In this changing world, blockchain has an ever increasing presence. We will try to help you have a better understanding. You will find here some details and information that everyone needs to know, and, some useful information to help you get up to speed. Don’t worry, you don’t need to be an expert.
What is Blockchain?
It is an digital ledger for economic transactions, which is incorruptible, and, programmed to record financial transactions, or, everything else of value.
OK – Let’s simplify it for you.
- This system is a huge, global, decentralized, spreadsheet.
- It keeps track of who sent how many coins/tokens/information, and to whom.
- In the case of Coins/Cryptocurrency; it tracks the balance of every account.
- Stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers.
- The blocks contained within are made up of all the individual transactions sent and received through places like: STAKE BASE MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
- Viewing your Cryptocurrency Balances on STAKE BASE, or any other “Wallet”, allows you to see your data only.
How do we all benefit?
This is a system, which is decentralized to bring everyone to the highest degree of accountability. The result is:
- No more missed or corrupted transactions.
- An end to human or machine errors.
- Corrupt or broken databases no longer occur.
- Transactions or exchanges (made in error) without the consent of the parties involved do not happen.
- The blockchain guarantees the validity of a transaction by recording it on a main register, and, 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).
This technology is an undeniably ingenious invention and the brainchild of a person or group known by the pseudonym, Satoshi Nakamoto. It has evolved into something greater, and the main question every single person is asking, and we are here to help explain.
Digital data on blockchain can be distributed but not copied. This creates an endless and constantly updated and accessible database. The technology created the backbone of a new type of internet. This resulted in the internet evolving 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. What we see happening with the Internet is changing commerce and how things are being done and communicated.
Bitcoin is made possible by the creation of blockchain; Bitcoin has been called “digital gold.” Seems like it is actually 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. And it doesn’t stop there, as blockchains can make other types of digital value.
Blockchain does not need to be fully understood to be used by us all:
A basic knowledge of this new technology helps you understand why it is considered revolutionary, however, like the internet… your smartphone… computers… or your car, you do not need to know how it works to use it.
More Blockchain details:
Picture huge spreadsheet… it is shared thousands of times across a vast network of computers. Whenever a secured, validated truth, of any update is processed, this 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:
- Information held on a blockchain exists as a shared, and continually validated and reconciled database.
- The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
- 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: Durability and robustness
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:
- Be controlled by any single entity.
- Has no single point of failure.
- Be corrupted or embezzled.
Transparent and Incorruptible
The blockchain network lives in a state of constant consensus. It 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 is referred to as a “block”.
Two important properties are created by blockchain:
- Transparency of data is embedded within the network.
- 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.
A network of nodes
A network of computing “nodes” make up the blockchain. A Node is a computer connected to the blockchain network, using a client that performs the task of validating and relaying transactions. And gets a copy of the blockchain, which gets downloaded automatically upon joining the blockchain network.
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: bitcoin.
Every node is an “administrator”, and joins the network voluntarily (in this sense, the network is decentralized). Each Node is an incentive for participating in the network, and, a chance of winning Bitcoins (competing to solve and be verified as the solution). This provides proof of work,and creates the “minted” blockchain of information and being rewarded a specific amount of bitcoins for the completed block in the blockchain.
The internet revolutionized the everything. It has evolved into massive commerce, jobs and more. Blockchain is the next iteration. The result is already happening again and is evolving to the next level of technology based on decentralized solutions and “truth”. To add definition: “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis.
There is already an ever growing choice of Bitcoin-like cryptocurrencies (exchangeable value tokens) available. A full range of other potential adaptations of the original blockchain concept that are currently active, or in development. 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. Click here to learn more.
The idea of decentralization
The blockchain is a decentralized technology. Anything that happens within the blockchain is a function of the network as a whole.
Important implications to considered:
- 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.
Managed by its own network and not by any single central authority, the Blockchain. creates “truth” and the possibilities from all forms of mass collaboration, which this makes possible, we are just beginning to be explore.
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 cases for use the technology. The World Bank estimates that International remittances in 2015 were over $430 billion US in money transfers.
Jobs and Careers are abundant in the blockchain and at the moment there is a high demand for developers. This is not going to slow down. Implications for continued evolution is relevant for virtually everything. The blockchain potentially cuts out the middleman for all types of transactions.
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 to buy things with Bitcoin. A”wallet” is a needed vehicle to store and access all types cryptocurrencies. We recommend STAKE BASE for any blockchain wallet or ICO direction, need, or resource.
The blockchain, created a huge need for compliance and identification and verification. STAKE BASE is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
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 its network, blockchain eliminates all of the risks that come with data being held centrally. The beauty of blockchain is that is lacks points of vulnerability that can be exploited by computer hackers.
Go here to learn more about the STAKE BASE Blockchain services available to you.
Blockchain details: A second-level network
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. Data stored on Blockchain is incorruptible.
With this technology, the internet (web) benefits with a new layer of functionality. 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.
As published in 2017; Goldman Sachs believes that blockchain technology holds great potential 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.
If you think you’er missing out? Don’t, we have many ways to get you involved.
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.
The information we provide will only increase your appreciation for this education. There is nothing but growth and adventure for us all to witness. Keep up to date with the new technology and services available to you.
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