What are the components of a blockchain network?

Following are the components of a Blockchain network – 1. Node – It is of two types – Full Node and Partial Node. It maintains a full copy of all the transactions. It has the capacity to validate, accept and reject the transactions. It is also called a Lightweight Node because it doesn’t maintain the whole copy of the blockchain ledger.

What is blockchain architecture?

The blockchain architecture consists of various components like peer network, smart contract, membership, events, ledger, system integration, wallet, and system management.

What are the different types of blockchain nodes?

In the blockchain network, there are two types of nodes such as miner nodes and normal nodes. The miner nodes are used for authentication, auditing, and validating the transactions and normal nodes are used to verify those transactions. Similarly, based upon several criteria, blockchain systems are classified as public and private blockchains.

What is an example of a blockchain ecosystem?

For example, if you consider Bitcoin as a blockchain ecosystem, every computer connected to the internet should run a Bitcoin wallet application for participating in the blockchain network. Similarly, another example of a blockchain ecosystem, Bankchain, shows how banks only get permission for running the node ecosystem.