Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#642

A SPV does not have a copy of the block chain but can query a full node which has a full copy.
TO be broadcast is when a transaction is sent across the network from a wallet or SPV
A miner would pick the tranactions having the highest fees

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#643

  1. SPV does not have the entire blockchain network, itā€™s a small nodes thatā€™s trust a full node whenever is wants to use the network. Eg. cellphone. A full node has the entire blockchain and always communicates with other nodes in the blockchain.

  2. It means the entire blockchain network can see the transaction after itā€™s propagated and confirmation follows after itā€™s validated by the network.

  3. Miner picks the transaction the highest TX fees

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#644
  1. An SPV canā€™t store full blockchain. Whenever a transaction has to be made, it connects with the node to get the history of the outputs.
  2. The transaction is broadcasted means, the solved puzzle of the block propagates throughout the network to add it in all the nodes database.
  3. The miner picks the transaction from its nodes mempool. Usually, the transaction with more fees is selected first.
#645

If it is accepted yes. But if you tried sending and invalid transaction the node would not accept it.

#646

Exactly like that. :slight_smile:

#647
  1. an spv cant update the blockchain, its like a window to view the blockchain. a full node can verify and propagate the network.

2.A miner broadcasts the transaction to the nodes to be verified.

  1. A miner picks the transactions in a block by the amount of the fees.
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#648
  1. What is the difference between a SPV (simplified payment verification) and a full node?

SPV does not have the blockchain database like a full node. Instead it will connect to a full node when it needs te interact with it.

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

A transaction has been sent to the network and into the mempool

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

The ones with the highest transaction fees

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#649

I love you keep making me smarter man!

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#650

Homework on Bitcoin Ecosystem - Questions

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SVP just has part of hte Merkle tree and asks nodes for more info. Nodes know the whole chain.
  2. What does it mean when a transaction is broadcasted?
    itā€™s sent to a nodeā€™s mempool whichis sent to all other connected nodes.
  3. How does a miner pick which transactions that gets added to the next block?
    average price paid per bits.
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#651

  1. A full node stores a full copy of blockchain locally. SPV relies on other full nodes and do not store a full copy of the blockchain locally. SPV is useful if you have limited storage space such as on a mobile phone.

  2. When a transaction is broadcasted, it is relayed to nodes on the bitcoin network. The nodes will then keep the transaction in the mempool until it is confirmed by a miner.

  3. Miners usually pick transactions which include the most fees to be included in the next block.

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#652
  1. Full node contains full blockchain and SPV has to query Node for a blockchain state.
  2. It means that all nodes add it to their mempool.
  3. Miner picks transactions in a way that will reward him with higest fees from the block.
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#653

  1. The difference between a SPV (Simplified Payment Verification) and a full node is that a SPV is a method which allows a node to verify if a transaction has been included in a block, without it having to download the whole blockchain. A full node has a full copy of the blockchain and enforces the rules of the blockchain.

  2. When a transaction is broadcasted it means that it has been shared across the network.

  3. A miner picks which transactions get added to the block by visiting the mempool and choosing those which have the highest fees.

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#654

  1. An SPV only downloads the block header, which is much smaller then downloading the entire blockchain. The SPV verifies by sending a proof of inclusion in the form of a Merkle branch.

  2. This means that the transaction is sent to each node on the network.

  3. A miner will usually select the transactions with the highest transaction feeā€™s. They are selected from the mempool.

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#655

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    A full node stores the whole blockchain while a SPV only queries it.

  2. What does it mean when a transaction is broadcasted?
    Propagating it to the network so it gets into the mempool and verified.

  3. How does a miner pick which transactions get added to the next block?
    The ones with the highest fees get prioritized in order to get the best sat/B ratio for maximum profit.

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#656

  1. A full node has a copy of the blockchain while an SPV does not.

  2. Broadcasting a transaction means that it has been verified and it is propagated to neighboring nodes which will place the transaction into their mempool.

  3. Miners pick transactions with the highest fees.

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#657
  1. Spv does not have a full copy of the blockchain and has to query a node for the information and a node does.

2 It means the transaction is propagated around the entire network

  1. The higher the transaction fee the quicker the transaction is added to the block by miners
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#658

  1. A full node keeps a full, live copy of the blockchain. An SPV does not host a full copy of the blockchain but will query a full node when necessary.

  2. A wallet constructs a transaction, signs it using the wallets private key, then broadcasts it to the network.

  3. Usually by choosing transactions with the highest fees as the miner gets those fees if their block is successful.

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#659
  1. The simplified payment verification does not have a copy of the blockchain, not verified. The SPV has to connect to the node to get the blockchain and become verified.
  2. Broadcasted means it is communicating through all the nodes, propagating, like Television broadcasting, similar.
  3. The miner picks the transactions with the most fees. Higher transaction fees. From the mempool.
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#660
  1. What is the difference between a SPV (simplified payment verification) and a full node?

An SPV doesnā€™t contain a full list of transactions like a Node. Instead it will verify with as many Nodes as is needed if the UTXOā€™s are correct and can be spent. SVPā€™s normally sit on a hardware wallet or a mobile wallet that doesnā€™t need to work as a full Node

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

After a transaction is created by the wallet it will broadcast (proper-gate) to all Nodes for confirmation that the transaction is valid. Once there is consensus the transaction will be added to the mempool for a miner to pick up.

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

The miner will normally pick the transactions with the highest fees as the miner will also want to make money from the fees as well as the block reward. Miner earn fees on a satoshi per byte basis so the more fees they can add into the 1MB block the more they can earn.

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#661

No problem. I am trying to educate people about the crypto & blockchain technology. :smiley: