Hey guys, not sure where to post this but I found a useful link below which differentiates between blockchain vs distributed ledger technology (I always thought they were the same thing)
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A spv is just an app that talks to your wallet. A node has the full blockchain has a wallet and can verify txs in blockchain.
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It means the transaction is propagated for verification or confirmation.
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The miner usually will pick the transactions with bigger transactionsx fees. The ones that will be more profitable for the miner. The transactions get picked from a mempool.
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- An SPV is run on a lower-end user system, like a PC or a phone. It does not have the whole blockchain, but rather asks nodes around it for the relevant blocks and transactions which just relate to that user.
- When a transaction is broadcasted, it means that it is sent out to all of the nodes in the network.
- A miner will usually pick the transactions (from the mempool) which have the highest fee per byte. He wants to be able to make as much money as possible for the limited amount of byte space on his block. This is all done automatically using the mining software. This is why paying a higher fee will speed up your transaction.
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A full node have all the blocks from the blockchain (all the blockchain), SPV only have a portion of the blockchain, it needs to connect to a node to do transactions.
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The transaction is confirmed and propagated across the network, syncing to all nodes and synced wallets.
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By mining it, it will pick the ones with higher transaction fees from the mempool.
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- Full nodes store a copy of the blockchain while the SPVâs do not.
- When full nodes share transaction information with eachother
- Miners choose the ones from the mempool with the highest fee
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Q: What is the difference between a SPV (simplified payment verification) and a full node?
A: a SPV is a small node that doesnât contain a record of the Blockchain, instead it relies on querying a full node for this.
Q: What does it mean when a transaction is broadcasted?
A: The transaction is propagated to the nodes in the network and stored in each receiving nodes Mempool if valid, ready to be picked up by a miner and processed.
Q: How does a miner pick which transactions that gets added to the next block?
A: By prioritising the transactions with the highest fees.
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- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV does not contain a full copy of the blockchain, therefore it has to connect to a trusted node that has a full copy to verify the transaction.
- What does it mean when a transaction is broadcast?
A transaction is broadcast to a node/miner so it can be verified and added to a block and committed to the blockchain.
- How does a miner pick which transactions that get added to the next block?
A miner will pick a transaction from the mempool based on the transaction fees they offer as rewards to be processed.
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- What is the difference between a SPV (simplified payment verification) and a full node?
- A full node has the complete blockchain while an SPV does not, it only has part of it and needs to connect a full node. A full node increases the security of the network.
- What does it mean when a transaction is broadcasted?
- That means it gets verified and sent to all the nodes and broadcasted to the network.
- How does a miner pick which transactions that gets added to the next block?
- miners usually pick the transactions having more sats/byte to be included in the next block as it is more profitable.
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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 like a full node, but it can connect to a node to interact with the blockchain. -
What does it mean when a transaction is broadcasted?
It means that the wallet is sending the transaction to the network and itâs going to propagate through all the nodes. -
How does a miner pick which transactions that gets added to the next block?
Miners always pick the transactions with higher fees.
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SPV stores transactions, but not the whole information of a node. A full node contains the whole version of a block chain.
The transaction is in the mempool ready to be picked up across the network.
The miner usually pick which has the highest fees.
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SPVs do not have the memory that is required to house the full blockchain ledge so it is operating from limited information. It is the difference of trading BTC on a cell phone (SPV) compared to transacting on a full node like a computer.
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The transaction information is sent out to the network for verification.
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They will pick the transactions from the mempool with the highest rewards (fees).
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A SPV connects to a full node and gets its blockchain status information for the node.
When a transaction is broadcast id is sent to the mempool and is processed by the miners to be confirmed on the blockchain.
The miner picks its transactions based in financial incentive from fees.
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- A SPV does not hold a complete copy of the blockchain but queries full nodes.
- A transaction is broadcasted through the protocols to other nodes.
- Normally the transactions that give the highest satoshi per byte.
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- What is the difference between a SPV (simplified payment verification) and a full node?
Ans: A full nodes holds a copy of the entire blockchain but the SPV does not. SPV needs to query a full node to get the information on the blockchain that it needs. - What does it mean when a transaction is broadcasted?
Ans: The transaction is propagated to all the nodes in the network and stored in those nodes in a special area called Mempool. - How does a miner pick which transactions that gets added to the next block?
Ans: Theoretically miners can pick any transaction they want to put in their block but they are incentivized to pick the transaction with the highest transaction fees because they receive the transaction fees as payment for all the transactions in the block that they append to the blockchain.
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- What is the difference between a SPV (simplified payment verification) and a full node?
A full node has a copy of the entire blockchain where SPV doesnât.
- What does it mean when a transaction is broadcasted?
That the transaction is propagated throughout the network.
- How does a miner pick which transactions that gets added to the next block?
The transactions with the highest transaction fee.
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- SPV is a small node that operates with a partial blockchain. Could be on a phone.
- Broadcasting is when a transaction is sent to other nodes.
- Miners prefer transactions with higher fees per byte.
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- What is the difference between a SPV (simplified payment verification) and a full node?
A: SVP doesnât have a full blockchain, but you can still send tx through it. - What does it mean when a transaction is broadcasted?
A: Itâs put into the mempool and then propagated throughout the network. - How does a miner pick which transactions that gets added to the next block?
A: The miners picked based on the sat/B ratio because they make more money.
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Homework on Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node? SPV doesnât have a copy of the blockchain and can create transactions. A full node has a full copy of the blockchain but canât generate transactions.
- What does it mean when a transaction is broadcasted? Itâs sent/broadcasted to the other nodes on the network.
- How does a miner pick which transactions that gets added to the next block? It picks the transactions with the highest fees.
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- An spv queries a full bode as it cannot contain all the data like a full node.
- A wallet tells all the nodes about a tx and it sits in the mempool.
- Most likely the minor wants to make money, so they will choos a tx with the higher fees, and simplest structure. Satishi/byte
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Technically a wallet is the one that creates transactions and can be connected to either SPV or a full node 
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