1 - SPV doesnt have a full copy of the Blockchain, and have to connect to the node to get the information. The node has a copy of Blockchain.
2 - A new transaction is accepted by the node and connect it into the network
3 - Miners does prefer transactions with highest fees per kb
What is the difference between a SPV (simplified payment verification) and a full node? - SPV does not have the full data that a full node does. The SPV âcallsâ the blockchain through a node to get more information. The full node has a full copy of the blockchain and full data for the transaction.
What does it mean when a transaction is broadcasted? - It means that it is sending data to all of the nodes.
How does a miner pick which transactions that gets added to the next block? - Yes, the miners choose transactions from mempool and typically chooses ones that will have the highest transaction fees. The miner can also pick some transactions that may not pay as much but will fit into the block to be added to the blockchain.
Homework on Bitcoin Ecosystem â Questions
1.What is the difference between a SPV (simplified payment verification) and a full node?
A full node holds a blockchain copy in mempol, and can thereby do self checks of UTOX:s before validating a transaction, whereas an SPV doesnât hold any own information, and therefore needs to query/request and trust on information from full nodes to do the same type of validation.
2.What does it mean when a transaction is broadcasted?
When a transactions from a wallet is spread to all nodes, the transaction is checked by etch node, and if the transaction do following the protocol rules, and the current node mempol copy have coverage for all transaction, the transaction is propagated to a neighbor node, and that nod repeat the procedure described above to obtain consensus.
3.How does a miner pick which transactions that gets added to the next block?
By ruining some algorithm based on fees/invested electricity, if itâs a powerful miner it may pick the transaction that get the best rewards in fees and block rewards, as all miners compete for the most valuable block itâs the hardest to get. So itâs may be a better idea to pick a transaction in the mid range rewards if the miner not are so powerful, this to âwinâ some blocks as itâs a race on POW where the more powerful miners may reject this mid or low range rewards.
1.- A full node contains all of the transactions and the ledger itself. SPVs contains partial information and need to communicate with a node to get transactions into the blockchain.
2.- It means that the transactions is being shared with the other nodes.
3.- A miner picks those transactions with the higher incentive; fees plus block rewards.
Homework on Bitcoin Ecosystem - Questions
What is the difference between an SPV (simplified payment verification) and a full node?
Answer:
An SPV does not store a whole blockchain like a node, but it has your private key.
It instead communicates frequently to different nodes in the blockchain.
SPVs also queries different nodes to be sure that it has the right information.
What does it mean when a transaction is broadcasted?
Answer:
It means that the transaction is being sent out over the network to all the nodes.
How does a miner pick which transactions that get added to the next block?
Answer:
The miner picks the transactions with the highest fee.
1.) SPV do not have a copy of the entire Blockchain but in fact only has a portion of it, (ie. your mobile phone wallet and it must get itâs data from a full Node.
2.) A transaction is broadcast when the transaction has been accepted by the Nodes, (ie from your Wallet) and is then added to the Mempool and so on.
3.) The miner usually picks the transactions with the highest fees located in the Mempool in order to make the most money with every block they mine.
A full node have the latest version of block chain in its local hard drive whereas SPV is a smaller node which may not have sufficient capacity to store the entire blockchain data in it. However a SPV can communicate to a full node to get the latest block data.
It means a new transaction is propagated to the network by a node. All other nodes, connected to the network, can pick it up form the network check its validity based on the latest block chain data available to them.
A miner communicates with a node and take an unconfirmed transaction ,which has the highest block reward, from the mempool of that node and mine it to add to the next block. A miner can also have latest blockchain data and its own mempool.
Bitcoin Basics homework
A Full node participating in the Bitcoin ecosystem has a full copy of the blockchain that is downloaded and updated constantly. An SPV only has copies of the Block Headers, and verifies transactions by sending queries to many nodes in the form of a merkle tree inquiry. Full nodes require long download times, lots of memory, and thus a huge amount of computing power, especially as the network and blockchain grow over time. SPVâs are often referred to as lightweight nodes.
When a transaction comes into the network to be verified and confirmed, it travels from node to node and get temporarily cached in a data structure of unconfirmed transactions called the mempool. The mempool serves as a reservoir of future transactions which miners will choose from and add to blocks to be validated and confirmed to be included in the next block.
Miners will choose the transactions that have the largest fees associated to include in their version of the ânext blockâ. This is because they are incentivized by the higher fees, which they recieve, if their block is the block chosen and validated to be appended to the chain.
What is the difference between a SPV (simplified payment verification) and a full node? An SPV does not track the full blockchain, but instead queries a full node to verify transactions. A full node carries a local copy of the full blockchain.
What does it mean when a transaction is broadcasted? It means that it is being propagated through the network by nodes and miners.
How does a miner pick which transactions that gets added to the next block? The miner selects the list of unconfirmed transactions in the memepool.
An SPV does not have a complete copy of the blockchain. All full nodes have a copy of the complete blockchain. SPVs rely on full nodes for complete blockchain information.
Nodes constantly communicate to each other to verify the network by broadcasting their updated blockchain transaction information.
Miners prioritize transactions with the highest fees.
The fee price does not effect the block difficulty in any way. In either case its more profitable to pick txs with higher sat/B ratio 
a SPV does not store the whole blockchain, a node contains the full information of the blockchain
the transaction is accepted and broadcasted by all nodes
a miner usually picks transactions with the highest fees
What is the difference between a SPV (simplified payment verification) and a full node?
the difference is the full node has the whole blockchain information and the spv stores transaction and needs to communicate with the full node for updates
What does it mean when a transaction is broadcasted?
it is sent to to the nodes for validation and then confirmed
How does a miner pick which transactions that gets added to the next block?
a miner will usually select the highest fees to gain maximum profit
[quote=âivan, post:1, topic:8444â]
What is the difference between a SPV (simplified payment verification) and a full node?
A SPV does not have a full copy of the blockchain whereas a full node has. A SPV queries a
full node to read the blockchain, so the SPV has to trust the full node.
What does it mean when a transaction is broadcasted?
This means that the tx is spread to the network (the nodes) which checks if the tx is correct.
How does a miner pick which transactions that gets added to the next block?
A miner picks the tx with the highest fee, because the fee is part of his reward he get for
spending electricity guessing the nonce.
The main difference is that a SPV does not have stored all the blockchain, on the other hand a full node contains a full version of it. Typical, a SPV is used by wallets on mobile phones, because this kind of devices canât store all the blockchain and must get it directly from a full node.
Well, a transaction is broadcasted by a wallet/node to the network, so that other nodes can validate if it does make sense.
They choose the transactions with the highest fees. Thatâs why they are removed from mempools faster that the ones with lower fees.
Full node had complete copy of blockchain, can verify transactions with it. SPV relies on an âoracleâ server to access blockchain.
Transaction is propagated to the nodes of the network
Miner usually picks transaction with highest fee