The Savvy Shopper

First of all, the blockchain is an incorruptible digital ledger of economic transactions. Secondly, these transactions can be programmed to record.  Finally, they not only record financial transactions, but practically everything of value.

WE WILL BREAK IT DOWN FOR YOU FURTHER HERE:

Blockchain Details….. Simple Definition:

• The blockchain is a huge, global, decentralized spreadsheet.
• It keeps track of who sent, how many, coins, tokens, or information sets to whom.
• It keeps track of what the balance of each account is in coins or cryptocurency.
• The blockchain is stored and maintained by thousands of people (miners) across the globe.  These miners have “special” (high powered and configured) computers.
• The blocks in the blockchain are made up of the individual transactions sent and received.  For example, all individual transactions sent from places like OMINEX, , MyEtherWallet, Exodus, and Parity, can be part of the blockchain.
• You are seeing data on the blockchain, when you access your Cryptocurency Balances on Ominex.com, or another Blockchain Wallet. You are not seeing data in any one personal system. This is also true when viewing your transactions on specific sources (like etherscan or blockchain).

More Blockchain Details and Benefits

• Blockchain is a decentralized system that achieves the highest degree of accountability possible.  No centralized control means no exorbitant transaction fees and no barriers for entry. This results 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 first by recording it.  It is recorded on a connected, distributed network of registers, in addition to the main registry.  All of these records connect through a secure validated protocol.

There are a growing number of cryptocurencies, like bitcoin, already available.  There are also a full range of other possible adaptations of the blockchain concept.  These adaptations are either currently active or in development.  The uses and solutions of blockchain, will therefore, be a part of our everyday lives, now and in the future.  This is due to the fact that there are no barriers or limits, to how many ways it can be used.

Blockchain Details – The Decentralization Concept

Blockchain was originally created as a decentralized technology and remains so today.  Therefore, anything that happens within the blockchain, is a function of the network as a whole.  Some important effects are now realized, as a result.

• By creating a new way to verify transactions, .Aspects of traditional commerce could become unnecessary.
• Cryptocurrency and ICO/Token trades are executed almost simultaneously on the block chain.
• It could result in a Global Economy of Trade that operates 24/7/365.  This would mean no market opening or closing time is required.
• Vital record keeping, like a land registry, is now fully public.
• A global network of computers uses blockchain technology to jointly manage their database. They record transactions and provide up-to-date information available all the time.
• The blockchain is managed by its network.  It is not managed by any one central authority.
• Decentralization means the network operates on a user-to-user (or peer-to-peer) basis.  This creates what’s known as “truth” and, as a result, the possibilities are unlimited! This mass collaboration is just now being investigated.

History of Blockchain: Invention/Creation

Bitcoin was first invented in 2008.  The Bitcoin blockchain has operated without significant disruption, since then.  Any of the problems associated with Bitcoin have been due to hacking or mismanagement.  In other words, these problems have come from bad intention and human error; NOT from flaws in the concept.

The internet itself has proven to be durable for well over 40 years. This track record bodes well for blockchain technology.  The blockchain is “the brain child” of a person or group of people known as “Satoshi Nakamoto”.   It was initially used for bitcoin transactions.  It has begun to revolutionize internet technology since then.  As a result, it is now being deployed for many uses and solutions for the Global Community.

Who will use Blockchain?

All of us will be using blockchain eventually, if not already.  You do not need to know everything about the blockchain, for it to be useful to you.  It has been immersed in everything around us; just like computers have been (with or without our knowledge).  Currently, finance offers the strongest case for using this technology.  International remittances, for instance, reflect this fact.  In addition, the World Bank estimates over $430 billion US in money transfers were sent in 2015.

Jobs and Careers are abundant in the blockchain. There is a high demand for blockchain developers at the moment.  This is not going to slow down. Therefore, learning about and being involved with blockchain technology is relevant for practically everything!  The blockchain can cut out the need for a middleman for all types of transactions.  Therefore, new ways of generating and creating opportunities for acquiring money, are greater than ever!

Access to the financial sector using blockchain cryptocurencies, became accessible to the general public, with the invention of “wallet applications”.  These applications were first used by people to buy things with Bitcoin.  It also enabled them to store and access their assets along with other cryptocurencies.  We recommend OMINEX for any blockchain wallet or ICO direction, need, or resource.  This created a huge need for compliance, identification and verification.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurencies.

A Distributed Database:

We will explain the blockchain details further here:

• Imagine a spreadsheet that is shared thousands of times across a vast network of computers.
• This network is designed to regularly update itself.  It happens whenever a secure and validated transaction is processed.
• You now have a basic understanding and description of blockchain; If you can grasp that concept.

• Some benefits to this process and function include:
  • Information held on a blockchain exists as a shared, continually validated, reconciled database.
  • The blockchain database isn’t stored in a single location.  The records it keeps are public and easily verified.
  • 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

Blockchain Clarification – Internet 3.0

The security, validation and truth offered by blockchain is revolutionary!  Furthermore, it is necessary for total global solutions in all sectors.  The blockchain lacks a centralized point of vulnerability.  This is true due to the storing of data across its network.  That is especially relevant to today’s needs.  Therefore, computer hackers cannot exploit it!

Today’s internet has security problems that we are all familiar with.  We all rely on the username and password system to protect our identity and assets online.  Blockchain security methods use encryption technology.  Internet Security, along with many aspects of the Internet, have been greatly improved with blockchain!

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 block chain. Values (such as Bitcoins, Cryptocurrency or Designed Variables) are sent across the network and recorded as belonging to that address.
• The “private key” is like a password that gives its owner access to their digital asset or cryptocurency.  When you store your data on the blockchain, it is incorruptible. This is true, even though you will also need to safeguard your private key to  protect your digital assets.

Methods for safeguarding include:

• Printing it out.  This creates what is referred to as a “paper wallet”.
• Cold Storage Solutions, like Trezor, allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location.  It is built with secure recovery points. Click on the Image to order one today.

The internet acquired a new layer of functions with blockchain.  Users can transact directly with each other, as a result.  Bitcoin transactions in 2016 averaged over $200,000 US per day.  New internet businesses are positioning themselves to completely disrupt the traditional institutions of finance.  This phenomena is due to blockchain having brought about enhanced security.  Furthermore, if you want to really see how much it has grown, go here for the latest in Market Cap (showing the hundreds of Billions being traded in Bitcoin).

Goldman Sachs believes that blockchain technology holds great potential.   Optimizing clearing and settlements of financial transactions, offers great advancement! They claim it could represent global savings of up to $6 Billion per year (published in 2017).

Like the internet (before blockchain) or your smartphone, computers, or car;  YOU DO NOT NEED TO KNOW HOW THE BLOCKCHAIN WORKS FOR YOU TO USE IT! Feel like you are missing out?  Don’t worry. We have many ways for you to get involved. Having a basic knowledge will help you understand why this new technology is considered revolutionary.

You can become a Miner of Cryptocurency on the blockchain.  It is easy!  And 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) to benefit and earn BTC (bitcoin).  You will be part of mining the most productive forms of Cryptocurency.  SEE THE DETAILS and get STARTED HERE. This is literally creating millionaires, among even the simplest and least educated of people, using blockchain.  This technology is revolutionary!   In addition, it works without you having to understand all the aspects of the system.

This can be a lot to take in!  So, you may want to review this information or bookmark it, to review later.  The information provided will increase your education on blockchain details. Lastly, there is nothing but financial growth and adventure ahead for you to explore.