Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3171
  1. A memepool is a list of unconfirmed transactions that are validated by nodes.
  2. the time for a transaction to be confirmed can get bigger and the transition fees can also increase
  3. the transaction fees will increase because the miners will prioritise the transactions with bigger fees.
1 Like
#3172

Homework Mempool

What is the mempool?

Mempool is a list of uncomfirmed transactions that is shared amongst nodes in the network.

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

If miners cant keep up with the rate of new transactions, the amount of transactions on mempool will increase.

How does a growing mempool effect transaction fees?
The transaction fees will also increase if mempool size increases. This is because miners take the transactions with the highest fees.

1 Like
#3173
  1. Holds unconfirmed transactions
  2. Backlog of transactions and linger transaction times
  3. Fees can increase if there is a significant backlog in the mempool
1 Like
#3174

  1. What is the mempool? - Unconfirmed transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction? - The pool will grow larger

  3. How does a growing mempool effect transaction fees? Transaction fees will increase and miners will have incentive to choose the higher fee.

1 Like
#3175
  1. A database or list of unconfirmed transactions.
  2. There will be delays or longer transaction times.
  3. Fees will increase.
1 Like
#3176

  1. A database in each node with a list of unconfirmed transactions.

  2. The mempool will have more and more unconfirmed transactions.

  3. Transactions will get higher fees. The miners will give priority to the transactions with the highest fees, because then they get rewarded higher and the blockchain will get faster.

1 Like
#3177
  1. A data structure that stores all the unconfirmed transactions
  2. The pool will become larger - longer transaction times
  3. Fees will get higher - the miners favor transactions with higher fees, so those will be added first to the blockchain.
1 Like
#3178
  1. What is the mempool?
    Mempool is a list of unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They will pick tx’s with the highest fees to create blocks and tx’s with very small fee might never go trough or will have to wait very long time.
  3. How does a growing mempool effect transaction fees?
    Tx’s fee are kind of competition. Miners are choosing tx’s with the highest fees as they want to make more money, so people who would like to make quick tx’s will choose higher fee to push their tx’s through, as quick as possible.
1 Like
#3179
  1. A mempool is where unconfirmed transactions are kept until a miner picks it up and appends
    it to the next block.
  2. High traffic in the mempool will result in longer confirmation time.
  3. A high mempool size means longer confirmation times and higher priority fees.
1 Like
#3180

1.A mempool is where all the valid transactions wait to be confirmed by the network.

  1. It will result in more network traffic which means longer average confirmation time and higher priority fees.

  2. In order to be confirmed, a transaction from the mempool needs to be included in the block. Miners will choose the highest fees paid and prioritize adding them to the blockchain. If there are many transactions accumulating in the mempool, the confirmation time will grow and users will need to pay higher fees to accelerate their transactions.

1 Like
#3181

Right I got you… Thanks

#3182
  1. Its storage for unconfirmed TX.
  2. The mempool would get larger and slow the confirmations down.
  3. Increase fee’s.
1 Like
#3183
  1. The mempool is the grouping of transactions that are waiting to be put in a block.
  2. The mempool increases in size, which can lead to higher transaction fees to put priority for certain transactions if people will pay for it.
  3. See #2 :slight_smile:
1 Like
#3184

  1. The mempool is the storage area for unconfirmed UTXOs on the blockchain. Miners pull UTXOs from the mempool to confirm on the blockchain.

  2. The mempool will grow in size and slow down transaction confirmations increasing the time it takes to send money.

  3. The larger mempool size will incentivize UTXOs to increase fees so the miners will prioritize confirming these transactions first.

1 Like
#3185

1. What is the mempool?

The mempool is where transactions are before they are confirmed via the blockchain. When a wallet constructs a transaction and broadcasts it, the nodes and/or miners pick it up to validate it and send it to the blockchain to confirm it.

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

When there are too many transactions being broadcasted simultaneously, the mempool queue grows bigger. Transactions take longer to get confirmed. It means that the blockchain is getting higher rate of usage.

3. How does a growing mempool effect transaction fees?

The miners being financially incentivized to do their work, they will pick transactions from the mempool with the highest fees first when it gets clogged.

1 Like
#3186
  1. The mempool is a node’s mechanism for
    storing unconfirmed transactions until a
    miner can add them into a block.
  2. If a miner cannot keep up with the number
    of incoming transactions, then transaction
    times could increase, and a minimum fee
    could be set.
  3. If a mempool has reached its capacity, the
    nodes then triage transactions by
    establishing a minimum fee. Those
    transactions with fees lower than the
    minimum are removed, and only new
    transactions with sufficient fees are
    granted access to the mempool.
1 Like
#3187

1.The Mempool is a “waiting area” for Bitcoin transactions that each full node maintains for itself.
2. If the miners can’t keep up with the rate of new transaction the mempool incrase his size.
3. Growing Mempool increases the transaction fees which will increase competition among miners.

1 Like
#3188
  1. What is the mempool?
    Record of unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mempool grows
  3. How does a growing mempool effect transaction fees?
    people will have pay more to get their transaction processed. Miners can choose to mine transactions with more fees as first.
2 Likes
#3189

1). Mempool is a list of all unconfirmed transactions with their corresponding transaction fees.

2). If the miners can’t keep up with the rate of the new transaction, the number of transactions will keep growing and so does the mempool.

3). A growing mempool will result in increased transaction fees because miners will prioritize transactions with higher fees.

1 Like
#3190

  1. List of unconfirmed TXs

  2. Miners pick the one TXs with the higher TXs fees; the backlog increases.

  3. A growing mempool results in higher TXs fees

2 Likes