Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#622

A transaction can’t be validated as soon as you broadcast it. If first has to go into the mempool, and then after that it has to be picked up by a miner in order for it to be confirmed. After all of that, the transcation will be a part of the blockchains history.

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#623

A full node wallet can send transactions without any problem.

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#624
  1. Spv do not have the copy of the blockchain and full nodes to have copies of the blockchain
  2. That’s when a node broadcasts an update to the rest of the network
  3. Miners choose transactions with higher fees from the mempool
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#625

  1. A SPV is is a node that does not have the entire blockchain downloaded. It relies on auditing a full node on the network to validate transactions. Common on smart phone or other devices without enough storage to download the entire blockchain.

  2. The transaction was accepted and being sent to the nodes to be propagated throughout the network.

  3. Miners are incentivized by making money. The transactions that have the highest transaction fees will be added to the block more often.

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#626
  1. What is the difference between a SPV (simplified payment verification) and a full node? A full node stores and updates the entire blockchain while a SPV just gets data from a full node and can verify transactions.
  2. What does it mean when a transaction is broadcasted? It is added to the mempool waiting to be picked up by a miner.
  3. How does a miner pick which transactions that gets added to the next block? A miner will pick a transaction from the mempool with the highest fees in satoshi per byte.
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#627
  1. A SPV doesn’t have a full copy of the blockchain, it will query a node for information about transactions. SPVs are most phone wallets and applications. A node has a full copy of the blockchain and will propagate potential blocks through the network and will query miners for the newest version of the blockchain.
  2. When a transaction is broadcasted it is being physically relayed through-out the world to all the nodes and miners.
  3. The miners pick the transactions with the highest fee/B. This incentive is so the miners will make the most money.
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#628
  1. An SPV (like a Ledger Nano) doesn’t have the full bitcoin code like a full node.
  2. Propagated throughout the network
  3. They choose the highest fee transaction.
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#629

  1. A Specialized Payment Verification only verifies if a portion of transactions are included in a block without downloading that full block. They are utilized by many mobile wallets. A Full Node contains the entire blockchain. They are also more secure and private.

  2. A broadcasted transaction is one that has been sent out to the network of Full Nodes from a wallet in Hexadecimal Notation format.

  3. The miners choose transactions in their block based on the transaction fees involved. The more the fees, the greater their reward for solving a successful cryptographic puzzle (hash).

#630

Hi,

Thanx for your answer.

So transaction goes to mempool -> then if is it a valide transaction (no double spend etc…) it is picked by a miner -> that adds it to a block -> and then the block is broadcasted to the network right ?

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#631

  1. SPV does not have its own copy of the block-chain while a full node does.

  2. It means transaction is propagated through the network.

  3. He looks in the mempool for those with the highest transaction fees.

#632
  1. Spv doesnt have a full copy of the blockchain, it gets the data from the other, full nodes. So, full node has a local copy of the blockchain with all the data.
  2. The transactions “circulates” on the network (between nodes), untill everyone on the network is updated with that transaction.
    3.They will most likely pick the transactions with higher fees (the fee goes directly to the miner)
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#633

** 1. What is the difference between a SPV (simplified payment verification) and a full node?** SPVs do not have a full copy of the blockchain and need to connect to a node to get that information.

2. What does it mean when a transaction is broadcast? It means that a node adds the transaction to the mempool so that it can be picked by a miner.

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

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#634
  1. SPV does not have the full blockchain . it has to connect with full nodes to verify transactions. full nodes require the complete version ofthe latest blockchain version.
  2. a transaction is broadcasted when transactions are valid and send to the network and all notes verify these transactions and keep it in the mempool.
  3. the minors pick the transactions with the highest fees!
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#635

  1. And SPV does not have a copy of the complete blockchain, it can be i.e. a mobile phone. A full node has a complete copy of the blockchain stored

  2. A wallet sends out a transaction into the network which is then stored in mempool of nodes waiting for a miner to process it

  3. Those transactions which pay out the highest fees

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#636
  1. The difference between a SPV and a full node is that an SPV does not have a copy of the blockchain and needs to connect to the node to get the information. The node has the entire copy of the blockchain, verify it is correct and verify transactions.
  2. A transaction being broadcasted means it is propagated to all of the nodes or spread to all of the nodes like gossip.
  3. A miner picks transactions from a mempool and chooses the ones with the higher transaction fees.
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#637

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

A full node has a complete copy of the blockchain, where as an SPV must query the nodes to have access to the blockchain.

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

A transaction is said to be broadcasted when the transaction sent to nodes to be entered into the mempool.

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

The largest transaction fees and size of the transaction are the criteria used by miners to move transactions from the mempool to the coinbase block.

#638

  1. Spvs are basically like a Node reader. They do not carry the whole blockchain but it will connect to full nodes and read the block chain from there

  2. A transaction being broadcasted means it will be sent to all the nodes in the network

  3. A miner will check the mempool and select the transactions more profitable to them, so basically the ones with the largest fees

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#639

  1. an SPV does t have a full version of the blockchain it needs to source this information from somewhere else, from another node that has the entire copy of the network.

  2. it has been accepted by the nodes, hashed and then propagated throughout the network.

  3. They will choose the transactions with the highest fees per kb

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#640

1.SPV dont have the database of the blockchain. The full node has .
2.The Full nodes propagate the transaction to other Full nodes
3. The miner always chose the transaction with higher fee.

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#641

SPV does not store the full chain
sent out to all nodes this node is connected with
tries to achieve the best total fees result from the mempool

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