Homework on Mempool - Questions

Blockchain and Bitcoin 101
#323

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool is a data structure in each node, which contains unconfirmed transactions of the Bitcoin network. Using the transactions contained in this list, a node can build a block. The block size is limited, so the block created can only contain a certain amount of transactions. Usually miners take the transactions with the highest transaction fees per byte first, because when a block is mined, miners will not only get the block reward, but the sum of all the transaction fees from the transactions contained in this particular block as well.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the number of the transactions in the mempool will grow higher, the participants of the Bitcoin network will pay higher fees in order to increase the probability that a certain transaction will be accepted by the miners in a reasonable time interval. This also means that transactions will very low fees will keep in the mempool for a longer period of time. It is like a fee market: Transactions with higher fees will be accepted faster.

  3. How does a growing mempool effect transaction fees?
    Like in answer 2 already explained a growing mempool will incentivize users to pay more fees for their transactions in order to reduce the time of waiting until a desired transaction will be picked up by a miner and integrated into the next block.

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#324

1, it is a list of unconfirmed transaction.
2, Then the mempool will be full of pending transaction.
3, the transaction fee goes higher as there are many tractions needs to be confirmed. supply/demand principle.

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#325

  1. What is the mempool?
    The mempool is where unconfirmed transactions wait for a miner to add to the next block

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows larger and their are longer wait times for transactions.

  3. How does a growing mempool effect transaction fees?
    Fees for transactions increase .

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#326

  1. A mempool is a list of unconfirmed transactions that have not been verified through mining yet.

  2. If miners cannot keep up with the rate of new transactions the mempool list of unconfirmed transactions grows and transactions can take longer to complete

  3. A growing mempool increases the transaction fees.

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#327

Utxo’s are unspent transaction outputs. These are used in a new transaction to change ownership. The mempool is a place where every new transaction will arrive waiting to be included in the blockchain by a Miner

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#328

Exactly, and most wallets do an estimation on wich txFee will be enough to have a low, normal or fast time to get included in a block.

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#329

Is yours an actual node? Because I think the one I posted is a demonstration, as opposed to a live api afaik. . .

#330

thank you, I’ll change my answer

#331

Yes, a full node on a raspberry pi

#332

No need to change your answer, we are here to learn together.

#333
  1. A mempool is where the checked but unconfirmed transactions are stored until a miner confirms it and adds it to a block .
  2. If miners cant keep up with new transactions the mempool builds up a backlog and transaction times increase .
  3. A growing mempool means higher fees , The blocks have limited space and to get it confirmed quicker you have to pay more .
#334

  1. What is the mempool?
    The mempool is where uncomfirmed transactions are stored until they can be added to the blockchain.

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

  3. How does a growing mempool effect transaction fees?
    Since miners pick the highest transaction fees to add to the blockchain, a growing mempool could cause an upward pressure on the transaction fees.

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#335
  • What is the mempool?
  1. It is a list of unconfirmed transactions that reside in each node waiting for a miner/node to validate the tx’s
  • What happens if the miners can’t keep up with the rate of the new transaction?
  • How does a growing mempool effect transaction fees?
  1. & 3. The network gets backed up with Tx’s waiting for validation. The Average rate for fees become higher as people try to naturally complete transactions faster and the miners take the highest fees first to fill the blocks.
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#336

Is a node’s holding area of unconfirmed, waiting transactions.

The mempool would grow.

The miners will most probably choose first the transactions, which has higher fees.

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#337

  1. The mempool is the area that all valid transactions sit in a node that have not yet been mined (confirmed).

  2. If miners can keep up with the transaction rate, then the network would slow down, and the cost for transactions would increase.

  3. A growing mempool increases transaction fees.

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#338
  1. A mempool is a data strucure inside a node where all transactions line up waiting to be signed by a wallet using private keys, verified by all nodes in the network and bundled in a block by a miner.
  2. If miners cannot keep up with the numbers of newly created transactions, the mempool increases in size increasing the transaction verification/approval time.
  3. A greater mempool creates makes transactions more expensive and transactions offering higher fees are taken first by miners.
#339

The mempool is where unconfirmed transactions are held.

The mempool increases as unconfirmed transactions stack up.

Miners prioritize the transactions with the highest fees in the mempool.

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#340

  1. Mempool is the store of all unconfirmed transactions awaiting confirmation by a miner (added to the next block)

  2. Mempool incresed in size and transaction times get longer

  3. Fees could increase. Those who pay a higher fee for a transaction get a quicker transaction time.

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#341

An unconfirmed transactions is basically already validated, but not yet included in a block.

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#342

The transaction is only signed by your keys in your Wallet when you click ‘send’ then it will go to the mempool waiting to get included into a block by a miner