Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2630

Homework on Mempool - Questions

  1. What is the mempool?

A. Each node has a list of unconfirmed Tx’s; this list is a mempool. Mempools consist of all unconfirmed Tx’s that make sense and follow the rules.

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

A. The mem-a-pause is not good - as the backlog grows so goes more money fees to the flow.

  1. How does a growing mempool effect transaction fees?

Miners pick unconfirmed Tx’s with higher fees 1st, people in line get antzy and up their fees to quicken their needs, and miners get giddy and more wealthy.

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#2631

Miners don’t ask for fees, user can choose the fees themselves. But miners will prioritize higher fees to confirm transactions and add them into the blockchain. So if there are to much transactions waiting in the mempool, transactions with low fee’s will take much longer time to get confirmed. If you pay a super high fee, your transaction will probably already be confirmed into the next block (10minutes on average)

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#2632

  • What is the mempool?
    A mempool is a record of unconfirmed transactions that passes between nodes until transactions are put onto the blockchain.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    If this is the case then the mempool will increase in size and the transactions with the highest fees will be mined into the blockchain first. Transactions with a lower fee will be left in the mempool and mined in a later block.

  • How does a growing mempool effect transaction fees?
    As the mempool size increases so do the transaction fees. Miners will pick out the transactions with the highest fees first.

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#2633

The mempool is a list of unconfirmed transactions that have been verified by nodes.

The mempool grows and it takes longer for transactions to become confirmed.

The miners will prioritize always transactions with highest fees, so overall fees will increase to match demand.

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#2634
  1. What is the mempool?
  • It’s the list of all unconfirmed transactions.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • Mempool grows larger.
  1. How does a growing mempool effect transaction fees?
  • Transactions fees grow larger due to bigger competition.
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#2635

The mempool is where validated, but unconfirmed transactions are stored while they wait for a miner to assign them to a block.

The mempool will grow in size and transaction times will increase.

A growing mempool results in growing fees. This is because there is more competition for block space and anyone who wants to get their transaction confirmed quickly, must essentially outbid a greater volume of users.

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#2636

  1. Mempool is a data structure with unconfirmed transactions that every node in a network have.

  2. The amount of unconfirmed transactions is growing, the mempool is growing.

  3. Longener time for confirmation of the transaction and bigger fee.

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#2637

  1. A node’s basket of uncofirmed transactions which must be verified with other nodes before it can be added to the new block.

  2. The mempool will grow in size and the nodes will prioritize which transactions to process based on highest fees they can earn on transactions.

  3. Competition, miners will choose highest paying transactions first, while lower paying transactions must wait.

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#2638

  1. What is the mempool?

    The place where all unconfirmed transactions wait for a miner to pick them up to add to the next block.

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

    The size then the mempool grows larger and there are longer transaction times.

  3. How does a growing mempool effect transaction fees?

    Transaction fees increase with a larger mempool because of the competition.

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#2639

  1. The mempool is a database of unconfirmed transactions

  2. Transactions stay in the mempool longer and taker longer to get confirmed

  3. Growing mempool will mean higher fees

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#2640
  1. The mempool is where unconfirmed transactions go when they are going through the process of being proved whether they are legit or not. It also shows what kind of fees these transactions have. For example when transactions are made sure they aren’t sending a ridiculous amount of coins they font have access to, they will be sent to the mempool while being verified. They are here until a miner mines the block.
  2. When the miners cannot keep up with the rate of new transactions in the mempool the mempool will get bigger and will take more time for transactions to go through. Once a certain size is reached you cannot fit more transactions in the mempool.
  3. A growing mempool effects transaction fees by picking the transactions with the highest fees first and putting the transaction that are next up in the next block. A miner will use its own mempool or the mempool from another node.
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#2641

What is the mempool?
Wallet, creates TX and sends to nodes.
Nodes check/verify TX is real and has value.
While this happens the TX is status: Unconfirmed and stored in the Mempool of each node.
When a miner is ready to build a new block, it looks into the Mempool, and finds the next TX to write to the block, based on the Fee-Sat/B, highest first.

What happens if the miners can’t keep up with the rate of the new transaction?
Mempool grows slowing down the system and possibly increasing fees.

How does a growing mempool effect transaction fees?
Supply and Demand market force would be at play, miners would be cherry picking the higher fee TX’s before working with the lower fee TX’s

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#2642
  1. A mempool (a contraction of Memory and Pool ) is a nodes mechanism for storing information on unconfirmed transactions.
  2. If the miners can’t keep up with the rate of the new transaction, the mempool grows .
  3. As the mempool grows so too does the fees.
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#2643

1. What is the mempool?

  • A collected record of unconfirmed transactions.

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

  • Miners will keep the TX unconfirmed and generate it into other nodes and then confirming TX at a higher fee.

3. How does a growing mempool effect transaction fees

  • The larger the mempool the higher the TX fees.
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#2644

1 Unconfirmed transactions waiting room

2 Backlog of transactions

3 Fees go up (in order to be settled faster)

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#2645

  1. The mempool is a data structure where the nodes in the bitcoin network store transactions that have been verified but have not yet been included in a block by a miner. It is stored in the local memory of each node. As opposed to the blockchain the mempool may vary slightly in its composition between nodes, depending on in which order they receive transactions and whether they have experienced down time etc.

  2. The block size limit is set to approximately 1 MB and a block is appended to the blockchaain on average every 10 minutes, and this limits how many transactions the miners can add to the blockchain. If the number of transactions being broadcast to the mempool is larger than what can be appended to the blockchain, given its constraints, the mempool will simply grow bigger, leaving a lot of transactions unconfirmed.

  3. Miners have an economic incentive to include transactions with high fees, thus they will include the transactions in the mempool with the highest fees in the next block, leaving the remaining transactions unconfirmed in the mempool. This creates a market dynamic that forces wallets to increase their fees if the mempool grows, because if they don’t their transactions will never be picked by miners leaving them unconfirmed.

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#2646
  1. memory pool - node’s mechanism for storing information on unconfirmed tx’s
  2. queue gets longer - you can get a ticket for the fast lane though (cfr. disneyland)
  3. the miners have the choice - and they are incentivized with money. So, If you want it to get quick, you can choose to pay higher tx fee. If you have time (and as a result, fluctuation of the prize of coins that you want to buy), you can just wait until the rush is over (e.g. acceptance of a smart contract/ minting function/…).
1 Like
#2647
  1. What is the mempool?
    a list of all unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    an increase in backlog and therefore longer transaction times
  3. How does a growing mempool effect transaction fees?
    it increases the actual transaction fees and the time
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#2648

The Mempool is the temporary working store in every node that stores every Unpaid Transaction output until that UTXO has been verified and confirmed by every other node on the blockchain. Once verified every UTXO is removed from the Mempool and stored permanently in the blockchain.
If the rate of mining of new blockchains cannot keep pace with the rate of generation of UTXO’s then the fee charged by all miners increases and the delay in processing the low-fee UTXO’s increases so long delays will occur.
As the Mempool increases in size so the fees charged by miners will rise accordingly.

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#2649

  1. It is a data structure that each node has that stores the unconfirmed transactions until they are added to the blockchain by a miner.

  2. That the amount of transactions in the mempool increases and there are longer transaction times

  3. The fees get larger the bigger the mempool is. It gets deminished every 10 minutes as a new block is added to the blockchain.

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