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To help in the world of changes, here are some blockchain details and information everyone needs to know about.  We have compiled some useful information to help you get up to speed.  And do not fret, an understanding will suffice, the details are for those that want more.

To start, Blockchain is an incorruptible digital ledger of economic transactions. Also it can be programmed to record not just financial transactions but virtually everything of value. Sounds difficult right? Its not really ….. read on !

WAIT – Let’s make that more simplified for you.  We can make it a simple breakdown for you here !

• It 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.
• Stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers
• Blocks contained within the chain make up of individual transactions that are 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 or 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.

Here are More details & Benefits for all of us

Blockchain is a decentralized system that is bringing everyone to the highest degree of accountability. As a result, this happens-

• No more missed or corrupted transactions.
• Gives An end to human or machine errors.  No more corrupt or broken databases.
• Created An end to transactions or exchanges (made in error) without the consent of the parties involved.
• It 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).

It is an undeniably an 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 Blockchain?

Consequently, details of what blockchain is can become more clear here. However Digital information on blockchain is allowed to be distributed but is not allowed to be copied. Secondly, Then it creates an endless and constantly updated and accessible database.  So as a result blockchain technology created the backbone of a new type of internet. And

In a global sense

This is where the internet evolved to where 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. So, everything we’ve seen happen with the Internet changing commerce – and how things are being done is now re-done in a new revolutionary method with blockchain. And this just is more beneficial to all of us .

As we hear all the time, Bitcoin is being called “digital gold.” Due to recent proof of Bitcoin and the creation of blockchain is seems like it is 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 more by the time you are reading this ).  And it doesn’t stop there, as blockchains can make other types of digital value as well .

Blockchain details do not need to be fully understood

for any of us to benefit from it .

Yes, read that again , because it is so true….You don’t have to be a Pro to use it , and you can still reap the benefits!!!

Because 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 use it.

A distributed database – let us explain the details even more

So Here, Let’s try to put it in a simplified manner. Picture a spreadsheet that we share thousands of times across a vast network of computers. Consequently whenever a secure and validated truth of any update is processed, then that 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 as follows

• Information held on a blockchain exists as a shared, and continually validated and reconciled database.
• The Blockchain database is not stored in any single location. (Meaning the records it keeps are truly public and easily verifiable.) This is important for obvious reasons .
• No centralized version of this information exists for a hacker to corrupt which is a huge benefit.
• Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
• Ultimate Security and Transparency.  Truth.

Durability and robustness

So Because 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– Here are some facts.

1. Again Blockchain can not be controlled by any single entity. This is easy to understand.
2. It Has no single point of failure. This is a plus for us all .
3. And Blockchain can not be corrupted or embezzled. Again this is good for all of us .

Details from the history of its Invention/Creation:

Firstly, Bitcoin was invented in 2008 and 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.) None of which were fault of the processes as a whole .

While 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 will continue to be developed, and deployed for all uses & solutions for the Global Community we all live and work in. Yes everyone , like you and I .And again, it does not matter if we fully understand it , we are all still able to use it .

Transparent and incorruptible

Likewise The 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 are referred to as a “block” and as a result, here are two important properties created by blockchain

1. Transparency – data is embedded within the network as a whole, so then by definition it is public.
2. It cannot be corrupted. To alter any unit of information on the blockchain 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.* Again this is good for us .

*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. Follow me while we explain more-

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: this will be – bitcoin.

Because 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. Therefore the chances of winning Bitcoins 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. Is it starting to make some sense now ?

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

Bitcoin-like tokens

There are an every 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 in development. Because there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future. This will eventually be the way of currency for many in the very near future .

The idea of decentralization

Here we can see that it is decentralized technology, as it was originally created. And as a result Anything that happens within the blockchain is a function of the network as a whole. And some of the important implications are now realized by these things listed below.

• 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 with no market opening or closing.  Global.
• Vital record keeping, like a land registry, is now fully public.
• A global network of computers uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.

While The blockchain is being managed by its network, 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” and the possibilities from all forms of mass collaboration this makes possible are just beginning to be investigated. We will learn more on that as time goes on and it will only make more sense .

Blockchain details: 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 US in money transfers were sent in 2015. You can guess what they are in 2020 and going forward from there .

Hence 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.

More learning ahead

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, and 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.

Blockchain details: Enhanced security

The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. By storing data across the network , blockchain eliminates all of the risk that come with data being held centrally. ( This , again, is a very good thing. ) Especially relevant to today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit. That is good news for us all .

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. And it is only getting better and better with the more time that passes .

So these methods of encryption are known as public and private “keys”. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency) are sent across the network and 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:

• You can print it out creating what’s referred to as a paper wallet if you want to .

• 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. With the added security brought 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 2016 numbers look pathetic) You can Go here for the latest in Market Cap showing you the hundreds of Billions being traded in Bitcoin. It is an amazing sight to see really.

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.

Feel like you are missing out?  Don‘t Worry! There are many ways for you to get involved (right here).

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. This is a great place to start for anyone .

VISIT HERE for the details on how you can safely and securely use your Computers- (when you are not using them and they would be otherwise idle) to benefit and earn BTC .Though you will be part of mining the most productive forms of Cryptocurrency. 

GET STARTED NOW! This is literally creating the possibilities of millionaires amongst even the simplest and non-understanding of us out there.  And it is real. In conclusion, this works without you fully understanding it. I did not understand one word of it myself , however I did not need to as there are no risk of capital. Its one of the best things I have ever done for myself , and I hope you look into it more now. Likewise I urge you to join in with us , you really have nothing to lose and A lot to gain!

Certainly this can be a lot to take in.  So we invite you to bookmark 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 growth and adventure for us all to witness.   Be sure to subscribe and keep up to date with the new blockchain program, services and fun to be had by all of us! We will be in the loop and current as can be!

We hope that you found some useful information here . And that you were able to gain even a little more understanding as you read along .