-
SPV doesn’t store any blockchain data as a full node does. It could be a mobile phone. SPV is basically a smaller node with the ability to request data from the full node.
-
That means that node sends the data of your transaction to other nodes for confirmation.
-
A miner picks the UTXOs with the highest fees from the mempool.
1 Like
-
What is the difference between a SPV (simplified payment verification) and a full node?
A full node has the full blockchain local available. SPV does not hold the whole blockchain locally. An SPV needs to query the information from the blockchain from one ore more nodes. -
What does it mean when a transaction is broadcasted?
A SPV or a Node sends the transaction to the all nearest nodes. Those nodes adding the TX to their mempool and also sending the TX to their nearest nodes. -
How does a miner pick which transactions that gets added to the next block?
There is no particular rule for the miner which TX he should add. From the incentive of maximizing his profit, most likely he will pick the TXes with the highest TX fees.
1 Like
It does store some parts of data, mostly related to the keys it stores 
1 Like
1.An SPV only holds a small version of blockchain and must verify information calling on full nodes for additional information.
2.Transactions are propogated through the network from node to node.
3.Miners will choose the most profitable Tx’s from the mempool with the best Byte/Bitcoin ratio.
1 Like
-
The difference between a SPV and a full node is that an SPV does not have a copy of the blockchain and must query a node in order to perform a transaction.
-
A transaction is broadcasted across all nodes within a network in order to validate them.
-
A miner chooses transactions from the mempool with the highest transaction fees first.
1 Like
… what I was going to say!
1 Like
-
The difference between a SPV and a full node is the totality of the database stored. A full node carries the total database while an SPV only holds what is necessary to send/receive transactions, referencing information of other full nodes.
-
When a transaction is broadcasted, it is sent to many nodes on the network to be added to the mempool.
-
The miner often chooses transactions by the fees associated with the transaction. A transaction with a higher fee is more likely to be chosen by the miner.
1 Like
1: A full node will store and run the entire blockchain, where as a SPV only runs the necessary parts of the blockchain to generate transactions and communicate data with the full nodes as required.
2: When a transaction is broadcasted, it means it is fed to and shared with the full nodes on the network (propogated).
3: Miners will usually choose transactions with the highest fee per KB to add to the the next block.
1 Like
Hi Ivan,
SPV is having not a copy of the blockchain, it is simplified, frequently mobile app, and need to verify the data with full node, which posses by full copy of blockchain.
The transaction is being distributed into the blockchain, between nodes, and then they need to verify it, and add into a mempool, from where miners are picking those wchich are most profitable for them, to be added into newly generyted block.
1 Like
- SPV: prove that a transaction exists but can’t verify that a transaction, such as a double spend of the same UTXO, doesn’t exists becuase it doesn’t have a record of all transaction.
SPV plays a vital role on the sidechain. It also allows verifiers to check that amount of work has been committed to the existence of a special output, and to detemine history by trusting that longest blockchain is the correct longest blockchain. The SVP proof is demonstrating the transaction output that is unspent was created in a specific block in the bitcoin blockchain. Uses transaction ID Hashes and POW and block header. SPV verified by the miners who are verify the sidechain depends on the concensus.
FULL NODE: Verifies a transaction by checking the chain of thousands of blocks below it and checks that UTXO is not spent. Whereas an SPV node checks how deep the blocks is buried by a hand-ful of blocks above it. - Transaction is broadcast peer to peer to the network for sending and receiving.
Wallets starts sending out the file to other computers that hold the copy of the blockchain, each nodes that receives the file verifies that is legit, checking the funds and signatures. Once verified it then pass on to the nodes to repeat this process. When the nodes receives the file it keep it in the mempool. - A miner pick the transactions that have the higher fee first. Then for the next block miner pick the unconfirmed transaction from the transaction pool that has the POW.
SPVs are basically just light nodes they don’t have anything to do with sidechains. SPV mostly just holds the keys and some parts of the blockchain that are relevant to these keys.
Transactions don’t have POW. Miners construct a block from transactions in the mempool and then secure it using Proof of Work.
1 Like
Got it…Too many information I have gathered about SPV.
SPV allow light weight clients to verify that a transaction is included in the bitcoin blockchain without downloading the entire blockchain.
1 Like
So, you mean that the unconfirmed transaction from the transaction pool do not have POW ?
1 Like
My Answers:
- SPV’s( Like a Phone) don’t have a full blockchain and needs to communicate with a different Node to read the blockchain. A full Node (Like a Computer) have the whole blockchain and can verify transactions by itself
- Communicated throughout the network
- By the Sat/Byte
1 Like
Homework on Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node?
SPVs are nodes that don’t have the entire blockchain stored locally. They have to trust a full node when it wants to read the blockchain. It can “query” to a full node.
Otherwise it functions much like a node in that it receives new transactions, verifies them (via nodes) and puts them in a mempool, for miners to pick up. A full node, in contrast, stores a local copy of the blockchain.
- What does it mean when a transaction is broadcasted?
A transaction needs be broadcasted to the nodes of the network after it’s constructed, to be able to be included in a block. When it reaches any node, it’s verified, put in the mempool, and distributed further to other nodes.
- How does a miner pick which transactions that gets added to the next block?
A miner looks either in it’s own (or other nodes’) mempool to collect transactions for a block. It chooses the transactions with the highest fees first, until the block is full. A block has a limited data size. The first transaction in a block is always the block reward, and is called a coinbase transaction.
1 Like
Exactly. Transactions that are located in the mempool are only valid transactions that have not yet been confirmed by a miner.
2 Likes
Perfect answers. I would like to add that full nodes are usually miners.
2 Likes
-
An SPV is small node that relies and trust a full node so you dont have to download the whole blockchain. A full node is a node where the computer download the whole blockchain.
-
The transaction is broadcast after the transaction is signed and confirmed and propagated to the whole network.
-
Miner’s pick all transactions from the mempool and choose the ones with the highest fees first.
1 Like
You probably meant right I would just like to help you a bit with the terminology. Transactions in the mempool are verified that they follow the consensus. A confirmed transaction is one that has already been mined in a block
1 Like
-
The SPV does not have all blockchain information and needs to query a node for that info.
-
That it has been sent across the network to all nodes/miners.
-
Miners prefer choosing transactions with highest fee per KB and hashrate.
1 Like