Node

An individual device on a blockchain network upon which the network relies to function and survive. A node can be any electric device but is most commonly a computer, smart phone, or even printer, so long as it has internet connectivity and an IP address. Nodes support the network by maintaining a copy of the blockchain and if randomly selected, processing transactions. The network consists of many widely-distributed nodes that carry out a multitude of tasks. These individual nodes collectively form the larger data structure of a blockchain, and node owners willingly allocate computing power to store and validate transactions in order to be potentially rewarded a predetermined value in the underlying cryptocurrency for the transaction fees to which they contributed. This process on a Proof of Work consensus model is commonly referred to as "mining."