Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2690

  1. A mempool is storage for new unconfirmed transactions within a node. The list of unconfirmed transactions is shared throughout all nodes and the fees associated.

  2. The mempool will increase in size and thus the transactions with the highest fees (sat/B) will be selected for processing first.

  3. With a growing mempool (demand for a transaction), miners will select the highst bidder for processing.

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#2691

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool holds the unconfirmed transactions awaiting for inclusion into a block

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

  3. How does a growing mempool effect transaction fees?
    miners will select which transactions to include in the next block based upon the fees (highest fees usually selected first) therefore as the mempool increases in size, it will become more expensive to have your transaction included in the next block

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#2692
  1. When a transaction created it get saved in a mempool till a miner add it to a block
  2. Mempools grow
  3. Bigger fees to encourage the miner to finish the transaction faster
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#2693

  1. Mempool stands for memory pool. It contain all the unconfirm transaction that is waiting to be put into a block and added to the blockchain.

  2. The mempool will keep growing until a miner figure out the next block. Transaction that is confirm and is add to the next block will then be remove from the mempool of every node.

  3. More transaction sitting in the mempool will create fees to go up because miner are incentivize to go after transaction with the higher fee. And your wallet when creating a transaction will look into the blockchain to determine what fee amount make sense to get your transaction into the blockchain.

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#2694

What is the Mempool?

Its a waiting room for the miners Transaction verification that get amalgamated to also show the Mempool overall!

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

the Mempool grows and lower value transaction wait longer if the miners can’t keep up with the rate of the new transactions

How does a growing Mempool effect transaction fees?

a positive correlation for fees with growing transaction Bytes size (complexity) and Mempool Size (waiting list)!

As Mempool increase(s) and a transaction complexity goes up, Fees increase;
Also, as the # transactions in the Mempool (waiting room) grow, the time delay grows to validate lower fee transactions(s).
Not FIFO or LIFO but fee size is the primary cadence that determines which transaction in the Mempool with be validated first.

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#2695

  1. What is the mempool?
    list of unconfirmed transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool grows larger and thus longer transaction times

  3. How does a growing mempool effect transaction fees?
    Transaction fees grow larger

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#2696

  1. The mempool is a list of unconfirmed transactions on a node.

  2. The transactions are generally prioritized by the highest fees since that is what rewards the miners for processing them.

  3. The price of the transaction is determined by it’s Satoshi/Byte ratio. The more space your transaction takes up, the higher your fee will be since there is a limited amount of transactions that can be processed per block.

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#2697

1. What is the mempool?
list of unconfirmed transactions
2. What happens if the miners can’t keep up with the rate of the new transaction?
longer transaction times from the mempool building up
3. How does a growing mempool effect transaction fees?
the bigger the fee you pay the faster those transactions will be verified

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#2698
  1. What is the mempool?
  • A Mempool is a temporary holding area where all unconfirmed transactions are added, it might be possible that two different nodes may have slightly different mempool (No of transactions). In general, transactions are broadcasted to all nodes but there could be latency in receiving transaction in memory pool and hence the mempool might look slightly different if compared to another nodes.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • Since a block can only fit-in limited number of Tx, it will give the priority to higher fee transactions and rest of the transaction will still be in the mempool to be added in the subsequent blocks. Confirmed transactions will be removed from mempool once the block is confirmed.
  1. How does a growing mempool effect transaction fees?
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#2699

What happened with the last question? :stuck_out_tongue:

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#2700

1 mempool stores pending transactions

2The mempool grows in size

3 The transaction fees go up

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#2701

  1. A mempool consists of all the transactions that are unconfirmed and make sense to a particular node.

  2. The mempool becomes bigger to accommodate the increased unconfirmed transactions until they are mined.

  3. Transactions fees may increase; and they will be processed quicker by miners who are incentivised by the higher fees they can earn.

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#2702

Mempool Answers.

  1. The Mempool is a data structure within each node, consisting of unconfirmed tx that the node(s) agree to be following protocol (sufficient…coin eh?). Here valid unconfirmed transaction wait to be put into a block and appended to the blockchain.

  2. Since the Mempool consists of all tx that follow protocol if the miners are not able to keep up with the rate of new tx this will cause the Mempool to grow in size.

3.A growing Mempool will raise fees.

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#2703

  1. The mempool is the storage space of unconfirmed transactions on the network.

  2. If the minerscan’t keep up with the rate of the new transaction the size of the stored transactions on the mempool will grow.

  3. A growing mempool will drive transaction fees higher due to increased competition to confirm transactions.

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#2704

1- The mempool is the pool of all verified but unconfirmed transactions in a node.

2 - If miners cannot keep up with the rate of transactions it slows down the network resulting in long wait times for transaction confirmations. Miners care about satoshi’s per byte hence they will choose those transactions that have the highest fee’s. All other transactions will be left in the mempool until the next block is mined. If the mempool reaches its full capacity. Than the nodes will set up a minimal transaction fee threshold and all transactions with a fee rate lower than threshold are removed. Than only transactions that meet the fee-rate can access the mempool.

3 - As the mempool grows in size thresholds are put into place to discourage transactions. These fee-rate threshold will block and remove transactions that do not have sufficient sized fees. Thus clearing up space. Therefore growing mempool results in higher transaction fees.

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#2705
  1. mempool is a list of all currently unconfirmed transactions, waiting to be picked up by a miner
  2. it will take longer for the transaction to complete
  3. transaction fees might get higher and the transaction with the highest fee will be prioritzed
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#2706
  1. A mempool is storage for nodes to add unconfirmed transactions.
  2. Fees go up to hopefully lower the rate of new transactions.
  3. The later you join the mempool the higher your fee will be as you are competing with other unconfirmed transactions to get chosen by a miner.
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#2707
  1. Mempool is where transactions are temporarily stored before being picked up for miner verification and added to next block.
    2.The mempool grows and transaction times increase.
  2. The transaction fees increase.
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#2708

1- Unconfirmed transactions waiting for the miners.
2- The confirmation of the transaction can take very long.
3- The miners work on the transactions with higher fee, therefore a transaction with huge bites and low fee will take longer.

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#2709

Homework on Mempool – Lesson 11 – Questions

  1. What is the mempool?
    The mempool is a register of unconfirmed bitcoin transactions and each node has its own copy.

The mempool gets updated through consensus between the nodes before it gets picked up by the miner to be put in a block to be appended to the blockchain. Once appended the mempool will diminish in size because the unconfirmed transactions are now confirmed, taken out of the mempools, and put on the blockchain.

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

The number of unconfirmed transactions in the mempool will grow resulting in a delay of transaction confirmations on the blockchain and an increase in the fees for the miners.

  1. How does a growing mempool effect transaction fees?

A growing mempool will result in higher transaction fees for the miners because people have to pay higher fees to get their transactions expedited onto the blockchain as confirmed transactions.

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