Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#262
  1. SPV does not possess the whole node but has to connect to a full node to check.
  2. A node accpts a transaction and shares it with the network
  3. A miner looks for the most profitable transactions first. This depends on hash rate and transaction fees.
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#263

1.SPV must be connected to the node to check blochchain about UTXO and make transaction-- Full node have copy of the blockchain ,propagate and verify transaction and update the copy of the blockchain.
2.That means it’s shared with all nodes in the blochchain network
3.The miner picks the transaction with the highest fee - that means transaction that takes bigest space in bites - sat/B.

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#264
  1. Full nodes run the entire blockchain whereas SPVs queries nodes for the entire database and only store transactions.
  2. It is sent to the mempool.
  3. Miners prefer high fee transactions.
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#265
  1. A full node houses a copy of the entire blockchain, while an SPV must connect to a node to access the blockchain.
  2. When a transaction is broadcasted it is shared with all of the full nodes.
  3. When looking at the mempool, typically a miner picks the transactions with the highest fees to add to the next block.
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#266
  • The difference between a SPV (simplified payment verification) and a full node is that an SPV has none or only part of the blockchain memorized, in comparison to the full node which has the complete blockchain memorized.
  • When a transaction is broadcasted, the miner passes its mined block to the network, where it has to be accepted.
  • A miner is free to pick any transactions it wants into the block, but usually takes up those which incorporate the highest fees in order to be compensated for the effort it has delivered to mine the block.
#267

I have a question. If it takes 10 min to add a block to the blockchain, and you should wait for 6 blocks before you accept a payment, does that mean it takes 1 hour to accept a payment?

#268
  1. SPVs mostly store transactions while full nodes store the whole blockchain. SPV does not have blockchain database

2.Every node in the network will receive the transaction

  1. They pick the ones with higher incentives. Block reward and transaction fees.
#269

  1. SPV’s are devices that are too small to hold the entire blockchain ledger on them so they rely on a full node to quere (queue??) the full ledger off of it

  2. When you send a transaction it is sent out to a network of nodes for them to pick up and verify at their desire

  3. Miner usually prioritize transactions with higher transaction fees from the mempool of unconfirmed transactions

#270

The more confirmations, the more you are sure your transaction is immutable forever on the blockchain. It depends on the receiver how many comfirmations they want to settle. If you buy something online, 1 comfirmation is in many cases enough. even unconfirmed transactions are very hard to get reversed. But not impossible.
If your transaction happens to be in a stale block, it gets back to the mempool where it will get included in another block later on. As long the sender picked enough miner fee.

#271

  1. The SPV does not hold a full copy of the blockchain locally, and must confer with other full nodes regarding transactions.

  2. The wallet checks the UTXO’s and during a TX output will broadcast it the network, where the nodes will “listen” out for incoming TX’s

  3. Miners will generally select the transactions with the highest fees.

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#272

1.SPV can only query a full node for information on blockchain and does not store it.
2.Transaction is broadcasted when it is sent to the mempool of nodes across the network.
3.Picks unconfirmed transactions from the mempool based on transaction fees and hash rate.

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#273
  1. SPV only have partial blockchain downloaded, and for more informations they can query full nodes. Full node has whole blockchain dowloaded.
  2. It means that wallet has broadcasted signed transaction and sent it to the blockchain, then transaction goes to mempool and waits for miner pick it up.
  3. He picks from mempool ones that are bigger in bytes so they get higher fees paid to them.
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#274

  1. An SPV wallet does not have the copy of the full node in the local PC while the full node wallet will have a copy of the full node in the local PC.

  2. The transaction is broadcasted when the transaction is valid and is put in the mempool waiting to be mined in to the blockchain.

  3. The miner picks the transactions with the highest fee to be mined first.

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#275

Homework on Bitcoin Ecosystem - Questions

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPV is a simplified version, doesn’t have the whole blockchain. It is typically on the smartphone wallet. The SPV needs to connect to a full node.
  2. What does it mean when a transaction is broadcasted?
    The transaction gets send to the nodes.
  3. How does a miner pick which transactions that gets added to the next block?
    He picks from the mempool of the nodes. Typically he goes for the transaction which offer the best transaction fees for him.
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#276

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPV is the single transaction and must be connected to the full node which has a copy of the chain to be verified.

  2. What does it mean when a transaction is broadcasted?
    The transaction has been accepted as valid and matched across the system.

  3. How does a miner pick which transactions that gets added to the next block?
    They choose the transaction from the mempool with the highest fees

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#277

  1. An SPV relies on a full node to get all the UTXOs to derive wallet balance. SPV is usually used on devices that cannot accommodate all the data of a full node, so a mobile phone.

  2. after a block is mined and the transactions minted therein, the node tells other nodes that its found the correct nonce and shares the block with everyone else. These nodes then share it with all the other nodes on the network as well.

  3. A miner can use any method they wish to, but they will usually do it using the greatest fee per byte since they are trying to maximise profits.

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#278

  1. Full node has a full copy of the blockchain where SPV only keeps transactions and communicates to the node for verification

  2. Transaction has been added to mempool for miners to pick it up

  3. Miner picks the transaction with highest sat/B ratio so they can harvest more in fees

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#279

  1. SPVs do not store the blockchain and must querry one or multiple nodes to get the information. A full node stores the full blockchain

  2. When the nodes propagate their version of the truth through other nodes around the world

  3. Miners usually pick the TX with the highest fees to collect

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#280

  • What is the difference between a SPV (simplified payment verification) and a full node?
    An SPV uses trusted nodes to verify transactions because it doesn’t have a copy of the blockchain.

  • What does it mean when a transaction is broadcasted?
    It is propagated to all of the nodes

  • How does a miner pick which transactions that gets added to the next block?
    A miner generally picks transactions with higher fees.

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#281

  1. A full node keeps a copy of the whole blockchain while an SPV does not store a local copy and refers to a node to verify transactions

  2. When a transaction is broadcasted, a wallet posts transactions to a local node mempool which is a list of unverified transactions that get sent to the miner to be mined and posted to the blockchain.

  3. Normally a miner picks transactions which offer the highest miner reward per byte

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