Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3031
  1. It is the collection of all transactions that have been validated by the nodes, but not yet confirmed by the miners
  2. The mempool fills up
  3. It will increase the transaction fees
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#3032

  1. Mempool is a queue of transaction that is waiting to be validated by the miners.

  2. Mempool will grow and the transaction will take longer time to be verified and that’s why miners are extremely important.

  3. The transaction that has the highest fee will be the priority of the miners to verified.

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#3033

1. What is the mempool?

“mempool” is an abbreviation of memory and pool. It represents the amount of pending validated transactions that have to be processed into a block.

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

The surplus of transactions are put in the mempool of the network. All transactions are broadcasted actively but those who can’t be processed are instead appended to the mempool and synchronized so the network as a whole is aware of the mempool.

3. How does a growing mempool effect transaction fees?
Since the processing of the mempool is done by miners and they are incentivized by the fees of the transactions, those with a higher fee will be processed more quickly than others. This means that there is a relation between the amount of transactions on the network and the height of the fees. It is still possible to pay a small fee even when the mempool is growing, but that will most probably result in a long processing time for that certain transaction.

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#3034
  1. A list of unconfirmed transactions from which a miner can choose the highest paying fees transactions to put on the blockchain.
  2. The list of unconfirmed transactions builds up in the mempool and fees go up as well so that more miners will be interested in adding the transactions from the mempool to the blockchain and thus keeping the blockchain running.
  3. the number of mempool transactions directly and proportionally affect transaction fees.
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#3035
  1. Mempool is where unconfirmed transactions are stored while waiting to be included into a block in the blockchain.
  2. If miners can’t keep up the mempool gets overcrowded and this slows down the validation process.
  3. If the mempool is full, transactions with fees that are too low may be rejected. To prevent being rejected higher transaction fees are needed within transactions when the mempool is overcrowded.
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#3036
  1. Mempool is the “collector place” for unconfirmed but valid transactions
  2. The miners would pick the transactions with the highest transaction fee to fill the next block.
  3. Growing mempool drives the requirement of higher transaction fees in order to ensure getting into the next block.
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#3037

What is the mempool?
Mempool is a Data structure on each Node that listed the unconfirmed transactions before a Miner confirms it

What happens if the miners can’t keep up with the rate of the new transaction?
Miners will construct a block with the highest fees transactions, since that means they get the highest reward.

How does a growing mempool effect transaction fees?
the more transactions are waiting in the mempool, the higher fees will be on the network

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#3038

  1. What is the mempool?
    The mempool is where unconfirmed transactions (those not added to a block yet) are stored.

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

  3. How does a growing mempool effect transaction fees?
    Market forces will probably drive transaction fees up because there will be competition to have transactions processed quickly.

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#3039
  1. What is the mempool? Holds unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction? This will create a backlog
  3. How does a growing mempool effect transaction fees? Fee increase
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#3040

-The mempool is the “pool” of all transactions waiting to be confirmed by the bitcoin network.
-If miners can’t keep up with the rate of the new transactions, then they begin to prioritize transactions with higher fees first. After about 10 minutes all the transactions that were confirmed on the blockchain for that particular block are are cleared out of the mempool.
-A growing mempool effects transaction fees because wallets begin to recommend higher fees based on higher network activity.

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#3041
  1. A mempool is a database within each nodes that contains all transactions that have not been confirmed by a miner.
  2. If miners cannot keep up with the rate of new transactions, the transactions with the highest fees (sat/B) will be prioritized.
  3. A growing mempool causes fees to increase to incentivize miners.
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#3042

So the mempool is strictly UTXO’s which have been used as inputs and are waiting for confirmation?

#3043

Mempool is a list of unconfirmed transactions. UTXOs are just part of a transaction.

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#3044
  1. What is the mempool?

A mempool is a list of unconfirmed transactions stored on the various nodes within the blockchain network

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

The mempool will get larger and it will take longer to complete unconfirmed transactions

  1. How does a growing mempool effect transaction fees?

It will get more expensive to have you transaction completed in a timely manner as tx with higher fees get attended to first

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#3045
  1. Mempool is a temporary storage of unprocessed transactions|.
  2. There is be a long queue, and so transactions with lower fees get pushed into the succeeding blocks.
  3. This jacks up the transaction fee because miners do not pick up transactions on a first in first out basis. It is kind of an auction. The transaction with higher fees are those the go through first.
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#3046
  1. Mempool is a list of the verified but non-confirmed transaction. All nodes have a copy of that list which is not always the same maybe because some node haven’t received the same information yet.
  2. The mempool grow so the time of transaction will grow.
  3. A growing mempool will increase the fees.
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#3047

A chart that describes how many transactions unconfirmed and the fees

Back logged transactions

Makes Gas fees go up

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#3048
  1. What is the mempool?

The Mempool is where all of the unconfirmed transactions are held until they are put inot the block by the miners.

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

The backlog of the Mempool builds up.

  1. How does a growing mempool effect transaction fees?

The more transactions there are in the mempool, the higher the fees will be. Miners pick the transactions with the largest fees.

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#3049
  1. The mempool is the verification of transactions through miners and the fees associated with each TX. The verified TX are added to the blockchain.
  2. The TX fees go up and it takes longer for TX to be verified.
  3. Mempool is basic supply and demand. When the demand for TXs goes up the fees goes up. When demand for TXs goes down the fees goes down. It would also depend on the amount of miners on the network as well to dictate the TX fees.
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#3050

Gas price is a term used in Ethereum that determines the price of gas that is used to execute operations on the Ethereum network and is different than fees on Bitcoin that only relate to how much block space a tx will take in a block. :slight_smile: