- A full node has a complete copy of the DLT transactions while a SPV will access the copy on a node in its network.
2, Broadcasting a a transaction means other nodes in the network receive a copy of the transactions and confirm the transactions. - The miner uses the transaction fee as a incentive. They have to solve a cryptographic difficulty and guess the nonce which means they can add the block to the blockchain.
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What is the difference between a SPV (simplified payment verification) and a full node?
the SPV does not have a copy of the blockchain but can access full nodes that have it for verification purposes -
What does it mean when a transaction is broadcasted?
it means that the transaction has been sent to the mempool and itâs waiting to be confirmed -
How does a miner pick which transactions that gets added to the next block?
the miner picks the transactions with the highest fees
What is the difference between a SPV (simplified payment verification) and a full node?
The SPV donât store the full blockchain and must get the data from a full node (SPV is for example a mobilephone and doesnât have the same memory as a desktop).
What does it mean when a transaction is broadcasted?
A transaction is broadcasted through the network to the nodes
How does a miner pick which transactions that gets added to the next block?
A miner pick TXs from the mempool, usually the ones with higher TX fee to get a higher reward.
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The difference between SPV and a full node is the size, that is to say the node has all information of the blockchain, but the SPV can inquire this info, and also the SPV has usually information concerning its own adresseds and transactions.
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A broadcasted transaction is a transaction that is being added to the mempool. And it is now coming to the attention of the nodes and will be added at a certain time.
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A miner will typically choose a transaction that has high fees.
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SPV hv to hv full node to complite transaction!
UTXO been taken in network thrue the full node.
Miner choose highesr sat\B transactionn!
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SPVâs verify particular transactions without having to download a whole node.
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a valid transaction is sent to the network and added into the mempool.
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They pick the ones based on high transaction fees and hash rate.
- What is the difference between a SPV (simplified payment verification) and a full node?
- The SPV does not store all block information.
- The SPV has to rely an dtruest a full node with queries, so it should be using several nodes to determine the true state of the blockchain.
- The SPV can run on a small device like a mobile phone.
- What does it mean when a transaction is broadcasted?
- The wallet sends the transaction to one or more nodes, which adds it to the mempool with unconfirmed transactions.
- The unconfirmed transaction is propagated from nodes to nodes in the network.
- How does a miner pick which transactions that gets added to the next block?
- The miner picks the transactions that yields the highest fee.
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What is the difference between a SPV (simplified payment verification) and a full node? - a SPV does not contain an entire copy of the blockchain.
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What does it mean when a transaction is broadcasted? - it means the information is distributed out on the network to be picked up in a block.
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How does a miner pick which transactions that gets added to the next block? - they choose according to the transaction fees.
- An SPV doesnât have its own full copy of the blockchain
- a broadcasted transaction is propagated to neighbor nodes and added to their mempools
- miners pick transactions with the highest fees measured in sats per byte
An SPV reads a portion of the bc b/c the full chain contains too much data to be stored on a device like a cell phone so the cell phone uses an SPV to read only the significant portions of the chain in the mempool.
A transaction is broadcasted when a wallet sends it out to the nodes.
Miners guess the nonce that is less than the target to get block reward. They pick the transactions with greatest fees from mempool to add to the next block to get the greatest reward.
- an SPV just copie the ledger from a full node while a full node allway has a full copie of the hole blockchain whit in itself
2.it means that thhe transaction is on the way and waiting for confirmation by a miner to put it into the block they produce
3.they allwya pick the transaction whit the higher fees as all otherminer do to hower ever sometime the highest fee transactions cant be put in the block due to the fact that just this transactions list allong whit the nonce isnt right for the previosly hash like o puzzel of monye for the minersâŚ
4⌠counter question IVAN how come you never talkt about the time stamp in each and every block or that the miners only have 1 second before the nonce switches to a nes one???
<3
Homework on Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node?
Simplified Payment Verification (SPV) also known as âlightnodesâ make it possible to verify transactions without the need for the entire blockchain. The SPV only downloads the block headers where as full nodes have the full copy of the blockchain. To know whether a transaction is included in a block, the SPV checks whether its block header hash matches the block header hash from the full nodes. If this is correct, then the SPV can assume that the transaction is actually included in that block.
- What does it mean when a transaction is broadcasted?
The transaction has been approved and is put into the mempool waiting to be mined.
- How does a miner pick which transactions that gets added to the next block?
Miners have incentives to select the transactions with the highest fees.
- Full nodes store the hole blockchain while SPVs mostly store transactions relevant to its addresses and requires a full node to send transactions.
- The node accepts a new transaction and propagates it through the network.
- The miner picks the transactions with the highest sat/B ratio first.
miners gues a number (nonce) then Hash the block they want to mine + that random nonce inside. the result of that hash has to start with a number of leading zeroâs (depending on the difficulty) so the hash from the block needs to be lower than the target (not the nonce itself)
1- An SPV is a smaller type of node (not full node) does not have the full ledger locally and has to request it to a full node
2- It means that the wallet has created the transaction and put in in the network. Then the nodes in the network propagate this transaction and add it to the mempool.
3- Miners usually choose the transactions which offer the highest transaction fees per kilobyte.
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a SPV only has a little part of the current Blockchain and always have to connect to a full node to read the current state of truth of the Blockchain.
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It means, that a wallet sent a tx to a full node which will put it on the mempool until it get picked and confirmed by a miner
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Miners normaly choose the tx in the mempool with the highest fees.
- An SPV does not have the full blockchain and therefore must get the data from a full node.
- The node has picked up the transaction and therefore makes sure it is valid and propagates it to other nodes. It is then put in a mempool waiting for miners to pick it up.
3.The miners have the incentive to pick up transactions with highest fee per byte to be included first.
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A Simplified Payment Verification, or SPV is used by a âmobile walletâ to query UTXOs on the blockchain. Rather than download the whole blockchain, which is not practicable, this method is used to quickly check with the full history to see if a transaction can be made, and before it is broadcast to the network via the wallet for verification. A full node keeps a constantly updating record of all the transactions ever made on the blockchain.
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A wallet establishes that a TX can be made by checking the relevant UTXOs on the blockchain. Once it has established that the TX is possible, it will broadcast this desired transaction to the network. The nearest node will add this TX to itâs mempool, and the TX will begin to proliferate or sync across the network onto other nodes.
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The most attractive transaction packet will be cherry picked by the miners, due to the size of the rewards now attached to it. Rewards include not only the predefined deflating Block Reward mechanism that is built in to the system, but also the combined fees associated with the TX in the packet. Higher value packets will be chosen over lower value packets. Fees are per kilobyte, not per amount of BTC, and calculated on a âSatoshi per Kilobyteâ scale.
- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV is able to hold only necessary block data and generate transactions. Whereas a full node holds the entire copy of the blockchain and cannot make transactions.
- What does it mean when a transaction is broadcasted?
This means a transaction is sent out from SPVâs to the network via computer connection to as many nodes as possible.
- How does a miner pick which transactions that gets added to the next block?
Usually transactions are chosen from the mempool based on transaction fees.
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An SPV is a smaller version of the full node. For example something you would run on your mobile device. The SVP will ping the full node to get information on the blockchain.
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It means that when you want to create a transaction, the wallet will create that transaction and then broadcast that transaction out to the network to be verified. Once verified it will be put in the nodes mempool to be confirmed by the miner.
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The miner will pick transactions that have the highest transaction fee because they will be paid that fee.