A SPV is a node that does not store the whole of the blockchain, and the full node does contain the entire blockchain, from the Genesis block onwards.
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It means, it is sent to the Mempool, and it waits to be inserted to a block and then finally integrates the blockchain, allowing all nodes to see the transaction.
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They prefer the largest transaction, in Bytes, since the fees are calculated by bytes.
- What is the difference between a SPV (simplified payment verification) and a full node?
The difference is that SPV doesnât store a full blockchain, it uses information from full nodes
- What does it mean when a transaction is broadcasted?
It means that a wallet sent transaction to the network
- How does a miner pick which transactions that gets added to the next block?
Miner prefer picks up transitions with higher fee to get more profit
An spv allows someone without the full infrstructure required to download the blockchain, to access and see another node.
The node shares the tx with all other nodes.
Moners will usually pick the txâs with the highest return in fees
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SPV refers to Full node to get only the recent block information
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Request to the network participants to add the transaction in the block
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Correct transactions and higher fee
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What is the difference between a SPV (simplified payment verification) and a full node?
An SPV stores transactions that are relevant to its addresses It does not store the entire blockchain. It is usually an app. It will connect to a node to send transactions. -
What does it mean when a transaction is broadcasted?
The transaction is sent to network (all the nodes). -
How does a miner pick which transactions that gets added to the next block?
The miner chooses out of his mempool the transactions with the highest fees. Ratio of satoshi/byte
- The difference between an spv and full node is that the spv only retains a small version of the blockchain and the full node has a complete copy.
2 When a tx is broadcasted from a wallet it is sent out to all of the nodes to be added to the mempool for verification.
3 A miner chooses which tx he will add to the next block based on a satoshi per byte scale.
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An SPV is a node that does not have the entire blockchain on it. It has to communicate with a full node in order to read the blockchain.
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A transaction is broadcasted from a wallet, then stored in a mempool, inside a node.
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A miner will pick the transactions that have the highest fee and put as many as they can inside a block. The miner then has to create the hash and append the block to the blockchain.
- What is the difference between a SPV (simplified payment verification) and a full node?
A SPV does not have a full copy of a node. Instead it connects to a full node to update or acquire information.
- What does it mean when a transaction is broadcasted?
That the transaction is propagated throughout the network.
- How does a miner pick which transactions that gets added to the next block?
It checks for the transactions with the highest feest in the mempool.
Homework on Bitcoin Ecosystem - Questions
1. What is the difference between a SPV (simplified payment verification) and a full node?
SPV has only part of the blockchain to confirm and relies on full nodes verify.
2. What does it mean when a transaction is broadcasted?
A transaction is broadcasted by going to the nodes for verification.
3. How does a miner pick which transactions that gets added to the next block?
A miner picks the transactions that get added to the next block by their price. Miners prefer higher fees and get rewarded accordingly
- What is the difference between a SPV (simplified payment verification) and a full node?
A full node has an entire copy of the blockchain, a SPV doesnât. A SPV trusts a node and queries it instead of querying its own blockchain. SPVs run usually on devices with less capacity, e.g. on smartphones.
- What does it mean when a transaction is broadcasted?
It means that it was accepted and propagated in all nodesâ mempools, ready to be picked up by a miner in the next block.
- How does a miner pick which transactions that gets added to the next block?
Usually miners pick up the transactions that pay higher fees first, then add the ones paying less fees until they create a block of around 1MB in size.
- What is the difference between a SPV (simplified payment verification) and a full node?
SPV wallets donât store a whole copy of blockchain, they store only transactions relevant to its addreses and therefore need to connect to the full node (which stores all transactions on blockchain) to get the rest of the blockchain data and verify transactions.
- What does it mean when a transaction is broadcasted?
Transaction is broadcasted when it is shared and propagated through the network of full nodes
- How does a miner pick which transactions that gets added to the next block?
A miner choses transactions from a mempool with the highest fee (satoshi per B) and includes them in the next block.
- What is the difference between a SPV (simplified payment verification) and a full node?
The difference is that a full node has all the data from block #1 all through to today. It also has the MEM pool. The SPV just checks with the nodes the data it needs to carry transaction and keep funds up to date. Which is probably just the transactions that has something to do with the private key of the wallet that uses SPV.
- What does it mean when a transaction is broadcasted?
It means that the transaction is being sent to the network of nodes to put into the mem pool.
- How does a miner pick which transactions that gets added to the next block?
The miner usually will accept the transactions with highest fees first (and his own as well).
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A SPV does have the private keys to sign transactions with and it can also broadcast those transactions, but in contrast to a full node, the SPV does not have a full copy and the fully synced blockchain.
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It means that the transaction broadcasted is kinda like a drop in the bathtub , that creates small waves, these waves will eventually spread and reach every corner of the tub. The same happens when a wallet/node broadcasts a transaction, eventually that transaction will reach every single node after being checked that the UTXOs are correct. Ultimately when every node got the information of the transaction, it is put into the mempool.
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The miner will pick the transaction with the currently highest fee from the mempool. In this ecosystem the fees were already suggested according to the difficulty in the network, before placed in the mempool, calculated in Satoshis per Byte, the more space your transaction will waste per byte the higher fee for the miner as a reward for having to put in the proof of workâŚ
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Its for example a wallet that is connected to a node, and trust the nodes database instead of storing it by itself.
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A transaction is being propagated through the network.
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Mostly depending in the fee, the higher the better. Notice, not the highest number but the highest Sat/B ratio.
- A full node keeps a copy of the entire blockchain. While an SPV does not, it asks a full node what is on the blockchain every transaction.
- When a miner verifies a block this block is sent to nearby nodes to reach consensus. This is broadcasting.
- A miner looks at the mempool and usually will pick transactions willing to pay the highest fees.
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A SPV does only have a small version/part of the blockchain and needs to querry a full node for all the information to validate. A full node has a copy of the complete blockchain.
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That means that it is broadcasted to different nodes and SPVâs and they validate the transaction with the copy of the blockchain they have and get the transaction to the mempool.
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There a miner has a financial incentive it will always pick the transactions with the highest fees.
spv is a custodian full node copy of blockchain
put in mempool waiting to be mined into next block
the highest fees
- What is the difference between a SPV (simplified payment verification) and a full node?
Spv is a light client that does not store a copy of the blockchain. However, it is able to check the network and verify if a transaction is included in a block.
Full node holds a full local copy of the blockchain, approx 200 GB
- What does it mean when a transaction is broadcasted?
A wallet will send a transaction to the network, transactions are then stored in the mempool awaiting miners to pick them up.
- How does a miner pick which transactions that gets added to the next block?
Because miners are financially incentivised, they will pick the transactions with the highest fees in order to earn more nick rewards and higher share of transaction fees.
Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node?
A full node has a copy of the whole blockchain whereas an SPV only has a segment of the blockchain at a time and receives that information from a full node. A full node requires a lot of data to hold on that information so it will most likely be on at least a desktop, where an SPV could run on a mobile device.
- What does it mean when a transaction is broadcasted?
This means that once you have signed your transaction, your wallet will spread this transaction to other nodes and therefore add it to the mempool to wait for confirmation.
- How does a miner pick which transactions that gets added to the next block?
A miner can pick any transaction they want, so they will most likely add transactions with the highest fees so they make more money.
- SPV does not have any copy of the blockchain and need to be connected with the node to get any info. Nodes does have the entire blockchain database.
- Transaction being broadcast mean a block is stored back to the mempool til miner comes pick it up.
- most higher transaction fee.