Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3271
  1. What is the mempool?
    Mempool is the area of a node where unconfirmed but rule-compliant transactions are stored.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They get added to the mempool.
  3. How does a growing mempool effect transaction fees?
    A growing mempool increases the cost in transaction fees of any transaction if it is to be validated rapidly.
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#3272

The miner only checks its own mempool when constructing a block. If the tx didn’t propagate to miners mempool by that time it would not be included. :slight_smile:

#3273

Homework on Mempool - Questions

  1. What is the mempool?
    Mempool is the data structure of current transactions on which nonces and miners check to validate those transactions amongst the network and eventually end up being confirmed by the miners, based on the other nonces and their own mempool data and validation of those transactions. Miners usually try adding the blocks from the mempool that provides the best rewards and least occupying space on their blocks.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transaction time increases and so do fees, which in turn creates a larger mempool
  3. How does a growing mempool effect transaction fees?
    Miners are incetivized to add transactions that pay higher fees first, and also try to fit as many transactions as possible on a block. So fees may be higher the bigger a transaction. but at the same time, a smaller transaction may yield the same fees and take up less space.
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#3274

What happened to the first question? :wink:

#3275
  1. It’s a data structure that each node has. Mempool consists of transactions that are unconfirmed and make sense to a particular node.
  2. Miners will usually pick transactions with the highest fees and process them first, then other transactions will just take longer to process.
  3. A growing mempool will push transaction fees higher because there is only a limited amount of space in the block to hold transactions.
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#3276

  1. A mempool is a list of all unconfirmed transactions

  2. it will take longer for each transaction to be added in the blockchain / to be confirmed

  3. The higher the mempool the higher the fees. Because of the byte size?

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#3277

Woops! Got it, I just answered :grinning:

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#3278

Because of the limited block space. When the demand is high, the fees increase. :slight_smile:

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#3279
  1. A holding area for all pending transactions.
    2 They send those transactions into the mempool.
  2. Fees start to skyrocket as any person that has used the ethereum blockhain is all too familiar with!
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#3280
  1. a list of all the pending transactions that have yet to be verified (or not) and added to the blockchain. this list is accessible by all the nodes on the blockchain
  2. the mempool grows in size, and transactions can take longer to complete
  3. a growing mempool increases tx fees…the more fees you offer, the sooner you get to the front of the line
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#3281

Question #1: What is the mempool?

The mempool is an area on each node where information about unconfirmed transactions are stored while waiting for a miner to verify and add them in batches to a new block that will be added to the blockchain.

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

The cost of fees will go up to incentivize more miners to join to verify transactions and create blocks. These increased fees will also help encourage miners to work on those specific transactions that will bring in a higher fee first, then if needed, move to lower fee transaction block verification.

Question #3: How does a growing mempool effect transaction fees?

A growing mempool increases transaction fees to encourage more miners to join to help reduce the number of open and growing mempool data.

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#3282

  1. A mempool is an waiting area whilst transactions are verified.

  2. If miners can’t keep up with the rate of new transactions the mempool will grow in size but lower fee transactions may take longer due to the miners picking the more lucrative transactions first.

3.This effects transaction fees as the miners get competitive and compete to get there transactions into the next block by selecting the more lucrative transactions first.

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#3283

1, it is a pool with all unconfirmed transactions waiting to be picked up by miners,

  1. the pool will grow in size, it will cause delay in smaller sat/b transactions, the more profitable tx with higher fees will be picked up first,

3,as it grows, there are more transaction out there to be confirmed, higher demand means higher fee,

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#3284

  1. What is the mempool?
    It is a pool of transactions that have been confirmed but haven’t been yet added to the blockchain by miners, it is stored on nodes and content can vary from Node to node.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It was cause the pool to grow and results in delays for transactions with a lower sat/b fee as the higher fee transactions will be prioritised by miners.

  3. How does a growing mempool effect transaction fees?
    It causes prices to rise, as limited space on the block means high demand for transactions to be confirmed results in increased fees.

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#3285

1.A pool of unconfirmed transactions.
2.transactional service gets slower, waiting for miners to start looking at your fee rate.
3.Those that want the transaction to go through may increase the fee, and so on higher transactional fees for everyone, a classic supply and demand autoregulated.

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#3286

  1. Then mempool is a chart that shows the number of unconfirmed transactions and fees.

  2. The Mempool will show an increase in unconfirmed transactions.

  3. The Mempool prioritizes transactions by those with highest fees. So the competition in price of fees grows.

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#3287

What is the mempool?
A database of unconfirmed transactions in a particular node yet to be mined. There isn’t a universal mempool as each node receives transactions at different times.

What happens if the miners can’t keep up with the rate of the new transaction?
There will be delays as miners will select transactions with her higher fees resulting in longer waiting times for transactions with lower fees.

How does a growing mempool affect transaction fees?
Transaction fees will go up due to increased competition.

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#3288

The mempool is a compendium of unconfirmed transactions.

#3289

What about the other two questions? :smiley:

#3290

  1. The mempool is where unconfirmed transactions are stored until miners can add them to the next block. Every ten minutes a new block is formed by miners.

  2. If the miners are unable to to keep up with the rate of transactions the mempool grows larger with unconfirmed transactions. this will cause transactions to take more time to be confirmed and added to a block.

  3. Transaction fees will increase due to the competition of miners and the amount of space in a block. Miners choose the larger transactions first because the fees are higher and more lucrative due to the fee being based on the size of the transaction. Satoshi per byte

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