Particle Systems?

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Hello

My intention is to build a particle system specific to my needs.

What are the general prinicipals behind making a particle system.

I`ve heard of single surface and presume the particles are pre rendered to a single surface (sprite etc).
The systems I`m more interested in is a full 3d system where each particle is a seperate `entity` (not literally) and has its own controllers for speed,direction,colour,alpha etc etc.
Q.What is each particle made up from (single poly etc)?
Q.If yes.I would presume each poly/surface would have to face the camera always?

This subject is totally new to me so all information would be usefull

cheers

GP