Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#1767
  1. An SPV does not have a full copy of the blockchain and must request UTXO data from a full node.
  2. It is propagated across the network and added to the mempool in each node.
  3. They select transactions based on the value of the transaction fees to maximize the earned value.
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#1768

1.) An SPV needs to connect to a node to get all of the information on the blockchain because the node has a copy of the entire blockchain but the SPV doesn’t.

2.) When a transaction is broadcasted, it is propagated to all of the nodes.

3.) The miner takes a transaction from the mempool, usually one with a higher transaction fee.

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#1769
  1. SPV does not hold the full blockchain ledger.
  2. wallets broadcast transaction to the nodes and the nodes ad the unverified transactions to the menpool.
  3. the miners go and look at the menpool and pick the transactions whit the largest transaction fees.
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#1770
  1. An SPV does not have it’s own copy of the full blockchain. A Node does.
  2. Means it is sent out to some of the nodes so that is can be propagated through the network and be included in the mempool for miners to pick up
  3. I suppose can select by various methods, but normally they are attracted to the transactions with the highest fees.
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#1771
  1. What is the difference between a SPV (simplified payment verification) and a full node?
    An SPV is a simpler smaller program like a wallet and does not store the full blockchain. Instead it queries nodes, that have the full blockchain, to track UTxO’s. They can also create transactions and transmit them to nodes to be added to the mempool of pending transactions. Which is also stored on the nodes.
  2. What does it mean when a transaction is broadcasted?
    It means it been included in a completed block and is being distributed through the node network as a true transaction.
  3. How does a miner pick which transactions that gets added to the next block?
    Miners work based on the incentives the get for the work so mostly choose the transactions willing to pay the highest transaction fee
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#1772

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPV doesn’t have a copy of the blockchain, also it needs to connect to the node to get the information. Full node has the entire copy of the blockchain.

  2. What does it mean when a transaction is broadcasted?
    node accepts a new transaction and propagates it through the network.

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

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#1773
  1. What is the difference between a SPV (simplified payment verification) and a full node?

A SPV is basically a device such as phones and tablets that trust the information of another node because it can’t contain the blockchain itself.

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

New information (new block) is spread and synced over the network of nodes.

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

The miner will pick the transactions with the highest fees in relation to the amount of data they contain.

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#1774

  1. Full node stores the copy of the whole blockchain, whereas the SPV stores data only about relevant transactions. An SPV needs a full node to send a transaction or get data from the blockchain.

  2. It means it has been accepted and sent across the network.

  3. The transactions with the highest satoshi/byte ratio goes into the blockchain fisrt.

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#1775

An SPV has can read only a small section of the blockchain & must rely on querying other nodes to read the entire blockchain. A full node receives transactions broadcast to the network & can check it is valid by reading the blockchain.

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

A transaction has been constructed by a wallet , the data has been sent to the network of nodes who check it followed protocol & is valid . Then those nodes share it with others on the network to write the information/transaction into their mempools to be collected by a miner.

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

A miner will choose a transactions with higher fees first so they can make as much money as possible when their new block is appended to the chain.

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#1776
  1. SPV does not have all the information that is in a full node, but relies on a full node to confirm data. An example of this is phone app.
  2. It is propagated (cascaded) throughout the network and all blocks have the same information.
  3. Miners must guess the nonce to know which transactions gets added to the next block. The nonce must be below the threshold or target.
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#1777
  1. A spv must rely on a full node to get information on transactions because it doesn’t have the full history of the blockchain.
  2. When a transaction is broadcast it is mined and shared throughout the blockchain network or nodes
  3. The miners have to first guess the nonce that is less than the target and then pick the information with the highest fees and greatest rewards to be added to the next block.
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#1778
  1. The SPV contains the beginning of a block chain transaction and may be used to initiate a transaction, like a cell phone using a cryptocurrency app, whereas a full node contains the blockchain in its entirety save for those transactions that haven’t yet been broadcast to it. Full nodes may or may not have mining capacity and are distributed around the world SPV’s do not serve the purpose of keeping bitcoin and other cryptocurrencies decentralized, but full nodes do have that function. Full nodes also analyze transactions to find out if they are valid or not based on the information contained in the data and deem a transaction worthy of being broadcasted or rejected and dropped from the network. SPV’s can query a full node, they depend on a full node to get information about the blockchain, as a cell phone may be employed as a SPV.
  2. The transaction being broadcasted means the transaction has met the requirements of a valid transaction and is therefore able to be placed in the mempools of the nodes around the world and able to be mined and added to the block chain.
  3. Miners choose transactions for the most part based on the highest fees within the transaction and also consider the size of the transaction as larger byte size will quickly take up space in a block which is limited in size. Generally, the more transactions, especially with high fees, that they can incorporate into the block, the more fees they will earn.
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#1779

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    A) SPV mainly used on mobiles and shows a portion of the blockchain which is relevant to the user, a full node has the whole blockchain spectrum

  2. What does it mean when a transaction is broadcasted?
    A) it means for the whole of the network to be updated of the latest block

  3. How does a miner pick which transactions that gets added to the next block?
    A) the higher the fee the quicker the miner will pick you and put you into the block

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#1780

1.full nodes have copy full blockchain in their system while spvs cannot hold copy of full blockchain so they just query the information from fill nodes.

  1. transaction broadcasted means that it is sent to different nodes for verification and added to mempool until miner adds it to block

  2. miner asks the nodes for information from mempool about transaction and chooses the ones with highest fee.

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#1781

A Simplified payment verification (SPV) does not have the whole blockchain, while the full node has. SVP will query full nodes to get needed information

To broadcast a transaction means to send it to the nodes where it is stored in mempool to be picked up by miners.

Miner picks transactions with the highest fees

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#1782

  1. An SPV is different from a full node because it doesn’t have the entire blockchain, only part

  2. When a transaction is broadcasted it is shared with the entire network

  3. A minor usually just chooses the transaction with the most fees

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#1783

spv is not a full node. it contacts a node for full data confirmations

it means that the transactions are sent to the nodes who place it in there meme pools to be mined.

the miners go to meme pool to see what transactions are waiting and will generally pick the simplest transactions with the highest fees.

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#1784

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?

  1. The difference between a SPV and a full node is that an SPV does not have a copy of the blockchain and needs to connect to the node to get the information. The node has the entire copy of the blockchain, verify it is correct and verify transactions.
  2. A transaction being broadcasted means it is propagated to all of the nodes or spread to all of the nodes like gossip. that is the step that imply the concensus feedback.
  3. A miner picks transactions from a mempool and chooses the ones with the higher transaction fees. that s why a transaction may stay longer than other or faster if a mistake in the fee happens.
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#1785
  1. SPV does not have the entire blockchain database on its own, however they rely on a full node to extract those data for verification purpose
  2. transactions on a newly added block will be broadcasted to other nodes to update the blockchain database
  3. by highest gas fees
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#1786
  1. a full node has a local copy of the blockchain stored - a SPV has to query a node for the full blockchain data
  2. is the communication from one node to all other nodes that a transaction is valid and put in the mempool
  3. the miner thinks about its incentive and picks the transaction with the highest sat/b
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