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Blockchain Details…

Blockchain is what makes Bitcoin work.

Therefore, I will be presenting some blockchain details below with information that everyone should know about.

I will try to keep it simple.

First, Blockchain is a numerical account of financial transactions that has the ability to record the progress of not just crypto-currencies but for any valuable asset.

Here is a more simplified explanation…

• Firstly the blockchain is universal or worldwide. In other words, it is not in one place like a bank or other financial institution like a bank or a vault or a security house.
• Secondly, by its sheer nature, it keeps track of who, what, where, and when investments have taken place.
• Above all, it has the uncanny ability to keep track of the balances of every single account in multiple locations.
• Also, there are actually thousands of people with 64-bit computers all over the globe that are using them to maintain the blockchain process.
• For instance, big corporations like Facebook and other such companies are looking into the use of Blockchain for added security.
• To clarify, if you are using some of our referenced companies on this site like Coinbase or any other Blockchain Wallet, you are experiencing the results of information that resides on different computer setups.

Advantages of the Blockchain

Blockchain is a decentralized system creating accountability among multi-computers.

• Therefore, there can’t be any skipped or incorrect transactions.
• The human or mechanical factor (like in a financial institution), is null. As a result, there can be no broken or corrupted databases.
• Individual parties consent to all transactions.
• By using the blockchain method guarantees the legitimacy of all transactions by recording it not in any one ledger or place but throughout the whole connected computer system.
• A safe and sound code of behavior make up these systems.
• With all of the above set in place it is virtually impossible for hacking to take place.

The Evolution of the Blockchain

Historical Synopsis

Satoshi Nakamoto produced a white paper on October 31, 2008.

This paper presented an innovative approach on a way to send money from the sender to the recipient directly without going through any financial institution.

The term Bitcoin emerged.

Cryptography concepts made exchanging funds ingenious creating the Cryptocurrency.

Further Clarification …

What is Blockchain?

The Blockchain is renewable data.

This technology has created a new concept of use on the internet.

A global mechanism useable by everyone.

Our financial future is safer and more secure with this technical innovation.

Currently, the value of currency being used is close to $350 billion USD.

Other digital funds also use the Blockchain System.

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BTC to USD Converter = BTC 1 Bitcoin = USD United States Dollar 35143.62

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“BLOCKS” make up the Blockchain

A Simplification…

Remember when you were young and had a Lego set to play with? You used to connect the Lego pieces to make different objects.

Well, instead of building the Lego to go up pretend that you were just connecting each piece to go in outward directions.

As a result, picture that every time a piece is added to any of these lines by any of the thousands of your friends that you approved and trusted to work on your Lego construction made it grow bigger and better.

Also, when any piece is added everyone who is contributing to this Lego construction is able to see the whole vision of your construction.

Now if any piece was tampered with you or any of your friends will be notified and the individual piece would be fixed.

You would never have to worry about anyone or anything messing up your construction.

Now if you can visualize this example and replace those Legos with computers working in harmony then you can begin to understand the concept of the blockchain.

Benefits Of This Process…

• The whole community or network share all transactions.
• Reconciled and validated, databases store the transactions.
• In addition, these transactions are transparent and can be view by the public and easily verified!
• This data is incorruptible, being on all computers.
• Millions of computers are host to all the data at the same time making it available to anyone on the Internet.
• Security and Transparency are the two reasons why this is a growing phenomenon.

Strength and Forcefulness

Blockchain technology has the same similarities as the internet in that it has forcefulness.

By acquiring blocks of data that are the same throughout the entire network, the blockchain cannot:

• be manipulated by any one entity.
• all blocks are protected against failure.
• no hackers can attempt to corrupt the system.

The Facts on Transparency and Incorruptibility!

The blockchain grid survives in a state of surveillance, verifying it’s processing system every ten minutes. 

This is a self-policing system where all transactions are reconciled within 10-minute intervals.

These transactions are processed in “block” form also known as records
which are linked using  cryptography.

As you can see, every block takes a piece of the previous block. This cryptographic hash acquires the timestamp and transaction data which is represented generally as a Merkle tree.

By the sheer design, the blockchain is resilient towards any modification of the data.

As a result, there are two important parts to this system:

1. Transparency is always visible for every block or transaction by the public.
2. It is super difficult to corrupt any data stored within each “block” / or computer system as a whole. This is because it would expend a great deal of power from the network. Also, being constantly monitored any attempt to change information can be reconciled immediately.
3. As these blocks grow bigger and bigger, it becomes essentially impossible to infiltrate the system and hack the data.

Theoretically, it might be possible, but highly unlikely. For instance, hacking into the system to steal Bitcoins, could essentially have a devaluing consequence.

Blockchain: A network of connections

A network of computing connections or “nodes” make up the blockchain.

Nodes are essential for maintaining the integrity of a blockchain. Simply put, a node is just a copy of the blockchain that exists on a computer or other type of hardware device.

Nodes are crucial for sustaining the reliability of a blockchain.

Frankly, a node is just a copy of the blockchain that occurs on a computer or other type of hardware device.

As a result, it automatically gets downloaded when a new block is added into the network.

This creates a whole new network level.

Let’s say that the NODE disappears. It would be impossible to know who owns what amount of the cryptocurrencies and/or which transactions have occurred. In that event, there would be no way of telling if someone was double dipping and all faith in the cryptocurrencies would be lost.

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

Nodes keep track of cryptocurrency transactions on the Blockchain.

Therefore, there are multi-numbers of nodes making it a decentralized system.

There is an incentive for everyone working on the blockchain in the network.

For example, 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.

Remember when the internet when it first began?

WWW -World-Wide-Web

Tim Berners-Lee wrote the first web browser on a NeXT computer, which was called the World Wide Web, on Christmas day, 1990.

This was for basic information along with the ability to be able to share “emails” or “Electronic Mail” as compared to what is know today as “Snail Mail”.

So, from that point forward, the internet has grown into massive commerce revolutionizing the whole industry.

Now the blockchain is going through those same stages of growth. It is evolving into the next AI Technology based on “decentralized” solutions and “truth”.

Bitcoins were the first type of cryptocurrencies to evolve,(exchangeable value tokens). As a result, there are an ever growing sector of other digital currencies.

In addition, there is a full range of other similar adaptations taken from the original blockchain concept that is currently active, or in development.

Decentralization

The blockchain is a decentralized technology.

What this means is that there is no Central Bank controlling the Bitcoins.

Users mine new Bitcoin using their own 64 Bit Computers therefore, the “Users” are in control of the entire network.

As a result, whatever happens along the “Blockchain” path is a function of the network in its entirety.

• Firstly, by having a new approach to the verification of all transactions; parts of the traditional exchange operation becomes pointless.
• Secondly, Cryptocurrency and ICO/Token exchanges are in operation “Live” 24/7/365 in a Global capacity. They DO NOT have any opening or closings like the NYSE.
• The transcripts of all transactions are now totally public.
• Therefore, Blockchain technology connected by a global network of computers enables the management of the whole database system and structured transactions. This allows for all the information to be constantly up to date and available at all times.

The network system oversees the Blockchain process.

“Decentralization” simply means that the network operates on a person to person basis not in 1 place.

Where will the blockchain be used?

Blockchain technology is being adopted rapidly throughout the industrial world enhancing everything around us.

To clarify, the sheer nature of cryptocurrencies being private and secure causes them to be very appealing.

As of recent, the financial field presents the strongest case for using this technology.

The employment industry is acquiring the practice of using the blockchain.

Currently, there is an ever growing demand for blockchain developers which is not going to slow down anytime soon.

It is now understood that the implications of the blockchain process are going to be relevant for virtually all businesses.

The effects of this type of exchange will cut out the middleman saving lots of time and money.

This is the main reason for generating this system. It will create new monetary gains which will be higher than ever.

The Wallet…

The cryptocurrency trading platforms receive @100,000 users a day.

As you can imagine, security is a top concern for these investors.

As a result, there has been developed what is known as the “Wallet” applications.

The “Wallet App” stores Bitcoins and other Cryptocurrencies for use later.

With the expansion of Bitcoin and other cryptocurrencies, there has developed a great need for compliance and identification along with verification.

Enhanced security

Many investors worry about cybersecurity issues. As well they should. As with any financial situation, security is of the utmost importance.

Consequently, in the first half of 2018 theft wiped out over $1.1 billion from the cryptocurrency exchanges.

No investor least of all the “small” investors who are trying to hedge their benefits can afford to lose their hard earned money/coins.

Therefore, the benefit of all this is that the cryptocurrency supporters now know the security faults and have come up with solutions to rectify this situation.

Blockchain is secure and revolutionary. It is a necessary requirement for complete global solutions in all sectors.

The blockchain eradicates all centrally located risk-taking that is common.

Decentralizing data reduces points of vulnerability.

Therefore, hackers have an exceptionally difficult time trying to steal the recorded data.

Consequently this only makes the use of the blockchain program more valuable, wanted and needed.

Almost from the start security has been a major concern on the Internet.

To handle it, people have to put in their “Username” and a “Password”. We rely on that method to protect our assets and identity online.

The Blockchain Protection Methods Use Encryption Technology

Therefore, having the blockchain technology has made for a safer, more secure Internet in all aspects.

Public and private “keys”.

If you have sent Emails, you will have come across the process known as Encryption. Encryption keeps information private.

The reason for encrypting your email is that the information can not be stolen by hackers.

Therefore, what it does is converts your email message into something incomprehensible using a “key” that only a holder of the matching key can reconvert into a legible format.

In other words, this is the same principle for transferring your cryptocoins.

Each individual has a “Private Key” that no one else has.

The Private Key is needed to gain the Public Key.

A “public key” is a users’ address on the blockchain.

Both Private and the Public keys are integer numbers.

However, they are so long that they need to be rewritten in a different style known as Wallet Import Format (WIF) consisting of Letters and Numbers.

Sample Private Key in WIF: 1

The Private Key (YOUR KEY) is longer and is only used by you. If that “Key” is revealed to another, they can than do multiple transactions from your account. Therefore, your key must remain secured.

So if you send Bitcoins or any Cryptocurrency or designed variable across the ‘NETWORK” it is then recorded as belonging to that address.

To clarify, the “private key” is similar to a password that permits you to access your assets like Bitcoins, or any other cryptocurrencies.

Now, when you input your data onto the blockchain, it is incorruptible. But as an added precaution, you should and must safeguard that private key of yours.

How to safeguard your key…

There is a particular “Hard-drive” device that has been developed.

The Trezor is a Cryptocurrency Hardware Wallet.

This “Wallet” backs up Private Keys, Public Keys, and their Passwords.

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The Internet Continues to Evolve…

With the advent of the blockchain technology, the WWW (WORLD WIDE WEB or INTERNET) benefits by having an additional layer of functionality.

Now users can make transactions from their own computers with one another.

Daily Bitcoin transactions average over $250,000 US dollars per day.

Financial institutions conduct business online using blockchain.

For example if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here.

As commented on back in 2017 by Goldman Sachs, the blockchain technology holds great potential. Especially for saving lots of money by eliminating the middleman.

To clarify, they claim it could represent global savings of up to $6 Billion per year. Now being shown to be even more!

To relieve any confusion and to serve your needs better go to Coinbase for all your transactions and maintain peace of mind.

Want to get FREE Bitcoins Now?

In conclusion, this works whether you are a novice to the computer world, a high school or college graduate or have advanced knowledge in the digital world of Cryptocurrency.

Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services, and fun to be had by us all.

1 WeTrust: https://blog.wetrust.io/why-do-i-need-a-public-and-private-key-on-the-blockchain-c2ea74a69e76

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