- A SPV doesn’t have a own copy of the blockchain. It will have to connect with a node to get the blockchain info.
- It means that the transaction info is being communicated among the nodes. They put the info into the mempool where eventually the transaction will be picked up by a miner and integrated into a block.
- By the “weight” of the transaction. Heavier transactions = higher fees = higher incentives. I guess secondly the miner will pick up smaller transactions to fill the block as much as possible if a heavy transaction doesn’t fit in anymore
1.SPV is run on mobile phones and can not store the whole blockchain. It only communicates with a full node.
Full Node is on a desktop stores the full blockchain, act as a wallet and store private keys. It can not be run on a mobile phone.
2.Sent between two points, wallet to blockchain/node.
3. Usually he’ll pick the one with highest fee.
1. What is the difference between a SPV (simplified payment verification) and a full node?
An SPV is a small node, which trusts a full node by querying information
2. What does it mean when a transaction is broadcasted?
A transaction is propagated into the network to nodes
3. How does a miner pick which transactions that gets added to the next block?
These are piked usually based on higher transaction fees, which are kept my miners.
- Full nodes can only be run on the desktop and they have full copy of the blockchain, SPV-s don´t have full copy of the blockchain and they get information from a full node.
- It means that transaction gets propagated to all the nodes and the whole network.
- Miners pick transaction from a mempool and they decide which transaction will they pick first based on tx fees.
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Nodes have a complete version of the blockchain where a SPV only will query a node for finding information
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The transaction is send to the network and be put in a mempool. where it waites to be picked up by a miner.
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A miner is incentivised to make money, so it wants to pick the tranactions with the highest fee
- A full node has the full blockchain loaded, while an SPV talks to full nodes to query what the blockchain should look like.
- It is exposed to the rest of the network so the nodes can put it into the mempool and Miners can mine them.
- They will be incentivized to pick the transactions that will make them the most money.
- SPV wallets don’t store all UTXO data and must get data from full node.
- Full node shares transaction with other full nodes
- Miner perfers transactions with highest fee per KB
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A full node includes some features that are not with a SPV such as having some sort of copy of the blockchain, listen to and send the transactions to other nodes.
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When a transaction is brodcasted, it is being sent to other nodes in order to have them verified for addition to the blockchain.
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A miner chooses the transactions that are larger in size because those will produce a higher reward after mining.
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A SPV does not contain data from blockchain (only data from that particular transaction), instead it can request data (all transactions from within the blockchains )from a full node.
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When a transaction is broadcasted, it means that a node has accepted a transaction and start to tell other nodes that this is legit.
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A miner will pick transactions from the mempool which has the highest fee first.
- SPV has to query a full node and leverage that data as a source of truth since it does not have a full copy of the blockchain and/or sometimes it will query multiple full nodes. Typically SPV’s are on mobile or web.
- That means the transaction is propogated through the network.
- Based on the highest fee Sat/Byte compared to all other transactions in the mempool.
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SPV, used in mobile wallets, for example, contains partial data of a blockchain and a full node contains the entire history of a blockchain. SPV seeks data from full nodes.
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A transaction is broadcasted when it is shared/propagated to the nodes in the network.
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Miners selects the next unconfirmed transaction from the mempool that offers highest transaction fees sat/byte (financial incentive).
What is the difference between a SPV (simplified payment verification) and a full node?
-SPV is a small node that trusts full nodes,an SPV does have youre private key but doesnt have the blockchain stored because its alot of gb.
An example of an SPV is a mobile device.
What does it mean when a transaction is broadcasted?
-Then a transaction is connected and spread too different computers in the network.
How does a miner pick which transactions that gets added to the next block?
-A miner picks transactions with the highest fees.
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A SPV does not have the entire blockchain ledger. Instead the SPV asks nods witch UTXOs are available for a particular key to be spent
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A nod or SPV broadcast transactions to other nods in the network. The transaction contains inputs and outputs. The nods share a list of transactions called the mempool.
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A miner looks in the mempool or asks other nods witch transactions are available in the mempool and puts them in a block. Most likely the transactions with the highest fees / byte. Then hashes all transactions and guesses the nonce, hashes the entire block, trying to get below threshold nr. If successful the block ends up in the blockchain and miner gets reward (mining reward + fees)
1 an SPV doesn’t have the whole blockchain but can read it when attached to nodes.
2 it means that it propagated through the nodes.
3 highest fee ?
- A full node has full copy of the blockchain while an SPV has to dial a full node to read it from them.
- a transaction goes into effect and is recognised by the blockchain.
- by checking the mempool and picking one with the highest fees.
Homework on Bitcoin Ecosystem - Questions
What is the difference between a SPV (simplified payment verification) and a full node?
A SVP will validate your transactions and it connects to another node. A node has a
full copy of the blockchain.
What does it mean when a transaction is broadcasted?
The transaction will go to the Mempool to be mined and then added to a block.
How does a miner pick which transactions that gets added to the next block?
He wants to make money so he will pick the one with the highest transaction fees.
- What is the difference between a SPV (simplified payment verification) and a full node?
SPV has a private key,but doesn’t hold a full node info, but it cam communicate with the nodes until it is confirmed.
It can be compared with SPV being a phone with the small memory that is able to contact the full none, being a powerful computer that hold the info that is necessary to verify the transactions. SPV’s dont hold all the info about the transactions.
- What does it mean when a transaction is broadcasted?
It happens after the TX has been constructed and signed.The broadcast is the 3rd step, where the info about the transaction being sent to the nodes for further verification. It is then moved to the mempools of each node and awaits for the miner to be picked up.
- How does a miner pick which transactions that gets added to the next block?
Miner is incentified with money and wants to cover his electricity costs, therefore will choose the TX with the highest fees first.
*** What is the difference between a SPV (simplified payment verification) and a full node?**
It does not stay connected to the blockchain full time. ?
*** What does it mean when a transaction is broadcasted?**
The transaction has been in the mempool, mined into a block and now has been broadcasted to the network of nodes on the blockchain.
*** How does a miner pick which transactions that gets added to the next block?**
Whichever tranactions are paying the highest fees.
- A SPV does not store a full version of the blockchain while a full node stores a local version of the entire blockchain.
- A broadcasted TX is sent to the network where a NODE picks it up and places it in a MEMPOOL until a MINER calls for it and solves the cryptographic puzzle.
- Miner picks the transaction with the highest fee per kb.
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SPV is like a mobile phone. It does not have full blockchain stored like a node/computer. SPVs query nodes for complete information.
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node shares transaction with other nodes.
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Miners select transactions with highest fees from mempool.