Present an overview of RNA interference (RNAi). How does the silencing process begin, and what major components participate?

In principle, RNAi may be used to fight viral infection. How might this work?
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Key Concepts
RNA Interference (RNAi) Mechanism
Viral RNA Targeting
Therapeutic Application of RNAi
RNAi may be directed by small interfering RNAs (siRNAs) or microRNAs (miRNAs); how are these similar, and how are they different?
miRNAs target endogenous mRNAs in a sequence-specific manner. Explain, conceptually, how one might identify potential mRNA targets for a given miRNA if you only know the sequence of the miRNA and the sequence of all mRNAs in a cell or tissue of interest.
Competing endogenous RNAs act as molecular 'sponges.' What does this mean, and what do they compete with?
While circular RNAs were first described long ago, they have only recently been investigated for function. What are their known and suspected functions in the cell?
How are mRNAs stored within the cell in a translationally inactive state, and how can their translation be stimulated?
