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The SPV are Wallets. They are able to send and receive tx, but they don’t validate, neither store anything from the network. A full node have an updated local copy of the blockchain and validate tx sending them to the mempool.
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All the full nodes receives the transactions to validate, so it’s an open information.
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They pick the ones with higher fee.
- An SPV does not have a copy of the blockchain. SPV get’s information from a node. The node has a complete copy of the blockchain.
- It propagates the transaction through the network.
- Picks unconfirmed transactions from the Mempool based on transaction fees and hash rate.
- An SPV “borrows” a short version of the blockchain from a full node. A full node doesn’t rely on any other node for the full version of the blockchain.
- This means a wallet has taken previous inputs, and generated UTXO’s - this transaction is placed in the mempool and spread to other nodes in the network.
- The miner is incentivized to pick transactions with the highest fee (satoshis per byte) to insert into the next block.
A SPV doesnt have the blockchain but querys it from a node
The nodes look up the blockchain and confirm or unconfirm if the transaction is valid or not. If yes, it goes into the mempool and waits for a miner to be put on into a block and added to the blockchain
The miner adds transaction with the highest transaction fee’s, since that will give him more money. The transaction fee depens on the space it occupies and not the amount of bitcoin sended
- Full nodes store the full blockchain and SPVs not. SPVs query full nodes for the information they require from the blockchain.
- It means that a transaction is propagated through the network by nodes.
- Miner picks transactions to their candidate block that have the highest fees in satoshi per byte.
- SPV is a verions of blockchain that is based on another node, is asks nodes about the truth of the transaction.
- UTXOs are announced by your wallet to the network and checked on nodes if it is possible
- He picks it basink on fee from thw highest to the lowest
- An SPV Does not have enough computer space to run a full node. It queries many other NODES to verify transactions.
- The UTXO’s are accepted in a block and it sent to the NODES.
- The miner picks the Transactions with the highest fees from the Mempool.
1. What is the difference between a SPV (simplified payment verification) and a full node?
An SPV is a smaller node and does not have the full copy of the block chain.
2. What does it mean when a transaction is broadcasted?
It is sent to the network to be validated.
3. How does a miner pick which transactions that gets added to the next block?
He will pick the tx that has the highest fee.
- SPV doesn’t have the full copy of blockchain, it querys it from a full node.
- It’s being validated in the network
- Based on the transaction fees from highest to lowest.
A spv doesn’t have a full copy of the blockchain. It need to connect to a node to make a transaction.
This means that the transaction is put into the mempool for miners to select to process.
They select transactions according to fees. The greater the fee the greater the chances the transaction will be selected.
1- a full node has a copy of the entire block chain
2- it means that the transaction is propagated to the network
3- the miner chose the most profitable transaction to process
- What is the difference between a SPV (simplified payment verification) and a full node?
A SPV does not have the entire blockchain. This is normally what run on smart phones. - What does it mean when a transaction is broadcasted?
The TX is sent to the entire network and is visible on the blockchain. - How does a miner pick which transactions that gets added to the next block?
The miner usually picks the TX with the highest TX fee.
- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV is not a full node does not download a full version of the Bitcoin data but request info from a full node to check UTXOs, balances and so forth.
- What does it mean when a transaction is broadcasted?
Several or all the nodes in the network have the info about that transaction from the wallet.
- How does a miner pick which transactions that gets added to the next block?
It is all about that “incentive”: the higher the fee, the higher the probability of being chosen.
Homework on Bitcoin Ecosystem - Answers
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The difference between a SPV and a full node is that the SPV is a small node and trust on the full node when wants to read blockchain. The full node contains private key reflected on blockchain.
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When a transaction is broadcasted it means that the full node shares transactions with other full nodes.
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Miners pick the transactions that pay a higher fee.
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What is the difference between a SPV (simplified payment verification) and a full node?
An SPV is a smaller node that does not have access to the entire blockchain and gets the relevant information it needs relating to the blockchain from another full node. A full node as access to the blockchain and can verify or deny transactions. -
What does it mean when a transaction is broadcasted? A transaction being broadcast is what happens when the nodes have approved it and it has been sent to the mempool for the miners to append to the blockchain.
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How does a miner pick which transactions that gets added to the next block? Usually they pick the transactions with the highest fees.
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The SPV stores the transaction related with his addresses and a full node has all the blockchain copy.
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The transaction is spread all over the blockchain network full nodes.
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The miner goes to the mempool and picks the transactions with higher fee.
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a full node has the entire copy of the blockchain where as SPV does not.
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it means the the transaction has spread to all the nodes and therefore will be distributed across the network.
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Miners pick transactions with the highest fees.
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An SPV is a small node without the entire blockchain. A phone wallet is an SPV it has a private key and dials another node, checks queries until the transaction is complete.
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A transaction broadcast means that a transaction is sent to and propagated through the network by the nodes. The nodes put the transaction into the mempool and the transaction waits unconfirmed until it’s picked up by a miner.
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The miner checks the nodes in the mempools and selects the transactions with the highest fees .
- What is the difference between a SPV (simplified payment verification) and a full node?
- The difference between a SPV and a full node is that an SPV does not have a full copy of the blockchain and needs to connect to the node to get the information.
The node, on the hand, has the entire copy of the blockchain, verify it is correct and verify transactions.
- What does it mean when a transaction is broadcasted?
- When a transaction is broadcasted it is propagated on the blockchain network
- How does a miner pick which transactions that gets added to the next block?
- A miner picks a transaction from a mempool and chooses the one with the highest transaction fees
- What is the difference between a SPV (simplified payment verification) and a full node?
SPV is not a full node. It doesn’t store the entire blockchain but instead just has things like your private key and references a separate full node to keep a tally of how much UTXOs you have an also signs new transactions. - What does it mean when a transaction is broadcasted?
It is propagated to other nodes on the blockchain and added to the mempool. It is confirmed when it is added to a block. - How does a miner pick which transactions that gets added to the next block?
Arbitrarily, but usually based on the highest Tx fee.