- The difference is that SPV doesn’t have a full copy of blockchain instead of that it can query nearby node (nodes have full copy) to get required UTXOs.
- It means that nodes send that transaction to another nodes and so on, if the transaction is correct it is placed in the mempool.
- They choose the transactions with highest fee because they want to earn more.
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An SPV references a single node for smaller snapshot of the blockchain, and takes up less harddrive space, making it more suitable for portable devices such as tablets and phones.
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Broadcasted means a transaction has been sent into the blockchain network, from a wallet for example, to be verified.
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A miner will typically choose the transactions that offer bigger fees as that is part of their incentive.
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An SPV does not contain a local copy of the entire blockchain and must query a full node which has a complete copy of the blockchain.
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It means that a wallet has broadcasted a transaction to the node network to be entered into the mempool and then mined into a block.
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Generally they choose the transactions with the highest fee per bit, because they are mining for btc, not for fun!
- SPV only queries full nodes for the full blockchain, while the full nodes have the whole blockchain.
- The private keys where use to sign a transaction and that transaction was sent to the nodes on the network.
- It picks the transactions that are most lucrative as setup in the incentive structure.
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- An SPV does not store a copy of the blockchain but queries a full node for information in the blockchain in order to receive unspent transactions and in order to create valid new transactions and propagete them to the network.
- A new transaction is sent to other nodes in the network so that it gets added to the memepool and from there in put in a block by miners.
- The transactions having the highest amount of Satoshi per bit in fees are generally chosen by the miners (doesn’t have to, miners chose themselves how they like) for a higher block reward.
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What is the difference between a SPV (simplified payment verification) and a full node?
Full nodes store your private key & blockchain, making them capable of verifying transactions on their own, whereas SPV are nodes that store your private key, but not the complete blockchain, so they still need to rely on data from other nodes. -
What does it mean when a transaction is broadcasted?
It means when you send or receive funds, your wallet will notify the other nodes of the transaction. And the other nodes, in turn, have to individually agree & confirm that the transaction is valid. -
How does a miner pick which transactions that gets added to the next block?
The higher the transaction is in size/byte, the higher fee you pay. Miners will likely pick the transactions with the highest fee.
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1.The SPV doesn,t have the full Blockchain.
2. Its validated, put on the mempol awaiting a miner.
3.It looks for the best tx fee to add to its block.
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The full node holds the full copy of the blockchain, while SPVs can only store private keys and then must connect to a bigger node in order to access blockchain.
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The transaction is broadcasted by the wallet to be put into a mempool by the nodes. It has yet to be verified and mined before it can be added to the blockchain. We can say that broadcasting a transaction simply means letting other participants of the network know you want to make a transaction and you want the network to verify it to become valid.
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Usually miners will prefer to pick the transactions which offer greater rewards (=higher fees) when successfully added to the blockchain.
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a full node has the entire blockchain stored and a SPV just asks specific data from a node (like a wallet that only wants to know how many UTXO’s you have.
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when your wallet creates a transaction and you sign it with your private key it will be send to all nodes to add the transaction to the mempool and wait there untill a miner ads them to a new block to be added to the blockchain.
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most miners will automatically choose the transactions with the highest fee/byte. so they get the most fees possible in their new mined block.
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[quote=“ivan, post:1, topic:8444”]
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What is the difference between a SPV (simplified payment verification) and a full node?
SPV are small nodes that trust full nodes to access the blockchain. an SPV need to query the version of the blockchain to a full node since doesn’t store the last version. -
What does it mean when a transaction is broadcasted?
when a Tx is created get broadcasted to the network that is going to check the validity of it.
the broadcasting is the propagation of the tx before that is added to a block. -
How does a miner pick which transactions that gets added to the next block?
A miner is going to pick first the transactions with the best sats/byte ratio as fees.
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A SPV quires a full node . An example of a SPV is a cell phone. A cell phone can’t store a full node on it, so it uses a trusted full node by asking it about complete transactions.
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It means that it is waiting in the mempool for nodes to send it around to see if it seams valid and then it waits to get picked up by a miner which is also a full node to be put into a block transaction.
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It picks the transactions that have been sent around by other full nodes and that will make the miner the most money with its transaction fees.
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Homework on Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node?
- the svp’s do not have a fully updated version of the blockchain and can not confirm a transaction. The spv must therefore confirm the transaction with a full node
- What does it mean when a transaction is broadcasted?
- it means a transaction is being broadcasted to all nodes for confirmation
- How does a miner pick which transactions that gets added to the next block?
- in most cases the miner will scan the mempool and pick transactions with the highest fees first so they are motivated by the reward they receive for mining
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Homework on Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV only has partial access to the blockchain for viewing transactions to get sense of this they are just piggybacking on a full node.
- What does it mean when a transaction is broadcasted?
That the node has validated it to be legitimate transaction and has forwarded it to the mempool to wait for the mining pool to pick it up for processing.
- How does a miner pick which transactions that gets added to the next block?
Typically the transactions are chosen by the highest amount of fees and the more simple the transactions.
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- SPV doesn’t contain a copy of the full blockchain and a full node does.
- A transaction is broadcasted when it is propagated out to the networks mempools to await being put into a block.
- Miners pick transaction based on the fees, higher fees go first.
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What is the difference between a SPV (simplified payment verification) and a full node?
A SPV (simplified payment verification) such as a bitcoin wallet app, communicates with the
bitcoin network to compose, broadcast and monitor transaction requests, where as a full node
which does not compose transactions, faithfully maintains a copy of the full blockchain and
helps to propagate changes.
What does it mean when a transaction is broadcasted?
A transaction broadcast updates the bitcoin mempool across the network which includes nodes
and miners, to form the queue from which miners compose new blocks.
How does a miner pick which transactions that gets added to the next block?
Miners select blocks that offer the highest fees.
- An SPV wallet is a light type of node that doesn’t store a full copy of the blockchain, and therefore must get data from full nodes to check UTXO has occurred (mined and added to some block).
- It means that transactions are being added to the mempool of a full node and propagated to other nodes in the network awaiting for a miner to pick it up.
- Miners pick UTXO with the highest fee/reward
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- What is the difference between a SPV (simplified payment verification) and a full node?
A SPV doesn’t have a full copy of the blockchain and therefore have to request the information from a full node. - What does it mean when a transaction is broadcasted?
A transaction is broadcasted when nodes validate the transaction, share with other nodes to be added into the mempool for miners to pick up for further validation. - How does a miner pick which transactions that gets added to the next block?
Miners usually pick the transactions with highest fees in priority since they are incentivized to do so.
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- An SPV connects to a full node and looks up transaction in the full node. It doesn’t store all transactions by itself like a full node does.
2.It is send to full nodes and miners. Full nodes and miners add the transaction to their mempool. - It selects the transactions from the mempool with the highest fee.
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The difference between a SPV and a full node is that a full node has a copy of the entire blockchain, while a SPV needs to connect to a full node to have complete access to it.
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When a transaction is broadcasted it means that the transaction is spread throughout the network.
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Because the miner is financially incentivized, he will pick first the transactions with the higher fees.
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An SPV is for mobile wallets. Because they don’t have the computing power behind them like a desktop, they just query the blockchain from nodes.
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A broadcasted transaction means the transaction is propagating through the network and being broadcast to all the nodes to confirm as a valid transaction, in which case it will be added to the mempool.
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The miner picks the highest transaction fees so that they receive more incentives via fees.
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