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Nodes verify and confirm transactions and have a full blockchain access. SPV’s do not have the entire blockchain, smaller node that has to place full trust on larger node in order to gain blockchain access. Typically run via phone.
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When a transaction is broadcasted its being communicated/spread out to the network or propagated to the nodes.
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The miners pick the transactions with the largest tx fee.
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1.- A full node has a complete copy of the blockchain; while a SPV connects or reads information from a full node. An application in the phone is very likely just an SPV. Full nodes are typically run on a desktop computer.
2.- When a transaction is broadcasted, it means that a node accepts the transaction as valid and it adds it to the mempool.
3.- By logic of money incentivisation, miners pick transactions that have the biggest fee rewards. Transactions that have more inputs and outputs are generally more lucrative to the miners.
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1-spv does not store all information and requires a full node
2-means that the information is spread to all available nodes so that the agreement between full nodes is verified
3-preferably those that pay higher rates, add the hash of the previous block and the update block and transactions in the chain of blocks with more pow
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Homework on Bitcoin Ecosystem - Questions
1. What is the difference between a SPV (simplified payment verification) and a full node?
An SPV can store transaction but does not have a copy of the blockchain so it needs to communicate with a node to get access to the blockchain data. The node contains a full version of the blockchain.
2. What does it mean when a transaction is broadcasted?
This is when the node accepts the new transaction and transmits it, distributing it through the network.
3. How does a miner pick which transactions that gets added to the next block?
Usually the ones with the highest fees
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SPV is usually a wallet that can send, receive, and view the blockchain but does not actually hold it. Instead it broadcasts a transaction which a full node will then see and put into the mempool because the full node actually holds the blockchain.
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a node is putting a transaction into the mempool
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A miner will grab a list of transactions from something that is called the mempool and put it into a block. They will usually grab transactions that are paying higher fees due to the incentivized nature of Blockchain. The block must include the previous hash and the transaction list(the data that is filling out the new block). This will create a unique hash that is not valid until the miner changes the nonce to one that creates a valid hash.
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What is the difference between a SPV (simplified payment verification) and a full node?
Full node has a copy of all the data and transactions of blockchain stored, SPV it’s kind of lightnode, it can rely on a node to copy some data. -
What does it mean when a transaction is broadcasted?
It means it was accepted and added to the mempool -
How does a miner pick which transactions that gets added to the next block?
The miner is incentivised with fees so usually he may choose first the transaction with higher fees.
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A full node contain a full copy of the database and a SPV is a small node that queries a full node. A smartphone is a SPV
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The transaction gets sent to all the nodes on the network
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The miner chooses transactions with the higher fees
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- SPV doesn’t have a copy of the entire blockchain (only a part of it) unlike a full node.
- It means that a wallet/node is propagating a transaction throughout the network for verification.
- A miner often picks transactions with the highest fees since they earn more money from them.
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- A full node holds a copy of the entire blockchain while an SPV does not. An SPV holds limited data of the addresses and txs most relevant to the SPV. A SPV queries a full node for the information it needs.
- It is sent out/ propagated to all the nodes in the network, where it will sit in a mempool waiting to be added to a block by a miner.
- A miner picks the transactions with the highest fees in relevance to the amount of block space it takes up.
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SPV only conects to nearest node to see blockchain. Full node has blockchain on it.
It is sent from a wallet to the network in hopes that a miner will pick it up and put it in a block.
He picks the transactions with the highest fees, as then he makes the most money.
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An SPV only has partial information of the whole blockchain which it receives by communicating with a nearby full node whereas a full node has a full copy of the entire blockchain. An SPV’s main use case is that it can be run on low-end devices with limited storage space.
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It means that the transaction is propagated to all nodes running the blockchain.
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Miners will pick transactions with the highest satoshi per byte ratio first.
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1-> the SVP contains a part of de blockchain and the full node contains the complete blockchain
2-> that means the transaction is broadcasted to the nodes and is placed in the mempool
3-> he picked transactions with the highest fee first because the miner is centive to make money $)
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- an spv doesnt download the full blockchain what it does is quereys through from a full node
2.when a transaction is broadcasted it means that it is send to all nodes
- miners usually select transactions with the higher fee
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- SPV has only a part of the blockchain and verifies the truth form full nodes.
- It is sent to the network/nodes who then place it in the mempool, where it is picked up by miners and gets eventually confirmed.
- Miners are behaving rationally and always pick transactions wit the highest fees.
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- The SPV talks to the full node to get the full block chain.
- Your wallet sent the TX to the mempool.
- The block with the most total fees.
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1 SPV only allows you to verify the payments of a wallet. Full node is a full copy of the blockchain.
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It is sent out to the network.
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Based on the reward and fees.
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A SPV and a full node are different in the amount of blockchain info they physically store. A node maintains an entire copy of the blockchain and an SPV only maintains a simplified version that contains the block headers in Merkle Root. An SPV can query a full node if more info is needed.
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When a transaction is broadcasted it enters the mempool where it joins all other transaction which have not yet been confirmed.
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A miner is self motivated to make money during mining so most likely the miner will pick transactions in his memory pool or the most expensive and simple transactions first so he can fit more of them into his block and keep most of the reward not spent on his electric bill. More inputs and outputs per transaction would make the block less profitable.
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- What is the difference between a SPV (simplified payment verification) and a full node?
SPV does not have copy of the blockchain. It connects to the node to query the blockchain - What does it mean when a transaction is broadcasted?
TX is propagated to all nodes - How does a miner pick which transactions that gets added to the next block?
The miner picks TX with the highest fee from the mempool
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SPV is a sub-node that does not contain full blockchain data, but connects with a full node on the chain to receive and transmit transactions
It gets propagated throughout the network
Miners usually pick the unconfirmed transactions from the mempool with higher fees
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- What is the difference between a SPV (simplified payment verification) and a full node?
SPV is not a full node. Is “child” node. SPV has only part of BC and it needs to receive it from full NODE. - What does it mean when a transaction is broadcasted?
Transaction is shared to other nodes. - How does a miner pick which transactions that gets added to the next block?
TX with highest fee.
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