blockchain. Users can perform <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer (P2P)</strong></a> transactions while the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes form the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-settlement-layer/">settlement layer</strong></strong></a>.</p>\n<p>The concept of simplified payment verification was covered in the Bitcoin <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/">whitepaper, published by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. The recipient of a transaction can prove that the sender has the source funds of the transaction without the need to download the entire blockchain history. 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The contract is then distributed throughout the entire blockchain network.&nbsp;</p>\n<p>The code of the smart contract can only be executed when the conditions stated in the contract are met. This execution is irreversible, and <strong>it&rsquo;s next to impossible to alter the smart contract</strong>.</p>\n<p>Smart contracts allow for <strong>anonymous</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer <strong>transactions</strong> between two or more parties that may not find each other reliable. The use of smart contracts eliminates the requirement for third-party involvement during a transaction.</p>\n<p>Using a smart contract is a lot like getting a drink from a coffee machine. You select the criteria or choose what drink you want, pay for it, and get a drink in an instant, rather than getting in touch with the distributor of the coffee machine to make a contract for a cup of cappuccino.</p>\n<p>Neither you nor the hypothetical machine owner needs to know each other&rsquo;s identity for the transaction to be deemed valid. The anonymity of smart contracts is particularly favored by proponents of decentralized systems and a free economy.</p>\n<p>Smart contracts can also be used by <strong>businesses that employ private blockchain systems</strong>. A smart contract can act as a guarantee for both the customers and service providers that their assets will be protected if the deal falls out and the risk of financial loss is mitigated.</p>","level":"easy","meta_title":"What is Smart Contract? 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Its unique aspect is that the investors are chosen based on their activities on the blockchain network, as well as other project criteria.</p>\n<p>SHO projects can be focused on receiving funding from investors that hold a particular cryptocurrency. This funding mechanism is heavily utilized by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">DAO Maker to focus on public investments.</p>\n<p>Some of the criteria for an investor to be considered for an SHO are:</p>\n<ul>\n<li>Holding a specified competitor token for a predetermined length of time, usually at least 3-6 months;</li>\n<li>Holding at least $10,000 worth of a token for at least one year;</li>\n<li>Being an active <strong>liquidity provider</strong> on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized exchange (DEX)</strong></a>;</li>\n<li>Possessing a predetermined transaction <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volume/">volume, at least $1-5 million, within the past 30 days.</li>\n</ul>\n<p>The SHO mechanism incentivizes investors to ensure they have strong hands &ndash; crypto investments that they hold onto for an extended period. DAO Maker favors investors with strong hands over investors with <strong>shorter investments</strong> by providing them with more opportunities to be chosen for the strong holder offerings.</p>\n<p>DAO Maker allows SHOs to be refunded if the investors decide to withdraw their support and opt out of the project. However, the withdrawal period may be limited. If the value of the token being funded via the SHO <strong>increases by 400%</strong> and maintains this rate for at least 120 consecutive days, the investments cannot be withdrawn.</p>\n<p>Prior to launching a new SHO, DAO Maker conducts a series of tests on the new investment project. This ensures that the projects participating in the fundraising <strong>strictly commit to their roadmap</strong> and reduces the rate of scam projects receiving funding.</p>","level":"easy","meta_title":"What is SHO (Strong Holder Offering)? 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Handbook Cover Page
Crypto Terms: Letter S

What is Simplified Payment Verification (SPV)?

Simplified Payment Verification (SPV) MEANING:
Simplified Payment Verification (SPV) - a lightweight client used for blockchain transaction verifications.
Easy
1 minute

Let's find out Simplified Payment Verification (SPV) meaning, definition in crypto, what is Simplified Payment Verification (SPV), and all other detailed facts.

Simplified Payment Verification (SPV) is a lightweight client used to verify crypto transactions on the blockchain. Users can perform peer-to-peer (P2P) transactions while the nodes form the settlement layer.

The concept of simplified payment verification was covered in the Bitcoin whitepaper, published by Satoshi Nakamoto. The recipient of a transaction can prove that the sender has the source funds of the transaction without the need to download the entire blockchain history. SPV can be used to prove instances of fraudulent transactions.

To save the storage required, the SPV only downloads the block headers and sends requests for the proof of inclusion to the blockchain in the Merkle Tree, the cryptographic structure required for data validation.

Every leaf node of the Merkle Tree contains the hash of a specific data block. Each non-leaf node contains the has of the child node labels. Since running a full node via a Merkle Tree would demand more power and storage to download the entire blockchain, SPV is employed to make the process more efficient.

SPVs are used to help the light clients—lightweight wallets that use the SPV mechanism and run on low-end systems—see if a specific transaction was added to the Bitcoin (BTC) blockchain. 

There are downsides to using SPV over the full node network, particularly those related to network and data security. SPV proofs are more susceptible to 51% attacks and can be utilized to validate falsified transaction data. While there is no solution to such a scenario yet, strategies to mitigate the misuse of SPV are being worked on.
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