What is a masternode in blockchain?

Masternodes are full nodes that do not possess the power to add new blocks to the Blockchain but only maintain the Blockchain ledger and validate the transactions. Just as miner nodes, there are other nodes responsible for validating a transaction on the network to maintain the consensus algorithm.

What are the different types of blockchain nodes?

These are the most common types of nodes, and can be categorized in four groups: authority nodes, miner nodes, staking nodes and master nodes. Authority nodes are elected by a community to act as moderators of a private or partially centralized blockchain.

What is a full node in blockchain?

When we search for any random thing on google, the search results come from the nearest server that maintains all that information. In a similar sense, full nodes maintain all the transaction records in the Blockchain and are considered as the servers of Blockchain. Furthermore, the full nodes are a part of the Blockchain’s governing model.