Competing endogenous RNAs act as molecular 'sponges.' What does this mean, and what do they compete with?

Klug 12th Edition
Ch. 18 - Post-transcriptional Regulation in Eukaryotes
Problema 13RNAi may be directed by small interfering RNAs (siRNAs) or microRNAs (miRNAs); how are these similar, and how are they different?
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Concetti chiave
RNA Interference (RNAi)
Small Interfering RNAs (siRNAs)
MicroRNAs (miRNAs)
In 1998, future Nobel laureates Andrew Fire and Craig Mello, and colleagues, published an article in Nature entitled, 'Potent and Specific Genetic Interference by Double-Stranded RNA in Caenorhabditis elegans.' Explain how RNAi is both 'potent and specific.'
In principle, RNAi may be used to fight viral infection. How might this work?
What are processing bodies (P bodies), and what role do they play in mRNA regulation?
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.
Present an overview of RNA interference (RNAi). How does the silencing process begin, and what major components participate?