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SPV does not have full access to BLKC and only has limited data and is dependent on the full node for full info.
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information shared with and sent throughout the network, visible on the BLKC
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it’s all about the money; the higher the fees, the faster it’s added.
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- What is the difference between a SPV (simplified payment verification) and a full node?
• SPV node will verify the chain of all blocks (but not all transactions) and link that chain to the transaction of interest. Full blockchain node will construct a fully verified chain of thousands of blocks and transactions reaching down the blockchain (back in time) all the way to the genesis block. - What does it mean when a transaction is broadcasted?
• Node listen and propagate transactions. - How does a miner pick which transactions that gets added to the next block?
• Miner picks transaction from the mempool.
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SPV doesn’t store a full copy of entire blockchain adn needs a full nodes to send transactions, as full node stores the whole blockchain.
It means that transaction is in the mempool, and propagated to the other nodes
The one with the the highest fee
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- SPV wallets are called also as “light wallets”. They do not store all UTX’s and need to load them from nodes.
- Propagated to all other nodes.
- Miners chooses the transactions with a higher fee.
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Answers
- SPV let’s you validate your txs by querying a full node. A full node holds entire ledger.
- Distributed across entire network.
- To maximize profits.
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SPV doesn’t have a full copy of the BC and gets his info from the node that is connected. That node has a complete/full copy of the BC.
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It is sent to the mempool and miners take it to build the new block. When everything is ok you send your coins from A to B for example.
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Miners guess the nonce (low target = high difficulty; high target = low diff.) And miners pick up trs with highest fee first as they may keep that fee also.
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- An SPV doesn’t have a full version of the blockchain as the full node does; therefore, the SPV will usually query the blockchain that the full node contains.
2 A transaction is broadcasted when it is propagated throughout the network.
- Miners pick always the transactions with the highest paying fees
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An SPV has only part of the full blockchain ledger whereas a full node has the full blockchain ledger.
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When a transaction has been broadcasted it means that a node has accepted the transaction and propagates is onto the blockchain network.
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The miner prefers the transactions with the highest fees for the transaction.
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simplified payment verification, communicates a portion of the transaction date to verify it via proof of inclusion. full node is the entire blockhain which inherently keeps track of the transactions.
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A transaction is sent to miners through nodes to verify and upend transaction in the bc.
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They are incentivized to prioritize based to the best block reward and transaction fees they would collect.
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A node has an updated copy of the blockchain on it’s physical hard drive while a SPV simply references a full node trusting the data it receives.
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It means the transaction is sent out to an initial batch of nodes for verification.
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From the mempool usually based on which ones have the highest transaction fees.
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Homework on Bitcoin Ecosystem - Questions
What is the difference between a SPV (simplified payment verification) and a full node?
SPV is actually an incompleted Node meaning hasn’t got the whole information from the blockchain or doesn’t have
the copy of the entire blockchain and for being completed needs to be connected to a complete node /full node to
have the entire date including UTXO because SPV doesn’t store all the transactions only stores the transaction
which is related to its own address .
What does it mean when a transaction is broadcasted?
mean all the data gets propagated through all nodes or entire network.
How does a miner pick which transactions that gets added to the next block?
Miners always pick the ones that have more fees, so its more profitable
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- What is the difference between a SPV (simplified payment verification) and a full node?
SPV trusts a node and does not locally store the BC whereas a node loacally stores and updated the BC - What does it mean when a transaction is broadcasted? it is communicated to all nodes
- How does a miner pick which transactions that gets added to the next block? usually a minor will pick the tx with the highest fees out of the mempool
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1.the SPV doesn’t contain all the info on the blockchain but can interact with a node to get the info necesarry for it’s workings
2.the transaction is send to the network and added to the mempool
3.a miner goes for the transactions with the highest satoshi/byte ratio
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- Full node contains all transactions ever made on bitcoin network. It can verify everything by itself and doesn’t have to trust anybody. SPV is node which contains only headers of every block and is relying on full node when it needs to check some transactions.
- It means that it is added to mempool and is ready for miners to confirm it.
- They choose transactions with higher fees first, so they can maximize profit.
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Homework - Recap Bitcoin Basics
A full node has a copy of the entire blockchain locally, an SPV does not hold a copy of the entire blockchain and instead queries information about the blockchain (transactions, balances, etc) from full nodes. An SPV is mainly just used to sign transactions for payments.
After a transaction is created and signed, a wallet or SPV sends (broadcasts) that signed transaction to nodes on the network to have it included in the mempool and eventually added to a block by miners.
Miners pull transactions from the mempool to include in the next block. Typically miners will chose the transactions with the highest fees (satoshis per byte) to include so they have the highest reward for producing a new block.
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Unlike the full node, the SPV does not hold the complete copy of the blockchain. It needs to make an inquiry to the full nodes regarding the blockchain data.
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The nodes are validating the transaction and then broadcasting it inside the network, which means they are making it known and propagating it between other nodes of a network.
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The miner is incentivized to pick up the transaction from a mempool by its price tag, so the transaction with the highest transaction fee will be preferred by the miner.
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The difference is that a full node has a copy of the entire blockchain itself. An SPV is like a mini node that doesn’t have to entire blockchain stored on it and can only access it by querying a full node.
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Broadcasting a transaction is the process of sending that transaction to nodes on the network to verify
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A miner will pick the transactions with the highest fees based on the size of the transactions (satoshis/byte)
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SVP doesn’t hold all the transactional informations of the blockchain, it mostly stores the transactions related to the addresses. Full nodes hold the entire transactional information of the blockchain.
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It means the node propagates the transactions as soon as it receives/accepts to the blockchain network.
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The miner picks according to the fee that they get. The highest transaction fees are picked the fastest.
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- SPV do not store the entire blockchain, they get it from full nodes;
- It means that your node sent your transaction information to other nodes;
- Usualy they pick transactions with higher price/bite.
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Spvs only utilize one block of the blockchain but the block has already been verified by the full node. So the spv is a partial node. A full node a computer desktop , super, and lap etc are able to acess the full blockchain
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A transaction broadcasted means transactions information is being sent to each nodeminer and spv. Its thr gossiping between nodes that a transactions occurred.
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Miners choose a transactions from the mempool. They choose the transactions with the highest fees
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