Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2850

  1. What is the mempool? The mempool is where all the unverified transactions are stored on each node for the blockchain.

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

  3. How does a growing mempool effect transaction fees? Transaction fee increase creating an incentive for more miners to join.

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#2851

I´m also agree with Cathy =)

#2852

Homework on Mempool - Questions

  1. What is the mempool?
    memphool is a database of unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    memphool wil grow in size

  3. How does a growing mempool effect transaction fees?
    higher tx fee

1 Like
#2853

Thank you for the feedback, @Alko89!

#2854

Homework on Mempool - Questions

  1. What is the mempool?

The mempool is the node’s holding area for all the pending transactions. It is the node’s collection of all the unconfirmed transactions it has already seen enabling it to decide whether or not to relay a new transaction.

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

Bitcoin blocks are taking longer to be produced.

Bitcoin transactions are waiting to get onto the blockchain, and are building up in its mempool.

  1. How does a growing mempool effect transaction fees?

Transaction fees will rise.

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#2855

  1. Mempool is unconfirmed transactions that are stored/pending until a miner picks them u to add to the next block.

  2. Mempool grows larger and the transaction times increase.

  3. People will have to pay more for the transaction process.

1 Like
#2856

Why not answer in your own words? :wink:

#2857

  1. Mempool is a database where all unconfirmed transactions are kept.

  2. The mempool increases and perhaps transactions will take longer to complete

  3. A growing mempool could create more expensive transactions fees to quicken transaction times.

1 Like
#2858

  1. What is the mempool?
    A datastructure of unconfirmed transactions. Each node has its own version of the mempool, and adds the new unconfirmed transactions into it.

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

  3. How does a growing mempool effect transaction fees?
    Transaction fees will become higher, because many transactions are competing, and miners will take the transactions with the largest fees.

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#2859

Mempool is the list of unconfirmed transactions
The mempool will grow

Transaction fees will rise

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#2860
  1. What is the mempool?

Mempool is a website that shows miners how many uncorfirmed transactions there is. It also show you how much the transaction fees are.

  1. What happens if the miners can’t keep up with the rate of the new transaction?
    Additional miners will needed to be added to the network. The incentive will also grow to attract more miners.

  2. How does a growing mempool effect transaction fees?
    Transaction fees will grow significantly to encourage miners to process transactions and also to attract more miners.

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#2861

Because I´m a native spanish speacker and I don´t have all the vocabulary developed to make an elaborated answer =/

Please, tell me if I wrote something wrong in this lines, it would be helpful for me =)

Thanks

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#2862

There is nothing wrong with it, but we encourage students to answer in their own words to solidify their knowledge :slight_smile:

1 Like
#2863

I took your advice and wrote one recently =)

Thanks =)

#2864

  1. mempool is where all the transactions, which have been approved by the nodes, go, as they await processing by the miners.

  2. the mempool grows faster than can be mined

  3. the fees go up

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#2865

  1. The mempool is the data structure that each node has. It will decrease within 10 min intervals.

  2. the number of unconfirmed transactions will increase in the mempool

  3. as the mempool grows , it increases the amount of transaction fees , those high transaction fees will be more preferred by miner because they receive the biggest payout.

2 Likes
#2866
  1. What is the mempool?
    Record of unconfirmed transactions call the mempool
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mempool grows
  3. How does a growing mempool effect transaction fees?
    people will have pay more to get their transaction processed. Miners can choose to mine transactions with more fees as first.
1 Like
#2867

  1. Is a list of uncomfiremed transactions. All nodes have the same mempool.

  2. Mempool becomes bigger.

  3. Fees becomes bigger.

1 Like
#2868
  1. What is the mempool?

A mempool is where unconfirmed transactions are stored on nodes in the form of a list. Once this transaction has been validated, it then goes onto the node’s list until it is picked up by a miner to write this list onto the blockchain.

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

The size of the mempool increases which means that the transactions will take longer to add to the blockchain.

  1. How does a growing mempool effect transaction fees?

The transaction fees will increase with a growing mempool.

1 Like
#2869
  1. The mempool is the list of unconfirmed TX’s
  2. The mempool gets larger
  3. TX fees will grow with a larger mempool as TX’s attempt to get priority
2 Likes