- SPV 's are basically wallets that store all transactions and a full node is like a miner that stores the whole blockchain.
- It emenates from The SPV or wallet. So it propogates the transaction to the network.
- Usaually the miner picks the block with the highest fees, trx fees and block chain rewards.
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The difference is that an SPV doesnât contain the whole blockchain and only contain the data or transactions relevant to an specific address, it can read the blockchain, but requires a node to make a transaction. A full node contains the complete version of the blockchain.
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When a transaction is broadcasted it means that it is transmitted to all the different nodes after it is validated and sent to the mempool.
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A miner usually picks the transactions with the higher transaction fees to maximize profits.
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1. What is the difference between a SPV (simplified payment verification) and a full node?
- The SPV holds only a small part of the entire Blockchain, that measures a couple of MBs. The Node holds the entire Blockchain that measures a couple of GBs.
- In order for the SPV to make Transactions, it will âaskâ the closest Nodes of the newly Blockchain for verification.
2. What does it mean when a transaction is broadcasted?
The Wallet after Signing a transaction it will âbroadcasted - spreadâ the information inside the Network that a new transaction was released.
3. How does a miner pick which transactions that gets added to the next block?
The Miner will pick the Transaction with the Hire Transaction Fees.
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- SPV means you verify transaction without having a full node. You have to trust a full node to verify your transactions. For example phone wallets the can not download full nodes because of the limited memory space.
- Every full node its updated with the transaction. Normally after 10 minutes before a new block is mined. Because of the possibility to have a stale block its save after 6 confirmations.
- The miners are profit orientated and will choose the transaction with the highest fees first.
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SPVâs are small nodes but they donât have a copy of the entire Blockchain, they mostly store transactions relevent to itâs address. In order to read the Blockchain they need to trust a full node which actually has a copy of the entire Blockchain.
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It means that the transaction is being propagated through the network to all nodes.
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A miner picks the transactions from the mempool with the highest transaction fees.
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What is the difference between a SPV (simplified payment verification) and a full node?
A SPV does not have the full blockchain. This means that it cannot verify the unconfirmed transactions and cannot verify new blocks. A SPV query a full node for UTXOâs to compute the balances of the wallet.
What does it mean when a transaction is broadcasted?
This means that your transaction is send to a full node. If transaction is valid then it will be put in the mempool and it gets propagated through the network. It sits in the mempool waiting to put into a new block.
How does a miner pick which transactions that gets added to the next block?
A miner wants the highest reward when mining a block. Therefore it chooses transactions with the highest sat/B and not the highest transaction fees. A block has a size limit and it is limited in the number of bytes and not in the number of transactions.
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1, SPV is a device which does not have the full blockchain. It depends on other node which has the full blockchain.
2,When a node put a transaction in mempool and broadcasts to other Node.
3, A miner picks a transaction with higher fee from mempool.
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- Difference between its trust âŚ
SPV faith in security of the third party that would broadcast your verified transaction thru the node they are running and be accepted in to the network .
NODE . machine that runs or its able to connect to Bitcoin network and its able to validate the transaction . - Processing and verifying transaction in to the blockchain network .
- Firs of all I believe transactions with higher fees would be picked first because of incentive but in same time miners will try to put as many transactions possible in order to generate as much reward they can .
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1)SPV doesnât store a full transaction like a node. The node has the entire copy of the blockchain. It requires a full node to send transactions.
2)When a transaction is broadcasted it means it shares its transactions when it is a full node with other nodes.
3)A miner picks the highest transaction fees.
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SPV does not have a full version of the blockchain. It is a smaller version containing only the newest blocks or so. SPV is for Your smartphone or tablet. A full node has the whole blockchain. Full node will be only on PC because it is a lot of info. Meaning it takes up a lot of storage.
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It means that it is spread out between all the other nodes so that every1 knows about this transaction.
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He can pick randomly but most logical way to do it is to chose the transactions with the highest fees. Because miners get paid a block reward and the transaction fees. Higher fees - higher profit. Makes most sence
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Answers:
- The SPV doesnât have the full blockchain, where a full node does.
- The wallet has checked to see if UTXO is correct and starts transaction.
- By solving the math problem nonce.
- The spv does not have a copy of the blockchain locally stored and has to ask other nodes to verify the information.
- It means that the nodes are sharing the transaction between each other and updating their mem pool waiting for the miners to confirm that transaction.
- Miners usually pick the transaction with the highes fee per byte.
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SPV only store part of the data from the blockchain and instead has to trust a full node. A full node has the entire blockchain stored and they send the valid transactions to the mempool.
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A transaction is broadcasted when a wallet spread a transaction to the network in order to confirm it.
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The miner will pick transactions in the mempool that have been validated by the nodes, and will eventually pick the transactions with the highest fees first.
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The SPV does not contain a full version of the block chain, it rather queries a node, who by definition contains all of the block chain.
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It means that the data contained in this transaction is shared between the nodes in the common mempool, which contains all UTXOs.
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Typically miners will pick the UTXOs with the highest transaction fees available to maximize his ROI.
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- SPV doesnât store the blockchain locally but rather query full nodes until has enough of the same blockchain to decide it is valid.
- Transaction is broadcasted when it enters the mempool or is sent to a miner to process it.
- Usually miners will take highest fee first Sats/byte as they are incentive driven.
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- What is the difference between a SPV (simplified payment verification) and a full node?
- An SPV does not hold a full copy of the blockchain ledger. It can however, help to confirm that a transaction can be made (enough UTXOs) and will add to the mempool.
- What does it mean when a transaction is broadcasted?
- A transaction is broadcast out to the block nodes - SPVs and Miner nodes.
- How does a miner pick which transactions that gets added to the next block?
- A miner can choose transactions from the mempool (list of transactions) to add. If there are a lot heâll choose the ones paying the highest fees.
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A SPV wonât have the entire blockchain, only a portion of it, to have a simplified version of the protocol, lighter. A full node will have the entireblockchain and will then be able to mine.
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A wallet will send the transaction to the protocol, and will broadcast it by sending it to nodes, that will stores the transaction into the mempool. The mempool acts as a buffer in which miners will get data.
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They pick into the mempool transactions that are valid, and those with higher fees.
Question : I have not completely understand the notion of confirmation. If a confirmation is a transaction being mined into a block, and we need 6 confirmations to be sure the transaction is ok, then the transaction time is 6 times the block time, so around 60 minutes ? Will the wallet automatically wait for those 60 minutes ?
- A full node stores a local copy of the entire blockchain, making them able to validate transactions. An SPV does not store a local copy of the blockchain, but can still validate transactions, but by requesting other full nodes.
- When a transaction is broadcasted it means it has been put into the mempool, and that itâs ready to be mined for the next block by a miner.
- Miners takes the transactions from the mempool, descending by the biggest fee first.
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What is the difference between a SPV (simplified payment verification) and a full node?
SPV only have a portion of the Blockchain and fetching blockchain infos (UTXOs) from a full node
a full node have the complete Blockchain -
What does it mean when a transaction is broadcasted?
full nodes list the transaction in there mempool -
How does a miner pick which transactions that gets added to the next block?
normally the Tx with the highest fee comes first (sats/byte)
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SPV is normally an application on a mobile device. It can not store the networks database, but can communicate with nodes and send/receive transactions.
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A transaction is accepted into the network, and is communicated to the nodes.
3.The transaction with the highest fee.
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