Homework on Mempool - Questions

[msdhillon5]

What is the mempool?
A list of unconfirmed transactions

What happens if the miners can’t keep up with the rate of the new transaction?
it gets placed on the mempool and are addressed in order of highest transaction fees

How does a growing mempool effect transaction fees?
fees go up

[daninvest]

1. The mempool are the different transactions which are unconfirmed yet and that are put in the mempool by each node, until a miner will verify it and will prioritize in those transacction that are in the mempool with the higher fees.

2. Mempool grows in size and fees will increase.

3. The bigger the mempool, the higher the fees.

[lukeyboy]

1.the mempool is a data list of transaction held by nodes

2. transactions are delayed

3. Fees increase as the miners will select transaction that have a higher fee per byte.

[jott]

1. Each node has an own mempool; unconfirmed (but validated) transactions are stored in the mempool.

2. The fees are increasing because the wallets take note that the current fees don’t seem to work anymore. Eventually leading to a lower amount of transactions.

3. Same as 2.

[Fabrice]

@Darnell_Calhoun

The data base puts new transactions nin every ten mins alomg with removing ons added to the blockchain. A miner can also ask anothet miner for unconfirmed transactions.

I’m struggling to understand what you mean.
A miner doesn’t need to ask for transactions. Every transaction that someone is sending, gets into the mempool of the node. Then Each node is gossiping all transactions to its peers until every node has the particular transaction in their mempool. Miners just construct a candidate block, pick transactions from their mempool, try to find a nonce so that the hash is low enough so the block is valid and can be added to the blockchain.
If the miners can’t keep up with the rate of new transactions, the mempool will grow bigger in size than it can confirm transactions. So transactions with low fee’s will take longer to confirm

[calvalini]

1. What is the mempool?

Mempool is essentially is group of transactions that have been registered by the network, but are still pending confirmation. All nodes and miners reference their own mempool, which is roughly identical. Any differences are due to delays in network propagation.

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

The size of the mempool will increase!

3. How does a growing mempool effect transaction fees?

A growing mempool will cause transaction fees to grow because the demand for a transaction to be confirmed increases. People will be willing to pay more to transaction confirmation.

[mwonder]

@ivan

• What is the mempool?
• What happens if the miners can’t keep up with the rate of the new transaction?
• How does a growing mempool effect transaction fees?

1. What is the mempool?
   This is where all UTXOs are stored
2. What happens if the miners can’t keep up with the rate of the new transaction?
   The number of UTXOs will accumulate in the mempool therefore the transaction time gets longer
3. How does a growing mempool effect transaction fees?
   The transaction fees will be increased to encourage miners to put it into blocks

[arno_crypto]

1. What is the mempool?

The “mempool” is where unconfirmed transactions reside, each node has a mempool of its own. Meaning that there might be slightly different transactions in them due to the time it takes to propagate a transaction to each node on the network.

When a miner finds a new block, the miner then chooses transactions out of the mempool to put in it’s block based on the fees that have been paid for those transactions.

Then when the miner connects that block to the blockchain the transactions in them will be confirmed and leave the mempool.

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

If the miners can’t keep up with the transactions the network will become clogged.
Meaning that people will have to pay higher fees in order to be chosen be the miners to go in a block.

If one was to choose a very low fee at such a time that transaction would reside in the mempool until the network becomes less clogged and is able to accept it into the next block. This would mean that one has a unconfirmed transaction for quite a while potentially.

3. How does a growing mempool effect transaction fees?

the effect would be that higher fees will have to be paid in order to get a transaction confirmed fast.

“More transactions in the mempool? --> Higher demand for block-space. Higher demand for block-space? --> Higher fees for block-space.”

[Zakzub]

[quote=“ivan, post:1, topic:8438, full:true”]
Homework on Mempool - Questions

1. What is the mempool?
   The mempool is a list of unconfirmed transactions kept by nodes in the blockchain.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool will become larger and larger.

3. How does a growing mempool effect transaction fees?
   In a growing mempool, there will be more competition. Users will compete to get their transactions into the next block by including higher and higher fees since miners will pick transactions with the highest fees.

[Gellert_Moravcsik]

1. What is the mempool?
   When you are trying to create a transaction, it first becomes unconfirmed. All of the unconfirmed transaction are put into this so called mempool. When it is the mempool each node has a copy of it. It can only be confirmed when a miner takes it from the mempool onto a block.

2. What happens if the miners can’t keep up with the rate of new transactions?
   When miners can’t keep up with the rate of the new transactions the mempool will keep growing

3. How does a growing mempool has an effect on transaction fees?
   When miners successfully create a block they receive the block reward and the transactions fees. The miner will most of the time pick the transactions from the mempool that have the highest fees, because they are getting payed more. If the me pool is growing and a lot more transactions are being added to it, your transaction fees will increase because that is the fastest way to get your transaction confirmed.

[JP-Discovery]

1. The mempool is a list of unconfirmed transactions on a node which are waiting to be put into a block and mined onto the blockchain.

2. A backlog of transactions waiting to be confirmed will grow larger and confirmation times on the blockchain will be extended, fees may also rise due to miners prioritising higher paying transactions (fees)

3. Transaction fees are affected by the complexity of each transaction (many inputs and outputs from once source) which takes up a lot os space within a block, transaction fees are calculated in satoshis/byte, a growing mempool will cause transaction fees to rise as miners will want to select the highest paying transactions as they are financially incentivised.

[kryptokrymmenos]

1. What is the mempool?
   It’s a payment in transaction waiting in a node to be picked up by a miner to be placed in a block to be verified on the blockchain.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   There will be longer wait time for transactions.
3. How does a growing mempool effect transaction fees?
   Higher fees go in front of the line to be verified first.

[alesanchez]

1. The Mempool is a data structure that the node has where unconfirmed transactions are store before being added to the block.

2. If miners can’t keep up with a growing number of transactions then this delays transactions from being confirmed and added to the blockchain.

3.A growing mempool slows the transaction times and rises the fees.

[Jari_Landman]

1. The mempool is a list of all unconfirmed transactions that make sense to the nodes.
2. If the miners cannot keep up, the mempool will get larger and larger.
3. Miners only pick up the transactions with the highest fees. If there are to many unconfirmed transaction, using the same gas price will result in a slow transaction. Your wallet will then advise a higher fee. Everyone will do this and the miners will still only pick up the transactions with the highest gas price. This will increase the average fee price. It basically becomes an auction for who wants to make transactions.

[RagnarAces]

1.A Mempool is a list of uncofimed transactions.
2. What will happen is that the Mempool will grow larger and there will be longer transaction times.
3. The fees will end up being higher

[Tose]

A mempool is a list of unconfirmed transactions waiting to be confirmed on several nodes.

The mempool will grow larger if miners can’t keep up with the rate of new transactions and these unconfirmed transactions will be pushed to the next block.

Miners will look for transactions set at higher fees and process them first until the block time expires. The other unconfirmed transactions will not be confirmed. Instead, these transactions will take longer and have to wait for the next block to be confirmed.

[Kelby_Rodriguez]

1. What is the mempool?

• A space in the network where unconfirmed transaction and their fees go. Mempool is a data structure and each node has one.

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

• Mempool will be full of unconfirmed transactions and it would take a lot longer time for them to be confirmed.

3. How does a growing mempool effect transaction fees?

• It would make transaction fees higher

[cgolas]

1. The mempool is the unconfirmed transactions on the bitcoin network that are recorded by the nodes. The miners search for the transactions w the fees that reward them to confirm those transactions on the block.
2. If miners cannot keep up then the mempool will grow with unconfirmed transactions
3. If there is a larger mempool then the transaction fees will likely be higher in order to get a miner to confirm that transaction on the block.

[PolkaPig]

1. A diagram showing unconfirmed transaction from the various nodes, including your own if you are a miner.
2. The mempool transactions increase and there is a longer transaction time.
3. Miners are incentivised by fees, so miners can simply increase fees and prioritise the most cost effective (sats/byte) transactions to fill their block.

[Darnell_Calhoun]

Ok so there are multiple nodes and multiple mempools. Nodes receicve transactions and send them to other nodes. Mines make the first block, choose a transaction from the mempool. Use the hashing algorithm to find the nonce. If the nonce is below the target than the block is added to the chian. Thanks for the clarification