consequently, you do not need to fully understand it or put capital at risk. VISIT HERE for the details on how you can safely and securely use your Computers (when you are not using them. When they would be otherwise idle. To benefit and earn BTC (through crypto mining. You will 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. Amongst even the simplest and non-understanding of us out there.  Thus it is real and In conclusion, this works without you fully understanding it.

This can be a lot to take in.  So we invite you to bookmark  this and come back for more information. As well as to just come back and review this information again. While the information provided. Will only increase your appreciation for this education on blockchain. There is nothing but growth and adventure for us all to witness. Stay informed on Block chain details. Here by our blog on Mikes Online Amazing Offers like thousands of other people. Just subscribe on the right in response magic so we can keep you informed and up to date.

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