Homework on Bitcoin Ecosystem - Questions

[Rhonda]

1. A full node has knowledge of the full blockchain. An SPV only has partially knowledge of the blockchain so that it can be accessed from a mobile device, or similar device.
   2, When you use your wallet to make a transaction, the wallet takes your UTXOs and broadcasts the desired transactions (input and output) and fees to the network nodes, which put the broadcasted transactions into the mempool.
2. Miners typically pick transactions with the highest fee first so that they make more money.

[Jake]

1 - An SPV differs from a full node as it only queries part of the node and doesn’t store a local copy. This results in a certain level of trust that the node is correct and up to date.
2 - When a transaction is broadcasted it means it has been sent to the mempool for consideration in the next block.
3 - A miner picks which transactions to add to the block by the highest fee calculated in sats/B. This allows a miner to maximize profits on the mined block.

[Bob_Smith]

1/. A full node stores all of the blockchain whereas a spv stores just relevant single transaction data.

2/. To broadcast a transaction means to spread it around all the network of nodes.

3/. The miners pick blocks by the highest transaction fees to gain more compensation for there efforts.

[phil8D]

1. A full node holds a full record of the blockchain while a SPV will only hold a partial record and queries the full record with a full node
2. It is put into the mempool
3. They pick which transactions have the highest rewards.

[Eric-R]

1. Full node contains a copy of the entire blockchain, while SPV relies on contacting other nodes for info from the blockchain.
2. A tx is broadcasted when it is sent to nodes for inclusion in their mempools, for eventually processing when included in a new block by a miner.
3. Miners pick the txs with the highest fee per byte of space in the tx, usually denominated in satoshis per byte.

[timtim]

1. SPVs are nodes that don’t have the full copy of the blockchain.

2. A transaction is broadcasted when a wallet is adding UTXOs together to figure out its own balance, and then broadcasts it to the blockchain.

3. A miner will pick the transactions with the highest fees to its own block.

[getlearned]

1. An SPV is a small node that doesn’t have the entire blockchain stored but trust a full node to read the entire blockchain off of.

2. A wallet broadcast a transaction to the mempool which consist of nodes and miners.

3. A miner picks a transaction list that is most profitable due to each transaction fee and if the nonce is at or less than the target, the block reward and the transaction fees from all the transactions in the block are given to the miner.

[Hsu_Li]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   An SPV is not a full node, like one on a mobile phone, but read the blockchain through accessing a full node.
2. What does it mean when a transaction is broadcasted?
   So that other nodes and minors can pick up on the transaction and save it to their mempools.
3. How does a miner pick which transactions that gets added to the next block?
   Through those that generate the highest rewards

[Markus_Bielaszka]

1. An SPV is a small node and does not have the entire blockchain stored but, it trusts a full node when it needs to read the blockchain. A full node has the entire blockchain stored.

2. It means that when your wallet has created and signed the transaction it will connect with the different computers in the network and spread the transaction to them(it is put in the mempool) until it is validated by the miners.

3. Miners usually pick the transaction with the highest fee because it makes them earn more. Because if you want to obtain a higher block reward you have to choose the transactions with higher fees.

[Dale]

1. SPV doesn’t have blockchain database and has to refer to the node. The Node will have the full version of the blockchain.

2. The transaction is valid, the node put this transaction into Mempool, wait for the miner come to process it.

3. Highest Fee and in some cases less data work for faster processing time

[Debbie_Stevens]

An spv hasn’t a full blockchain copy and gets the information it needs through a node.
When the transaction is broadcasted it is the information given to the nodes and the world
The miner picks the transactions from the mempool ones which usually have a higher fee and by guessing the nonce first, informs the nodes and it goes into the blockchain, if there are two blocks both correct another miner will add to the one and the one with the longest chain is the real block.

[Mesiah]

@ivan

(simplified payment verification

SPV is to verify the transaction and the node is the system the blockchain is on

it is sent out for other nodes to look and verify

by looking for the highest fee and verifying its hash is the same from the previous

[Masaka]

1, SPV (on a mobile device) Does not have a full copy of the Blockchain so sends data to another Node and verifies/rejects the tx.

2, Tx is sent to the network and visible on the blockchain.

3, A Miner will usually choose a tx with a higher paying fee

[Bob_Smith]

Thank you very much.

[Bob_Smith]

Thanks learning all the time.

[never_settles]

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

1. A method for verifying if particular transactions are included in a block without downloading the entire block. SPV wallets don’t store all UTXO data and must get data from a full node.

What does it mean when a transaction is broadcasted?

2. The node has accepted a new transaction and propagates it through the network , like gossip.

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

3. The with the highest sat/B ratio first.

[Jahm]

1. SPV is a partial node, that only contain part of the blockchain. It can be wallets. SPV need to connect to a full node, to broadcast to the network.
2. If you want to make a transaction, you broadcast a number of UTXO that adds up to the amount you transact. You sign the transaction with your private key (that your wallet controls).
3. The transaction with the most sats/B usually get picked up by the miner, but the miner can thoose.

[SDoyle]

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

SPV is on a mobile device and does not hold the entire blockchain. The full node holds the entire blockchain. A SPV will communicate with a full node to send and confirm transactions.

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

Once a transaction is broadcasted, it is recorded on every node in the Bitcoin network

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

A miner will choose the next transaction based on the transaction fee. The higher the better.

[dAnijboned]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   A SPV queries a node in the network to get blockchain information. It does not hold a copy of the blockchain.

2. What does it mean when a transaction is broadcasted?
   It means that it’s send to the different nodes of the network (starting by the neighbor nodes of the entity generating the transaction).

3. How does a miner pick which transactions that gets added to the next block?
   A miner will pick valid transactions with higher fees (in satoshis/Byte).

[M3Mesa]

1 SPV wallets must get data from full nodes.
2 When a transaction is broadcasted it is shared by a full node with other full nodes
3 The miner picks the transaction with the highest payment offering, meeting the level of difficulty