Homework on Mempool - Questions

[Markus_MK]

1. What is the mempool?
It’s an individual database on every full node, which keeps nearly all unconfirmed valid transactions in the network.
2. What happens if the miners can’t keep up with the rate of the new transaction?
The miners always take the transaction with the highest fee in Sats/Byte to fill up the capacity of the next block. All other transactions have to wait to be processed later.
3. How does a growing mempool effect transaction fees?
The average fee would most likely increase, because the wallets strive for an acceptable processing time.

[vulner]

1 is the store for transactions and fee associated with them
2 the new transactions await in mempool to be picked
3 growing mempool will increase the transaction fee in order to keep the optimum transaction speed

[troubld_G]

1. A mempool is where the unconfirmed transactions are sent, and they stay there until a miner includes them in a block.
2. If miners cannot keep up with the rate of the new transactions, the transaction times increase and the backlog of unconfirmed transactions grow larger.
3. When a mempool grows in size the miners usually select the transactions with the higher fees, so these higher fee transactions are processed and placed into the blocks first thus increasing the transaction times for the lower fee unconfirmed transactions.

[maxs]

1. Mempool is the list of unconfirmed transactions that each node has.
2. If miners can’t keep up with new transactions, the mempool grows, potentialy causing delays to include new transactions to the blockchain.
3. As miners take the transaction fees of transactions included in their block, they prioritize the transactions with the highest fee. This leads to higher fees as users would like to have their transaction in the blockchain at earliest.

[gcradduck]

1. What is the mempool?
   The mempool is node-based storage in which unconfirmed transactions are stored.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   If the rate of transaction generation exceeds the rate at which miners process transactions (generating new blocks), mempool consumption will increase. Beyond a certain limitation (300 MB??), a node will drop the transactions yielding the lowest fees and broadcast its (ie the node’s) minimum fee.

3. How does a growing mempool effect transaction fees?
   If a node’s mempool grows too large, txns with the lowest fees may be dropped and a new minimum fee-rate defined and broadcast to peers. The node that generated such a low-fee txn will retain it and
   continue to broadcast this txn until it’s finally confirmed (which may be some time).

[lionayd]

1. What is the mempool?
   Mempool is basically the list of awaiting transactions which are unconfirmed.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Then it takes much longer to execute transactions, mempool grows in size, it may lead to increase of the tx fees.

3. How does a growing mempool effect transaction fees?
   It will cause fee increase.

[RoseAvam]

Hello,

1. What is the mempool?

It is a waiting list that each node has where unconfirmed TXs wait to be confirmed.

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

Unconfirmed TXs would pile up.

3. How does a growing mempool affect transaction fees?

Those TXs with higher fees would be chosen first. Therefore, it would be obvious that transaction fees would increase to have your transaction confirmed earlier than later.

R

[travmc]

1. mempool stores all the unconfirmed Tx’s while waiting to be mined and confirmed.
2. they build up and may take longer to process.
3. the growing mempool may make fee’s go up as it may go to highest fee’s first.

[MauBombay]

• What is the mempool?

  The mempool is the place on the nodes where you can find all the current unconfirmed transactions.

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

It becomes congested making transaction times longer.

• How does a growing mempool effect transaction fees?

The fees will most likely be larger so to gain the attention of the miners.

[Jins]

1. The mempool is the place where all the transaction confirmed by the nodes are but not put in a block yet by a miners.

2. the mempool will get bigger and bigger, the fees will become more expensive and longer

3. because the miners purpose is to make money, he will choose the transaction with the bigger fees, so the bigger the mempool the more expensive the fees become.

[Narnia]

What is the mempool?
The mempool is where unconfirmed transactions are temporarily stored or pooled until they are picked up a miner.

What happens if the miners can’t keep up with the rate of the new transaction?
the mempool continues to grow, the time it takes to confirm transactions takes longer, and the fees increase.

How does a growing mempool effect transaction fees?
Since transaction time increases people are willing to pay more in fees to get the miners (who are financially motivated) to work on their transactions causing the average price to rise.

[cosmicbuc]

1. What is the mempool?
   The mempool is a data structure each node has–it’s basically a list of unconfirmed transactions waiting to be mined.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   they get placed in the mempool until they can get to it.
3. How does a growing mempool effect transaction fees?
   the higher the volume of transactions, the higher the transaction fees. Miners are incentivize to search for the transactions with the highest satoshi/byte rate because they make more money by mining blocks that take up more space. Miners prioritize transaction with highest fee, so the quicker an individual wants his or her transaction upended on the block chain, the higher the fee that individual will have to pay. Otherwise, the transactions get put in the mempool until miners can get to the transaction.

[vegas316]

1. Mempool is the staging area for unprocessed transactions
2. The mempool size will increase
3. Larger mempool leads to more competition among the transactions for processing priority, leading to higher fees.

[fillnye]

1. Mempools are unconfirmed transactions, that need to be picked up by a miner.

2. If the miners cant keep up the mempool increases significantly and fee will increase.

3. Growing mempool means slower transaction speeds an increase in the transaction fee.

[Duende]

1. Mempool is a place where all the uncomfirmed txs gathered in order to be pick by a miner to add them to the block
2. the mempool get bigger and bigger and that in addition make the txs get longer time to be done
3. the transaction fees increase because of the competition between the miners to pick that txs in order to add them to the next block

[Manofsteel]

1.- A place where are all the unconfirmed transactions
2.- Mempool is growing
3.- Fees for the miners are growing

[Gabriela]

1. It is a list of unconfirmed transactions.

2. Mempool will grow and waiting time to confirm transaction will be longer.

3. Transaction fees increase. Miners will pick up transactions with higher fees first.

[Ole_Zwarts]

1. the mempool is an area where unconfirmed transactions are waiting to be put in a block
2. the fee will increase
3. the higher the mempool goes the higher the fees will be

[Gwenaelle]

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

1. What is the mempool?
   Data structure that each node has, waiting area for Bitcoin transactions until confirmed, when the transactions are verified then picked up by a miner and inserted into a block.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Once the Mempool reaches full capacity, the nodes start prioritizing transactions by setting up a minimal transaction fee threshold.

3. How does a growing mempool effect transaction fees?

If there is more transactions than can be processed in one block, miners will construct a block with the highest fee transactions since that means they get the highest reward. Therefore, the more transactions are waiting in the mempool, the higher fees will be on the network on average. Most user’s don’t want to wait, so they will pay a higher fee to have their transaction processed quickly.

[freshmattybe]

What is the mempool? A mempool is a data structure that all nodes have in which valid and unconfirmed transactions are held until they are added to a block (confirmed).

What happens if the miners can’t keep up with the rate of the new transaction? If there are more transactions in the mempool than can be out in a block, the miner will prioritize transactions with higher fees.

How does a growing mempool effect transaction fees? They should float up, though I’m not certain how this price discovery metric is communicated to the wallets constructing a transaction.