Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1973

1- The mempool is a datastructure that each node has, a list of unconfirmed transactions. The mempool can be different on different nodes as the node might not be aware of the other transaction yet. A miner with ask the nodes for transactions in their mempool and pick the transactions that have the higher fees. The miner will then append the block to the blockchain.

2- If the miner cannot keep up with the transaction rate, the mempool will grow in size. Transactions are removed from the mempool once added to a block.

3- A growing mempool will cause a rise in transaction fees as there will be more competition to create the next block. Since miners are financially incentivized and a block has a limited size, the miner will pick transactions that have higher fees to binary size. fees = sat/byte

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#1974

  1. Mempool is a list of unconfirmed transactions that is waiting to be picked up by a miner to be added in a block. All nodes have a mempool though not all nodes have the same mempool data at a given time.

  2. The mempool will grow in size and the transaction confirmation time will also be longer which could lead to scalability problem.

  3. Transaction fees will eventually increase as there will be a competition to be picked first. Miners always pick a transaction with a higher fee.

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#1975

  1. mempool is a database that each full node, miner have that stores all the new transaction that have not been put into a block.

  2. if miners cant keep up with the rate of new transaction the mempool will get bigger and transactions will be delayed. minors will target high fees before low fee transactions. I had a transaction suck in mempool for almost a week back in 2017.

  3. The wallets will be calculating fees based on the size of mempool and the average fees showing up in current blocks.

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#1976
  1. What is the mempool?

A mempool is a chart that shows all the count of unconfirmed transactions and the relating fees associated with each transaction.

  1. What happens if the miners can’t keep up with the rate of the new transaction?

The mempool will take longer to confirm transactions because the mempool is continually growing in size. And since unconfirmed transactions have to be confirmed by miners and they are not able to keep up with the growth then it’ll pretty much bring the wait time for a transaction to be confirmed come to pretty much a snail’s pace. A real recent example, (I know this is about bitcoin) was with etherum last night. The ordeal with their network being completely slammed because of a big airdrop of a new coin. This brought loads of people onto their network putting in transactions to pick up the new coin and then some of those same people may have quickly input in another transaction to unload some or all of the coin they just picked up from the airdrop. During all of this the wait time for a confirmed transaction was sky high.

  1. How does a growing mempool effect transaction fees?

As a mempool keeps growing the effect on transaction fees is that they’ll go up. Because miners have the incentive to pick the transactions with the higher fees to place on their block because they make money off the fees. Also their block has a limited amount of space so they have to pick the transactions that’ll be worth the space it’ll be taking up on their block. Going back to my previous example in question 2. Along with the long wait times to be confirmed, if you didn’t want to wait for a long time, you had to set your fees a lot higher than normal so it could be confirmed quickly and put onto the block.

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#1977

  1. Mempool is a place in a node that stores the unconfirmed transactions created by the wallet

  2. Then there will be a lot of unconfirmed transactions in the nodes, and increasing the size of the mempool. Transaction takes longer time to being confirmed

  3. Growing mempool will increase the transaction fees, because more and more delay in transactions. Transactions are competing with each other in term of fees.

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#1978

1.A list on unconfirmed transactions held by each node
2.Mempool will get larger making transaction times longer
3. miners go for highest transaction fees so fees will rise and time will lengthen

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#1979
  • What is the mempool?
    Is where all the valid transactions wait to be confirmed by the Miners
  • What happens if the miners can’t keep up with the rate of the new transaction?
    This would result to congesting leading to longer average confirmation time and higher priority fees
  • How does a growing mempool effect transaction fees?
    Transaction fees goes up.
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#1980

So you are talking about the stimulus check of Uniswap :slightly_smiling_face:

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#1981

  1. The mempool is a list of unconfirmed transaction that every node has. It may differ at a certain point in time from one node to another since transaction confirmations must travel among nodes. When a block is created (around every 10 minutes) a bunch of transactions get confirmed and into the blockchain, and at the same time out of the mempool.

  2. The mempool fills up with more pending transactions.

  3. The more transactions there are pending, the more the fees will increase.

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#1982
  1. Valid but unconfirmed TX are stored in a nodes mempool, i.e a space for those TX waiting to be picked up by a miner.
  2. The TXs will be unconfirmed and wait in the mempool.
  3. The fees will be higher since the higher fees will be prioritized into the next block. It’s market economy, competition between those who want their TX to be put into the block.
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#1983

Hahaha, Yeah, that would be the stimulus airdrop that I used in my example :slight_smile:

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#1984

  1. The Mempool contains list of all the unconfirmed transactions

  2. The mempool grows and confirming transaction will take longer

  3. Transaction fees increase

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#1986

  1. What is the mempool?
    Designated space within each node where the list of unconfirmed transactions reside.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool grows larger, may need higher fees to process.

  3. How does a growing mempool effect transaction fees?
    Causes the fess to go up.

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#1987
  • What is the mempool?

A mempool is a list of all transactions.

  • What happens if the miners can’t keep up with the rate of the new transaction?

The mempool grows larger causing backup and slowing transactions

  • How does a growing mempool effect transaction fees?

Transaction fees increase and transactions in a block slow down.

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#1988

1.- A waiting area for TX verify by nodes and unconfirmed TXs.

2.- The memory pool start been full so the TX will take more time to be confirm.

3.- As more booked is the Mempool as more expensive are the fees and as long it takes to confirm TXs (like Etherium at this moment).

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#1989

  1. The mempool is a list of all the unconfirmed BTC transactions.

  2. The unconfirmed transactions will go into the mempool pending confirmation by miners.

  3. Transaction fees will increase because people will offer more satoshi to expedite their transactions because miners will always choose to process transactions that are offering the highest fee.

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#1990
  1. The mempool is a data structure that stores unconfirmed transactions until they are added to the next block.
  2. If miners can’t keep up, the mempool size and transaction fees grows.
  3. With growing mempool only transactions with highest fees are being added to the block, so average transaction fees are increasing.
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#1991

Mempool contains pending transactions.

Mempool and transaction fee will increase.

Transactions with higher fees will get priority.

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#1992

  1. The mempool is the data structure of EACH node, this is where the node will store unconfirmed transactions. The mempool may vary from node to node but it is updated between each node.

  2. Miners will take the transactions with the highest fees if they can not keep up with the network, so if you have a transaction with a low fee the miner might not take it right away as they are adding the transactions with higher fees first.

  3. A growing mempool will cause a rise in price on the fees as their will be more competition to have transactions confirmed by a miner.

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#1993

Q: What is the mempool?
A: A mempool is a collection of unconfirmed transactions belonging to a node. Transactions which a node considers to be legitimate, but have not yet been confirmed by a miner.

Q: What happens if the miners can’t keep up with the rate of the new transaction?
A: The size of the mempool grows and a backlog is created.

Q: How does a growing mempool effect transaction fees?
A: Transaction fees will go up. This is because if there are a lot of transactions waiting in the mempool, miners will pick up the ones with the higher fees. So there is incentive for people to attach higher transaction fees to their transactions.

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