Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3671
  1. The mempool is the database where unconfirmed transactions go to before being verified on the blockchain by a miner.
  2. If miners are unable to keep up with the rate of new transactions, then the transactions are kept in the mempool until another block can be created.
  3. A growing mempool affects transaction fees because the transactions with the highest fees get added to the next block first. If there are transactions that need to be processed sooner, the fees will have to go up to get to the top.
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#3672

  1. What is the mempool?
    The mempool is a data structure that each node has, it is a list of unconfirmed transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The amount of unconfirmed transactions in the mempool will increase, until they can be added to the block. This will increase transaction times.

  3. How does a growing mempool effect transaction fees?
    Thos transactions with larger fees will be prioritised, as long as they can fit in the block.

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#3673

  1. A mempool is a section where unconfirmed transactions wait to be confirmed.

  2. If miners can’t keep up with the mempool, transaction times will be longer and fees might increase.

  3. A growing mempool effects fees by charging more for transactions that take more effort.

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#3674
  1. A mempool is a list of unconfirmed transactions.
  2. Mempool gets bigger, and the network gets congested.
  3. It increases the transaction fees (gas fees) as miners will choose whoever pays for a higher fee, as they are incentivised to do so.
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#3675
  1. What is the mempool?

The mempool is where all TXs on the network that make sense to the nodes but are yet to be confirmed by a miner are placed.

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

If miners cannot keep up with new TXs then the mempool will get larger in order to store all sensible unconfirmed TXs. Furthermore TX fees will begin to rise as individuals vie for the miners to confirm their TXs by offering increased financial incentive.

  1. How does a growing mempool effect transaction fees?

TX fees will begin to rise as individuals vie for the miners to confirm their TXs by offering increased financial incentive.

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#3676

Q: What is the mempool?

A: The mempool is a list of all unconfirmed transactions that make sense.

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

A: Then the mempool will increase and it might take more time for the transactions to get confirmed.

Q: How does a growing mempool effect transaction fees?

A: If the mempool grows larger then the time will increase too and the transaction fees also.

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#3677

  1. Data Structure belonging to a node, which stores unconfirmed transactions, and can be read by miners.

  2. The number transactions in the mempool would increase, and miners will add the transactions with the highest fees to the block first.

  3. The transaction fees will increase.

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#3678

  1. A ‘Mempool’ is a place where ‘unconfirmed transactions’ wait for a miner to pick them up to add to the next block. It stores pending TX

  2. The Mempool will grow in size and if the unconfirmed transaction is not taken by a miner it will be invalidated and returned.

  3. Miners want to make money, so the miners keep looking for the transactions with a higher fee and keep ignoring the others with the low transactions fee. They want the best price.

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#3679

What is the mempool?
is a “waiting room”. One in which transactions are stored until they are processed by the miners.

What happens if the miners can’t keep up with the rate of the new transaction?
the pool will grow and the highest fees

How does a growing mempool effect transaction fees?
the fee increases

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#3680
  1. The mempool is a data structure that each node has, and its a list of uncorfirmed transaction.
  2. The mempool grows in size.
  3. The transaction fees are higher.
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#3681

  1. A mempool is a cryptocurrency node’s mechanism for storing info on unconfirmed transactions. Consider it a green room, or waiting room before transactions become included or written on the block.

  2. Waiting times increase (mempool increases) and fees to bypass the traffic can also escalate.

  3. As my answer in #2 suggests: an increase in the size of mempool directly affects the premium put on transactions in order to be prioritised by the miners.

My contribution for further reading:
http://www.cs.ucf.edu/~mohaisen/doc/icbc19a.pdf
https://mycryptoparadise.com/what-is-a-mempool-everything-you-need-to-know-about-mempool/

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#3682
  1. Mempools are unconfirmed transactions waiting for the miners to confirm it.
  2. The mempools grow with the rate of new transactions.
  3. A growing mempool increases the rate of miners which increases the price of transaction fees.
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#3683

  1. A place where unconfirmed transactions sit.

  2. The size of the mempool increases and transaction confirmations take a longer time.

  3. Transactions fees increase as miners chose transactions with the highest fees.

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#3684
  • 1 The mempool is the “waitingroom” for all transactions that have not been put into a block yet.
  • 2 The size of the pool increases. Most likely confirmation times increase because it takes longer to be picked up into a block if you chose average fees.
  • 3 A growing mempool makes it necessary to increase fees to “win” a place in a block. There simply is more competition waiting to be picked up and miners pick the ones that paid the highest fees.
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#3685
  • Mempool is a data structure each nod has for storing unconfirmed transactions for the miners to take and add to the blockchain.

-Mempool gets larger and it takes more time to confirm transactions.

  • By raising the transactions fee.
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#3686

1: The mempool is the list of transaction not put into the blockchain by miners yet

2:The mempool grows longer and transaction take longer to go through

3: The fees go up because people want to get their transacations to be put into the blockchain and by increasing the fee the miners are more incentivized to put them into a block quicker

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#3687
  1. What is the mempool?
    Its where all the unconfirmed transactions are placed waiting to be mined
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The data of unconfirmed transactions grows
  3. How does a growing mempool effect transaction fees?
    Because the miners are economic incentivaced, the transactions paying higher fees will go thru first
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#3688
  1. A mempool is all the unconfirmed transactions that are retained by all the nodes

2)It will cause a traffic jam ,and increase the waiting time and fee.

  1. It will increase the fee.
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#3689

  1. The total of unconfirmed TX of a node waiting for a miner to be confirmed.

  2. The mempool grows longer with longer TX times.

  3. Miners prioritize, taking higher fees first and increasing its price. (sat/byte)

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#3690

  1. What is the mempool?
    A. Has a list of all of the transactions that need to be validated.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A. The list of transactions that need to be validated grows in the mempool.

  3. How does a growing mempool effect transaction fees?
    A. The transaction fees will increase.

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