Homework on Bitcoin Ecosystem - Questions
What is the difference between a SPV (simplified payment verification) and a full node?
What does it mean when a transaction is broadcasted?
How does a miner pick which transactions that gets added to the next block?
Homework on Bitcoin Ecosystem - Questions
What is the difference between a SPV (simplified payment verification) and a full node?
What does it mean when a transaction is broadcasted?
UTXO accepted in a block thats mined and propagated across the network; sent to all the other nodes and synced across the blockchains of all the other nodes and synced wallets across the network.
How does a miner pick which transactions that gets added to the next block?
by guess the nonce. it is then rewarded for that block. if the nonce is less than target. Miners pick the transactions with greatest fees from mempool to add to the next block to get the greatest reward.
draft will return to update–need some sleep zzzzZZZZ!
SPV wallets don’t store all UTXO data and must get data from full node.
Full node shares transaction with other full nodes
Miner perfers transactions with highest fee per KB
What is the difference between a SPV (simplified payment verification) and a full node?
Full nodes store the whole blockchain while SPVs mostly store transactions relevant to its addresses and requires a full node to send transactions.
What does it mean when a transaction is broadcasted?
It propagates the transaction to the network.
How does a miner pick which transactions that gets added to the next block?
Thos with the highest sat/B ratio first
SPV doesn’t store the full information like a full node. But a SPV can query information from a full node to get updated.
The transaction is valid, the node put this transaction into Mempool, wait the miner come to pick it up.
The transactions with the highest transaction fee.
An SPV only holds and reads the blockchain, a full node is a miner as well
It means that a transaction has been requested and the transaction is then added to the mempool to await being mined in to a block.
Miners usually select the transactions with the highest transaction fees.
An SPV does not hold the entire blockchain ledger locally. Instead it queries a nearby node to access the full blockchain record.
It means the transaction is distributed across the entire network and is visible on the blockchain.
Miners have an incentive to pick transactions with higher fees in order to earn more. This is usually the deciding factor, but it is not a rule.
A SPV doesn’t have or need the full copy of the blockchain like a node does. Instead it will connect to a full node when it needs to interact with the chain.
A transaction has been sent to the network and into the mempool.
The ones with the highest transaction fees
1. What is the difference between a SPV (simplified payment verification) and a full node?
A full node contains the complete blockchain. And SPV only validates your own transactions and connects to other full nodes.
2. What does it mean when a transaction is broadcasted?
The transaction is inside the mempool and is spreading over to all the nodes in the network.
3. How does a miner pick which transactions that gets added to the next block?
The miner takes out the transactions with the highest fees to maximize his profits.
A full node will have the complete version of the blockchain, where as SVPs will noly have a portion of the blockchain. They are connected to a full node via the network, which they query for finding infomation ( say about UTXOs)
When a transaction is broadcasted, following steps occur -
A SPV is a small node ran on mobile devices without access to the full version of blockchains where as a full node does have the full version of blockchains and is only ran on a desktop.
When a transaction is broadcasted that means it is then propagated to other nodes in the network.
A miner goes for transactions with the highest fees inside of the mempool to add to the next block.
Full node has the complete blockchain. SPV is connected to a full node and only have the part which are important for it ( own transcation).
The transaction is in the mempool now and is ready to get picked up.
If a lot of transactions are available, he will choose the one with the highest fees.
A SPV doesn’t have full access to the blockchain and a full node has a copy of the whole blockchain.
A TX is broadcasted when a full node propagates it to other full nodes.
The miner picks the transaction with the highest fee. satochi/B ration.
What is the difference between a SPV (simplified payment verification) and a full node?
A full node has the complete blockchain while SPV does not. that is why SPV has to be connected to A full node with an access to the updated blockchain.
What does it mean when a transaction is broadcasted?
The transaction is propagated to all the nodes.
How does a miner pick which transactions that gets added to the next block?
One of main consideration is the fee ,the block with the greatest reward will be picked.
Homework on Bitcoin Ecosystem - Questions
Full node has a full copy of blockchain, keep mempool and verify the network. SPV is just connecting to multiply nodes to send, recieve transactions.
It is propagated to the network, that other nodes will see and validate the new transaction and add it to the mempool.
The miner is driven by the transaction fee to make as much money as he can. It is based on the ratio of satoshi per byte. The block is limited, this is why they care about this ratio.
