What is an SPV Wallet?
The SPV Wallet is an open-source, non-custodial hosted wallet specifically designed for the BSV Blockchain. It is compatible with the existing BSV ecosystem and serves as a reference implementation for Simplified Payment Verification (SPV). This allows users to verify transactions without running a full node, ensuring a secure, efficient, and user-friendly experience for managing digital assets.
How does the SPV Wallet differ from running a full node?
Running a full node involves downloading the entire blockchain, which can be resource-intensive. In contrast, the SPV Wallet operates by only downloading block headers and using Merkle proofs to verify transactions. This approach is 100 times cheaper than running a full node and is designed to be more scalable and cost-effective, especially suitable for businesses.
What are the main benefits of using an SPV Wallet?
- Security: Transactions are verified instantly using SPV technology, reducing the risk of fraud.
- Scalability: Avoids the need for global transaction indexing by facilitating direct communications between counterparties.
- Cost Efficiency: Costs are proportional to use rather than network transaction volume, with additional savings from not running a full node.
How does the SPV Wallet handle legal compliance?
The SPV Wallet supports compliance with KYC, AML, and Travel Rule requirements by enabling direct transmission of transactions between counterparties. This setup allows for the integration of SSL certificates, IP addresses, PKI signatures, and payment metadata, making regulatory compliance straightforward without compromising user privacy.
Can I integrate the SPV Wallet with my existing systems?
Yes, the SPV Wallet is designed to be flexible and integrable with existing systems. Client libraries are available in Golang and JavaScript, which wrap the core functionality and can be used to integrate the SPV Wallet functionality into your applications.
What is the role of the Block Headers Service in the SPV Wallet?
The Block Headers Service is a critical component of the SPV Wallet. It listens to block announcements from nodes, requests block headers, and validates them to ensure they are part of the longest chain of work. This service enables the SPV Wallet to confirm transactions without needing the entire blockchain.
Is the SPV Wallet safe to use?
Yes, the SPV Wallet is very safe. It verifies transactions quickly and securely using a method that only checks part of the blockchain. This means you get all the security of blockchain technology without needing a lot of computer power.
How quickly can I make transactions with the SPV Wallet?
Transactions with the SPV Wallet are very fast. You can expect your transactions to be verified within seconds, which is much quicker than traditional methods.
What if I have more questions about using the SPV Wallet?
If you have more questions or need help, you can use the inbuilt AI GPT agent in the GitBook documentation. This feature allows you to ask questions directly, and the AI searches the documentation to provide you with accurate answers. If the AI doesn’t know the answer, it won’t provide one, ensuring that the information you receive is reliable and accurate. This tool is especially helpful for quickly finding detailed answers without leading you astray with incorrect information. For more information, please join the SPV Wallet discord channel on the BSV Blockchain server.
What is Simplified Payment Verification (SPV)?
Simplified Payment Verification (SPV) is a method that enables users to verify their transactions efficiently without the need for the entire blockchain. Instead of downloading and verifying a large dataset, SPV checks only the parts of the blockchain necessary to confirm that a transaction is valid. This streamlined approach involves several key steps:
- Transaction Inputs Validation: SPV is utilised to confirm that the inputs of a transaction are unspent and valid. This involves verifying that each input in the transaction can be traced back to a point in the blockchain where it was previously recorded as an output from another transaction, ensuring that there are no double-spends.
- Script Validation and Fee Checks: After validating the inputs via SPV, the wallet software performs a script validation to ensure that all the conditions for transferring the inputs are met. This includes verifying cryptographic signatures and checking that the transaction includes sufficient fees as per the current network requirements.
- Transaction Submission to ARC: Once the transaction passes the initial validations, it is sent to the ARC (which acts as a proto-overlay or transaction processor). ARC performs an additional layer of validation to ensure that no other transactions have attempted to spend the same inputs in the meantime. If the transaction is valid, ARC submits it to the nodes. Block inclusion and Final Confirmation: The ultimate confirmation of a transaction’s validity comes with its inclusion in a block, which is found on average every 10 minutes. This final step ensures that the transaction has been accepted by the network at large.
- Timing: The initial SPV checks are almost instantaneous, typically taking just a few milliseconds. The validation process with ARC takes approximately 3 seconds, providing a rapid response on the transaction’s status before it is included in a block.
This efficient process not only speeds up transactions but also ensures a high level of security and compliance with network rules, making SPV ideal for applications and services that require fast, reliable, and resource-efficient transaction verification.
How does the SPV Wallet relate to the BSV Mandala?
What is the Mandala upgrade?
The Mandala upgrade is a significant rollout that introduces several components like the SPV Wallet and Overlay Networks designed to create a new network topology centred around the new Teranode client. This client is capable of processing upwards of 1 million transactions per second (TPS). The upgrade aims to transform how transactions are handled by shifting from a traditional peer-to- tx-Processor-to-peer model (P2M2P) to a peer-to-peer-to tx Processor model (P2P2M). This change is fundamental in achieving unbounded scalability for node clients.
Role of the SPV wallet in the Mandala upgrade
The SPV Wallet is the first reference implementation of this new P2P SPV paradigm. It allows users to engage directly with the blockchain by managing only the aspects relevant to them—specifically, their stored unspent transaction outputs (UTXOs) and their Merkle paths. This streamlined approach significantly reduces the bandwidth and resource requirements traditionally associated with blockchain interactions.
Impact on business and services
Following the Mandala, there will be opportunities for developing overlay services, each utilising the SPV Wallet. These services can create custom business solutions and offerings that leverage UTXOs and Merkle proofs for a wide range of data and monetary operations. With transaction fees reduced to about one hundredth of a cent per standard transaction, the upgrade opens the door to a plethora of novel use cases that were previously unfeasible due to cost constraints.
Where can I get help if the GitBook documentation and AI aren’t enough?
If you need further assistance beyond what the GitBook documentation and the AI GPT agent can provide, there are several resources available to support you:
- BSV Discord Community: Join the BSV Discord community where you can interact with other users and experts who are knowledgeable about the SPV Wallet and the BSV blockchain. This is a great place to ask questions, share experiences, and get real-time assistance.
- GitHub Issues: If you encounter specific technical issues or bugs, you can raise an issue on the SPV Wallet GitHub repository. This platform is also useful for tracking updates and participating in the development discussions.
- BSV Academy: Keep an eye on the BSV Academy for upcoming tutorials and courses. These educational resources are designed to deepen your understanding of the SPV Wallet and the broader BSV ecosystem. New courses tailored to various aspects of the BSV blockchain, including advanced uses of the SPV Wallet, will be available in the coming months.
Learn more about BSV blockchain infrastructure
BSV Blockchain launches SPV Wallet, the standardised BSV open-source wallet reference implementation
ELI5: the BSV Blockchain’s SPV Wallet
The SPV advantage: enhancing accessibility and security in BSV blockchain transactions
BSV Blockchain announces Mandala upgrade
Mandala upgrade explained: Transforming BSV with microservices architecture
