- What is the difference between a SPV (simplified payment verification) and a full node? An SPV doesn’t store all blockchain data, just the immediate stuff.
- What does it mean when a transaction is broadcasted? Nodes transaction data with other nodes
- How does a miner pick which transactions that gets added to the next block? Miners prefer transactions with higher fees so they can get more money.
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the difference between a SPV and a full node is that with an SPV the transaction will have to be verified by a full node and most likely this will take a little longer Since the SPV does not have the information of the Blockchain. A full Node has all the information on the Network so Verification is quicker and the extra step is eliminated.
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when a transaction is broadcasted it means that the transaction has been sent out to the network to be verified and either accepted or rejected
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a miner will choose the transaction with the highest fees and add that transaction to the block leaving all other transaction to get added to future blocks.
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Q1. What is the difference between a SPV (simplified payment verification) and a full node?
An SPV is a small node running on a mobile device. It does not have full copy of the blockchain and it queries a node for verifying a transaction. A full node has full copy of the blockchain. A node receives a transaction from wallet, confirms validity and stores in mempool to be picked by a miner for addition into blockchain.
Q2. What does it mean when a transaction is broadcasted?
The wallet generates a transaction using UTXOs and broadcasts to the nodes in the network for addition into blockchain. The nodes receive the transaction, confirm validity and store in the mempool.
Q3. How does a miner pick which transactions that gets added to the next block?
Miner picks transactions from the mempool having higher transaction fee.
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1.-SPV can only search and query a block on the network, it does not have a full local version of the block, SPV works on mobile wallets
2.-a wallet containing your private keys and a digital signature can send a transaction to the next node for it to be broadcasted over the network
3.- the miner picks the awaiting transactions from the mempool, and chooses the ones with a higher transaction fees
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- SPVs store private keys, but read the blockchain stored on other nodes, while nodes keep full versions of the blockchain. SPVs query the blockchian often to keep up to date with the most recent information.
- Transactions are propagated throughout the network of nodes by the initiating wallet & then other nodes, and then stored in mempools, which consist of collections of unverified transactions.
- Transactions with higher transaction fees are given priority among miners in order to receive maximum payment for their work.
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1spv is a tx list but doesn’t have access to all blockchain ledger.
- The tx is put into the mempool waiting to be verify in the next block for the miners.
3._ usually the tx witn more potential to be picked is the tx with more higher fees.
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What is the difference between a SPV (simplified payment verification) and a full node?
SPV doesn’t contain a full copy of a blockhain and has to rely on the support of a full node. -
What does it mean when a transaction is broadcasted?
The information about the transaction is propagated across the network by nodes that communicate with their neighbouring nodes and so on. -
How does a miner pick which transactions that gets added to the next block?
He is incentivized is to pick the transaction with the highest fee.
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An SPV does not have a full copy of the blockchain. Instead, it needs to connect to a node to get that information, whereas a node has a copy of the entire blockchain, so it can verify the state of the whole ledger.
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A transaction being broadcasted means that it is propagated from one node to all the other nodes in the network.
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The miners will pick the transactions that will earn them the most rewards in the form of transaction fees.
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*** What is the difference between a SPV (simplified payment verification) and a full node?**
Full node keeps a copy of the full blockchain but an spv has to check with other full nodes to ascertain the balance of a wallet and transactions.
*** What does it mean when a transaction is broadcasted?**
It is constructed and sent into the network and ends up in the mempool waiting to be incorporated into a block and then the blockchain
*** How does a miner pick which transactions that gets added to the next block?**
They want to pick the transactions with the most satoshis per byte so they can make the most bitcoin should they find a noce and the block is put into chain.
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- SPV have a limited version of the ledger and so connect to a node to access full ledger.
- Your UTXOs are propagated through the network nodes and gathered in a mempool.
- Fees on offer.
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- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV has not the whole blockchain stored, a SPV trust a Node in the Network. SPV can 4 example be a smartphone. - What does it mean when a transaction is broadcasted?
When it is propagated to the network. - How does a miner pick which transactions that gets added to the next block? The miner Picks the Transactions with the highest fees in the Mempool. They look how much Satoshi per byte the transactions have. They want to make the most money they can with every block.
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A merkle tree is a data structure within a block that miners construct from transaction id to save resources when mining a block. The SPV only reads it. 
It means that it has been propagated through the network so miners can pick it up and put it in a block eventually. It is not yet part of the block
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- Full nodes store the hole blockchain while SPVs mostly store transactions relevant to its addresses.
- The node accepts a new transaction and propagates it through the network.
- The miner picks the transactions with the highest sat/B ratio first.
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1 A full node has a copy of the entire blockchain, an SPV does not and uses a full node to get that information.
2 a transaction is then propagated over the network, waiting in the mempool to be picked up by a miner.
3 It will pick the most rewarding transaction. (most fee per Byte)
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1.SPV nodes known as “lightweight clients” do not have to download the entire bitcoin blockchain, only the block headers of the longest chain.
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Homework on Bitcoin Ecosystem - Questions, July 20th 2020
- What is the difference between a SPV(Simplified Payment Verification) and full node?
An SPV (simplified payment verification) allows the users to communicate, transmit and verify transaction on the blockchain of a full node. A full node holds the blockchain, validates transaction and support the blockchain network.
- What does it mean when a transaction is broadcasted?
When transaction is broadcast, means the blockchain is updated and shared with the rest of the node on the network.
- How does a miner pick which transactions that gets added to the next block?
The miners are incentivized to elect the transactions with the highest fees, and insert it into a block.
-Hector A. Martinez
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- Most of full nodes holds full chain, some of them can Mine, SPV doesnt holds whole chain info, but is able to drag essential info for his functionality.
- Means that tx is at the moment in mempool and waiting to be mined
- Miners sorting txes by fee, as higher,as prefered
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2.When a transaction has been broadcasted it means it has been sent to the mempool to be picked up by a miner.
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But if one node just puts a tx into his mempool, no one else knows about it. It must also be propagated to other nodes so they can store it in their own mempool
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Homework on Bitcoin Ecosystem - Questions
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What is the difference between a SPV (simplified payment verification) and a full node?
The SPV differs from the full node in that it doesn’t keep a copy of the whole blockchain and that it can generate transactions. -
What does it mean when a transaction is broadcasted?
A wallet or a SPV spreads the information of a new transaction successively, to all nodes on the network. The transaction is then stored in the mempool of each separate node. -
How does a miner pick which transactions that gets added to the next block?
A miner chooses transactions from its own, or some other nodes mempool (since a miner also is a node). The miner usually pick transactions based on how high transaction fees the sender wanted to pay. The higher the fee, the more prioritized your transaction gets by the miners in general.
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