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Blockchain Development Journey part 03: Component of a Blockchain
A blockchain network consists of some essential parts that ensure security, integrity, and decentralization:
- P2P Network: A direct communication system between nodes that eliminates a central authority (decentralization).
- Transactions – Digital transfer and receipt of money or data.
- Consensus Rules – Rules that ensure transactions are verified before approval.
- State Machine: The logic system that updates the (state) of the blockchain after each transaction.
- Blockchain (Blocks): A series of blocks containing validated and immutable data.
- Incentives: such as rewards for validators or miners
- Clients implementing the Protocol: Software or applications used to operate the blockchain network.
Types of Blockchain
- Permissionless Blockchain: Anyone can join without permission (e.g., Ethereum, Solana).
- Permissioned Blockchain: Access is restricted to authorized participants only.
- Hybrid Blockchain: A combination of permissioned and permissionless systems.