Unraveling Network of Affinity
Are you fed-up of the prolixity of your typical banking system?
Are you clogged in a monetary mess?
Are you feeling helpless on your money?
If your answer is yes to any of the above questions it’s time to shred off the chains!!
“The chains of habit are too weak to be felt until they are too strong to be broken.” –SAMUEL JOHNSON
BLOCKCHAIN may not sound the most sonorous word yet carries a tremendous potential to alter money and market that we have been dealing with in the past. A technology that already exists among us though we are not much accustomed to this up-and-coming technology so far.
Blockchain has the ability to handle and settle the transactions securely and faster in a decentralized environment.
For instance, In the month of October 2016, ICICI bank announced that it settled an export transaction in partnership with Emirates NBD, with Blockchain technology, in minutes which would have taken around 3 days via existing conventional route.
Change Leading To Chastity
Scars of financial crisis, tarnished with inflation, Bank runs’ and currency crunch has brought us to the doorstep of a magnificent era that would be significantly governed by technology with a tremendous impact on our daily lives.
No this is not about Star treks or alien mapping but rather its confluence of technology with our daily commerce elevating our ways in which we transact.
We are witnessing a transmigration of our economic outlook, where we are digitizing our monetary system to the extent that this digital or cryptocurrency is becoming the currency of the nation called INTERNET.
The most remarkable feature of this wave of transformation is, it is unifying the entire globe in a single thread producing a digital platform that is more democratic in form,
Unlike our primitive bank culture that always imposes a threat to our centralized wealth making it more prone to hacking and significantly diminishing our control over our own money.
Sovereign Over Fallacious
Our day-to-day transactions and our daily errands are recorded on a ledger or book of records which in turn are verified by this authentic financial institution acting as intermediaries.
Problems arise when these transactions are in millions, the cost of ledgers keeping soars magnanimously.
“The cost of this ledger-keeping was estimated to be 12 million in 2014.” – THE ECONOMIST
This enormous cost of ledger keeping trickles down to the consumer which we bear at all times, yet it remains latent to our naked eyes.
What if this process of ledger keeping or sending money could be simplified to the extent of sending emails which are not more than a few clicks?
How about decentralizing this process of book-keeping by unleashing the data in a public forum in secure encrypted format, where they can be varied by the common mob, drastically reducing this economic burden?
“Diversity” A Road To Adequacy
The power of BLOCKCHAIN technology has already started showing up the glimpse of the world, we are heading towards.
It provides a vast distributed virtual network over millions of interlinked computer system around the globe that is owned by none but available to everybody for validation.
This platform comes with diverse functionality where all kinds of assets from money to music could be stored, moved, transacted, exchanged and managed without any intermediaries.
Any digital assets ranging from money to music isn’t stored in a centralized place but made available, in an encrypted format, for validation to millions of eyes on the internet. This relieves the burden of book-keeping, also minimizing the threat of potential hacking.
An advantage of this public ledger is that it is tamper proof and hence data is not vulnerable to external threats.
Currently, Honduras Government has been maintaining land records on Blockchain, hence, in case of any modification or changes, it gets published real time and publicly.
This revolutionary technology has embedded trust among people worldwide. Now they can transact peer-to-peer without actually losing control over their hard earned fortune, at any phase of the transaction. The reason for this trust isn’t some big institutions anymore but rather its technological collaboration with millions of computers worldwide.
Intricate Yet Intelligible.
A BLOCK is created every ten minutes that holds the list of all the transactions that occurred all over the world in those ten minutes. This BLOCK is added to series of preceding blocks through underlying cryptographic code.
This code ensures that any attempt of fiddling with the transactions would alarm the entire BLOCKCHAIN network which is under constant vigilance of millions of interlinked computers around the globe.
Amongst them, few are miners who shouldn’t be confused with physical miners working in a gold mine but rather they are virtual miners of cryptocurrency with massive computing powers at their fingertips.
Computing powers that are Ten to Thousand times bigger than all of Google around the globe. With such massive computing powers, miners tend to do a lot of work.
This involves solving of complex algorithms while competing with other miners at the same time. The one who is able to solve the problem first broadcast his result around the network which they call “Proof Of Work”. This proof is then validated by other miners on the BLOCKCHAIN network and stamped with authenticity, which in turn is added back to the BLOCKCHAIN in the form of a new BLOCK.
Now to understand it more clearly,
Let us take into account our conventional BANKING SYSTEM. There is a Bank(Central Authority) that is responsible for verification and validation of our transactions by making sure one has enough funds in his account to execute a particular transaction that he is intending to make contrary to this in A BLOCKCHAIN NETWORK.
This task of verifying the transaction is assigned through a lottery that is drawn every 10 minutes and a random person participating in the lottery is assigned the task of verifying transactions occurred in those 10 minutes.
The prime motive of these people participating in this lottery is the reward of 12.5 BITCOINS in the case of BITCOIN BLOCKCHAIN.
Now the only way to win in this lottery is making an analogy to draw random lots until you land on the right number. This analogy is implied through massive computing power used by the MINERS.
“Blockchain” An Asset
The Miner who is swiftest in solving the algorithmic puzzle is awarded new BITCOINS which they were seemingly mining for.
Now this new verified BLOCK is added to the preceding blocks in the network through an encrypted BLOCK ADDRESS which becomes the header of the newly added BLOCK. HASH is another name for this block address.
These intertwined networks of blocks form an interconnected chain making it impossible for any intruder to alter any details posted on the BLOCKCHAIN network, reason being-
If one needs to hack a particular BLOCK he will have to hack all previous BLOCKS, the entire history of commerce, not only on his computer but on millions of computers simultaneously making it practically unviable to alter even a digit on this Fortified Virtual Network.
This makes BLOCKCHAIN internally more secure if compared to the most of the computer systems available today.
BLOCKCHAIN network can be proclaimed in the real sense as a fundamentally decentralized network which seems to be an unprecedented move in the field of technological advancement.
This decentralized characteristic of technology edifies it with the capability of controlled and predicted inflation rate for the 138 years. This prefixed inflation rate is programmed to decrease half in every four years until all 21 million BITCOINS are mined on the BITCOIN BLOCKCHAIN NETWORK.
With this astounding technological development, we the common mob are empowered with a right to say “NO” – No to inflation, confiscation and all other vices that are inevitably attached to the centralized financial system.
This can be achieved by acquiring a stable position in this growing financial system of cryptocurrencies. Keeping this in mind many of the Giant companies around the world are incorporating this magnificent BLOCKCHAIN technology in their niche of work.
COINOMIA being one of the forerunners of this amazing technology.
BLOCKCHAIN, not only furnishes excellent mining platform for all mining enthusiasts but also acquired much recognition for the promising returns that it has assured to its virtual miners.
This is the best opportunity for prosperity that knocks at our doorstep. We just need to open our doors to this evolutionary change so that we can fix our position at the top of the wealth curve.
It’s time to gear up for all the mining enthusiast who are willing to be a part of this evolution themselves and be a part of this dynamic technology through one of the best source available– COINOMIA.