Hi eytforchrist, You need to replace the LCD/digitizer. Unfortuneately, iFixit doesn't have any guides for the BLU Life 8 at the moment, but at least you can get the parts you need here: http://www.bluphoneparts.com/blu-life-8-lcd-and-touch-panel-black/.
Hi downoretail, That missing component is your antenna interconnect cable. It is most definitely vital. It's used to connect the your phone's antenna to the logic board. Without it you won't be able to get a cellular signal. You can buy a replacement here: http://qualityrepairparts.com/iphone-5s-antenna-interconnect-cable.html Hope this helps!
If it won't turn on or charge, there may be an issue with the battery or charging port. Try testing the battery in another phone if you can. If it works, the charging port may be the issue. If not, then the battery may need to be replaced.
There are 2 GB of Samsung LPDDR4 RAM.