Blockchain. What exactly is it? And what purpose does it serve?
Blockchain is a “network software protocol that enables the secure transfer of money, assets, and information via the Internet, without the need for a third party intermediary such as a bank.” Melanie Swan, Anticipating the Economic Benefits of Blockchain.
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.
Most recently, VXPASS has opened up a Blockchain based Covid-19 vaccination verification platform. Information of patient’s vaccinations can now be recorded on a shared database, meaning they will be about to securely hold their vaccination records digitally and use as needed, eliminating the risk for personally identity theft or fraud.
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.
“Blockchain technology is fundamentally changing the world, breaking down all current processes which are out-dated and perform poorly, and providing the society with a secure and safe decentralised system that allows us to be in full control.” – Mark TenCaten, CEO, NGS Crypto
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?
Blockchain has three main properties making it the fastest growing and acclaimed technology to date, these are:
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.
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.
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.
While Blockchain technology supports the transactions of Bitcoin, it also has four main areas of application, including;
- Real time money transfers and payments
- Property registries
- Contractual agreements
- Identity confirmation
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 methods 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.
An Investment in Blockchain
NGS Crypto, Australia’s leading and most trusted digital asset mining service, uses the latest technology to mine digital assets using Blockchain technology.
Through NGS Crypto, you are able to invest in a mining package, ensuring that you are linking yourself to a highly established node system (as mentioned above).
Securing an investment with NGS Crypto ensures that you are in full control of your profits, which are paid out daily in BTC.
How an investment with NGS Crypto works
By purchasing a package with NGS Crypto, you are entering into the digital asset mining space without the risk of mining personally.
By relying on our well-established system, you are able to earn a fixed rate return, over a fixed amount of time that is far outperforming what the banks are currently offering you.
“NGS Crypto was created, tested and then released to the public in order to give people a risk free option to break into the digital asset space, which is fast becoming the most trusted financial system in history due to its many benefits. Outperforming other investment options, NGS Crypto offers a fixed rate return over a fixed amount of time, eliminating the risk that comes with trading in the digital asset space.” Mark TenCaten, CEO, NGS Group.
Due to the current price drop in digital assets, we have had people coming to us looking for a safer option than trading. When trading digital assets, 100% of your capital is at risk 100% of the time, with mining however, NGS Crypto safeguards your capital, locking it away during the course of your Initial Mining Agreement (IMA), with fixed returns paid our daily in BTC, and then 100% of your capital returned in full to your nominated account at the expiration of your IMA.
For further information contact us today
OR go to our sliding investment scale to see what returns you can make.