Most of us have probably never heard of BlockChain Innovation. Our Online Community was curious about this new technology and delved right into it. I hope you find this informational.
How It Works
BlockChain is digital technology that allows easy and safe moving of digital currency, such as Bitcoin or other assets. Most money transfers involve a trusted third party who will verify that all of the parties involved in the transactions are legitimate. The third party will take a fee for this verification and may also take a few days. Blockchain is a concept that deals with digital money transfer, eliminates the third party, the fee and makes the process instantaneous.
BlockChain creates what is termed as an open ledger. One transaction is “linked” to another when money is transferred between businesses or individuals. It is then recorded to an open ledger. Everyone involved in the Network of this transaction can see this “Chain” and the amount of money involved. Then, they can instantly see if the transaction is valid or not. Then, through BlockChain Innovation, each party in the Network receives a copy of the “Chain” for their records. Thus, eliminating the third party.
Making Money
This is where the fun begins. This is where “Miners” come into play. Transactions are set into action before they are even validated. This is called an intended transaction. Miners compete to validate the transaction and that is easy because the ledger is accessible across the web, then they want to be the first to enter it into the ledger. The first one to do this will get a financial reward. Usually in the form of cryptocurrency. Before the transaction can be entered into the ledger, the miner must first find the “Key”. There are actually 2. One is public and one is private. It is like a guessing game and takes time and computation. Then the miner is able enter the transaction into the ledger, publish it and get the monetary reward.
Cryptocurrency was created due to the many ways a bank transaction can fail. Technical issues, a hacked account, daily transfer limits being exceeded or high transfer charges. They are immune to counterfeiting, don’t require a central authority and are encrypted with complex algorithms. There are hundreds of types of cryptocurrencies, but the number one is Bitcoin.
Cryptocurrency Mining: Many people have become Miners. It is easier than you might think. If you are curious, determined and have a personal computer that has some time on its hands, you can become a Cryptocurrency Miner. We have found the easiest system to date for you to learn and get started. So, turn your computer into a Micro-Mining machine by joining in this Mining Community allowing you to earn BTC (Bitcoin). Start earning Cryptocurrency Here
This is a constantly evolving category section to keep investors, small and large, up to date on the latest BlockChain Innovation Information. So, remember to check back often and bookmark by hitting [CTRL] + [D]. Have a Fun and Profitable Day.
