Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2750

  1. mempool is a group of valid unconfirmed transactions on specific node.

  2. If miner cannot keep up with the rat of the new transactions, he will ask for the latest mempool from any neighboring node.

  3. With growing mempool, transaction fees are getting higher. Simply demand for verification is getting higher then supply.

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#2751
  1. The mempool is a graph of all unconfirmed transactions, the amount of fees attached to each one, and the time that it is taking to process them.
  2. A backlog of transactions not confirmed happens. Transactions with higher fees get processed first and transactions with lower fees get confirmed last or not confirmed at all.
    3)A growing mempool causes transaction fees to get more expensive.
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#2752

Transactions will propagate to the miner either way, why would it want to make things more difficult if its already full of unconfirmed transactions? :stuck_out_tongue:

#2753

1.This is where the records of transactions which are unconfirmed are held by the nodes.

  1. & 3.So the miners can’t make blocks fast enough from what they are taking from mempools?
    Then the mempool list would grow and the transaction times would increase. If process times increased then the demand for faster transaction would be at a premium, fees would have to rise and miners would make higher fees a priority.
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#2754
  1. A mempool is a list of stored unconfirmed transactions by a node / miner
  2. The mempool increases and also time for transaction increases
  3. The fees to get your transaction confirmed increases.
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#2755

Well, I can imagine a node that does not want to waste resources on making memopool all the time, but only to ask for one once he wins the hash search. In another scenario, I presume miner will just discard the transactions he cannot cope with and use what ever he has, or wait a bit to fill in the block.

#2756
  1. The Mempool is a collection of unconfirmed transactions that have yet to enter the blockchain.
  2. Then delays to the transaction will take place as the mempool grows in size.
  3. Increase to transaction fees.
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#2757

What is the mempool?
Its a list of all transactions which are not stored meansstill pending

  • What happens if the miners can’t keep up with the rate of the new transaction?
    If a miner finds the fee or incentive less they may keep the transaction in mempool longer.
  • How does a growing mempool effect transaction fees?
    Miners gets incentives,larger the transactionbetter the incentives and fee will be larger also.
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#2758

Each node has its own mempool where it stores transactions that propagated to the node if they are valid according to its rules.
There are limits to this rule but are more practical than theoretical and are not baked into the protocol but are more part of the implementation. Bitcoin core for example has rules set that it begins to remove cheaper transaction once the size of the mempool grows to 300 MB and also removes transactions that are older than 14 days. These are the default values that the node runner can change if one so wants. :slight_smile:

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#2759

Homework on Mempool - Questions

1. What is the mempool?
The mempool is basically the node’s holding area for all the pending transactions.

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 rate of the new transaction there will be a ‘traffic jam’ and the mempool will grow.

3. How does a growing mempool effect transaction fees?
Once the mempool reaches full capacity, the node starts prioritizing transactions by setting up a minimal transaction fee treshold. Transactions with a fee rate lower than the treshold are immediately removed from the mempool. Only transactions with high enough fee rate can now enter the mempool.

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#2760
  1. What is the mempool?

Mempool or memory pool is basically a data structure that stores a collection of valid unconfirmed transactions together with a transaction fee waiting to be confirmed and append to the blockchain.

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

The list of unconfirmed transactions will increase leading to a longer confirmation time. So is the increased in storage spaces with mempool size becoming larger and a higher transaction fee.

  1. How does a growing mempool effect transaction fee?

With a growing mempool, in order to get miners to pick and add onto the blockchain in the soonest, the priority of a higher transaction fee will be offered for miners to compete and incentivise them to pick up the transaction that have the highest fee.

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#2761
  1. What is the mempool?
    its a list that every node keeps for all the utxo before they end up in a block in a blockchain
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the mempool gets bigger as the miners are prioritising the higher fees transactions first
  3. How does a growing mempool effect transaction fees?
    Transaction fees are getting higher
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#2762
  1. It is the place where unconfirmed transactions wait for a miner to add them to the blockchain.
  2. The mempool grows.
  3. With a bigger mempool comes longer confirmation time. Or more expensive fees to get quicker confirmations.
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#2763

a) A mempol is a collection of unconfirmed transactions stored in a node

a) If miners cant keep up with new transactions, the unconfirmed transaction stored within the nodes would begin to grow

a) A growing mempol affects transaction fees by allowing miners to become more selective. The transactions with lower fees would take longer to be added to the block. Higher transaction fees would have priority since miners are financially incentivized

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#2764

1 list of transactions waiting to be put in a block
2 longer transaction times
3 fees go up

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#2765

  1. Menpool is a data structure that each node has and will consist of all validated transactions that make sense to that particular node that are unconfirmed.

  2. The list of unconfirmed transactions in the Mempool will grow and get bigger.

  3. With growing menpool, transaction fees can go up as there will be more people paying more to be included in the next block. Higher the fee, the greater the chance that your transaction will be included in the next block.

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#2766
  1. What is the mempool?
    The mempool stores all of the transactions that haven’t been added to the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool starts getting bigger and it takes longer for transactions to get confirmed.
  3. How does a growing mempool effect transaction fees?
    Wallets will see transactions with high fees taking longer to be confirmed, so they will suggest even higher fees.
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#2767
  1. Mempool is where unconfirmed transactions are kept for a miner to use to add to the blockchain.
  2. The mempool will grow larger and the transaction times will increase.
  3. Miners are incentivized to collect the TX with the largest fees when adding to the block as the fees go to the miner. TX fees increase in order to be considered when the Miner is adding to the block.
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#2768

1.a waiting area for transaction before confirmation.
2.the traffic will increase in mempool.
3.it will increase the transaction fees.

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#2769

  1. The mempool is a data structure that lists all unconfirmed transactions. Each full node holds a copy of the mempool.

  2. If the rate of new transactions is high, and miners can’t keep up with it, then respectively, the mempool will get bigger.

  3. When the mempool is getting bigger it will most probably result in higher fees.

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