Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2509

1)The mempool :is a list made by nodes which consist of non confirmed transactions.

2)the network becomes slow , and the average spent fees goes to the roof , same like what happened in december 2017 , or this year with ethereum because of uniswap.

3)As I said , it goes to the roof!

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#2510

I agree with these answers.

#2511
  1. The mempool consists of the unconfirmed transactions.
  2. The miners will pick up the transactions with the highest satoshi per byte transaction fee.
  3. A growing mempool means higher transaction fees.
2 Likes
#2512

1. What is the mempool?
It is where all the unconfirmed transactions are waiting to be picked up by a miner and verified

2. What happens if the miners can’t keep up with the rate of the new transaction?
The pool gets bigger and transactions take longer

3. How does a growing mempool effect transaction fees?
Fees go up because miners prioritize transactions with higher fees

2 Likes
#2513

1: A list of transactions waiting to be processed by a miner.
2: Transaction times increase.
3: it drives up transaction fees as miners choose which transactions to process on a satoshi’s/Byte basis.

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#2514

  1. A mempool is a data structure that each node has which stores unconfirmed valid transactions. Once the transaction has been picked up by a miner, built into a block and added to the blockchain, the transaction is confirmed and removed from the mempool.

  2. If the miners can’t keep up with the rate of the new transactions then the number of unconfirmed transactions in the mempool will increase. This will result in increased transaction fees and waiting times for confirmations.

  3. A growing mempool will increase transaction fees because the miners are incentivised to choose the transactions which will provide the highest fee in return for the inclusion of the transaction in the new block. Miners choose the transactions with the largest fee because the blockspace is limited.Transactions with lower fees may be neglected and this can result in long waiting times for confirmation.

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#2515

1- The mempool is the list of all unconfirmed, broadcasted transactions that have been received by a node.

2- If miners can’t keep up with the rate of new transactions, transactions with the highest fees will be given priority.

3- A growing mempool increases transaction fees

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#2516
  1. What is the mempool?

A mempool is a list on a node with verified but not yet confirmed transactions. These transactions are waiting to be picked up by a miner and be put on the blockchain.

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

The mempool will simply grow in since and it will take longer before all transactions are confirmed and put on the blockchain. This can also increase transaction fees since people will give a higher reward to the miners on their transactions to confirm their transaction first.

  1. How does a growing mempool effect transaction fees?
    Like mentioned above when a mempool grows in size the transaction fees get higher. Because the miners want to earn the most satoshi’s per byte.
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#2517
  1. The mempool is all the transactions that are unconfirmed but makes sense to a particular node.
  2. If miners can’t keep up with the rate of new transaction, they will start picking transactions with the higher fees.
  3. I guess this is a snowball effect, as miners start choosing transactions with higher fees, some might start paying higher fees to get their transactions confirmed quicker. I would come to the conclusion, that the mempool is positively correlated with transaction fees.
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#2518

  1. The mempool stores unconfirmed Tx until a miner put’s them in the next block.

  2. The fee’s whil be larger and the pending Tx will grow.

  3. Tx Fee’s will rise.

3 Likes
#2519
  1. List of all transactions
  2. The Pool grows larger and there are longer transaction times
  3. transaction fees goes up!
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#2520

Its a list of all unconfirmed txs. :slight_smile:

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#2521

Homework on Mempool - Questions

  1. What is the mempool?
    Mempool is where all unconfirmed Transactions are stored until a Miner picks them and places them in a Block. When Transaction is moved from Mempool into the Block, that transaction becomes Confirmed.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Congestion on the blockchain would result; confirmation times would be longer and transactions with higher fees would get processed quicker.

  3. How does a growing mempool effect transaction fees?
    I believe Miners would increase their fees (Sat/B) to increase their reward for processing Transactions. This could ease the network congestion.

G.

2 Likes
#2522
  1. The mempool is the unconfirmed transaction a node has
  2. That transactions confirmation times are longer
  3. If there are more mempools only the transactions with highest fees would be confirmed as miners wouldn’t be able to keep up with all of them
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#2523
  1. A list of all unconfirmed transactions and fees awaiting to be added to the next block.
  2. The mempool will grow and through supply and demand it will cost more in fees to get a transaction validated faster.
  3. As mentioned above a growing pool of transactions will provide miners incentive to validate those with highest fees first. Therefore, anyone looking to complete a transaction quickly will face heavy fees.
1 Like
#2524
  1. The mempool is a list of unconfirmed transactions. The mempool is a part of every node and is eventually updated in all nodes.
  2. The mempool will increase and there will be longer transactions times as the relative possibility of miners to handle the volume is lower.
  3. In general, all high fees are prioritized. Meaning that all transations with lower fees will take longer time. As all transaction would like to be executed rapidly, the fees would in general go up (auction style).
1 Like
#2525
  1. The mempool is where unconfirmed transactions wait for a miner to pick them up and add them to the next block
  2. If the miners can’t keep up to the pace of the rate then the mempool grows larger and therefore longer transaction times
  3. Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first if they need a quicker transaction
1 Like
#2526

  1. The mempool is the place, where all still unconfirmed transactions are being stored by nodes. It is also the place from which miners take transactions and use them to forge blocks in the blockchain.

  2. The mempool grows and the transaction times get longer.

  3. The transactions fee go up and the transactions with the highest fees get picked from the miners first.

1 Like
#2527
  1. What is the mempool?
    The list of tx
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool grows
  3. How does a growing mempool effect transaction fees?
    Offering higher fees
1 Like
#2528
  1. The mempool is the “waiting area” for unconfirmed transactions that each full node has.
  2. If miner’s can’t keep up with the new rate of transactions, the rate at which transactions are approved and written to the block chain will be slowed.
    3.The larger the mempool size is, the higher transaction fees will be because of increased competition.
1 Like