Homework on Mempool - Questions

Blockchain and Bitcoin 101
#243
  1. Mempool is the place where all transactions are stored before writing it in the blockchain.
  2. Mempool is growing.
  3. Transaction fees becomes higher.
#244

  1. A mempool is a data structure that resides on the nodes, and stores unconfirmed transactions until they are confirmed and included in a new block.

  2. The mempools will increase in size effectively slowing the miners work rate and transaction times.

  3. Network demand has increased meaning fee’s will increase to compensate.

#245

  1. It is a list of all unconfirmed transactions. It can vary from node to node because transactions are not broadcasted to every node at the same time.

  2. The size of the mempool increases.

  3. It would cause fees to become higher since people who want their transaction to be confirmed quickly would start to make transactions with higher and higher fees.

#246
  1. List of unconfirmed transactions that are deemed valid by the nodes that propagate it to each other. Miners select transactions to append to the blockchain from this list.
  2. Memepool increases and transactions can be floating in there longer.
  3. Higher fees will be needed to be prioritized by the miner, because there is more competition for space in the block.
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#247
  1. Temporary repository for unconfirmed transactions.
    2.They are kept in the mem pool until the next hashing round.
  2. The most lucrative fee is adopted into the new block by the miners.
#248

  • The mempool is a list of unconfirmed transactions that each node contains.

  • The mempool grows larger and transaction times slow down along with higher fees.

  • The miners are incentivized to choose the transactions with the highest fees. So if the mempool is growing, there will be more competition between transactions to be included in a block, and the transactions with the higher fees will be selected first.

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#249
  1. What is the mempool?
    It is all the transactions that have been broadcast to the network and accepted as meaningfull by nodes but which haven’t been included in a block.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will get bigger and bigger and some transactions might never be processed.
  3. How does a growing mempool effect transaction fees?
    The transaction fees will get bigger because more transactions are competing with each other to get into a block. And miners will only choose the ones with the highest fee.
#250

Thanks for that response @marsrvr. now it makes sense how and why 100% of a transaction is spent and how the change in a transaction is resolved. thank you again.

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#251

  1. the mempool is the place where nodes hold the unconfirmed transactions until a miner puts them in a new block and add it on the blockchain.

  2. the mempool will grow bigger, every 10 minutes a block is made and the transactions that get added on the blockchain by miners are removed out of the mempool.

  3. it’s like a competition to get your transaction included in the miners next block. the miners search for the best bang for their buck so they will always add the transactions with the most sats per byte. so if you want your transaction to go true at a reasonable time, you will have to pay a high enough fee.
    basic supply and demand

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#252
  • What is the mempool?
    A Mempool is a chart of unconfirmed transactions
  • What happens if the miners can’t keep up with the rate of the new transaction?
    The time of confirming transactions can take longer.
  • How does a growing mempool effect transaction fees?
    The Miner will look for the transactions with higher fees and those will be first
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#253

  • What is the mempool?
    the mempool is a data structure that reside on every node or node/miner, where all uncofirmed transactions coming from wallets are stored in wait to be comunicated to a miner, that after selecting them based on the best sats/byte ratio is going to include them in the next block to be appended to the blockchain.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    If miners cant keep up with the rate of transactions the mempool grows in volume

  • How does a growing mempool effect transaction fees?
    the effect of a growing mempool on transaction fees is explained from the way that miners choose what transaction to put in the next block(sats/byte). if there is a lot of uncofirmed transaction the miners is gonna always pick up the ones with the best sats/byte ratio imposing to wallet to raise their fee proposal and get a better chance to be included in the next block.

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#254
  1. A storage of waiting TXs
  2. It grows
  3. whoever pays higher fees will get priority.
#255
  1. The mempool Is a list of validated but unconfirmed transactions sitting on nodes waiting to be picked up by miners to be placed into a block.
  2. When miners cant keep up with the rate off new transactions, the mempool grows with longer transaction times.
  3. A growing mempool effects transactions by; transactions with higher fees being taken first.
1 Like
#256

Homework on Mempool - Questions

  1. What is the mempool?
  • the mempool is where unconfirmed transactions are stored by nodes waiting for miners to confirm and add to the blockchain
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • transactions will take longer as the mempool grows and miners cherry pick the ones with the highest transaction fees for their blocks first
  1. How does a growing mempool effect transaction fees?
    It will increase miners fees as it’s an open market and they will pick the highest transaction fees first
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#257

  1. The “place” where all the unconfirmed transactions are.

  2. More unconfirmed tx are in the mempool

  3. :arrow_up:

#258

  1. A mempool is a list of all unconfirmed transactions on the network for miners to confirm and earn a reward (fee).

  2. The list of unconfirmed transactions gets longer and consequently confirmations take more time on the network.

  3. As there are a lot more transactions for miner to choose from, people have to pay higher fees if they want their confirmations faster, so I would say on average the fees goes up.

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#259
  1. What is the mempool?

The mempool is pool of unconfirmed transactions waiting on each full node’s PC.

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

When new transactions can’t be confirmed fast enough the mempool starts to grow. This causes the blocks to fill up quickly and can lead to longer transaction times.

  1. How does a growing mempool effect transaction fees?

As transaction times increase fees will also increase as well - as miners will confirm the transactions with the larger fees 1st. Therefore users will raise the fee so that their transaction is more likely to get confirmed faster.

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#260
  1. What is the mempool?
    The mempool is where transactions that have been verified by nodes in the network are kept until they are collected by miners to add to the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners can’t keep up with the transactions then the mempool will get bigger and it will take longer to confirm transactions.
  3. How does a growing mempool effect transaction fees?
    Because the transactions with the highest fees get picked up first, a growing mempool will mean higher fees to get the transaction verified quicker.
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#261
  1. What is the mempool?
    A mempool is a place where unconfirmed transactions are waiting to be picked up by the miners in the next block.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool size will grow.
  3. How does a growing mempool effect transaction fees?
    Miners will pick up the unconfirmed transactions from the mempool with the highest fees first. Therefore it will drive the overall transaction fees higher.
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#262
  1. The mempool is a data structure that each node has with a list of unconfirmed transactions.
  2. If miners can’t keep up with the rate of the new transaction the mempool will have a bigger number of unconfirmed transactions.
  3. A growing mempool increases transaction fees because miners are financially incentivized to pick the transactions that have higher fees.
1 Like