Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2970

  1. The mempool is a data set that each node possesses. It stores transactions that exist in a type of purgatory, meaning that the mempool stores valid transactions that follow protocol but have not yet been appended to the blockchain.

  2. The transference of currency is delayed since the transaction is only confirmed once it has been placed onto the blockchain.

  3. A large mempool means that transaction fees rise. Larger transactions, which are considered big not because of the values exchanged but due to how many sat/B’s they take to process, will be prioritised over simpler transactions that contain few inputs and outputs because the former allows the attainment of higher fees. If a user wishes for an expedient process they will need to play on the financial incentive of the miner.

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#2971

A large transaction is a transaction that is more complex and thus requires more B (bytes) to store, miners pick tx based on the sat/B ratio. The less complex tx with a fee will be prioritized over a more complex tx with the same fee because it will have a higher ratio so miners will earn more for for the given block space. :slight_smile:

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#2972
  • What is the mempool?
  • What happens if the miners can’t keep up with the rate of the new transaction?
  • How does a growing mempool effect transaction fees?
  1. Mempool is the list of unconfirmed transactions
  2. The Mempool will keep growing
  3. The Fees will go up and the highest paying fee transactions will get added first to the next created block
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#2973

  1. Mempool is a list of all the unconfirmed transaction spread to all nodes.
    A wallet sign a transaction and send it to the nodes, which verify the transaction to fit into the mempool. Now transaction waiting to be picked by the miners. The miner choose the higher fee transaction to put in the next block, beacause he want ensure the best return for minting the new block.

  2. The mempool grow in size due to fit more transaction inside when it comes. More the mempool grow and more are the transactions to be picked by miners, maybe this take longer times.
    But there are no query in the mempool, miners can choose the transaction to fit in the next block. So the only parameter used by the miners is Satoshi per Byte, because they want to create a new block with maximum ratio for repayment and occupied slot.

  3. When the mempool is growig transaction fee maybe growing in order to get taken first, it is like any other market, when ask grow and we have same bid.

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#2974

  1. What is the mempool?
    A mempool is a list that everynode has. In this list are all unconfirmed transaction which broadcast and propagated through the network.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions will be added to the others unconfirmed transactions on the mempool.

  3. How does a growing mempool effect transaction fees?
    The miners will pick the transactions with the highest fee to validate to the next block, since they are incentivized by fees.

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#2975
  1. The mempool is all of the unconfirmed transactions. It’s a collection of the transactions waiting to be confirmed by the miners.
  2. If miners can’t keep up with the rate of new transactions, processing times will increase and so will fees.
  3. Fees are proportional to the size of the mempool. A growing mempool means growing fees.
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#2976
  1. a place where unconfirmed transactions are stored.
  2. mempool grows larger and longer transaction times
  3. the fees will get more expensive
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#2977

  1. Space where a node operator keeps a transaction while it waits for approval from a miner to be put into a block.

  2. The size of the mempool grows while waiting for miners to act.

  3. It increases transaction fees to entice miners to act.

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#2978

  1. It is a database where txns are waiting to be put into a block

  2. The mempool will get bigger and more transactions will be pending

  3. It will increase txn fees

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#2979

  1. What is the mempool?
    All of the unconfirmed transactions on the blockchain with their associated fees. Miners will use the mempool to find their next block to mine.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow and there will be a backlog of unconfirmed transactions. This may lead to slower transaction times / delays in confirmation.

  3. How does a growing mempool effect transaction fees?
    Miners will choose the transactions with the highest fees so this will push up the overall fees in order for users to get their BTC confirmed.

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#2980

1 The Mempool is the space where unconfirmed transactions waiting to be confirmed by the miners.
2 The Mempool grows.
3 Higher fees comes first.

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#2981
  1. Where unconfirmed tx are placed.
  2. The number of unconfirmed tx will grow.
  3. The fee will increase because the miners will prioritize the higher fees.
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#2982

  1. We can think of the mempool as a list of all the transaction which have been accepted by the nodes because they all noticed there was nothing wrong but are still waiting to be confirmed and picked up by the miners.

  2. The mempool becomes busier and grows creating longer waiting times and higher fees.

  3. When a mempool grows in size, since miners will pick up transactions with higher fees, all fees will increase.

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#2983
  1. A mempool is a list of unconfirmed transactions that each node holds until picked up by a miner to be confirmed.
  2. Then the mempool list would be longer and only the highest fee transactions would be targeted thus slowing down the rate in which transactions are confirmed onto the blockchain.
  3. It causes transaction fees to rise because miners are incentivized to make money and only target the highest fee transactions.
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#2984

1: The mempool holds all unconfirmed transactions and shows the fee structure being paid for block inclusion

2: They are held in the mempool and inclusion is prioritised by who is paying the highest fees

3: Fees are raised in order to gain fast inclusion in a block if speed is required

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#2985

1.it is list of validated transaction who need to be confirm by the miners
2. it get saturated and the speed get decrease
3 Fees go high

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#2986

  1. a mempool is a list of all unconfirmed transactions . Placed there by nodes, as long as the transaction makes sense

  2. transaction times will increase for new transactions.

  3. the miners will choose the transactions with the higher fees.

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#2987

  1. What is the mempool?
    The mempool stores unconfirmed transactions.

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

The mempool will grow thus leading to longer transaction times.

  1. How does a growing mempool effect transaction fees?
    Transaction fees will increase with larger mempools. Transactions that have higher fees will be taken by miners.
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#2988
  1. What is the mempool?
    It is a list on the nodes that holds unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows and transactions will take longer to be confirmed.
  3. How does a growing mempool effect transaction fees?
    The higher fees will be processed first. So. lower fees will stack up.
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#2989

  1. A place that stores utxo and where miners pick them up and place them into the blockchain.

  2. The transaction time will increase and so will the amount of UTXO in the mempool.

  3. The transaction fees will go up du to the fact that of the competition that will arise to get your transaction into the blockchain. People will be more willing to pay higher fees to increase the speed of the transaction.

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