Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#1707
  1. An SPV is a node that does not have a full copy of the blockchain however it can query a full node about the blockchain. A full node can only be run on a desktop computer. Whereas using your phone as an SPV, you can query that node. However a phone is not apt (or powerful enough) to use as a full node. An SPV can generate transactions - a full node cannot.
  2. A wallet or SPV can broadcast a transaction by alerting the network nodes that a transaction has taken place.
  3. They pick the transactions by identifying the highest transaction fees available in the mempool.
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#1708
  1. SPV does not have a copy of the blockchain versus the full node.
  2. it means it’s being broadcasted to the whole network of nodes.
  3. Miners chose the transactions with the highest fees.
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#1709
  1. SPV is a small node that trusts a full(big) node;
  2. Once a wallet initiates a transaction with private key and digital signature, then it is put onto the network, for confirmation;
  3. a miner picks a transaction with highest fee.
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#1710

  1. A spv is not no a node in the network that has the entire blockchain database but rather it queries various nodes about the blockchain to get specific information. A full node has the entire blockchain database and contributes to the network by propogarting and accepting unconfirmed tx and storing it in the mempool.

  2. A transaction is broacasted when it is spread across the network to inform other nodes so that it may be confirmed on the basis of it making sense in accordance to the blockchain history. In summary broadcasting a tx is asking the nodes in the network whether this tx makes sense.

  3. A miner picks tx with the highest transaction fees calculated in sat/byte.

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#1711
  1. An SPV doesn’t have the full blockchain. Full nodes contain the entire blockchain.
  2. Simply that it is sent to the network and sits in the mempool as a pending transaction.
  3. He picks the ones with the highest transaction fees, unless there’s no congestion, in which case he will just take all the ones that come to him.
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#1712
  1. The difference is that a SPV doesn’t contains the full blockchain
  2. A wallet broadcasts (propagates) transactions throughout the network
  3. A miner will pick transactions with higher fees to create its block
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#1713

Homework on Bitcoin Ecosystem - Questions

What is the difference between a SPV (simplified payment verification) and a full node?

Full node keep a copy of the whole blockchain but spv don’t however spv still helps validate the transaction without having to worry about anybody else

What does it mean when a transaction is broadcasted?

New transactions are broadcast to all nodes. Each miner node collects new transactions into a block. Each miner node works on finding a proof-of-work code for its block. When a node finds a proof-of-work, it broadcasts the block to all nodes.

How does a miner pick which transactions that gets added to the next block?

By the byte size, fees

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#1714
  1. An SPV only has part of the blockchain where a full node has all of the transactions in the blockchain.
  2. Broadcasted transactions are sent to the nodes on the network that then update on all of the other nodes in the blockchain so that they are the same.
  3. Miners look at the transaction fees and pick the transactions with the highest fees.
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#1715

What is the difference between a SPV (simplified payment verification) and a full node?
SPV does not contain a full copy of the blockchain while a full node does; the SPV depends on the full nodes for transaction verification.

What does it mean when a transaction is broadcasted?
The transaction is shared with the network of nodes and stored in the node’s mempool.

How does a miner pick which transactions that gets added to the next block?
The miner retrieves transactions from the mempool favoring those with high transaction fees.

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#1716

  1. An SPV is the process of payment verification without requiring a full copy of the blockchain. A full node requires a full local copy of the blockchain.

  2. When a transaction is broadcast, it means it has been sent to the nodes to be added to the mempool.

  3. A miner is incentivised to pick transactions with the highest fees to offset the expense of electricity used and to maximise profit.

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#1717

  1. SPV can create transactions full nodes can not.

  2. when wallets or SPV’s communicate across nodes

  3. Miners go with the highes fees.

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#1718

What is the difference between an SPV (simplified payment verification) and a full node?
SPV is a wallet on a mobile phone it needs to check with full nodes to make sure it’s correct at all times.
What does it mean when a transaction is broadcasted?
Full nodes share transactions will other nodes and SVP on the network
How does a miner pick which transactions that get added to the next block?
Miners prefer transactions with the highest fees per KB

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#1719

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    Full node require a complete copy of the blockchain to verify the transaction; SPV is to check that a transaction has been verified by miners and included in some block in the blockchain.

  2. What does it mean when a transaction is broadcasted?
    It means that a new transaction is created and added into the memory pool.

  3. How does a miner pick which transactions that gets added to the next block?
    Miners mostly choose the transactions with the highest fees to include in the next block .

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#1720

SPV mostly stores transactions and not the entire blockchain whereas nodes contains a copy of entire blockchain.

It means transactions is send to the entire network and into the mempool.

Miner picks up transactions from the mempool with the highest transaction fee.

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#1721

1SPV doesnt have a copy of the blockchain

2 It is transmitted to other nodes and put in the mempool

3 they fill a block with TX out of the mempool that give the most rewards per byte

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#1722

  1. What is the difference between a SPV (simplified payment verification) and a full node?

  2. What does it mean when a transaction is broadcasted?

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

  4. SPV does not have blockchain database. It’s usually an app that calls full node which contains entire blockchain database.

  5. Every node in bitcoin network will receive the transaction which are validated and confirmed eventually and put in Mempool awaiting a miner to pick it up!

  6. Miner picks the unconfirmed transactions from the Mempool based on transaction fees and hash rate.

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#1723

  1. An SPV is a small node that only has part of the blockchain (like on a mobile phone)

  2. It is sent out to nodes in the network to be mined, put into a block, and later confirmed.

  3. Usually the transaction with higher fees.

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#1724

  1. An SPV only queries a full node for a transaction and doesn’t have the full copy of it while a full node has the copy of the blockchain.

  2. It is being propagated throughout the network so that full nodes will have a copy and keep it for future queries.

  3. Miners picks transactions that have higher fees from the mempool.

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#1725

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    An SPV communicates with a full node in order to verify transactions because an SPV doesn’t have an entire copy of the blockchain but a full node does.

  2. What does it mean when a transaction is broadcasted?
    It means a full node sends the tx to the mempool for miners to validate

  3. How does a miner pick which transactions that gets added to the next block?
    usually whichever one has the highest tx fee

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#1726

Is the transaction part of a block at that point?

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