What is Simplified Payment Verification?
It allows a transaction recipient to prove that the sender has control of the source funds of the payment they are offering without downloading the full Block chain, by utilising the properties of Merkle proofs.
This does not guarantee that the funds have not been previously spent, this assurance is received by submitting the transaction to the Bitcoin miners. However, in such a case the SPV proof acts as strong evidence of fraud backed by legally recognised digital signature technology.
SPV allows users to securely transact with each other, peer-to-peer, while nodes act to form the settlement layer.
Simplified Payment Verification (SPV) is described in section 8 of the Bitcoin whitepaper.
Source:wiki.bitcoinsv.io...
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