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verifiy incoming transactions. Full nodes require a full copy of the blockchain to operate and need a lot of storage space. A user needs to run a full node to become a miner and contribute to the blockchain. On the other hand, a lightweight node stores only the hashes of the blocks and receives additional information from full nodes, so it occupies significantly less space. 2.1.3 Mining Through mining new transactions are added to the blockchain. Miners are incentivized to compete with each other because finding the right solution guarantees a reward in newly minted coins and transaction fees. In comparison to Bitcoin, Ethereum does not have a fixed amount of possible Ether than can be mined. Once a new block has been mined and verified by the network, miners start competing for the next one. 2.1.4 Proof-Of-Work The consensus algorithm introduced by Bitcoin, Proof-of-work is also used in Ethereum. It is an algorithm that miners try to solve in order to find a good solution (a suitable hash) for the next block. The difficulty of this algorithm can be adjusted as more miners join the network and increase the hash rate. It is innovative because it enables the network to agree on a set of rules used to update the blockchain and allows free entry for anyone who is running a full node. Additionally it has Byzantive fault tolerance meaning that is can handle failures and bad actors that participate in the network. 2.1.5 Addresses, Keys and Wallets A fundamental concept to blockchain is asymmetric cryptography. A user can generate a random private key and use it to derive a public key. Using the public key, the address of the user can be generated. At this address the amount of funds is stored and the user can sign transactions from his address using his private key. Those transactions have to be verified by the network using the public key to check the origin. Losing the private key means losing access to funds. Users also have wallets to manage their funds as well as keys and addresses. In the case of Ethereum the wallet can also interact with smart contracts and implicitly decentralized apps. 2.1.6 Transactions Transactions are messages that are signed by the address that has triggered them and can change the state of the network. The algorithm used for Ethereum transactions is Elliptic Curve Digital Signature and has three main uses as explained below. 8PDF Image | NFT finance Leveraging Non-Fungible Tokens
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