Amazing Deals At Affordable Prices

We explain blockchain in simple terms! Find blockchain details in easy to understand language. We make this incredible technology relatable to you in such as way that anyone can grasp its meaning. In addition, let us show you how you can also benefit from this technology in so many simple ways. Anyone can benefit from this incredible phenomenon! See How and start to benefit. To help in the world of changes, here are some major aspects of blockchain in simple terms with details and information everyone needs to know about.  We will get you up to speed.  So, do not fret, we have as much details as you want to know. Furthermore, we can give you access to more ways to benefit from this. Read on!

Here’s to define blockchain in simple terms: blockchain is a distributed and  incorruptible digital ledger of transactions. Also, we can program this to record any transaction of value, not just financial transactions. The main takeaway is that the design of blockchain makes it impossible (or extremely difficult) to corrupt (or alter) any record of transaction by anyone. This ensures that any two parties can transact business  in an atmosphere of complete trust, without the need for any third parties. A typical example of these third parties is a Bank, for example.

Some Details of Blockchain In Simple Terms:

• No Central authority controls blockchain. It is a large network of transactions with controls spread all over the globe.
• It tracks and keeps record of every single little detail. Therefore whether it is a coin or token or information, you can have access to it anytime.
• It records and tracks every account balance in case of digital coins. Therefore, accurate balance information is transparent to all parties involved.
• Several thousands of people called miners across the world maintain and store information on their computers. Please note that what we present here is blockchain in simple terms to make it easy to understand. 
• When individual transactions are sent and received within the blockchain, they are stored in the form of blocks. Examples include, individual transactions from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and many others.
• So, for example, 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.

OK. So What Does This Mean For Me? Benefits from Blockchain in Simple Terms:

Remember the takeaway definition above? The major benefit from Blockchain is TRUST!

• Transactions are safe and secure. Hence, no one can miss or corrupt any transaction.
• No more  human or machine errors.  No one can break databases anymore.
• All parties involved have visibility to all transactions. The time of someone making transactions or exchanges in error on your behalf is past.
• 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.

You Can Refer to Blockchain In Simple Terms as Internet 3.0.  (Evolution of the Internet – better – safer – truth).

So, What is Blockchain, and where did it come from? We are here to help explain and help you get answers to these fundamental questions. To begin, the origin of this ingenious invention: A person or a group of people with the pseudonym,  Satoshi Nakamoto. The involvement of many scientists and interested people keeps making this however is so much better and there is so much improvement since then.

Digital information on each BlockChain can only be distributed. Nobody can copy it. Hence, it constantly updates this database in a continuous endless, accessible way. Therefore this blockchain technology is actually creating the backbone of a new type of internet.  Thus, improving the internet to where it is better, accessible and safer for everyone globally. Originally, digital currency, Bitcoin was what this technology’s main purpose. However, there are several potential and immediate uses for this technology now. And it keeps growing by the day! Thus, this is a repeat of everything we saw happen with the Internet changing commerce, communication and way of life. All this is largely due to the fact of the safety and security of this technology.

Ever heard of the term “digital gold”? Yes, that is the nickname for Bitcoin, a creation of BlockChain technology. Now, this name is well appropriate, though because the total value of the currency is well over $500 billion US Dollars and growing rapidly by the minute!.  And it doesn’t stop there, as blockchains can make other types of digital value.

What Makes This Even More Incredible: Everyone Can Benefit From This, Irrespective of Learning or Stature!

We’ve seen this movie before, so to speak! There are several items that work for you even while you do not fully understand. For example, you use your car, smartphone, computer, and so on without complete understanding. Although many people are growing in interest for this incredible new technology that has the chance of making many more people wealthy over the coming years. It goes without saying, therefore, that having a basic knowledge of this new technology helps you to understand a lot more. Moreover, it positions you to benefit from it far ahead of majority of the population.

A distributed database – Interesting details of Blockchain in Simple Terms:

To understand BlockChain in Simple Terms, picture a spreadsheet that is shared thousands of times across a vast network of computers. Now, whenever anyone processes an update, it goes through a validation and security process before allowed to update the spreadsheet database. Call it “truthing” process if you like. That’s it! The basic concept of BlockChain right there! Now why is this validation process necessary? What are some benefits of this process and functionality? These include:

• The information that every BlockChain holds is available to everyone, open, gone through a process to ensure validity and security.
• The blockchain database keeps records that are truly public and easily verifiable. This is because it is spread throughout many locations.
• No hacker can corrupt the information since it is not at a single storage place.
• Millions of computers simultaneously host this data, Therefore its data is accessible to anyone on the internet.
• This leads to Ultimate Security and Transparency.  Trustworthy and True.

Blockchain Qualities In Simple Terms: Durability and Robustness

Now, the robustness that is inherent in the building and foundation of Blockchain technology is similar to the internet. By storing blocks of information that are identical across its network; the blockchain ensures that:

1. No single entity can control it.
2. Has no single point of failure.
3. Nobody can corrupt or embezzle it.

Blockchain In simple terms: details from the history of its Invention/Creation:

Now, Bitcoin was first blockchain invention, in 2008. Since that time, no report of significant disruption for the Bitcoin blockchain operation. (To date, any of the problems 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.) This is a critical testament to how durable and robust the concept is.

The durability of the internet itself has been proven for more than 40 years and counting.  This is a track record that bodes well for blockchain technology as it continues to grow, improve and accessible for all uses and solutions for the Global Community.

Blockchain In Simple Terms: details on being Transparent and incorruptible

This one thing is very clear and unambiguous from the explanation above. The blockchain network constantly validates itself.  Therefore, it automatically checks in with itself to ensure validity and truth.  This is a kind of self-auditing ecosystem that defines the core value of the BlockChain. The network itself checks and updates every transaction that happens at constant and repeated time intervals. The term “block” is the name for each group of these transactions. As a result, here are two important properties that BlockChain contains:

1. Transparency: the data exists within the network as a whole, therefore, by definition it is public and transparent.
2. It is incorruptible: To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. The more the blockchain grows, the more impossible it becomes to corrupt any of it’s data. This is indeed virtually impossible and becoming a larger and larger barrier constantly.

Now, In theory, this could be possible. However, in practice, it’s just unlikely to happen. Just imagine: taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.

Further Blockchain details in simple terms: A network of nodes

What is the meaning of the word “node”? Fundamentally, a network of computing “nodes” make up the blockchain.

Nodes and their role in the first blockchain example: bitcoin.

So, every node acts as an “administrator” of the blockchain, and joins the network voluntarily. This is the decentralization quality of the blockchain. Now, why would a node participate in this blockchain? This is because each node can win a reward in the form of a BitCoin for being a productive and useful part of the BlockChain. Hence, the nodes compete to solve, and the chain verifies it as a solution, thus proving proof of work, and then creates the “minted” blockchain of information. The node then achieves a reward of a specific amount of bitcoins for completing the block in the blockchain.

If you recall, the internet was once just a way to share “emails” and information. However, it grew into a massive vehicle for commerce, jobs, transforming several industries.  This blockchain technology is creating all these opportunities again. And it is already happening. The concept of Trust and Truth without any need for verification from a third party. This is redefining how several transactions are going to occur in the future.

Already, there are several and ever-growing Bitcoin-like cryptocurrencies (exchangeable value tokens) on the market. In addition, several disciplines and industries are adopting the blockchain technology to define how they interact. These include areas such as Finance, Supply Chain, Logistics, to name just a few. The expectation is that this will even grow further to include every aspect of life and commerce in the very near future.

Blockchain in details: The idea of decentralization

Another incredibly valuable aspect of blockchain from it’s original creation is the aspect of decentralization.

Thus, anything that happens within the blockchain is a function of the network as a whole. Now, this is useful because:

• Traditional ways of verifying transactions can become unnecessary. This has huge implications for commerce and all the third party verifying institutions that exist.
• Global trade and economic activity can occur everywhere and every time non-stop. Hence, no market opening or closing will be necessary. This is because, Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain.
• Everyone in the public can have access to every vital record, such as land ownership and registry. Hence, resulting in Total Transparency and Trust!
• The information on a blockchain keeps updating all the time, and every node in the chain has all the information. This is a global network of computers using the blockchain to jointly manage the database.

It is important to note that the network manages the blockchain, not any one central authority. To define; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” and trustworthiness. As you can imagine, this create possibility for a whole lot of mass collaboration opportunities.

More Blockchain details: Who will use the blockchain?

BlockChain is rapidly impacting all aspects of life. Remember? You can start immediately to make blockchain incredibly useful for you even before you fully understand it. For example, computers and the internet affect and impact all our lives now, irrespective of how much we understand them.

Naturally, the area of Finance has made much progress with implementation of this technology. Of particular prevalence is international remittances. As an example, Find out more about Tipping Circle, an amazing free money transfer tool! The World Bank for example estimates that over $430 billion US in money transfers were sent in 2015.

Secondly, the area of Jobs and Careers is booming in the blockchain. This is because more and more disciplines are figuring out how to take advanctage of this new technology. BlockChain developers, for example are in a high demand and sure to keep growing.

Remember the core advantage of the BlockChain technology is TRUST. Therefore, the genius of the blockchain is that it cuts out all the middlemen.  This is substantially opening up avenues for growth and wealth across all disciplines across the globe. Soon, you no longer would require a strong banking system, for example to be able to transact business.

The Invention of “Wallet” Applications opened up access to the financial sector and the use of cryptocurrencies by the larger public. These were first used by people to buy things with Bitcoin, and also to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet. Also useful for Initial Coin Offerings (ICO) direction and other digital currency needs.

One of its many great features is that OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Blockchain In Detail: Enhanced security

The foundational utility of blockchain lies at the fact that you can trust it and it is secure. The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. Every blockchain eliminates all of the risks that come with data being held centrally because it stores data everywhere across the network.

There are no centralized points of vulnerability, so hackers cannot exploit the blockchain.

The issue and problem of internet security is apparent to all, especially in recent days. Now, Blockchain security methods use encryption technology. This is super secure and also revolutionizing the whole concept of internet security.

To explain further in simple terms, these methods of encryption are 2 types: public and private “keys”. A “public key” is a randomly-generated string of numbers, usually a long one. This is the address on the blockchain for the user. Values are exchanged across the network and then recorded as belonging to that address. Examples of these values include Bitcoins, or any Cryptocurrency or Designed Variable. The “private key” gives its owner access to their Bitcoin and other digital assets and cryptocurrency. Much like the usual password does. Now, I know what you’re thinking: Why do we need a private key if it is secure? There is a difference between incorruptible data and protecting your own digital assets. That is where the private keys come in.

To safeguard a private key, you can:

• Just print it out in a form called a paper wallet.
• Use something called Cold Storage Solutions. An example is a Trezor which allows 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: A second-level network

Added to the internet, the blockchain technology enables a whole lot of new and improved functionality to the web.

For example, users can transact directly with one another — Thus, Bitcoin transactions in 2016 averaged over $200,000 US per day. The traditional institutions of finance are at risk of disruption by this blockchain. This is largely due to its added security as well as inherent Trust as explained before. Furthermore, these 2016 numbers look very small if you see how much this has grown. Find the latest Market Cap . Now, this is only showing Bitcoin trade volume, just a single aspect of blockchain application.

In addition, several traditional and trusted institutions are hailing the potential for blockchain. For example, Goldman Sachs believes that blockchain technology holds great potential. Optimization of clearing and settlements of financial transactions is one area of note.  They claim it could represent global savings of up to $6 Billion per year. It is evident, therefore, that many reputable organizations, including Goldman and Sachs itself have underestimated this incredible new world of blockchain. Please find this reference in their 2017 publication.

Feel like you are missing out?  Do not.  We have so many ways to get you involved.

So, this is clearly shown to be the technology of the future. We can show you how to participate in this. For example, you can Become a Miner of Cryptocurrency on the blockchain so easily and freely. This means, you do not even need to fully understand it or risk any money before you can start to benefit. 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 mine and earn BTC! Yes, be a Miner today at no cost to you.  SEE THE DETAILS and get STARTED HERE.  This is literally making it possible to create millionaires out of even the simplest and non-understanding of us.  And it is real, safe, secure and within reach for anyone.

Wheew! Had enough yet? Please return to this page for updates. This technology is new and rapidly changing our lives. Also, please sign up on the Ezine Newsletter on the top right corner of the page. This will ensure that we keep you updated on new inventions. These updates are sure to benefit your life and finances, just like several thousands of others who have registered. It is indeed an exciting knowledge sharing with several benefits!