Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2129

BTW, i thought that to change the difficulty of the calculation you would add zeros to the hash. If it is not like that, how does it change?

#2130

  1. What is the mempool?
    The mempool is the catalog of all the nodes seen transactions that have not yet received confirmations.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will increase in size of pending transactions.

  3. How does a growing mempool effect transaction fees?
    Transactors pay higher fees in order to prioritize their order over others in the mempool. As orders pile up, fees generally scale with the size of the pool and vice versa.

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#2131

  1. The mempool holds all the TX’s that have been sent and still need to be completed.

  2. The transactions will take a longer time to complete as the pool continues to grow pushing lower fee transactions further down.

  3. This will cause the fees to rise.

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#2132
  1. unconfirmed transaction list
  2. memepool grows in size causing longer transaction times.
  3. it makes them more expensive.
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#2133
  1. The mempool is the data structure for each node that holds unconfirmed transactions.
  2. When miners can’t keep up with the rate of new transactions, the mempool grows.
  3. A growing mempool drives fees to go up because miners will add unconfirmed transactions with higher fees to the blockchain first.
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#2134

  1. The mempool is the list of valid, unconfirmed transactions each node stores as the transactions pass through the nodes.

  2. If the miners cant keep up with the rate of new transactions, the mempool size will grow and get chipped away with each new block created once the miners catch up.

  3. While the mempool is growing, new transactions will have to be set at a rate that will not leave them too far behind so the fees will continue to grow until the rate of transactions slow down and the network gets back to a steady pace.

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#2135
  1. It’s where the unconfirmed transactions are collected.
  2. The mempool grows, which then delays transaction times.
  3. The higher transaction fees are given priority.
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#2136

So hash is basically a fixed number and when you increase the difficulty you say for example the difficulty before was 10000 and you decrease it to 1000. To the user the old hash will be visible as 009865 and the adjusted difficulty hash as 000324.
In a simplified view this is seen as having more zeros :stuck_out_tongue:

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#2137
  1. What is the mempool?
  • The list of all unconfirmed transactions where miners will select the TX’s with highest fees first and add them to the block.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The mempool will grow in size which will push up the fees and confirmation times.
  1. How does a growing mempool effect transaction fees?
  • The fees will be pushed up in price as people compete to be confirmed in the next available block faster.
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#2138

  1. What is the mempool?
    It is a list of confirmed transactions in each node.

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

  3. How does a growing mempool effect transaction fees?
    It will rise the cost of transaction fee.

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#2139

*unconfirmed Transactions

Probably a typo :wink:

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#2140
  • the mempool is a data structure where all the transactions are stored waiting to be mined from a miner
  • the miner will choose the transactions with the highest fee to put in the block
  • it will create competition and senders will have to pay more fees to the miner to be put in a block and get the transaction confirmed
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#2141
  1. List of all unconfirmed transactions
  2. The transactions will take longer to process
  3. Transaction fees will increase
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#2142
  1. Mempool is a place where all Bitcoin unconfirmed transactions are in queue to be placed in bitcoin blockchain to be confirmed.
  2. If miners cant keep up the backlog will be create and all the transactions will be delayed. That has happened in the past and this has lead to development of Lightening network.
  3. If my transaction are stuck and getting delayed i will prefer to give more fees and in turn slowly the person providing higher fees, their transactions will go through blocks faster than the people will low fees or may be stuck forever. So in overall the transaction fees will become higher which is the current scenario where we pay 3-4 dollars per BTC transaction and same is happening in the ETH like in past Crypto kities and now DeFi craze where people compete with each other for faster transactions.
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#2143
  1. What is the mempool?
    • The record of unconfirmed transactions in each node
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    • List of unconfirmed transactions grows.
  3. How does a growing mempool effect transaction fees?
    • Transactions that remain unconfirmed are removed and typically return with a higher fee the result therefore is higher fees and slower processing time for transactions that require re-submission to the mempool.
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#2144

The mempool is a database of unconfirmed transactions.

The mempool grows bigger, the transaction fees go higher I guess, then there’s more incentive for additional miners to join probably.

A growing mempool increases the tranasaction fees according to the chart we’ve seen on blockchain.com. However Ivan said that txfee depends on the complexity of a tx. So why a simple tx has a higher fee in a bigger mempool, I don’t understand yet.

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#2145
  1. The mempool is a list of unconfirmed transactions.
  2. The mempool will grow and getting a transaction confirmed will take longer.
  3. The larger the mempool the higher the transaction fees are.
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#2146
  1. Data structure that lists unconfirmed transactions.
  2. The mempool will grow larger and fees can increase.
  3. Fees will increase. Miners will look for transactions with the highest fees first to confirm to the block.
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#2147
  1. This is a space on every node where unconfirmed transactions are kept, while waiting to be added into blocks.

2.The mempool grows, leading to delay in transaction waiting time and higher fees.

  1. Transaction fees raise because miners get the option to pick from many transactions and work on those that earn them more money.
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#2148
  1. The mempool is a collective of all of the unconfirmed transactions.
    2.They are sent to the mempool.
    3.The more unconfirmed transactions, the higher the fee to process the transactions.
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