English. This system is implemented in the network for payment verification and executes this process without the need to download all the blockchain. For this reason, in this article we will analyze those wallets that implement this innovative system. We will study their concept, how they work, what their main characteristics are and how we can make use of them.
What are SPV Wallets?
The implementation of the SPV system, It allows verification of a particular transaction within the blockchain without having to download it completely. Rather, it is based on proof of merkle tree where the hash of a transaction and the hash of a specific block. This system only needs a small part of a block to confirm that the operation has been included.
Thus, SPV wallets are those purses that They do not own and do not need a complete copy of the blockchain. If not rather they connect users directly to the cryptocurrency network from the app. In order to carry out the verification process of your own transactions. In some cases, SPV wallets rely on full nodes connected to the network. Being part of the cryptographic verification process to avoid showing the user false information.
It is important to note that an SPV wallet is not based solely on the verification of other nodes in the network, but it also analyzes the best header hash. A valid block has the most cumulative proof of work. The implementation of the SPV ensures that this proof of work has the appropriate level of hashing difficulty. Likewise, SPV wallets have no impact on the security of your private keys.
As a curious fact, light wallets also implement the SPV system allowing a faster synchronization and configuration speed. They require less availability of disk storage