An electrolyte is a substance that produces an electrically conducting solution when dissolved in a polar solvent, such as water. The dissolved electrolyte separates into cations and anions, which disperse uniformly through the solvent. Eg:
Sodium (Na+)
Chloride (Cl-)
Potassium (K+)
Electrolysis is the process of separating a compound into its constituent elements by passing electricity through it when in molten or aqueous state. The word electrolysis means splitting or breaking chemical substances with the help of electric current. For example, when electricity is passed through water containing a few drops of sulphuric acid, it breaks down to give its constituent elements as products i.e. hydrogen (H2) and oxygen (O2).