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The world is changing before our eyes.  A basic understanding of Blockchain Knowledge is essential to be prepared for the future. Hopefully, you will find this information useful. Because, you need to get up to speed. All you need is a basic understanding of Blockchain Knowledge.

First of all, know that the blockchain is incorruptible. And, it’s a digital ledger of economic transactions can be programmed to record financial transactions.  In fact, it can record virtually everything of value.  XcelTrip is a great example.  See the video below.

The XcelTrip Blockchain is going to change the way we travel even more than the internet changed travel.  Get huge cost savings for both the traveler and the Vendor Partners.

The Simplicity of Blockchain Knowledge

• It’s very large.  In fact, it’s HUGE.
• The blockchain is GLOBAL.
• There is no central authority. It’s more like a Decentralized spreadsheet.
• Every transaction in the Blockchain is recorded, whether it is financial or merely information.
• In the case of Coins/Cryptocurrency; it tracks what the balance of every account.
• Thousands of people (miners) across the globe store it and maintain it. They have “special” high powered and uniquely configured computers. Your computer is likely able to do this also. Become a miner here!
• The blocks contained within the blockchain are made up of all the individual transactions sent and received through the blockchain.  For instance all individual transactions sent from places like XcelTrip Wallet, OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
• 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.

Benefits of Having Blockchain Knowledge:

Blockchain is a decentralized system to bring everyone to the highest degree of accountability. Meaning, transactions are not missed or corrupted! There is not a chance of human or machine errors.  The days of corrupt or broken databases are over. All parties must consent to the transactions of exchanges, or they simply don’t happen. The validity of a blockchain transaction is guranteed!

Blockchain Knowledge and Technology are rReferred to and Explained Best by Considering it Internet 3.0.  (Evolution of the Internet – Better – Safer – Truth).

Unquestionably, the blockchain is an ingenious invention. It is the brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto. However, it has evolved into something greater! Everyone is asking about it. Accordingly, this page should help explain about Blockchain Knowledge.

Consequently, Blockchain Knowledge is Clearly introduced Here.

Digital information on blockchain are distibuted but not copied. It consists of a never-ending database. And, it is continuously updated and accessible from just about anywhere.  Thus, the backbone of a new type of internet is created by the Blockchain.  The internet has thereby evolved.  It is better for all of us on a global scale. Originally, it’s creators devised the Blockchain for the digital currency like Bitcoin and XcelTokens. But now, everyone in the technology community is looking for immediate and potential uses for for it.

Due to recent proof of Bitcoin and 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. (probably far more by the time this is read).  And it doesn’t stop there, as blockchains can make other types of digital value.

Blockchain Knowledge does not need to be fully understood to be used by us all:

Like the internet (before blockchain) or your smartphone, computers, or your car; you do not need to know how the blockchain works for you to use it. However, having a basic blockchain knowledge of this new technology helps you to understand why it is considered revolutionary.

Blockchain Knowledge – A distributed database – Keeping it Simple:

Picture a spreadsheet.  And, it is shared thousands of times across a vast network of computers. Then, imagine each time a secured and validated truth of any update is processed. It happens continuously! The network is designed to regularly update the spreadsheet.  If you can grasp this concept, you have a basic description and understanding of blockchain.

• Information held on a blockchain exists as a shared database. Additionally, it is continually validated and reconciled.
• The blockchain database isn’t stored in any one location. In fact, the records it keeps are truly public and easily verifiable.
• No centralized version of this information exists for a hacker to corrupt. Because, the “decentralized” Blockchain Database is incorruptable!
• Millions of computers host it simultaneously.  And, its data is accessible to anyone on the internet. Even you can be host! Become a minor here!
• Ultimate Security and Transparency.  Truth.

Blockchain Knowledge: 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:

1. Be controlled by any single entity.
2. Has no single point of failure.
3. Be corrupted or embezzled.

Blockchain Knowledge from the History of its Invention/Creation:

Bitcoin was first invented in 2008. Since that time, the Bitcoin and the Blockchain have operated without significant disruption. (To date, any of the problems associated 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.)

The internet itself has proven to be durable for well over 40 years.  This is a track record that bodes well for blockchain technology as it continues to be developed, and deployed for all uses and solutions for the Global Community we all live and work in.

Blockchain Knowledge on Being Transparent and Incorruptible

The Blockchain network lives in a state of constant consensus.  Therefore, it is one constant consensus that 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”. As a result, here are two important properties created by blockchain:

1. Transparency data is embedded within the network as a whole, by definition it is public.
2. 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. Something that is virtually impossible and becoming a larger and larger barrier constantly.*

*In theory, this could be possible. In practice, it’s unlikely to happen. So, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.

Blockchain Knowledge: A Network of Nodes

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

Together, all of these nodes create a powerful second-level network, a wholly different vision for how the internet can function.

Blockchain Knowledge:  Nodes and their Role in the First Blockchain Example: Bitcoin.

Now, understand that every node is an “administrator” of the blockchain. And, each node joins the network voluntarily. However, each node (or computer) has an incentive for participating in the network! Yes, each node has an opportunity to be rewarded bitcoins for the completed block in the blockchain. 

The internet was once just a way to share “emails” and information. And, it brings us massive eCommerce, jobs, and revolutionized industry.  Accordingly, as a result of blockchain, this revolutionis happening again; evolving to the next level of technology based on decentralized solutions and “truth”. You can even own a business with no startup costs! Check out XcelTrip!

More and More Blockchain Solutions!

The number of cryptocurrencies are ever-growing. Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. Check out XcelTokens! In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Because 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. That is why it is so important for you to have some basic Blockchain Knowledge!

Blockchain Knowledge: The Idea of Decentralization

Maintained total security in the Blockchain by using Decentralized Technology for its transactions!

Remember, anything that happens within the Blockchain is a function of the network as a whole.

• Aspects of traditional commerce become unnecessary. There is a new way to verify transactions.
• Cryptocurrency and Initial Coin Offerings or ICOs, and Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing.  It is worldwide!  It is everywhere!
• Vital record keeping, like a land registry, is now fully public. So, there is no need to worry about somebody changing the ownership records on your property!
• 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.

So, the Network manages the Blockchain, not any centralized authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” in the network.

Blockchain Knowledge: 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 use cases for the technology. International money transfers, for example.

Jobs and Careers are abundant in the blockchain. Blockchain Developers are in great demand and that demand is growing. This is not going to slow down. Therefore, implications for evolving into the blockchain are relevant for virtually everything.

Consequently, the blockchain potentially cuts out the middleman for all types of transactions.  Hence, the reason new methods for generating and being part of creating new monetary gains are higher than ever. Costs are lower and quality is higher for consumers.  Profits are greater for the vendors.  It is a Win-Win for all.

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 by people to buy things with Bitcoin, and to be able to store and access it along with other cryptocurrencies. Check out OMINEX and XcelTrip Wallet for any blockchain wallet or ICO direction, need, or resource.

In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification and verification.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Blockchain Knowledge: Enhanced security

The security, validation and “Truth” offered by Blockchain is revolutionary. And, it is necessary for total global solutions in all sectors. Therefore, your eliminate the risks associated with centralized databases.

The Blockchain does not have centralized points of vulnerability that computer hackers can exploit.

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. However, Blockchain security methods use encryption technology.  Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.

Public and Private Keys are methods of encryption. A “public key” is a users’ address on the blockchain. The “private key” is like a password that gives its owner access to digital assets. However, protecting your digital assets will also require safeguarding of your private key.

And, you can safeguard your private key!  For example, protect your private key by printing it out and creating a “paper wallet”.

Also, there are cold storage solutions, such as a Trezor. These solutions allow you to keep your “Public Key” and its contents in a safe location. Additionally, your public key is even safe while you access them from the blockchain.  Trezor has built-in,  secure recovery points.

Blockchain Knowledge: A second-level network

With blockchain technology, the internet (web) benefits with a new layer of functionality.

Hence, users can transact directly with one another — 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. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)

As published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Because, it optimizes 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 of blockchain.

Feel like you are missing out?  Do not miss out on these opportunities any longer. 

So, do you want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain in the easiest manner possible. Consequently, 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 and they would be otherwise idle) to benefit and earn BTC (though you will be part of mining the most productive forms of Cryptocurrency).  SEE THE DETAILS and get STARTED HERE.  This is literally creating the possibilities of millionaires amongst even the simplest and non-understanding of us out there.  And it is real. In conclusion, this works without you fully understanding it.

Visit our page on XcelTrip to learn about a unique decentralized travel ecosystem that is designed to completely remove layers of overhead costs.  These savings go right to you, the client.  We are growing a travel ecosystem that allows for all of us to book travel at the best prices with the reduced cost to bring these travel experiences and memories to you.  You can simply afford to do more with XcelTrip…for the hotels, car rental companies,

Admittedly, this can be a lot to take in.  So, we invite you to bookmark and come back for more information. Also, come back and review this information as needed. The information provided will only increase your appreciation for this education on blockchain.  And, there is nothing but growth and adventure for us all to witness. Therefore, our followers keep informed by our Blog and keep up on all the new blockchain innovations.

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