1. WEB3
1.1. Wallet
1.1.1. allows for user to hold a currency value which they can use to interact with the blockchain
1.2. Ethereum smart contract
1.2.1. The smart contracts in the blockchain need a way of communicating with the client. That's where the need for web-3 comes into play.
1.3. HTML
1.3.1. Through html/web-3 integration, We are able to provide a user interface, interactble through the use of third party softwares.
2. BLOCK
2.1. Every 10-20 seconds a new block is mined. This 10-20 second period allows for each transaction to be received by a node and then validated by the surrounding nodes for correctness. Once verified the node can then carry out the transaction.
3. ETHEREUM
3.1. BlockChain
3.2. Miners
3.3. Nodes
4. EXTERNAL TRANSACTIONS
4.1. receiver
4.1.1. receives transactions
4.2. sender
4.2.1. fees
4.2.1.1. smart contract interaction requires the allowance for a change in fees upon transaction
4.2.2. gas
4.2.2.1. sets the price for transaction
4.2.3. transaction status
4.2.3.1. pending, confirmed, failed
4.3. node
4.3.1. Holds a stored copy of the block chain, processes requests or validates other request/events within each block. This validation progress checks each node for correctness before it is able to process the transaction