Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#542
  1. An SPV just holds the private key and will check the blockchain on other nodes.
  2. A transaction is pictured by a node and broadcasted to the whole network.
  3. A miner will pickup transactions with the highest fees.
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#543

1.Spv doesn’t have a full blockchain. It needs to connect to a full node that does

2 . it’s been sent too all the nodes to get confirmed

3 Miner picks a transaction with the highest fee.

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#544
  1. SPVs do not store locally the current version of the blockchain
  2. The transaction is broadcasted when a node verifies the correctness of the transaction and shares its existance with the rest of the network. However, only the miners have the capability to write this transaction in the blockchain.
  3. Usually picking the one with higher fee
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#545

Homework on Bitcoin Ecosystem - Questions

What is the difference between a SPV (simplified payment verification) and a full node?
A SVP is not a full node, it has only a fraction of the blockchain. It uses full nodes to check if it is correct and will do so until it feels like it is.

What does it mean when a transaction is broadcasted?
The transactions is sent from your wallet to a node to be validated. If so, it can be sent to the mempool.

How does a miner pick which transactions that gets added to the next block?
Mostly by the fee connected to the transaction. The miner will add the transactions with the highest fee and the lowest amount of bits to put in the block, because the miner wants to make money.

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#546
  1. A SPV foes not contain a comlete history of the blockchain. A full node does.
  2. To broadcast a transaction is to transmit it from one node to another node on the network.
  3. Normally, miners will pick transactions with the highest transaction fees.
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#547

1, What is the difference between a SPV (simplified payment verification) and a full node?
The SPV does not store a copy of the blockchain, it only stores transactions relevant to its address whereas it requires a Node to send transactions.

  1. What does it mean when a transaction is broadcasted?
    It means a Node is transmitting transaction to other Nodes on the network.

  2. How does a miner pick which transactions that gets added to the next block?
    The miner will pick the transaction(s) with the highest Satoshi to Byte ratio fees first.

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#548
  1. SPV does not store all of the transaction data on the blockchain, while full nodes do store all.
  2. that means the transaction is already valid, just waiting for nodes confirmation to find the longest chain and continue
  3. by pick up from the mempool which one that has the highest fee available
#549

  1. A SPV does not have the blockchain but instead asks nodes what the blockchain looks like and makes its payments based on that

  2. It is sent to all the other nodes to make sure it is legit

  3. It picks the ones with the best transaction fees, but also prefer transactions which takes up little space in the block.

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#550

1 - An SPV is a node which does not contain the whole blockchain but can query other nodes to get information. For instance, a wallet app on a phone.

  1. A transaction is broadcasted when it has been signed by a private key and sent to the mempool of a node and then propagated through the other nodes. Then it waits to be picked up by a miner and included in a new block.

  2. The miner will pick transactions paying the highest fee first and fill up the block that way.

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#551
  1. SPV does not hold a full version of the blockchain but rather reaches out to a number of different nodes (which DO hold full version of the blockchain) periodically to update themselves. Typically SPV would be on Cell/Mobile phones which cant really store full versions of the blockchain practically.

2.Transaction being broadcasted means it has been signed with private key and sent to a node/mempool ready to be picked up by a miner to be verified into the blockchain.

  1. Miners typically pick the transactions with the highest transaction fees first (since the miner earns those fees). So if speed of transaction is important, then you want to pay a bit higher transaction fee (you can sometimes choose this). If not, you pay the smallest of fees but will be picked at amuch later block typically taking much longer.
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#552

  1. SPV is a small node and connects to the full one when it needs to make a transaction. It does not have a full copy of the blockchain.

  2. It means that the wallet creates a request to make a transaction and then broadcasts it to the network to be picked up by a node that store the tx in a mempool

  3. They look at the transactions with the highest transaction fees in the mempool

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#553
  1. A SVPP just has a part of the blockchain while a full note stores all the blockchain
  2. It means a transaction has been sent on the network, in normal circumstances via the internet.
  3. He can choose. Since miners want to make profits they normally pick transaction with the highest fee. So a higher fees normally means a faster transaction.
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#554

1 a full node has a full version of the blockchain an spv makes an inquiry to a full node to receive the information

2 the transaction is send to the network

3 the miner picks the transaction from the mempool, probably the ones with the higest fees

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#555

  • What is the difference between a SPV (simplified payment verification) and a full node?
    SPV has only a small portion of chain, very local and depends on node. Node has full chain, w/all blocks. SPV on small device, like phone, node on computers only

  • What does it mean when a transaction is broadcasted?
    It’s sent to nodes on the network so that it can be put in mempool and picked up by a miner to be attached to the chain

  • How does a miner pick which transactions that gets added to the next block?
    By going to mempool and typically picks highest fee transactions. Then hashes and once below target propagates to other nodes to be attached to the chain

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#556
  1. The SPV does not store the full blockchain it must verify by quering a full node in the network.
  2. It means to propagate the other full nodes in the network.
    3.When the transaction reaches the mempool, the miner pick the most reward for mining it.
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#557

1.An SPV is essentially a “lite wallet” that is only capable of transactions. It uses its private key to sign transactions and relies on the information of a seperate node to confirm the user has sufficient UTXOS to make transaction. A full node has downloaded copy of the full blockchain as well as a wallet. It is used to verify transactions happening on the network and can make transactions also. This wallet does not need to rely on other nodes to read the blockchain.

  1. It means that the tranaction is propegated to a network of nodes for verification.
    3.He picks the transactions with the highest fees.
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#558

  1. It is a wallet without entire blockchain downloaded. Usually mobile have SPVs because GBs of blockchain data cannot be downloaded so they query the nearby node for input /UTXOs and validity of the signatures etc.

  2. Tx is broadcasted by wallet after signing the input UTXOs and then creating transaction, letting all the nodes in the network know that transfer of value has taken place. All nodes verify the transaction and then broadcast further to the nearby nodes.

  3. Tx with high fees are picked by miners and added to the block.

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#559

  1. An SPV is like a window into a part of the blockchain network, where a node sees all of the blockchain network. They get the data from a node.

  2. It means that the transaction is being broadcasted to the entire network of nodes.

  3. Miners take transactions from the mempool, and to get the most profit they take the transaction with the highest fees.

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#560
  1. :iphone: SVP only queries a part of the blockchain; :desktop_computer: a Node is storing the full blockchain.
  2. :swimming_man: It gets sent to the Mempool.
  3. :dollar: Typically based on the highest Tx fee. Money talks.
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#561

1- spv is a private key with no blockchain while full node is a private key with a blockchain.

2- it propagates the transaction to the network.

3- the miner picks the longest chain with the hardest target.