Homework on Bitcoin Ecosystem - Questions

an SPv queries a full node for information on the blockchain, but doesn’t have a full copy of the blockchain itself.

wallets broadcast transactions to nodes, which make sure they are valid before dropping them or placing them in the mempool

based on whomever bids the highest transaction fee

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1.What is the difference between an SPV and a full node? - A SPV is a wallet that does not contain a copy of the blockchain. A SPV must read the blockchain from a node nearby, which contains a full copy of the blockchain.
2.what does it mean when a transaction is broadcasted? - once a transaction is made it is sent to other nodes and miner nodes where it waits in their mempools to get confirmed.
3.How does a miner choose what transactions get added to the next block? - miners tend to choose the transactions with the most satoshi/bite ratio. These transactions have the highest transaction fee for the space they require inside the block.

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  1. The difference is that a full node has the complete transaction data.
  2. It means a transaction is connected to the nodes.
  3. A miner picks a transaction with the highest fees from the mempool.

an svp only has a partial ledger whereas a node has the full ledger

It means the block is added to the existing blocks in all the ledgers in all the nodes

based off fees in the mempool. The higher the fees get added first.

  1. SPV does not have a copy of the blockchain network, it will have to get the latest update of the blockchain from a node. Full Node always has a version of the blockchain which always being updated.
  2. The transaction is being sent to all the nodes in the blockchain network.
    3)The miner usually pick the transactions with the highest fees so they get the most profit when solving the block.
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  1. What is the difference between a SPV (simplified payment verification) and a full node?
    A full node contains the whole blockchain , an SPV only have the blockchain, but they do have your private key

  2. What does it mean when a transaction is broadcasted?
    when a transaction is broadcasted, it means that it is shared with all the other nodes on the network. so all the nodes will have a copy of the transaction

  3. How does a miner pick which transactions that get added to the next block?
    a miner will pick a transaction based on fee. the higher the fee, the more chance a miner will pick that transaction because the fee is the incentive for the miners

  1. The difference is that a SPV does not have a full copy of the blockchain and needs to read a full nodes copy to get the appropriate information it requires from it.
  2. This means the transaction is shared with the network so it can get verified by nodes and then added to the mempool and later added to the blockchain by a miner
  3. They are most likely to add the transaction with the highest fee to the next block because then they will make more money which is the aim of mining.
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  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPV does not have all the transactions and must connect to a full node to which has the copy of the blockchain to be complted /verified
  2. What does it mean when a transaction is broadcasted? Al the nodes are sent the same information
  3. How does a miner pick which transactions that gets added to the next block? the ones that he makes the most fees from
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  1. SVP only carry partial version of blockchain a full node carries a full version of blockchain.
  2. Basically when a wallet signs a complete new output based on previous UTXOs and it’s broadcasted by a node to the mempool.
  3. Transaction picked by highest fee and block is picked by chance.
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  1. SPV do not have the fully copy of the blockchain while the node does. The nodes verify transactions, whereas SPV connects to the node to get the information.

  2. Transactions get broadcasted to all the nodes to be verified.

  3. A miner chooses the transactions from the mempool and chooses the ones with the highest fees.

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1.a small part of the block chain stored off block chain that checks in with full nodes for conformation of transactions.
.2.transaction in block are sen to all nodes so they all have same information

  1. A SPV doesn’t have access to the blockchain, while the node has a a copy of the whole blockchain.
  2. That you want to send a transaction, you have an output in your wallet and it propagates it on the network, so nodes can confirm the transaction and miners can then do their job
  3. They pick the transaction with the highest fees, so they get paid more.
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  1. SPV dont have a full version of the blockchain and are usually wallets that have to look to a full node for updates on the blockchain.
  2. when a node receives a transaction it propagates that transaction to the network trying to get that transaction attached to the next block, which means it has broadcasted the transaction to the network
  3. It picks the transaction with the highest sat/byte (fee) that plays by the rules of the system, which is their incentive.
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  1. What is the difference between a SPV (simplified payment verification) and a full node?

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

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

It is when a transaction is propagated through the network, verified and added to the mempool.

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

A miner will pick transactions with the highest transaction fees.

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  1. An SPV does not hold the entire blockchain. A node holds the entire blockchain and supports the network

  2. A transaction being broadcasted means that it is being sent to the mempool where a miner can pick it up.

  3. The miner will pick the transactions with the highest fees (sat/B) to fill the block up to 1 Mb.

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  1. A full node has access to the entire blockchain whereas a SPV rely on other nodes to read the blockchain.
  2. It means that the transaction is announced to the blockchain and is getting verified by the other nodes. It is then sent to the mempool and waits for miners to confirm the transaction.
  3. He will usually pick the transactions with higher transaction fees.
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1.The difference between a SPV and a full node is that an SPV does not have a copy of the blockchain and it also needs to connect to the node to get the information. The node on the other hand has the entire copy of the blockchain, verify it is correct and verify transactions.
2. it 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 to make its money back.

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The SPVs do not have the whole blockchain but they can read from a full node which does hold the ledger i.e. the blockchain.

It will be visible (written to) on the blockchain and therefore shared across the distributed network of nodes.

Minors are incentivized by being rewarded when picking a transaction with a higher fee (i.e. their payment for processing data). As a rule, they are not expected to pick up transactions with the highest fee but I would assume its in their interest to do so.

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Task in the Bitcoin ecosystem - Questions

What is the difference between a SPV (Simplified Payment Verification) and a full node?

The SPVs do not have to download all the information from the blockchain system for verification but they rely on the nodes, the complete nodes as their name indicates if they have all the information on the blockchain system.

What does it mean when a transaction is transmitted?

It spreads over the network and waits for mining work to be included in the post-blockchain block

How does a miner choose which transactions are added to the next block?

Everything is based on the reward, miners seek to choose the transactions with the highest rates.

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Before being confirmed it actually propagates to many different nodes.