Beginnings of Blockchain
The story of Blockchain is the brainchild of people known by the pseudonym, Satoshi Nakamoto. One question people ask is: What is Blockchain?
Originally, the internet consisted of only sharing emails and messages or information. It grew into a massive industry and now into a massive business of trade and jobs. Thus, it revolutionized the way we do business! Blockchain is causing the same thing to happen! We are in the midst of technology bringing us the future today. All based on truth.
Blockchain is a new type of internet. The first design was for Bitcoin. However, today many types of digital currency go through the Blockchain. All Digital information is distributed but cannot be copied. It’s an endless updating and accessible database.
The internet itself is proof of durability for over 40 years. This is a record that fares well for blockchain technology as it keeps developing! It is a boon for many uses and solutions in the World Community we live in.
Bitcoin is the Reason for Blockchain
Bitcoin’s invention came to be in 2008. Since that time, the Bitcoin blockchain operates without disruption. As of now, any problems arising with Bitcoin are from bad intention or human error, not flaws in the concepts.
Bitcoin-like cryptocurrency tokens are available now. There is also a large selection of other copies of the blockchain concept! Some are already active. Others are in development! Since there are no obstacles, the use of tokens and bitcoins will be a common use in our lives. For some, it already is!
Bitcoin’s nickname is DIGITAL GOLD because of recent proof and creation of the Blockchain! This is a great name for it! It is exactly that! The total value was close to $350 billion US. By the time you read this, it is probably much more! Go here for the latest market cap! It doesn’t stop there because Blockchains can make other types of digital value also.
Blockchain Checks Itself
The blockchain network lives in a constant condition of harmony. It is one constant that automatically checks itself every ten minutes. It is like a self-auditing system but its value is all digital. Each group of transactions is a “block”. As a result, these are two important things blockchain creates:
- Transparency data embeds in the network and by definition it is public.
- It is safe from corruption. To alter any unit of information on the blockchain means overriding the entire network! That takes virtually an impossible amount of computing power!
This could be possible, in theory, but not in practice. If anyone tried to take control to capture Bitcoins, it destroys their value. Hence, an intruder has nothing to gain!
Blockchain is A Network of Nodes
The blockchain is a network made up of computing “nodes”! As a combination, this network makes the blockchain. A computer is a node! It is part of the network Blockchain using a client. The client completes the work of relaying and validating all transactions. The computer (node) receives a copy of the blockchain and downloads when a person joins the network! This creates a second-level network and changes how the internet works.
Blockchain programming records all financial transactions. Just like the internet, your smartphone, computers, or car, you do not need to know how they work to use them! Same with the Blockchain! Basic knowledge of this new technology helps you understand a bit of how it works.
- Information on a blockchain is a sharing, continually validating and reconciling database.
- No storing of The blockchain database is in any single location. The records are public and can be verified easily.
- There is no centralized version. Therefore, no hacker can corrupt it.
- Hosting is by millions of computers all at once. All the data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Blockchain Explained
Imagine a spreadsheet that thousands of people share across a vast network of computers. When a secure, valid truth of an update takes place then this network updates the spreadsheet. If you get this concept, you have a basic understanding of blockchain.
- The blockchain is a huge spreadsheet available over the Globe. (Truth is no one system is the “Central” authority).
- Blockchain records who sent what, where, and, how many coins and tokens are out there.
- It tracks the balances of every account.
- Storage and maintenance are done by thousands of miners throughout the world. These people have high power, specially configured computers.
- The blocks within the blockchain hold all the individual transactions going and coming. These are the individual transactions from OMINEX, MetaMask, Exodus, etc.
- You see data on the Blockchain when you check, but not in one personal system.
- No more missing or corrupt transactions.
- An end to human or machine errors. No more corrupt or broken databases.
- The end of exchanges causing an error and without the consent of the parties.
- Blockchain confirms that a transaction is valid and records it. This is on the main register as well as a network of registers. They all connect through a secure validation process.
Blockchain Revolutionizes Internet
This internet evolves into something better for everyone globally. The tech community is now finding many more uses for this technology. We see how the Internet influences commerce and how things get done. Now we see it re-done in a new revolutionary way with blockchain.
The blockchain network is decentralized because every node voluntarily joins the blockchain and becomes an administrator. That makes it decentralized. Motivation to be a part of it is:
- a chance of winning Bitcoins.
- competing to solve and verify as the solution.
- proving proof of work.
- creating the “minted” blockchain of information.
- rewards of a specific amount of bitcoins for the completed block in the blockchain.
Blockchain is Decentralized
The whole network works on a user-to-user basis. This is called “Decentralization”. The blockchain was designed for this type of technology! It creates “truth” in its usage! The blockchain network is bringing many possibilities to light. Many are better than ever imagined!
- Besides creating a new way to confirm transactions, aspects of traditional commerce become unnecessary.
- Cryptocurrency and ICO/Token trades are almost instant on the blockchain. Trade operates 24/7/365 with no market opening or closing around the Globe.
- Like a land registry, record keeping is now fully public.
- This global network of computers uses blockchain technology to jointly manage the database. That records the transactions and keeps the information up-to-date and always available.
Blockchain Durability and Robustness
- No single entity can control it.
- There is no single point of failure.
- No corruption or embezzlement is possible.
Summary: Next Step is Getting Your Wallet
Bitcoin and Cryptocurrencies
Bitcoin is the first decentralized money. Before you know it, Bitcoin and Cryptocurrencies will also be a part of our everyday living. We will think about money in a different way. Money is what we use as our exchange today, but tomorrow, it will be cryptocurrency! One thing everyone can do is set up a Digital Wallet. We all need it in the near future. Set Up Your Wallet Here.
Prepare yourself for the changes of tomorrow and know what is going on with money and cryptos, because you will need this much sooner than you think! Get yourself a Digital Wallet Today! You will be using cryptocurrencies and not money for your exchange soon!
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NOW THAT YOU KNOW THE BLOCKCHAIN STORY, GO HERE AND SEE MORE AMAZING THINGS!
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Hopefully, you gained a little knowledge about the Blockchain! Take advantage of it! Join the thousands who first heard about it here! Keep your journey into Blockchain smooth and profitable!
