1- A SPV is different to a full node because it doesn´t have a copy of the public ledger like a full node does, in fact in order to access the ledger the SPV uses a node to gain acces to it.
2- It means that all the nodes in the network will receive the transactions that are validated and propagate it through the network.
3- A miner usually will pick the transactions with the higher fees from the mempool.
A SPV don´t have the whole blockchain (local copy of it). It trusts a full node and send only requests to it (if something is valid etc.).
A transaction is propagating through the whole network that means to all nodes in the network so that everyone has this transaction in their local version.
It depends on the miner. He decided which transactions are chosen for the new block. In most cases, because the miners want to make the most money, they will choose the transaction which pays the highest transaction fee. But the miner could also choose every valid transaction with the lowest fee,
A full node stores a complete copy of the blockchain locally while the SPV queries nodes to get the information it requires.
Once a node receives a transaction it sends a copy of this transaction out to every other node. Each node stores this transaction in its mempool.
Miners go through the mempool and picks transactions with the highest fees to add to its next block.
An SPV differs from a full node in the way that a full node will contain the full blockchain, whereas an SPV will have to query a node to validate transactions.
A transaction is broadcasted when a wallet communicates a signed transaction to a node, and will await being entered into the blockchain by a miner. All transactions that have been broadcast will exist in the mempool.
Typically, due to the incentive, a miner will choose transactions/blocks with the highest transaction fees.
Hi,
1, Full node has whole blockchain. SPV has part of blockchain and asks node for full data or asks node to verify transaction. Node can do it by its own.
2, It means that transaction is sent to nodes for verification.
3, Miners picks transactions with highest fees first.
[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?
The difference between a SPV (Simplified Payment Verification node) aka Minor Node and a Full Node is that an SPV node does not have a direct copy of the blockchain transactions; therefore it needs to constantly bounce around and connect to full nodes in order to check and verify the transactions on the blockchain. It will keep checking until it gets the payment verification from a full node. The full node has the entire copy of the blockchain to directly check and verify the stored transactions and transmit it to the SPV node.
Nodes are a critical component of a blockchain’s infrastructure. Without nodes, a blockchain’s data would not be accessible. You could say that nodes are the blockchain.
2) What does it mean when a transaction is broadcasted?
When a miner attempts to add a new block of transactions to the blockchain, it broadcasts the block to all the nodes on the network. Based on the block’s validity of signatures and transactions, nodes can accept or reject the block. When a node accepts a new block of transactions, it saves and stores and chain’s it to the rest of the blocks it already has stored. Essentially –
Nodes check if a block of transactions is valid and accept or reject it.
Nodes save and store blocks of transactions (storing a copy of the blockchain transaction history).
Nodes broadcast and spread this transaction history to other nodes that may need to be updated the transaction history with the blockchain.
3) How does a miner pick which transactions that gets added to the next block?
Once the Mempool start to overload the Miners will check for the lucrative fees from the current “transaction waiting list” in order to start confirming transaction as priority and if the mempool eaches full capacity, the nodes start prioritising transactions by setting up a minimal transaction fee threshold. Transactions with a fee-rate lower than the thresholds are immediately removed from the Mempool and only new transactions with a large enough fee are allowed access to the Mempool. Hence the miner favour the higher fees.
You are describing a miner broadcasting a block. Here we mean when a user sends a new transaction, it will propagate to all nodes mempool waiting to get confirmed
Thank you Fabrice, so to understand;
the nodes carries out both jobs
Using an analogy the full node is the premium plan of an application while the SPV is the very basic plan of the same application.
The full node is the “Mc Daddy” having the entire history of the blockchain using immense processing power and lots of memory.
An SPV is also a node but the lightweight of the two. It does not need the whole blockchain to verify if a transaction has been included in a block. As the name indicates (Simplified Payment Verification) it uses a simplified method by only downloading the headers of all blocks on the blockchain. This is very ideal for small scale transactions as for a wallet in your iPhone.
It basically refers to the propagation of the data to all available nodes mostly trough the medium of the internet.
Each miner is programmed to pick transactions with the highest fees.
1 the spv doesnt have the full blockchain and a node does
2 it means your transaction is being sent to the mempool waiting for the miner to put it in the next block
3 miners are inventivised to pick the transactions with highest fees
What is the difference between a SPV (simplified payment verification) and a full node? SPV. allows a node to verify if a transaction has been included in a block, without having to download the entire blockchain. With SPV, full nodes serve lightweight nodes by allowing them to connect and transmit their transactions to the network, and will notify them when a transaction affects them.
What does it mean when a transaction is broadcasted? It means the full node will broadcast the transaction to all other nodes in the network
How does a miner pick which transactions that gets added to the next block? Miners will choose transactions with the highest fees to earn.
Homework on Bitcoin Ecosystem - Questions
1- The node contain the full blockchain and interact with others nodes, the SPV´s contain just a part of the blockchain and has to relay on a full node to send and recive transactions.
2- It means that a wallet is sending a transaction to the network, so it´s being shared between nodes, if the rules are meet the transaction wait to be confirmed.
3- The miner chooses a transtaction from the mempool, usually the one with higher fees.
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Tarea sobre Ecosistema de Bitcoin - Preguntas
1- Un nodo contiene toda la cadena de bloques e interactúa con otros nodos, mientras que un SPV contiene solamente una parte de la cadena de bloques y depende de un nodo para recibir y realizar transacciones.
2- Que desde la walllet se trasmite la información hacia los nodos para después esperar una confirmación en la mempool.
3- El minero selecciona de la mempool, suele ser la que tiene impuestos más elevados.
1
A SPV is a wallet where the blockchain is not fully downloaded. In order to check the validity of some transaction of interest, it must query a nearby full node and trust it.
2
A transaction is broadcasted when it’s added in the a block and it’s propagated to all nodes.
3
The miner choose the most profitable transactions the ones set with the maximum fee.
2 When a transaction is broadcasted it is spread to all the nodes in the bitcoin network.