Homework on Mempool - Questions

Blockchain and Bitcoin 101
#283

  1. The mempool is a pool of unconfirmed transactions that are pending to go onto the next mined block. They are stored in the memory of different miners and validators.

  2. If the miners can’t keep up with the rate of new transactions, the backlog builds up in the mempool. Transactions take longer to confirm.

  3. The more transactions are in the mempool, the higher the transaction fees required for the transaction to be added to the next block.

1 Like
#284

  1. The mempool is a list of unconfirmed transactions that make sense that each node has.

  2. When the miners can’t keep up with the rate of new transactions, the mempool will get bigger and they will select the transactions with higher fees to mine first.

  3. A growing mempool will make it to where people put higher fees to get their transactions mined faster, which will cause transactions to need higher fees for the transaction to be mined.

1 Like
#285

  1. The mempool is the collection of unconfirmed transaction on the network.

  2. The mempool increases, which will also increase transaction time.

  3. A larger mempool increases the competition and therefore also decreases the chances for a transaction to be included in the next block. To increase the chance of a transaction making it into the next block, one has to increase the fee, as miners are incentivized to process transactions with higher fees.

1 Like
#286
  1. Is a place where unconfirmed transactions are store temporarily.
  2. The mempool grows.
  3. It increases them.
1 Like
#287

  1. Mempool is where the nodes and miners store there unconfirmed transactions. Until they will be confirmed.

  2. It will take longer time to do the transactions and it will pend.

  3. The fees can be higher and it will take more time for the transaction.

#288

What is the mempool?
The mempool a collection of valid but as of yet unconfirmed transactions.

What happens if the miners can’t keep up with the rate of the new transaction?
The mempool will keep on growing until they catch up or very old transactions start to get discarded.

How does a growing mempool effect transaction fees?
Since the chance of being included in any given block when the mempool is large is determined by how large the fee the transaction has included for the miners, the natural course means that transaction fees will start to increase as newly created transactions try to jump the queue in order to be included.

#289

A pool/list of all unconfirmed transactions waiting to get confirmed.

The Mempool will grow with unconfirmed TX’s

TX-fees rises. The person that pays the higher fee will have their transaction picked and processed by the miners first because they are incentivised to earn as much as possible.

2 Likes
#290
  1. Mempool is a list of unconfirmed transactions waiting to be entered into the next block

2.The mempool grows and transaction times get longer.

  1. Miners pick transactions with the highest fees first. As the mempool grows, competition to be included in the next block goes up. Transaction fees then go up.
2 Likes
#291

  1. The mempool is where unconfirmed transactions are stored. Each node stores all unconfirmed transactions that it is aware of.

  2. The mempool size will increase.

  3. Fees tends to increase as there is more competition to get transactions into the next block.

1 Like
#292

  1. When you want to send an amount, your wallet creates a transaction, whereby your private key proves that you have the right to spend the UTXOs. That transaction is sent to the nodes of the Bitcoin network.
    Your transaction is currently in the mempool together with other transactions, a kind of waiting area to be included in the next block by the miners.

  2. if the miners cannot process all transactions because the mempools are full, the waiting time of a transaction will be longer unless you want to pay more fee to be at the front of the queue

  3. If many people want to send bitcoins at the same time, they will have to pay higher transaction fees to get their transaction up front in the queue.

1 Like
#293

Answer:

  1. Mempool is a data set of all unconfirmed transactions which are waiting for the miner to add them to the next block.
  2. The size of the mempool increases. Transactions that have lower fees are left out until all the other transactions with higher fees are added to the blockchain.
  3. Fees are increasing with the increase of the mempool.
1 Like
#294

I just came across this great new visualising tool for Mempool learning . .
Scroll down for more details, click on a TX block etc . .
More features coming soon apparently.

https://www.mempool.live/

2 Likes
#295
  1. Mempool are unconfirmed transactions
  2. Confirmation time increases and the cost of the transaction increases
  3. Cost increases (fees)
1 Like
#296

  1. A Mempool is the “space” in your Wallet and/or a Node that holds your UTXO’s that are not yet confirmed by a Miner

  2. Mempools with low transaction fees will grow and push users to increase their transaction fees to give minors more incentive to confirm the transaction. Which sounds a bit like centralization to me but eyy I’ll learn more before I start making assumptions like that

  3. Growing mempools means minors have no incentive to process the transactions which push the users to raise fees

#297

  1. Unconfirmed blocks with each block having unconfirmed transactions within them.

  2. The mempool increases in size.

  3. The fee will increase in hopes that their transaction will be chosen from the mempool.

#298

1.Place where are stored all unconfirmed transactions
2.Mempool size is growing
3.Growing mempool effects on the price of the fees -miner will take first transaction with biger fees.

1 Like
#299

I have this on mynode on raspberry pi as well.

Screenshot_20200320-202625_Twitter
Screenshot_20200320-202625_Twitter1048×1280 291 KB

COOL feature!

Or no, it’s Http://mempool.Space (using your node) seems different

Screenshot_20200320-203434_Brave
Screenshot_20200320-203434_Brave1080×2400 579 KB

1 Like
#300

It holds unconfirmed transactions, not utxo’s. Your utxo’s ar inputs in that transaction that gets changed ownership

#301

Unconfirmed transactions are not yet in a block, but waiting to get included in a block by a successful miner

1 Like
#302
  1. The mempool is a memory pool with all transactions that are confirmed but not yet included in a block on the blockchain.
  2. The mempool increases and transactions take more time to appear on the blockchain.
  3. It takes more time for low fee transactions to appear on the blockchain, thus promoting higher fees.