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BLOCKCHAIN COMPONENTS - Coggle Diagram
BLOCKCHAIN COMPONENTS
LEDGER
Distributed Ledger
A group of nodes collectively execute the job
All nodes have copy of the database
Decentralized Ledger
Every node participates in the execution of the job.
No one node or group has central control
Public Ledger
Anyone in the network can read or write
Open and transparent to all
NONCE
A number added to encrypted block in a blockchain
32-bit number generated randomly only one time
Abbreviation for “number only used once"
NODE
Partial Node
Doesn’t maintain the whole copy of the blockchain ledger
Maintains only the hash value of the transaction.
Also called Lightweight Node
Full Node
Maintains a full copy of all the transactions
Validates, accepts and rejects the transactions.
WALLET
Cold Wallet
Hardware Wallets
Example: ELLIPAL Titan
Uses a random number generator associated
Physical electronic device
Paper Wallets
A piece of paper is used that contains the crypto address
Private key is printed in QR code format
Offline wallet
Hot Wallet
Software Wallets
Example of a desktop wallet is Electrum.
Consists of desktop wallets and mobile wallets
Mobile Wallets
Example – GooglePay
Designed to operate on smartphone devices
Online Wallets
Example – MetaMask Wallet.
Runs on the cloud platforms
HASH
Data is mapped to a fixed size using hashing
Hash value of one transaction is the input of another