Homework on Mempool - Questions

[George21]

1. Mempool is where all transactions are waiting to be confirmed.
2. Mempool grows, transaction confirmation takes longer.
3. Users will compete to get their transactions confirmed by paying higher fees.

[Curlynaiomi]

1. What is the mempool?
   -A mempool is a data structure that consists of unconfirmed transactions that are waiting to be put into a block by a miner.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   -If miners cant keep up with transaction rate fees will go up due to a larger mempool.

3. How does a growing mempool effect transaction fees?

• Depending on how large in bits the transaction is, the transaction would be larger, vice versa. Now since miners are incentivized they tend to select transactions with higher fees to put on their block first so if there is a large amount of transactions in the mempool the fees will go up to ensure a quicker transaction.

[Alko89]

@DigitalDad

what happens if the supply of transactions organically grows due to a growing network? For example, if there are 100,000 active bitcoin addresses making transactions, the supply of transactions would be much smaller than in a community of 1,000,000 active bitcoin addresses. If the size of the block is relatively the same (~1MB) and if the amount of time to mine it is relatively the same (10 minutes), wouldn’t that put a lid on the ability to transact? Even if all participants raise their fees to get in the next block, you still have an elevated supply of transactions that the miners can’t keep up with, right?

There is a limit how many txs a node will hold in the mempool, by default its 300MB and 14 days, by that time the nodes will start dropping cheaper transactions or the ones that are pending for more than 14 days.
In case when this eventually becomes an issue, there is a second layer solution being developed called the Lightning network that is able to theoretically process millions of txs/s by making transactions off chain and only settling them as one tx once the users close the channel.

[JustJon]

1.) Mempool is all the compiled unconfirmed transactions on a node.
2.) Miner will process transactions with highest bit count first and continue in this manner until the block is filled then process low bit count transactions into the next block.
3.) Highest transaction fee items are processed first

[jenell]

1. What is the mempool? The mempool is a data structure housed on each node that keeps track of every unconfirmed transaction that has been “verified” by the node. Each node has a mempool but each nodes mempool may show different transactions as the transactions are being sent from node to node to validate for miners to pick up and then confirm and add to the block.

2. What happens if the miners can’t keep up with the rate of the new transaction? The transaction stays in the mempool until the transaction is picked up by a miner and the mempool grows.

3. How does a growing mempool effect transaction fees? The more it grows the more the fees go up.

[JeanJohn]

1. What is the mempool?

Mempool is a pool of unconfirmed transactions that each node contains. Each node might have slightly different mempool, because the transactions don’t reach all nodes at the same time.

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

The number of transactions in the mempool will increase, further pushing up the transaction fees and consequently slowing down the time for the transactions to get confirmed.

3. How does a growing mempool effect transaction fees?

The larger the pool, the higher the competition between the unconfirmed transactions, and the higher the average fee will be.

[Tomche]

1. List on unconfirmed transactions, but they make sense already
2. Then the same list will grow in numbers of transactions to be processed or put in a block that will happen when miner will pick up them from mempool
3. It will go up in fees, and also transaction that has higher fees will be picked up first by miner.

[Blockchain.Bates]

1. Mempool is where all the unconfirmed transactions are being stored before they are distributed throughout the node system and put onto the blockchain.

2. The mempools grow larger causing the length of time to process the transaction to increase.

3. The fees go up.

[VinceP]

1. Menpool is a data structure that stores unconfirmed transactions in the node until they are picked up by a miner.
2. The menpool grows bigger and this result in increased transaction time
3. Growing menpool will increase the transaction fees and will attract miners as they will prioritise the transactions with higher fees first

[steverwyllie]

1. The mempool is a list of unconfirmed transactions maintained by each Node
2. If the miners can’t keep up with the rate of the new transactions, the miners will select the transactions that generate the highest fee
3. A growing mempool will cause the fees for transactions that remain in the mempool to increase, until that/those transactions are selected by a miner

[Cestrada]

1. A mempool is a place in a node where a valid unconfirmed transaction is placed until a miner picks it up to put in a block.
2. The mempool grows in size. t
   Transactions with lower fees and large bytes will take longer to get confirmed
3. The fees increase

[MechaMatt]

1. each node has a Mempool that holds unconfirmed transactions
2. Mempools will start to fill up and you’ll get longer transaction times
3. a growing mempool means transactions fees will become more expensive as miners only choose to take transactions with the highest transaction fees

[shonesto]

• What is the mempool? All unconfirmed transactions reside in the mempool which exists in all nodes until it is confirmed
• What happens if the miners can’t keep up with the rate of the new transaction?
  The mempool becomes larger there for increasing the transaction fees
• How does a growing mempool affect transaction fees? A growing mempool can increase transaction fees

[Karla]

1. The mempool is one stop on the way to confirmation of a transaction. It is stored in the mempool after validation of the node, waiting to be picked up by a miner.

2. It takes longer for transactions to be confirmed.

3. Transaction fees will increase for higher probability of fast confirmation.

[PavlinT]

1. What is the mempool?

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

3. How does a growing mempool effect transaction fees?

4. The mempool is the ‘‘special place’’ where an uncomfirmed transaction are put intil miners picked up.
   2.The number of unconfirmed transactions will increase in the mempool.
   3.The transaction fees will probably increase. People are willing to pay higher fees, so that their transaction will go into the next block. Basically bigger mempool - bigger fees

[Philipp]

1. it is a pool where transactions wait to get authorised an put into the blocks by a miner.

2. the transaction takes longer to be done.

3. it ends up with higher fees because the miners pick the transactions with high fees first and the most wallets create their fees according to the fees from the recent past.

[jschlier]

1. In the mem pool unconfirmed transactions are stored.

2. The transaction keeps in the mem pool until the miner has confirmed it.

3. It increases the fees because miners confirm the transactions with the highest fees, so sooner or later the remaining transactions in the mem pool get confirmed.

[MattWill]

And when the TX is eventually dropped by the network after 14 days I am assuming that this means the balance of the transaction is simply returned to sender?

[ThanhNG]

1. Mempool is a collective signed transactions that are waiting to be confirmed and added into a the blockchain by a miner.

2. The miner will pick an unsigned transaction that has the highest fees, lower fees unsigned transaction will have to que up which eventually will increase the numbers of unsigned transactions in the mempool in addition to increasing the time for unsigned transactions to be confirmed,

3. Miners usually pick highest unsigned transaction fees first which will eventually increase the time of lower fees transactions, in order to solve this problem the sender has to chose a higher transaction fees option to be higher up in the waiting que.

[RobertBrown1997]

1. The mempool is a pool of unconfirmed transactions waiting to be placed into a new block by a miner.

2. When miners can’t keep up with the rate of new transactions, the network becomes congested and transactions will take longer to be confirmed. As miners are incentivized by fees, they will prioritize those transactions who pay higher fees.

3. Transaction fees will go up, because people will need to pay more for their transaction to go through at a desired speed. Its either pay a higher fee or wait for a longer time than desired.