Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#582

  • What is the difference between a SPV (simplified payment verification) and a full node?
    An SPV could be something like a mobile phone or any other small device that has not enough computer capacity to have the entire copy of blockchain.
    The SPV can get access to the blockchain by verifying the full nodes (devices with enough computer capacity) like a desktop.

  • What does it mean when a transaction is broadcasted?
    That the transaction gets propagated to the network of nodes.
    It also means that the transaction is possible in the first place. Otherwise, your transaction simply gets ignored.

  • How does a miner pick which transactions that gets added to the next block?
    The miners are looking for the transactions with the highest transaction fees (sat/b)

1 Like
#583

Homework on Bitcoin Ecosystem - Questions

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    -SPV holds our private key but it does not contain the full copy of blockchain, while the full node does, so the SPV basically needs to trust and ask another nodes to see the copy of blockchain from them.

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

  • It means that once a transaction is complete and confirmed, the nodes start to spread this around to other nodes, like this being broadcasted.
  1. How does a miner pick which transactions that gets added to the next block?
    -Mostly on the fee… Because all of the miners want to earn money, the bigger the fee the more likely that miner is going to pick the transaction.
1 Like
#584

1- SPV hold only the transactions.
Nodes have all transactions on the blockchain
2 - Is spread across the network
3- The ones that have bigger fees

1 Like
#585

An SVP is, for example, your wallet on your phone its basically a smaller version of the blockchain becouse you can’t store the whole blockchain on your mobile device. This SVP then contacts a computer and validates the transaction with that computer that stores the full blockchain and is a node in the network.
2.
This means that the transaction comes from an SVP and is broadcasted to a full node to check if the transaction is valid.
3.
Becouse of monetary incentive the miner chooses the transaction with the highest fees to be entered first into the new block.

1 Like
#586
  1. SPV is a small node that it has a small part of blockchain or it has not the blockchain. So it is reliant on the full node to check. A full node has the entire blockchain.
  2. It means that the transaction is spread into the network of the blockchain.
  3. The miners choose first of all the transaction with an high amount of fee.
1 Like
#587

1* SPVs do not store all UTXO data and must get it from a full node.
2It means it is being spread to all the other nodes on the network.
3 A miner picks transactions according to their fee

1 Like
#588
  1. SPV has only a small version of the blockchain, usually used on phones and they connect to the full nodes. Full nodes have the entire history of the blockchain.
  2. When a node accepts the new tx and propagates it through the network so other node sync it.
  3. Miners picks tx from the mempool usually the ones with the higher transaction fee.
1 Like
#589

  1. SPV doesn’t store complete blockchain there for verifies with a full node for information needed.

  2. A transaction is sent out to other nodes on the network.

  3. Typically a miner will pick transactions with the highest fees first.

1 Like
#590

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPVs (usually a cellphone) do not have the entire blockchain but will trust a full node when it wants to read the blockchain.

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

A transaction is broadcasted on the network to other nodes who will then validate and confirm it before putting it in the blockchain.

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

It will choose the block with highest transaction fee and pow.

#591

Homework on Bitcoin Ecosystem - Questions

  1. What is the difference between a SPV (simplified payment verification) and a full node? A full node has a copy of the complete blockchain to verify correct transactions. An SPV does not have a full copy of the blockchain - it only stores transaction relevant to it’s addresses and relies on other full nodes to get the data verified.
  2. What does it mean when a transaction is broadcasted? It propagates through the network from node to node like gossip.
  3. How does a miner pick which transactions that gets added to the next block? A miner looks for higher transaction fees per bite and picks those from the mempool.
1 Like
#592

1.-
SPV is used as a method to search for transactions without having the entire database which a full node needs to have.

2.-
Is the action that a wallet does when the user makes a transaction and consist in transfer the data specific to that transaction to the full nodes in the network.

3.-
Miners search into the mempool and choose those transactions that represent to them the higher profit.

2 Likes
#593
  1. What is the difference between a SPV (simplified payment verification) and a full node?

An full node carries a copy of the blockchain locally, while and SPV accesses a node to verify transactions.

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

When a transaction is broadcasted it is sent to a node in the network to be verified and added to the mempool.

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

A miner picks the the transactions with the highest fees to be added to the next block.

1 Like
#594 
What is the difference between a SPV (simplified payment verification) and a full node?Full nodes store the hole blockchain while SPVs mostly store transactions relevant to its addresses and requires a full node to send transactions.

What does it mean when a transaction is broadcasted?

Full nodes store the hole blockchain while SPVs mostly store transactions relevant to its addresses and requires a full node to send transactions.
How does a miner pick which transactions that gets added to the next block?A miner picks transactions from a mempool and chooses the ones with the higher transaction fees.

1 Like
#595

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    I remember it as a wallet that is connected to a full node and doesn’t restore a full UTXO.

  2. What does it mean when a transaction is broadcasted?
    A transaction is spread on the network with nodes.

  3. How does a miner pick which transactions that gets added to the next block?
    A miner wants a transaction with the highest fee.

1 Like
#596

  1. SPV is your mobile wallet does not have full node copy. . Full node it is the whole software stored on your PC.

  2. That means your transaction is propagated to all of the other nodes in the network.

  3. All Miners try to pick up from mempool a TX transactions with the highest fee possible first to add them to the block.

1 Like
#597
  1. a Full node contains a copy of the blockchain network on it a SPV also connects to the network but via a node. The SPV does not contain a copy of the blockchain but queries from a node.
  2. This means that a transaction is transmitted to all the other nodes in the blockchain
  3. Miners pick the valid transaction from the their mempools and select the ones with the highest fees first.
1 Like
#598

SPV can also be used in a deskop wallet. Most wallets use SPV as the blockchain size is pretty large.

2 Likes
#599

  1. SPV doesn’t store the whole blockchain. It needs to trust a full node to get data from the blockchain.

  2. The transaction is sent to the network and added to the mempool.

  3. Based on the fee they will get

1 Like
#600

Yes you are right you can have it SPV on PC.

1 Like
#601

  1. SPV doesn’t store the full data base of the blockchain, instead block headers only.

  2. sent to the mempool where a miner can choose to mine it

  3. they pick the ones with the highest fee/byte

1 Like