Blockchain – What It Is, What It Does, How It Works

Blockchain is the state-of-the-art; revolutionary technology taking the world by storm and its benefits vastly outweighs any other technological system that is seen in today’s market.

What Is Blockchain?

Simply put, Blockchain is a global database where information can be added, but in no way can it be removed. It is a time-stamped series of immutable record of data that is managed by a cluster of computers not owned by any one single entity or authority. It is the definition of a democratised system, with no central authority.

Through the use of Blockchain, information is stored, shared and continually reconciled on a vast network of computers, called nodes.

Each node works systematically together to add any new information that is required to the Blockchain. This information is added in bundles known as blocks. Each time a new block of data is added, it is automatically chained to the previous block, resulting in a line of information, known as the Blockchain.

How Does Blockchain Work?

Blockchain successfully works because it keeps an unchangeable and immutable record of transactions. This is created by each node (computer) on the network coming to a consensus between all nodes.

No one has the authority to make any changes to the Blockchain, making it a decentralised system. The more nodes that are added to the network, the more decentralised the system becomes, improving security.

Blockchains ultimately make transactions legitimately verified and received within minutes, solving the double spend issue through the following factors:

  • Each transaction is time stamped and kept in their correct order
  • Every single node must have a copy of the same ledger to reach consensus and to continue on with the Blockchain
  • Any node that has a copy of the ledger but it doesn’t match the majority of the other nodes with automatically be ignored.

What Does Blockchain Do?

Essentially Blockchain has three main properties making it the fastest growing and acclaimed technology to date, these are:

  1. Decentralisation

There is no one single entity with the power to change the state of the Blockchain ledger.

Blockchain is a simple yet ingenious way of passing money from A to B in a fully automated and safe manner with no third party involved. You and only you alone are in charge of your money and the transactions you make, without anyone else being able to gain access.

  • Transparency

Through Blockchain your identity is secure, yet you can still access all transactions that have ever been made by that public address. This level of transparency is a first in the financial system, adding a much-needed level of accountability.

  • Immutability

When we discuss immutability in regards to Blockchain this means that once something is added into the Blockchain it cannot by any means be tampered with or changed.

Blockchain, Cryptocurrencies and Mining

The first cryptocurrency developed was Bitcoin, by Satoshi Nakamoto in 2008, who described the development as “a peer-to-peer electronic cash system”. Creating the worlds first decentralised digital cash system without a central entity, through the use of Blockchain.

A cryptocurrency consists of a network of peers, with every peer having a complete record of every transaction and balance of every account.

When a cryptocurrency transaction is confirmed, it is set in stone and becomes a historical transaction on the Blockchain. It cannot be altered, reversed or changed in any way, making it no longer forgeable.

The next step of the process is miners; cryptocurrency mining is one of the most commonly used method of validating transactions that have been executed on the Blockchain network. Only miners can confirm a transaction. Miners take transactions, stamp them as legitimate and spread them in the network. After a miner confirms a transaction, every node then adds it to its database, becoming part of the Blockchain.

Once a miner has successfully completed the process they are then rewarded with a token of cryptocurrency, for example Bitcoin (BTC).

In order to make the mining process the most financially successful that it can be, the miners hashing power must be high. The more nodes a miner has in their Blockchain, the more hashing power the miner has, meaning that more transactions can be confirmed at a higher, more stable and consistent rate.

Become A Miner With NGSCrypto

NGSCrypto is an international investment institution focusing their services on Crypto Mining, allowing you to earn Cryptocurrencies without the technological know how.

By mining through a large-scale, global company such as NGSCrypto you essentially are harnessing the power and ability to receive a much higher hashing power at a lower electricity cost than you would if you were to mine privately from home.

NextGen Systems offers affordable packages to get you up and mining today and earning real money from the comfort of your own home.

From start up packages that benefit the small income earner to large-scale global companies, entry levels are financially accessible for all.

NGSCrypto uses the latest technology in liquid cooling systems; this ensures that your system is running at its optimum level, guaranteeing the highest profits possible. Not only this, but only the most profitable coins are mined.

Being the only Australian Company that is Superannuation approved and fully compliant under Australian laws and regulations, NGSCrypto offers its clients peace of mind through a strong partnership with United Global Capital (UGC).

With an easy sign up process, which can all be done online, NGSCrypto is the most trusted and lucrative mining company in the cryptocurrency arena.

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