COMPONENTS OF A BLOCKCHAIN

Node Ledger Wallet Nonce

Consensus
Hash Mining
Protocol
1
 NODE

Any computer or hardware connected to the blockchain

network is a node

 Full Node: Maintains full copy of the transaction history

of the blockchain
 Partial or Lightweight or Light Node: Maintains partial
copy of the ledger
2
 LEDGER

A ledger refers to the digital database of information

that is immutable

 Ledger is public
 Ledger is distributed
 Ledger is decentralized

3
 WALLET

The digital wallet allows users to manage cryptocurrency

 Privacy is maintained
 Transactions are secure
 Ease of Usage
 Currency Conversion

4
 NONCE

A nonce is a number generated randomly that can be used

just once in the cryptographic communication.

5
 HASH

A hash function can take data of any size, perform an

operation on it and return a hash that is a data of fixed
size

6
 MINING

Mining is the mechanism whereby nodes called "miners"

would validate new transactions and add them to the
blockchain ledger

7
 CONSENSUS PROTOCOL

A set of rules where nodes in a network can achieve

agreement on the data value or state of the network such
that it benefits the network as a whole and does not focus
on individual interests