Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3511

  1. What is the mempool?

    It’s a datastructure or list of all the unconfirmed transactions waiting to be picked by the miners to be added to the blockchain.

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

    The miners will prioratize transactions with the higher fees, so all the other transactions will stay in the mempool until they’re eventually picked. The higher the fee, the greater and faster is the chance of being included in the next block.

  3. How does a growing mempool effect transaction fees?

    The fees are payed per Byte, which means the larger the transaction is in size (binary representation), the higher the fees.

    To explain:

  • A transaction of 1000 Btc with 1 Input and 1 Output will be cheaper than the same transaction with 10 Inputs and 10 Outputs

    This happens because each block has limited size, so the more Inputs/Outputs there are in a transaction, the more space (Byte) will it waste and the miners won’t be able to add other transactions with better fees. This in return generates an increase of unconfirm transactions in the mempool, which leads to increased fees as well.

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#3512
  1. What is the mempool?
  • Mempool is a list of transactions that are kept in the block waiting to be approved based on their high fee. Where all unconfirmed transactions are stored.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • If they can’t keep up with the rate, the mempool will grow and transactions will have a longer time until confirmation this means that the transactions with the lowest fees will remain there unconfirmed.
  1. How does a growing mempool effect transaction fees?
  • the miners want to make money from mining and with the bigger fees they get more money, also the space in the block is limited so to have more profit they need to keep the highest fees transactions.
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#3513

I would quote you, but the teachers would say i was just being lazy… :slight_smile:

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#3514

1-Mempool is the location on each node where transactions that aren’t yet complete, wait until they are selected by the miner to be added to the blockchain.
2-The transaction stays in the mempool
3-Transaction fees increase because the higher the fee, the more likely the transaction will be selected to be completed by the miner.

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#3515
  1. Mempool contains all the transactions that have not been processed yet by the miners and are waiting for confirmation.
  2. Mempool will increase in size and transactions will take significantly longer time to go through.
  3. Growing mempool increases transaction fees as there are more transactions waiting to be confirmed than there are miners, hence, due to increased competition individuals will have to provide greater incentives for miners to process their transactions in a timely manner.
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#3516
  1. A list of unconfirmed transactions held in each node’s database.
  2. The transactions will be delayed and may take more time before they are processed.
  3. Increases transaction fees.
1 Like
#3517
  1. It is where all unconfirmed transactions reside on any given node.
  2. The mempool grows bigger.
  3. A growing mempool means that higher fees are required for miners to prioritise a transaction.
1 Like
#3518

  1. What is the mempool?
    Mempool is unconfirmed transaction

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miners can’t keep up with the rate of the new transaction the unconfirmed transaction will grow meaning mempool will also grow

  3. How does a growing mempool effect transaction fees?
    fees goes higher.

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#3519
  1. A mempool is a data structure which is own by all the nodes in the network, where are stored all the unconfirmed transaction.
  2. The mempool will became bigger and the transaction fees will increase since there is more ‘competitiveness’ between the different transaction which want to be confirmed and appended to the blockchain.
  3. If the mempool grow in size, the avarage fee will increase.
1 Like
#3520

Correct! :smiley: your answer is a good addition :grin:

#3521

  1. It is the pool of unconfirmed transactions which gets propagated through the network of nodes.

  2. The transactions stays unconfirmed in the mempool, until the miner can put it in a block.

  3. As the mempool increases, the fees are also going to increase. As there is a higher demand for the transaction.

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#3522

  1. The mempool is where transactions that have been broadcast but not yet added to a block wait.

  2. The size of the mempool grows.

  3. Users who want to ensure the highest chance their transactions are processed in the next block will pay a higher fee to incentivise the miners to pick it up.

1 Like
#3523

  1. What is the mempool?
    The mempool is a datastructure containing unconfirmed transactions that each node has.

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

  3. How does a growing mempool effect transaction fees?
    Transactions with lower fees will take longer time to be confirmed. A growing mempool will most likely increase transaction fees.

1 Like
#3524

  1. The area a transaction goes to after being confirmed by the nodes, but before the miners put it into the block.

  2. The mempool grows and transactions will take longer time.

  3. The txs fees go up, as those needing their txs to go through faster will offer the miners a higher reward to process it first.

1 Like
#3525

Thanks! I’ll keep adding them. :joy:

#3526
  1. What is the mempool?
    Is a list of potential transactions or unconfirmed transaction
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    me pool grows with more unconirmed transactions… waiting to be placed into blockchain
  3. How does a growing mempool effect transaction fees?
    Fees grow higher… ie supply Dem,and… need to send higher fees to get trans on BC
1 Like
#3527

1, list of all not confirmed transactions
2, the mempool will grow bigger and bigger
3, the transaction fees will increase

1 Like
#3528

  1. What is the mempool?
    It’s a list of Unconfirmed transactions and is stored on all nodes.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions will take longer to be confirmed as the network is congested…

  3. How does a growing mempool effect transaction fees?
    Fees can increase as people compete to get their transactions completed quickly e.g offer higher fees. Fees are based upon satoshis per byte.

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#3529
  1. The Mempool is a list of transactions that make sense to a particular node.
  2. The Mempool becomes larger if miners can’t keep up with the transaction activity.
  3. The result may be larger fees and more complicated transactions may have to wait until a miner is able to accept more complicated transaction.
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#3530

That’s the pool of all unconfirmed transactions in a node.

The transactions in the mempool will increase and the transaction time will increase as well. Users are going to pay higher fees to have their transaction done faster and miners taking these ones first. Hence all in all it will result in higher fees for the miners.

The fees will go up hence it’s more lucrative for miners to mine the next block.

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