- A full node is more reliable as they checks that all the transactions are confirmed where a SPV simply assumes that all the cumalitive work is correct.
- When a transaction is broadcasted is when a node has confirmed that a block is correct and then sends it to all other nodes so they can all update their blockchains.
- A miner picks transactions that have highest transactions. He waits for 6 confirmations that he is mining the correct chain, then confirms it.
- an SPV doesnāt store the whole blockchain data, only a part, but it communicates with other nodes that store the whole data.
- the transaction information is being distributed over the whole blockchain network.
- Miners pick the transactions with the highest fees from mempool to receive the highest reward.
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- An Spv checks data against a node (it does not store the data/copy of the blockchain)
- When a transaction is broadcasted it means it means it was confirmed as valid and distributed between all nodes/and placed in the mempool
- A miner will typically pick transactions to compose a block by taking those with the highest transaction fee (prioritization). He composes a transaction list from all transactions on the mempool to create a block.
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1.) The difference between an SPV and a full node is that a full node has a copy of the entire blockchain and an SPV does not. An SPV can broadcast transactions but will have to query a node in the event that it needs information from the blockchain.
2.) When a transaction is broadcasted it means that the data has been sent to the mempool and at that point is waiting to be picked up by a miner.
3.) A miner typically picks the transaction with the higher fees.
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An SPV will query (or ask) for the blockchain to see what it looks like, like a mobile phone. A full node stores the complete blockchain, put transactions in mempool, and will propagate their info onto the next node.
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When a transaction is broadcasted, it is sent to different nodes and put in the mempool.
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A miner picks transactions that are in the mempool usually with the highest fees.
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- SPV are nodes that donāt contain the entire blockchain due to increased data volume. It can connect and acquire all the transaction data through a full node tho, that does have access to all the blockchain data.
- A transaction is accepted and propagated to the network.
- The transaction with the highest fees.
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1: An SPV does not store all the blockchain data but only information related to its own transactions. An SPV will have to connect to a full node in order to work and gain the required data.
2: A transaction being broadcasted means that it is shared with the whole bitcoin - nodes giving information to other nodes.
3: A miner is incentivised to pick the transactions where they are paid the most per byte. This means that a $100 transaction may be more expensive than a $1,000,000 transaction if the $100 transaction recieves more input and output.
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Full node is the complete blockchain. SPV validates your own transaction and connects to other full nodes.
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Transaction is sent to the network and in to the mempool.
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Miner picks the one with highest transaction fees.
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SPV is a "mini-nodeā - a transaction verification method that does not possess the entire blockchain. Essentially it trusts a full node to provide confirmation about specific transactions. Presumably with broader Bitcoin adoption in the future most people will be casual users who will run SPVs.
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A wallet ābraodcastsā a transation to the worldwide network of nodes. With this broadcast the nodes establish that the transaction is valid and place it into the mempool, awaiting miners. What is the benefit of being a full node (as opposed to just using an SPV for your own transactions)?
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Typically a miner will choose transactions that offer the highest fees to place into his block. In the future will Bitcoin users be slave to high transaction fees as block rewards disappear?
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What is the difference between a SPV (simplified payment verification) and a full node?
An SPV does not contain the complete copy of the blockchain but only local transactions. -
What does it mean when a transaction is broadcasted?
It puts the transaction in the mempool where it will wait to be picked up by a miner. -
How does a miner pick which transactions that gets added to the next block?
They check the mempool and choose the transactions with the highest fees.
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- The difference between an SPV and a full node is that SPVās donāt carry a full copy of the blockchain. They have to trust the full node in order to access it.
- When a transaction is broadcasted, it means a wallet signs a transaction and send it out to the network (nodes)
- Miners tend to pick the transactions with the highest fees before the others.
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Thanks for clarifying. Cheers
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a spv does not have a local copy of the blockchain but participates only by querying full nodes in order to send or receive transactions.
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it means that a transaction is still unconfirmed (utxo). these utxos are getting propagated between the nodes of the network. the nodes check if the utxos makes sense based of the history in the blockchain and reject the utxo or write it in their mempool where the utxo will hopefully be picked up by a miner.
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he picks them from the nodeās mempools. He might prefer those utxos with the highest fees in order to earn more money.
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Yes, but when a transaction is broadcasted, it means it goes to the mempool. then it will spread to other nodes their mempool (like gossip) each node has a small list of other peers. When miners see your transaction in their mempool, they are able to add it to a block and hoping to successfully mine it to get the block subsidy + transaction feeās.
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An SPV doesnāt assume that the work is correct, but will query other full nodes to get data from the blockchain that is relevant for your addresses. When you broadcast a transaction, it will be send to the mempool and spread out to all other connected nodes. Then miners will prioritize transactions with the highest fee (sats/ byte) to add it to a block. They donāt gonna wait for six confirmations, because then they are to late to mine those transactions. The user who sends a transaction can wait for 6 confirmation, to make sure that the transaction will stay immutable on the blockchain forever. Miners just pick transactions from the mempool, guess a random nonce so that the blockhash is low enough (starting with a bunch of zeroās) so it gets accepted by the consensus rules and get their block subsidy + all transaction feeās.
You probably mixxed up something from the section of stale blocks. When a miner accidentally mines a block at the same time with some other miner at the same blockheight, there will be 2 versions of truth for a while. Then it just depends on wich of those 2 versions the next miner successfully mines a new block on top of it (wich makes 1 version a longer blockchain)
The miner doesnāt pick utxoās, but will pick transactions wich contains utxoās in the input and newly created utxoās in the output.
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What is the difference between a SPV and a full node?
A full node has the entire blockchain while a SPV only has a part of the chain. -
What does it mean when a transaction is broadcasted?
A transaction being broadcasted means that this transaction has been sent to all nodes. -
How does a miner pick which transactions that gets added to the next block?
Waiting for 6 confirmations or blocks and then going with that chain.
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- What is the difference between a SPV (simplified payment verification) and a full node?
- SPV only holds the most recent ledger activity, and not the full history as a full node would.
Full nodes also assist in validating blocks
- What does it mean when a transaction is broadcasted?
- the block is sent out to other nodes and miners to update the blockchain with the latest block with all of the transactions within the block
- How does a miner pick which transactions that gets added to the next block?
Typically the greater fee per KB.
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What is the difference between a SPV (simplified payment verification) and a full node?
-> Full nodes are running the entire blockchain while SPVās only run parts of the blockchain making validation faster (but not as secure). SPVās basically trusting a full nodes correctness. I think there are a lot of SPVās in use as most bitcoin transactions are quite fast and people donāt need to wait for the creation of six blocks to receive the transactionā¦ but i might be wrong about that, still learning. -
What does it mean when a transaction is broadcasted?
-> a transaction is broadcasted when it is inside the mempool where it will be picked up by miners to be part of a block, which will then be linked to the longest blockchain that is online at that time. -
How does a miner pick which transactions that gets added to the next block?
-> he will choose the transaction that pays the most for the miner. As block rewards will reduce more and more, miners will be dependent on the fees that people are willing to pay. However, with mass adoption, more transaction can be placed in each block, which will reward the miners. And should the miners reduce, than the difficulty will reduce making it cheaper to mine one block. Its quite genius the way it works.
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