What are the processes of the electron transport chain?

The electron transport chain produces energy which has been stored within reduced hydrogen carriers to make ATP. This process is known as oxidative phosphorylation. 

1. The first step in oxidative phosphorylation involves the formation of an electrochemical gradient through proton pumps. NADH and FADH2 are first oxidized by oxidoreductase and succinate dehydrogenase respectively, and release electrons and protons in the process. The electrons are then transported to the ETC. As they travel through the chain, they lose energy. This free energy is utilized by the chain to pump protons from the matrix. The harvesting of protons inside of the membrane generates the necessary electrochemical gradient. 
2. The next step in oxidative phosphorylation is the process of ATP synthesis through chemiosmosis. The diffusion of protons down their electrochemical gradient is known as chemiosmosis, which is regulated by ATP synthase. The actual moment the synthesis occurs is when electrons pass through the inner mitochondrial membrane and energy is released as a result. 
3. The third step of oxidative phosphorylation involves the reduction of oxygen. Oxygen is the final electron acceptor, and removes the de-energized electrons in order for the chain to not become blocked. Oxygen also binds with protons to generate water to help maintain the electrochemical gradient. Without oxygen, the electron transport chain will stop functioning and ATP will no longer be generated through chemiosmosis.