Homework on Bitcoin Ecosystem - Questions

[Mauro]

@oligcoonpan

2, That transaction was sent to the mempool and is visible on the blockchain

@IG_McDizzy

2. A transaction is sent from a wallet into the blockchain mempool to await verification by a node.

Keep in mind that every node has their own version of the mempool. The transaction propagates throughout the network, reaching every node and their mempool.

[Mauro]

@SoloDragonGG

However, the probability of a mining a block goes down as the block size increases, since it takes a longer time to reach consensus.

Mining a full block is generally considered to be a bit slower than mining an empty block. This is probably due to a larger input size. But most of the time it is still more beneficial for a miner to include the transaction due amount of fees they will receive. Both an empty and a full block should have an equal chance of producing the required hash by the network.

Here is an interesting article:

Bitcoin miners are mining fewer empty blocks in 2020, and it may not all be...

[Mauro]

@IG_McDizzy

1. An SPV is a sort of “mini-node”, like a smart phone or small computer, that can only verify part of the network because it only has enough memory to store a fraction of the blockchain. A full node has the entire blockchain stored on it, such as a miner, and verifies transactions/appends new blocks on the chain.

Don’t forget that the SPV node has to rely on the full node.

[Mauro]

@Sebastian_Sporea

An SPV provides an image of the keys that are available in a wallet that is not in our possession, this wallet can be on Coinbase for example and you have an SPV to manage that wallet that might contain many other utxos and not only yours.

An SPV node can be a hot wallet. The important thing is that you realize that an SPV nodes is a lightweight node that must connect to a full node in order to send transactions.

@Sebastian_Sporea

2. What does it mean when a transaction is broadcasted?
   A transaction is broadcasted when it is embeded in a block that is linked to a valid blockchain and is spread across the network.

Actually, the transaction is broadcast as soon as a full node see it as a valid transactions. When the transaction is embedded in the block, it means it was already accepted by a miner.

[Sebastian_Sporea]

Got it, thanks !

[Melki]

1-SPV only have partial copy of the block chain and has to address the block chain in order to get the full copy.
2- A tx. is broadcasted when a miner is the first to solve a puzzel and put his work on a node to be transmited to other nodes on the network.
3-A miner would usually pick tx. with the highest fees.

[Alko89]

@Melki

A tx. is broadcasted when a miner is the first to solve a puzzel and put his work on a node to be transmited to other nodes on the network.

This is when a block is broadcasted Transactions get broadcasted first so the nodes can put it in the mempool so the miner can then mine it into a block

[gillwise]

1. An SPV has to connect to the nearest node in order for it to send/receive information
2. A transaction is broadcasted when it has been added to the mempool awaiting a miner to add it to the blockchain.
3. A miner will generally go for the transaction that will produce the highest fee and therefore profit.

[carmen1408]

1. A full node has the full version of the blockchain, while the SPV has only a part of it.

2. When a transaction is broadcasted it means that is propagated to the network waiting to be picked and confirmed by a miner.

3. The miner picks the transactions with the highest fee.

[bianconeri_bear]

1. An SPV and full node are both types of wallet but an SPV does not contain a full version of the blockchain.

2. A transaction is broadcasted when it is added to the mempool.

3. A minder will generally pick transactions from the mempool with the highest fees.

[Ernesto]

1.The SPV can only get the information by connecting to a node , A node has a the complete copy of the blockchain, to verify transactions
2.It means is being send to all nods around the world to be added into the blockchain
3.The miner often pick the transaction with more fee

[Sav-age-chev]

1. While node posses full version of the distributed ledger, SPV (Simplified Payment Verification) have to dial trusted node to check the ledger.

2. Broadcasting the transaction essentially means that the transaction is propagated among the nodes.

3. Miners prioritise transactions based on fee’s paid. So the high the fee paid, the faster will be picked.

[thebunga]

1. SPV doesn’t store all info from the network, only nodes do. SPV stores relevant transaction data only and must be updated by the node on the overall network data.
2. that the tx data is propagated outward to all network nodes. at this point, it is just competing for system validation against any other possible blocks which have been formed simultaneously. after about 6 new blocks, it can be considered confirmed.
3. highest fees.

[successfs]

1 - The difference between a SPV and a full node is that SPV does not have a copy of the blockchain
need to connect to the node to get the information and the node have the copy of the blockchain.
2 - A transaction is being broadcasted mean s it is propageted to the all node …

3 - A miner picks transactions from the mempool and choose the ones with the high fees.

[CryptoScangg]

1. SPV does not have the full blockchain and gets that info from a node
2. Sent from a wallet to transmit to the nodes
3. Likely they pick the transaction from mempool that is going to make them the most money

[gambero]

1. An SPV is a “partial” node; it lets you run a node on a device which cannot physically store a whole copy of the blockchain on a light storage device (e.g. a mobile phone or a single-board computer).
2. It means it has been moved into the mempool, waiting for a miner to pick that up and add that to the next block.
3. Miners are incentivized to pick transactions with highest fees first.

[mansoor]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   Full node store copy of the block-chain and PSV need to connect with node to get the data

2. What does it mean when a transaction is broadcasted?
   Tx is propagated and sent to mempool waiting for miners to confirm the transaction and include it in the next blockchain block

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

[Ipitos]

1. SPV does not have the whole data for the blockchain and need needs to connect to a node in order to confirm the transactions.

2. Transaction has been sent to the mempool to wait for a miner to pick it up.

3. The miner probably takes the more complex transactions from which they get the most rewards from.

[angiewinehart]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   An SPV does not have a copy of the blockchain. For update, he can check with a full node which queries the Blockchain for him/her

2. What does it mean when a transaction is broadcasted?
   It means that the transaction is propagated to the whole network

3. How does a miner pick which transactions that gets added to the next block?
   The miner picks the ones with the highest tx fees

[henri123]

1. What is the difference between a SPV (simplified payment verification) and a full node?
   SPV has the private key, but doesn’t have the copy of the blockchain, it need to communicate with other nodes to get the info. A full node has the whole blockchain.
2. What does it mean when a transaction is broadcasted?
   These are transactions that have been requested, which then will be added to the mempool until a miner picks it up.
3. How does a miner pick which transactions that gets added to the next block?
   They will usually pick up the transactions with the highest fees to gain more profit., it’s an incentive based work