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What are the key elements of the blockchain ecosystem? Explain each of them briefly?
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Answer / Arunjeet Singh
1. Nodes: These are the individual computers that make up the network and perform various functions such as mining, verifying transactions, and validating blocks. 2. Blocks: These are collections of verified transaction records, linked together in a chain. 3. Consensus mechanisms: These are rules that nodes use to agree on the validity of new blocks and transactions. 4. Cryptography: This is used to ensure the security of the network by creating digital signatures, hash functions, and encryption algorithms. 5. Smart contracts: Self-executing contracts with the terms of agreement between buyers and sellers being directly written into lines of code.
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