Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#2168

  1. Simplified payment verification means the wallet does not have the full blockchain in its system but queries the node on information from the blockchain.

  2. A transaction is send to a node to be distributed in the network of nodes.

  3. The miner usually picks the transactions from the mempool with the highest fees.

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#2169

  1. SPV only stores some of the data while nodes have it all. SPV needs a node to send the transactions.

  2. It means that the transaction was accepted and will be sent to all nodes to synchronize the data of the blocks

  3. They will choose the transactions with the highest fees inside of the mempool.

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#2170

  1. SPVs are a smaller device that doesn’t store the entire blockchain and relies on full nodes for its trust of a transaction. A full node stores the entire blockchain on it

  2. A transaction is broadcasted when nodes from across the network verify your transaction and start spreading it to other nodes.

  3. By the highest transaction fee.

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#2171

  1. SPV are like just a part of the node and having the relevant data only. They are tent to speed the system for the consumers.

  2. Tx is broadcasted means wallet shared tx data with the node and being synched on the network.

  3. The miners are pick the tx with the available highest fees (sat/B),as they are incentivised.

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#2172
  1. An SPV is a node that does not have a full copy of the blockchain unlike a full node that does. An SPV can request verification from a full node to validate a transaction.
  2. When a transaction is created it is sent to the nodes in the network for validation and is placed into the mempool until confirmed.
  3. A miner will select transactions from the mempool to be added to the next block. They will usually select the transactions with the highest fees so that they can be rewarded the maximum profit for creating the block.
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#2173
  1. The node is more secured. The SPV is a copy of the blockchain that helps make the transaction verifying it with other nodes.
  2. It is when the utxo it’s put in the menpool and waiting for confirmation
  3. Miners pick the transaction witch makes sense and with the higher fees.
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#2174

[quote=“ivan, post:1, topic:8444, full:true”]
Homework on Bitcoin Ecosystem - Questions

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

SPV doesn’t have a copy of the blockchain and needs to connect to node to get the info. Node has entire copy of the blockchain.

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

when it is propogated to all the nodes.

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

miners choose txns from mempools, and select the ones with largest financial incentive (txn fees)

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#2175

  1. An SPV can store, generate and communicate transactions to the nodes. The nodes add transactions to the mempool which is then communicated to the miners.

  2. It is communicated by wallet/SPV to the nodes.

  3. Based on the highest fees.

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#2176
  1. An SPV is not a full node and it doesn’t have a copy of the blockchain. SPV can run on a smartphone and a node can’t.
  2. When a transaction is sent into the Mempool to be pick by a miner to be hash and added to a new block
  3. Miners pick transactions based on higher fees/difficulty first
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#2177
  1. A SPV wallet does not store all of the UTXO data and must get that data from a full node.
  2. When a full node shares transactions with other full nodes.
  3. The transactions with the higher fees are generally selected first.
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#2178

  1. An SPV does not have the entire blockchain which is very large, but it can access the blockchain from a node, which does have the full blockchain. SPVs are used by smaller devices to access the network and broadcast a transaction.

  2. When a transaction is broadcasted it is offered to the nodes and either accepted as valid and propogated to other nodes, or it is rejected and ignored if it doesn’t comply with the blockchain. If it is deemed valid the node will store it in the mempool where miners can access it and choose to include it in their block.

  3. A miner picks the transactions with the highest fees as they will receive the fees if their block gets sealed.

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#2179

1)SPV doesn’t have a copy of the Blockchain.

2)The transaction is propagated to the other nodes in the network.

3)The transactions with the highest fee.

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#2180

What is the difference between a SPV (simplified payment verification) and a full node?
An SPV reads a full node meaning an SPV must trust a full node that their local copy of the blockchain is the truth. an SPV may be used on mobile phones as the blockchain is too big to run a full node on a phone so you can use a SPV to query the blockchain from a full node.

What does it mean when a transaction is broadcasted?

It means that the transaction has been put in a block and now is being picked up by nodes for it to travel to every single node to verify the transaction and for all the local copy nodes to agree that the transaction has taken place on the blockchain.

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

A miner picks the transactions from the mempool with the highest fees to be added into their next block so they will be rewarded the highest amount of bitcoin possible.

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#2181

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

An SPV only has a partial copy of the block chain while a full node will have the entire blockchain. SPVs like mobile phones rely on surrounding full nodes in the network for the full copy of the blockchain.

What does it mean when a transaction is broadcasted?

Wallets create transactions which include inputs, outputs, and transaction fees. This information is sent out into the network where is added to the Mempool of surrounding nodes and the entire network eventually.

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

Miners will select transactions with the highest transaction fees.

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#2182
  1. SPVs store transactions and don’t have a copy of the blockchain whereas the full node has a copy and can propagate the transactions
  2. That it is accepted and propagated to all the nodes
  3. Miners pick transactions with the highest transaction fees
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#2183
  1. In an SPV there is no full copy of the blockchain, but it will query the blockchain from other nodes. A full node possess an entire copy of the blockchain.
  2. A transaction has to be added to a node’s mempool by broadcasting the transactions to all the other nodes in the network.
  3. A miner is incentivized to pick up the transactions with the highest rewards.
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#2184

When you broadcast a transaction, it is placed in the mempool of the full node who got it first. Then it will gossip this transaction to it’s peers and so on. Then you need to wait until a miners adds this transaction into the blockchain

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#2185
  1. What is the difference between a SPV (simplified payment verification) and a full node?

SPV hoding snapshot(s) of the blockchain while full node keep up to date information all the time.

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

When a transaction been broadcast it’s been sent to all miners and nodes mempool to be processed

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

Miners will select the most profitable transactions for them to process first, which mean the transaction with the most fee amount.

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#2186
  1. The spv do not store the entire blockchain while a full node does.
  2. It means that is propagated to all the nodes of the network.
  3. The miners pick the transactions with higher fees first.
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#2187

1an SPV has not the information of the blockchain to confirm the transaction.
2 the UTXO is send to the nodes
3 the miner can pick the transaction with the highest fees( meeste sat/KB). he hashes nonces and when the new hash is below the target it can be attached to the block

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