Homework on Bitcoin Ecosystem - Questions

[CryptoBoba]

1. SPV allows you to confirm tx on the blockchain without utilizing a full node by utilizing your own txs and not other people txs. A full node utilizes all the data on the blockchain.

2. This is when a tx is sent to the mempool to be mined.

3. They will choose the tx that has a higher tx fee.

[Regis_Brickett]

1. an spv does not have a full version of the blockchain. it only checks full nodes for certain transactions. spv’s do not broadcast. they only receive information.
2. broadcasting is sharing a transaction or block with the rest of the nodes on the network.
3. miners choose the transactions that have the highest transaction fees. block rewards include these fees so miners are incentivized to choose high fee transactions.

[Krystell_TE]

@ivan

simplified payment verification

1. SPV is a way to verify the validity of one transaction by simply making a simple inquiry to nodes on the network with regards to the truthful version of the blockchain. A full node in contrast, is storing the complete latest version of the blockchain, and actively validating and broadcasting all transactions being added to the blockchain.
2. When a transaction is being broadcasted, it means that its data is being made available to other nodes and SPV wallets.
3. A miner picks which transactions are added to the next block based on the greatest fee that can be earned compared to the energy investment made in generating the block.

[PapatoniC]

1. What is the difference between a SPV (simplified payment verification) and a full node?

   • An SPV store partial blockchain information , while a full node has all updated blockchain information stored locally

2. What does it mean when a transaction is broadcasted?

   • A transaction built by a wallet is sent to all nodes closer to this wallet so that it can be processed

3. How does a miner pick which transactions that gets added to the next block?

   • The miner choose a mempool with a list of transactions. It can be his own mempool or a mempool
     of another node

[Alko89]

@PapatoniC

The miner choose a mempool with a list of transactions. It can be his own mempool or a mempool
of another node

When a miner is constructing a block it only picks transactions from its own mempool. Other transactions didn’t propagate to it yet so its not aware of them.

[GBW]

1. What is the difference between a SPV (simplified payment verification) and a full node?

   Different to a full node a SPV does not have a copy of the whole blockchain but rather queries the blockchain from one or multiple nodes. A SPV mostly stores transactions that are relevant to its addresses.

2. What does it mean when a transaction is broadcasted?

   That a node accepts the transation and sends it further through the network so that other nodes can see it too and accept it.

3. How does a miner pick which transactions that gets added to the next block?

   As the miner is financially incentivized he usually picks the transactions with the highest fees first.

[BrandenTaylorM]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   SPV is a wallet that contacts nodes to verify a wallets UETX and transact it may only have part or none of the blockchain ledger on it. A full node is a compete copy of the blockchain ledger.

2. What does it mean when a transaction is broadcasted?
   Broadcasted means a wallets public key, created a transaction which was signed by the private key and sent to the miners for hashing.

3. How does a miner pick which transactions that gets added to the next block?
   A miner has a mempool full of transactions and due to the limited amount of space in a node the miner typically chooses transactions with higher fees to maximize the amount of satoshis that miner can make.

[reisnertobias]

@ivan

• 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?

(1) The SPV does not have a copy of the blockchain and therefore needs to connect to the node the get information. Node has the copy of the blockchain.

(2) A transaction being broadcasted = it is shared with all the nodes.

(3) A miner picks transactions from mempool and always picks the one with the highest transaction fees.

[PapatoniC]

ey Alko89 , thanks for your comments!

as i understood from Ivan on the initial videos , a miner could choose its own mempool or other from the nodes. Just keep in mind that a node don´t have to necessarily be a miner , so at some point a miner could choose a node mempool. When they choose another mempool instead of his own? not sure. lets see if @ivan or anyone else can clarify this to us

Regards,

[R8Crypto]

1. SPV is a platform that can read only a part of the blockchain, from another NODE. For example a mobile phone.
2. A wallet broadcasts new transactions to the network and NODEs either accept it or reject it.
3. A miner works for incentives so chooses the most profitable transactions ie the ones with the highest fees.

[Alko89]

@PapatoniC

When they choose another mempool instead of his own?

The mining software (that was historically part of the bitcoin core) must connect to a full node to function and when constructing a block it only picks transactions from the mempool of the node it connects to.

[Susanna_Sarigianni]

1. SPV does not have a copy of the blockchain
   2.means that full nodes shares transaction to other nodes
   3.Miner perfers transactions with highest fees

[DanCurrie]

1. An SPV needs to get a copy of the blockchain from a node since SPVs don’t have a copy of the blockchain. And nodes have a copy of the blockchain they always have access to.

2. A transaction being broadcasted means that your wallet has put your transaction into the mempool for miners to confirm.

3. Miners look at the mempool and choose the transactions with the highest fees. They do this because the transactions with the highest fees make them more money.

[Pstaniel]

@ivan

• 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?

A full node has a full version of the blockchain while an SPV merely queries a node for verification purposes.

When a tx is broadcast it then goes out to nodes which then add the tx to the mempool. There the tx sits until a miner adds it to a block. The miner chooses tx to add to their block based on fees and size (sat/B).

[JuanitoPecados]

1/ the SPV has a part of the BC, whereas the node has all the BC

2/ means that it is transmitted on the network waiting to be mined

3/ I chose them for incentive, I will always take the ones with the highest fees

[Dutch]

@ivan

Homework on Bitcoin Ecosystem - Questions

1. What is the difference between a SPV (simplified payment verification) and a full node?
2. What does it mean when a transaction is broadcasted?
3. How does a miner pick which transactions that gets added to the next block?

1. The SPV node only has part of the (recent) blockchain to verify transactions while a full node has the full blockchain (history) available.
2. It means a new transaction is send to the network
3. They will pick the transactions with the highest fees (for financial gains).

[Pattylion]

1)the difference between a SPV and a full node is ,that the full node is a program that fully validates transactions and blocks in the computer and SPV is a mobile application does not store blockchain only communicate with others nodes to verified the transactions.
2) Indicated that the network propagates the transaction to the network
3)miners pick a transactions from the MEMPOOL with a higher fees

[Wanda]

1. The difference between a SPV and a full node is that an SPV has only part of the blockchain and goes to other full nodes to verify transactions, while full nodes run the entire bitcoin blockchain.
2. When a transaction is broadcasted it means that a miner has mined the blocked and the nodes have accepted it as part of the blockchain. Otherwise known as being confirmed.
3. A miner picks which transactions get added to next block based on transaction fees, they pick the transactions with the highest transaction fees.

[philibiza]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   The full node stores a copy of the whole blockchain while the SPV has no copy and needs to connect to the node to get the information.

2. What does it mean when a transaction is broadcasted?
   When a node accepts a new transaction , the transaction is propagated to all the nodes through the network which have to accept the transaction too.

3. How does a miner pick which transactions that gets added to the next block?
   A miner picks the transactions with the highest fees per KB to increase his rewards.

[Crypto_Craven]

1. A full node has a full copy of the blockchain stored and running locally whereas an SPV node does not.
2. A transaction is broadcast (propagated) to other nodes which are peers in the network for entry into their mempool.
3. A miner is financially incentivized so it will usually pick the ones with the highest fees however they can always choose the transactions to mine.