- The difference between an SPV and a full node is that an SPV does not have the whole version of the blockchain, that is why it communicates with a node.
- A transaction is broadcasted when the node verifys that it makes sense and is sent to other nodes. It is still not confirmed. When a miner pics the transaction up and mines the block that is added to the blockchain, the transactions are propagated to the network (they have been removed form the mempools).
- A miner pics the transactions with the higher fees, so the chance for the miners to have similar blocks is more probable.
- What is the difference between a SPV (simplified payment verification) and a full node?
A SPV doesnât have a full copy of the blockchain and queries another node to initiate a transaction.
- What does it mean when a transaction is broadcasted?
This means a transaction has been sent to the network to be verified and appended to the blockchain.
- How does a miner pick which transactions that gets added to the next block?
The miner typically chooses whichever transactions offer the highest fees.
Homework on Bitcoin Ecosystem - Questions
1. What is the difference between a SPV (simplified payment verification) and a full node?
A full Bitcoin node keeps a complete copy of all the blockchain with all the transactions, a SPV node download the block headers only and exclude the transactions of each block.
2. What does it mean when a transaction is broadcasted?
It propagates the transaction to the network, all Bitcoin nodes share the same blockchain data.
3. How does a miner pick which transactions that gets added to the next block?
When you make a bitcoin transaction, it goes into the mempool of unconfirmed transactions. Then bitcoin miners select the transaction and place it into a block of transactions based on transaction fees and hash rate.
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1/ What is the difference between a SPV ( simplified payment verification ) and a full node.?
Well, full nodes download the complete blockchain, & check every transaction & conform to the rules.
SPV ( simplified payment verification ) downloads only a certain part of the blockchain, known as the block-header.
2/ What does it mean when a transaction is broadcasted.?
This means the miner has just completed his block & he is broadcasting it to be appended to the Blockchain.
3/ How does a miner pick which transactions that gets added to next block.?
The Big incentive to miners is MONEY,so to append the block to the chain they will always pick the block with highest fees.
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- A SPV can broadcast transactions and read the blockchain, but they rely on reading another node as they donât have the blockchain stored. A node does.
- That a transaction is communicated to the whole network (all the nodes & miners, though miners are also nodes).
- They pick the transactions with the highest fees relative to bite size.
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- SPV is a small node, they donât have the full blockchain.
- Nodes are submitting tx to each other
- the highest reward so they earn more
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1. What is the difference between a SPV (simplified payment verification) and a full node?
SPVs do not have a copy of the entire blockchain. They continually query (poll) a 3rd party full node for any information they need about the blockchain.
2. What does it mean when a transaction is broadcasted?
When a node generates a new transaction or receives a new (valid) transaction from another node it sends (broadcasts) that transaction to all the nodes it knows about in the network.
3. How does a miner pick which transactions that gets added to the next block?
A miner is incentivised to maximize itâs profits, so if there are more transactions in the mempool then will fit in the block it will prioritize those transactions with the largest fees. Otherwise it will just add everything.
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Homework on Bitcoin Ecosystem - Questions
What is the difference between a SPV (simplified payment verification) and a full node?
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SPV keep only a portion of the Ledger or connect to another Node that has the Full node for verifications, Full nodes has the complete Ledger.
What does it mean when a transaction is broadcasted?
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The nodes share the information of very block to each other
How does a miner pick which transactions that gets added to the next block?
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Via the mempool depending on the transaction fees. Higher fee > the faster included in next Block
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- A SPV does not have a full copy of the blockchain ledger. It has the ability to query the closest full node to verify transactions. A full node has a full copy of the blockchain ledger.
- When we say a âtransaction has been broadcastedâ we are saying that it has been propagated to all nodes in the network.
- A miner chooses transactions from highest to lowest in fees to be added to the next block. This is usually transactions with the most number of inputs and outputs.
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1.) the spv havent got the full copy of the blockchain normaly used for mobiles and get the info from a node
A node have the full copy of the blockchain and its used normaly on computers
2.) its broadcated means that the tx its done and signed after that the wallet spread the tx to the nodes and into the mempool awaiting to get pick up by miners
3.)Miners can pick up any tx they want and because its all about money they probably get the one with the highest fee.
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Full nodes generally require an always on connection and a lot of space to store the entire blockchain, while SPV is a lightweight system that can be run on mobile devices with limited resources. SPV will query full nodes for the information that they need.
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When a transaction is broadcasted it means that it is sent to all of the nodes on the network to be accepted or rejected, and then propagated throughout the network if it is accepted.
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Miners pick the most profitable transactions first and then fill in the rest until the block is full, to maximize profit.
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- Spv creates transactions but doesnât have the full blockchain ledger while a full node does .
- When your transaction is made public for all the other nodes to verify .
- A miner will pick the transactions with the highest rewards and fees so itâs the most profitable
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What is the difference between a SPV (simplified payment verification) and a full node?
Full node runs with entire blockchain and SPV does not require copy entire blockchain
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What does it mean when a transaction is broadcasted?
That the transaction has been confirmed
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How does a miner pick which transactions that gets added to the next block?
Generally, prioritized based on transactions with higher fees
1.SPV dont have a full copy of the blockchain.
2.The transaction is broadcasted to all the nodes in the network
- Miners will choose the transactions with the highest fee for the greatest reward.
- A SPV does not store all of the information on the block chain whereby a node does. A SPV has transactions which it can verify by querying a node.
- It means the transaction was inputted to the mempool and broadcast to other nodes on the network.
3.The miner picks the transactions with the highest transaction fee from the mempool.
- What is the difference between a SPV (simplified payment verification) and a full node?
A SPV only holds the private key to create and sign transactions and connects to a full node to look in the blockchain and broadcast transactions. It is typically used on low spec devices such as smartphones. A full node holds the private key and blockchain and can handle everything on itâs own. The blockchain uses a lot of space and full nodes are running on higher spec devices with enough storage. - What does it mean when a transaction is broadcasted?
It is send to all the nodes your âwalletâ is connected to. And those nodes will send it to all nodes they know and are connected to and so forth. In other words the transaction is propagated through the network and put in the mempool of each node. There it stays until it is put in a block by a miner. - How does a miner pick which transactions that gets added to the next block?
These transactions reside in the mempool and they usually pick the ones with the highest fees first.
- a full node has the complete blockchain while the SPV only the block headers
- tx is set on the mempool
- highest mining fee/kb
- What is the difference between a SPV (simplified payment verification) and a full node?
SPV is not running a full node like a mobile phone wallet i.e.(Atomic Wallet, Coinomi) - What does it mean when a transaction is broadcasted?
The transaction was sent to all the other nodes then the miners pick the transactions. - How does a miner pick which transactions that gets added to the next block?
Miner will usually pick the transactions with highest mining fee first.
- What is the difference between a SPV (simplified payment verification) and a full node? The SPV only has a portion of the blockchain not a full copy and it has to connect to a node to get the information. The nodes also verify the transactions.
- What does it mean when a transaction is broadcasted? it gets propagated through all the node is the blockchain network
- How does a miner pick which transactions that gets added to the next block? they pick the ones with highest transation fee.
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What is the difference between a SPV (simplified payment verification) and a full node?
A SPV does not hold all the UTXOs they reference the whole blockchain from a full node. -
What does it mean when a transaction is broadcasted?
When a transaction is broadcasted it means that a full node shares the transaction to all other nodes. -
How does a miner pick which transactions that gets added to the next block?
A miner will pick the transactions from the mempool, they will choose the transactions with the highest fees so they make the most money.
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