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Nonce Number - A random value added to the hashing function to crack the hash which satisfies the difficulty (no of leading zeros in a hash)
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Difficulty - A number which represents number of leading zeros required in an acceptable hash. This is needed to make the proof of work more challenging and maintain the rate of mining.
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Rate Of Mining - It determines the time interval between subsequently mined blocks. A mine rate of
1000means. Only 1 block should be mined per second (1000ms) -
Binary output (256 characters) of the SHA256 offers more flexibility than hex ( 64 characters) in terms of adjusting the difficulty since it comprises of only 1s and 0s. (ps. this is also what bitcoin uses :D )
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Proof of work (PoW) is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to prevent anybody from gaming the system.
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Implemented a PubSub model built on Redis for every node to communicate with each other in the blockchain
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Wallets are entities in a blockchain which record the balance for a particular user, they have a publicKey and a privateKey for cryptographically signing the transaction. The public key allows other peers to validate a transaction