JACK(A “NODE”) has a file of transactions on his computer (a “ledger”). James and Heena (let’s call them “miners”) have the same file on theirs (so it’s “distributed”). As Jack makes a transaction, his computer sends an e-mail to James and Heena.
James and Heena will check whether Jack can pay their salary in “Bitcoins”. The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the transaction (“proof of work”). If all agree, everyone updates their file…or we can say that these three people are blocks or nodes of different computers and this is called Blockchain Technology.
There are mainly two types of nodes.
Full nodes support and provide security to the network. They download the complete history of blockchain to implement the rules. They maintain the understanding among other nodes to ensure the correctness and verification of the data on the blockchain by storing a copy of the blockchain.
Lightweight nodes maintain the connection among users outside the blockchain. A lightweight node is each user in the network who needs to connect to a full node to synchronize to the current state of the network to be able to participate.
Miners nodes: These are nothing but the BItcoin miners present throughout the world.
Web3.0 Image SOURCE _PIXABAY
Defi means Decentralized Finance
Distributed Ledger on nodes, no manipulation of data
Prevalent use of artificial intelligence (AI), Unchangeable Codes, Metaverse, NFT,
Machine learning, and peer-to-peer(P2P) networks.
Doubts? Decentralization and permissionless systems will create more control likely to limit the data extraction over their data. IMAGE SOURCE PIXABAY
Therefore, A blockchain is a set of blocks tied together by a chain. These blocks are called nodes of computer networks and the information is stored digitally. It was used in Bitcoin to maintain safe and secure decentralized data. A blockchain consists of essentially three concepts blocks, nodes, and miners.