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An SPV does not store the entire blockchain and generally queries a full node, which as the name implies, has the full chain, for the transaction data required to construct a transaction.
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When an SPV constructs a transaction it first gets transmitted to the closest node, then that node will propagate the transaction to other nodes, which includes miners. The transaction is being broadcasted over the network. Once that has happened it will either be added to the next block, or if that block is already at maximum capacity, be held in the mempool until it is integrated in a block.
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A miner favors to pick the transactions that have the highest fees per byte. Lower fee-per-byte transactions will have to wait for a block with free capacity.
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SPV does not verify transactions. It is doing less things than a full node.
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Transaction being stored into the mempool of node, waiting to be picked up by miner and put into the next block.
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It will based on the transaction will higher fee, so that they receive higher block reward if successfully mined.
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An SVP does not have a itās own copy of the blockchain, it relies on a full nodeās copy.
An SVP can generate TXās, as opposed to a full node. -
A wallet or an SPV puts a TX on the blockchain network.
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Miners pick the TXās with the highest fees.
1.spv may contain some of the blockchain but maybe not all of it, it uses data off a node which contains the full blockchain.
2.its confirmed by all nodes and then added to the blockchain
3.a miner will pick transactions with the highest fee
What is the difference between a SPV (simplified payment verification) and a full node?
An SPV does not maintain full blockchain data. It holds the information necessary for processing
its own transactions and will inquire and verify transactions throufh a full node on the network.
What does it mean when a transaction is broadcasted?
The transaction is propagated to the network, is sent to mempools of nodes in the network until incorporated into a block. Then it is removed from the mempool.
How does a miner pick which transactions that gets added to the next block?
Miners are financially incentivized, they will select the highest satoshi per byte
transaction.
1 SPVs nĆ£o possuem o registro de toda a blockchain, mantem apenas as transaƧƵes relevantes e precisam consultar um full node para ter informaƧƵes a respeito da blockchain, o full node possui todo o registro de transaƧƵes da blockchain, tem informaƧƵes sobre UTXO e verifica a coerĆŖncia das transaƧƵes na blockchain.
2 Quer dizer que a transaĆ§Ć£o foi enviada para outros nodes.
3 Eles selecionam as transaƧƵes do mempool e escolhem as transaƧƵes com taxas mais lucrativas para preencher o espaƧo disnponĆvel no bloco a ser minerado.
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A full node stores a local copy of the entire blockchain, making them able to validate transactions. An SPV does not store a local copy of the blockchain, but can still validate transactions, but by requesting other full nodes.
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When a transaction is broadcasted it means it has been put into the mempool, and that itās ready to be mined for the next block by a miner.
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Miners takes the transactions from the mempool, descending by the biggest fee first.
- An SPV does not store all the Data so need s to communicate with a full node.
- When a a transaction is distributed across the whole network.
- Miners will always seek the highest transaction feeās as it is in there interest to offset there costs.
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Homework on Bitcoin Ecosystem - Questions
1. What is the difference between a SPV (simplified payment verification) and a full node?
A SPV is a wallet or device containing a users private key (PK) which allows the user to access blockchain ledger containing unspent transactions (UTXOs). An SPV combines sufficient UTXOs together complete the require transaction, but requires access to a full network node to broadcast this request with the unspent transactions returning to the users nominated output address.
A full node can include the users PK, normally does not for reasons of security. A full mode includes a copy of the entire blockchain ledger which records all confirmed transactions. A full node has the ability to transmit/propagate the blockchain through the network and contains a copy of the mempool - UTXOs. A full mode also provides access to miners who produce/hash the next block within the blockchain ledger.
2. What does it mean when a transaction is broadcasted?
The SPV or full node has confirmed via concensus the requested transaction is valid, and has combine sufficient input UTXOs together complete the transaction for broadcast to the blockchain network.
3. How does a miner pick which transactions that gets added to the next block?
The miner accesses a full nodeās mempool selecting UTXOs to combine together which produce the highest blockchain transaction fee. The selected UTXOs are hashed together based; on the previous hashed blockchain plus a random number to produce a hashed block number which is below the networkās target number for inclusion within the blockchain.
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The difference between a SPV (simplified payment verification) and a full node is that the SPV has not downloaded all the transactions and need to consult a full node each time for verification, because the full node has downloaded and verified all the transaction.
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A transaction is broadcasted by a wallet to the queue (mempool) in order to be included into a future block of the blockchain.
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A miner picks the transactions that gets added to the next block, by choosing the ones that have the highest fees, in order to get a bigger reward.
1.An spv runs off a full node for mobile phones so they have accesss to the network without having to have the whole ledger on their phone. A full node has the whole ledger.
2.A wallet requests to send a transaction then a node picks it up and propagate that transaction to other nodes and miners.
3.The transactions with the highest fees are usually the ones that get picked up first but other miners and nodes may pick different transactions based on the transactions in the mempool at the given time.
- What is the difference between a SPV (simplified payment verification) and a full node?
SPV does not have a copy of the ledger. It simply get a transaction info from a full node that has a copy of the blockchain.
- What does it mean when a transaction is broadcasted?
This means that nodes on the network are informed of the new transaction in order to add it to their mempool.
- How does a miner pick which transactions that gets added to the next block?
Miners check node mempools for transactions that have the highest transaction fee.
1.) SPVs have limited informations - they need a fullnode to query informations from the whole blockchain - in order to validate transactions
2.) If a TX is validated (by a node), this TX is broadcasted to other (near) nodes to validate and put it (also) into their mempool.
3.) Miners will be incentived by the block reward and the transaction fees. So, they pick TX with higher fees (satoshis/b) into a block (which has limited space) to gain more money.
- A SPV only has a recent history of the blockchain and it must use a full node that it trusts to verify the full blockchain.
- A wallet will broadcast a transaction to nodes, so that they will know someone wants to send money to someone. After the nodes validate that the transaction is valid and the owner has the required funds, it will wait in the mempool to be added to a block.
- A miner will choose a transaction with the highest fee.
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SPVās do not hold a copy of the full blockchain, they need to query full nodes for information
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A transaction is sent and propagates through the network.
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Miners choose the transactions from the mempool, the transactions with the highest sat/B are prioritized.
- What is the difference between a SPV (simplified payment verification) and a full node?
SPVās donāt store network databaseās so therefor acquire access of the full node that will verify any transaction of records that have been updated.
- What does it mean when a transaction is broadcasted?
When a transaction has been broadcasted it means it has been propagated to all nodes on the network and processed to the mempool with all nodes sharing the same information.
- How does a miner pick which transactions that gets added to the next block?
Usually the miner will pick the transactions with the highest fees from the mempool.
1/A SVP (simplified payment verification) device like a mobil phone has not a full copy of the blockchain and has to relay on a node who has and can verify a transaction.
2/ It means the transaction is propagated to the network of nodes.
3/it picks the transactions with highest fees per bit from the mempool(s)
1- An SVP is basically a semi node meaning that to check the blockchain needs to consult a full node to verify and explore the blockchain because they donāt have a full copy of the entire blockchain data.
2- It means that has been transmitted between nodes to put on the mempool.
3- A miner pick the ones that have higher fees.
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An SPV only carries part of the blockchain and queries a full node for further details about the blockchain.
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When a transaction is broadcast to the network, it means it is sent to the nodes to be determined if it is a valid transaction. If it is, then it is added to the mempool.
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A miner picks which transaction to add to the next block based on the transaction fee included with the transaction.
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What is the difference between a SPV (simplified payment verification) and a full node?
SPvs are different from a full node, because SPVs do not have an updated version of the blockchain therefore must query to Full nodes for confirmation of transaction. -
What does it mean when a transaction is broadcasted?
Once a transaction is signed by the private key it is then broadcasted over the network, meaning it is sent out to multiple nodes to be validated by the miners and put into blocks and appended to the blockchain. -
How does a miner pick which transactions that gets added to the next block?
Miners worry about space on the block, so pick transactions from the mempool with good transaction fees and the right amount of satoshis per byte to put on the next block.