Homework on Mempool - Questions

Blockchain and Bitcoin 101
#263
  1. The mempool is a temporary ‘holdingspace’ within each node where UTXO’s are being broadcasted to the network, but not being accepted und put into a block yet by the miner.
  2. If the miners can’t keep up with the rate of the new transaction, the mempool of the nodes will increase in size. As a consequence a miner will pick those transactions on the blockchain which generate the highest fees. Therefore th lower fee transactions will take longer to be put on the blockchain. Probably the average fee will increase in such a situation.
  3. By a growing mempool, transaction fees will increase (as stated above).
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#264

[quote=“ivan, post:1, topic:8438”]
Homework on Mempool - Questions

  1. What is the mempool?

The mempool is a list of all the unconfirmed transactions that are waiting to to be mined into the next block

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

The transaction times will increase and confirmations will get delayed also fees could increase.

  1. How does a growing mempool effect transaction fees?

Transaction fees increase as the miners will gravitate towards the transactions with the higher fees and then come back to the lower fee transactions at a later time to maximize profits

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#265

  1. What is the mempool?
    The mempool is where the transfers are before they are picked up by the miners to be registered in the next block

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows and the transfer times increase.

  3. How does a growing mempool effect transaction fees?
    It has an effect on transaction fees because miners give priority to higher fees, thus increasing the recent average. Wallets automatically check recent fee averages in order to that orders do not stay in the mempool forever, these cycles make fees transactions more expensive.

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#266

  1. A list of unconfirmed transactions sorted by the size of their fee.

  2. Unconfirmed transactions will increase.

  3. The transaction fee that is automatically decided will increase.

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#267

[quote=“ivan, post:1, topic:8438”]

  1. What is the mempool?
  2. What happens if the miners can’t keep up with the rate of the new transaction?
  3. How does a growing mempool effect transaction fees?
  1. Mempool is data of unconfirmed transactions collected together by all nodes at their local server to validate before they are mined.
  2. If the miners can’t keep up with the rate of new transaction then the blockchain will have a scaling problem and network will slows down to recover.
  3. It will effect transaction fees in a big way due to space on the network to host all transactions. But it can alleviate through constructing simpler transaction instead of too many small inputs and outputs ,especially the fees are based on not how large the transaction is but how much sats/bytes or hard drive being used and of course the miners choose to mine transactions with high fees first.
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#268

  1. The mempool is the list of all unconfirmed transactions sent to the blockchain.

  2. If the miners can’t keep up with the rate of new transactions then the time to confirm a transaction will increase, possibly avoidable by increasing the transaction fee.

  3. Miners are likely to select transactions with the highest fees from the mempool, so the cost of sending a transaction is likely to increase as the mempool grows.

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#269

  1. Mempool is pool of all unconfirmed transactions.

  2. Miners incentive to pick transactions and add it to the blockchain are transactions fee. If there are more transactions than can be managed the fee will increase in order to validate the trasaction and put it to the blockchain. It will tke longer time to get a transaction valid and put to the blockchain.

  3. Transaction fees will increase.

#270
  1. A datastructure that each node has of validated, but unconfirmed txs and their allocated fee (sats/byte)
  2. Miners will choose the txs with the highest allocated fees to form the block first. It creates a fee market essentially, creating more demand as well for miners.
  3. The growing mempool will force tx fees to raise as only the highest fee’d txs will actually be chosen by miners. Thus simultaneously creating more demand for miners. So long as this demand is filled, the fees will naturally level out or reduce.
#271

The mempool is where unconfirmed transactions wait for a miner to add them to a block. It’s kind of a backlog. If miners cannot keep up with the rate or new transactions the backlog in the mempool grows resulting in longer confirmation times and the need to pay higher fees To incentivize a miner to put your transaction into the next block if you want a quick confirmation. If you look at the mempool and see that certain times of back all backlogged transactions are getting clearer into blocks and you have time to wait for a transaction to confirm you can put the fees low.

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#272
  1. A Mempool is like a reservoir of all unconfirmed transactions awaiting confirmation. This is where the transactions sit waiting for the miners to add to the blockchain.
  2. If miners can’t keep up with the transactions then the backlog build and this means the Mempool grows larger.
  3. In order to move to the “front of the line” and have one’s transaction confirmed faster than others, one would have to offer miners [who are financially incentivized] a larger transaction fee.
#273
  1. The mempool is an area in each node where unconfirmed transactions are held.
  2. Then the number of transactions in the mempool increases and transactions’ confirmation will be longer.
  3. Transaction fees increase if the mempool grows due to the fact that miners are incentivized to mine the transactions with higher fees first.
#274
  1. What is the mempool?
  • Database that stores unconfirmed TX
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • Mempool will grow, longer transaction times
  1. How does a growing mempool effect transaction fees?
  • The fees goes up to attract more miners
#275

1- Collection of unconfirmed transactions

2- Tx speed decreases

3- They would go up

#276
  1. The Mempool is a data structure held by nodes that has a list of unconfirmed transactions waiting to be picked up by miners.
  2. If miners can’t keep up, then there is a backlog of transactions sitting in the mempool waiting for miners to add them to the next block.
  3. A growing mempool would force users to increase their transaction fees further over time with hopes that the transaction won’t sit in the mempool long and a miner will pick it up and add it to the next block.
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#277

What is the mempool?
The mempool is this database structure with unconfirmed transaction which each node has

What happens if the miners can’t keep up with the rate of the new transaction?
It get crowded, there are may unconfirmed transaction and the fees will probably rise.

How does a growing mempool effect transaction fees?
Increasing transaction fees

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#278
  1. List of unconfirmed transactions
  2. Mempol saturates and txs take more time to get confirmed
  3. It makes txs slower, especially those with lower fees
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#279
  1. the Mempool is a list of uncongirmed transactions.
  2. the Mempool gets bigger and the Fees increase.
  3. the Miner will first take the transaction with the biggest fee (he wants to make money). So to get your transaction before other you have to increasethe Fee. That would mean that the growing Mempool will increase the Fee.
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#280
  1. All unconfirmed transactions
  2. Some transactions will be delayed and fees may increase
  3. Because they are more competition to have processed/approved by miners
#281

  1. What is the mempool?
    Mempools are a collection of all Unconfirmed Transaction + their respective Transaction Fees). Nodes receive transactions independently of each other, they each validate the transaction, put in their mempool and broadcast the transaction to another node. This process repeats itself until all nodes have an identical list of all transaction at a given interval. The transactions remain in the mempool until a Miner puts in their work and selects which transactions will be added to the Blockchain in the next Block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners cannot keep up with the rate they are even more selective of which transactions they approve first for the next block. The remaining transaction will remain in the mempool until a new block will be formed. This will create a backlog, an excessive amount of transaction yet to be added to the Blockchain.

  3. How does a growing mempool effect transaction fees?
    A growing mempool creates more competition for miners to choose between the most profitable transaction first. The transaction fees go up per transaction because if people want their transaction confirmed they need to pay a higher fee.

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#282

  1. Each node has a list of unconfirmed transactions. That list is called mempool.

  2. Mempool gets larger.

  3. Fees are larger. Transactions with higher fees are prioritized.

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