Homework on Mempool - Questions

[Will_Christian]

1. What is the mempool?

The mempool is the collection of transactions each node keeps track of that have yet to be added to the blockchain. Miners us the mempool to construct the collection of transactions that they will add to the next block.

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

The mempool will grow and the transaction fees will increase and some transactions may not be added if they do not provide enough fee to the miner.

3. How does a growing mempool effect transaction fees?

A growing mempool results in increasing transaction fees since transactions will have to compete with each other in order to be picked up by a miner

[cashworth]

1. A mempool is a list of unconfirmed transactions on a node.
2. A new block is produced every 10 minutes. if the miner cannot keep up with the rate of a new transaction they loose out on the fees. They will choose simple transactions to fit as many transactions as possible into a block. Satoshis/byte.
3. A growing mempool increases transaction fees as the 10 minute mark approaches.

[CryptoLilies]

1. What is the mempool?
   • A mempool (contraction of memory and pool) is for storing unconfirmed transaction information that makes sense to a particular note—think of it as a waiting room for a transaction that has not yet been added to the block of blockchains.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   • The mempool will grow larger and the transaction time gets longer.

3. How does a growing mempool effect transaction fees?
   • Transaction fees will increase and transactions paying higher fees will be processed first. Transaction fees are not based on the value of the transaction, but on the size of the transaction in byte.

[Alex_L]

1. What is the mempool?
   Mempool is a pool of unconfirmed transactions that contain valid transactional information ready to be confirmed and added to the blockhain by miners. The mempool is set across nodes through to the network.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   When miners cannot keep up with the rate of new transactions, the timelines for confirmed transactions grows, fees associated with confirming become more expensive.
3. How does a growing mempool effect transaction fees?
   The mempool miners prioritize to confirm the more expensive transactions first and making the price fluxuate higher. This also prioritizes the more complex transactions to the blockchain.

[alh1127]

1. What is the mempool?

The mempool is a node’s list of unconfirmed transactions waiting to be confirmed by a miner.

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

Transaction speed will decrease.

3. How does a growing mempool effect transaction fees?

Transaction fees will increase and the miners will prioritize transactions with the highest transaction fees.

[Tesh]

1.The mempool is where unconfirmed transactions wait to be confirmed by the network of nodes.

2. They will check the mempool later and the mempool grows increasing transaction times.

3. The highest transaction fees will get processed first.

[REGO350]

1. Mempool is pool (list) of unconfirmed transactions.

2. Low-fee transaction will get pushed to later blocks. Miner will prioritize high-fee transactions.

3. Each block has a limited space, a growing mempool will result in higher transaction fees.

[StratosK]

1. What is the mempool?
   The mempool is a list/pool of uncofirmed/unprocessed transactions.

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

3. How does a growing mempool effect transaction fees?

[Alko89]

@StratosK

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

2. How does a growing mempool effect transaction fees?

What happened to the other two questions?

[TheHoff]

1. What is the mempool?
   List of pending transactions

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

3. How does a growing mempool effect transaction fees?
   Gets more expensive

[Danilojinhong]

1- Is a list of unconfirmed TXs that passes nodes to nodes until they get picked up by a miner

2- The list of the txs grows larger creating longer time and higher fees prioritization.

3- Fees goes up as they need to pay more fees to miners to get their transactions confirmed as the miners prioritize higher fees.

[HO5]

1. What is the mempool?
2. What happens if the miners can’t keep up with the rate of the new transaction?
3. How does a growing mempool effect transaction fees?

The mempool is the collection of pending unconfirmed transactions which is regularly updated.

The mempool grows bigger.

A growing mempool will lead to higher transaction fees.

[CryptoCannon]

1. What is the mempool?

The space in limbo where transactions are stored until miners confirm them

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

The mempool will grow in size if the miners are struggling to keep up with transactions then transactions will take longer to add to the blockchain

3. How does a growing mempool effect transaction fees?

The more transaction outputs in a mempool there are the more each transaction will cost

[Jardine]

@ivan

• What is the mempool?
• 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. A mempool is a pool of verified transactions that is not written into the blockchain yet.

2. If miners can’t keep up with the rate of new transactions there will be a back log and transactions will take longer to be written into the blockchain.

3. If a mempool is overloaded then it will reject the transactions with the lowest fees for other nodes to pick up. If there is high traffic of transactions then the wallet will recommend higher fees to complete a transaction.

[Alex_Chaz]

1. the mempool is a list of unconfirmed Tx’s
2. Tx’s will be placed on the mempool (as in a waiting room)
3. A growing mempool will increase Tx’s fees, as it will be a larger waiting room, asking for who’s got the biggest fee to pay to be attended first

[Athenophia]

1. What is the mempool?
   Each node on the network has its own mempool. It is where the node stores transactions that make sense but are unconfirmed (meaning they haven’t officially been put on-chain by a miner).
   It plots the unconfirmed transactions based on fees and time.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Then the mempool numbers will increase, there will be longer transaction times and likely the gas fees will go up.

3. How does a growing mempool effect transaction fees?
   A growing mempool effects transaction fees because if there are a lot of transactions waiting, it is more desirable to pay a higher transaction fee so your transaction gets processed.

[Lakov]

1.Mempool is the list of all unconfirmed transactions!
2.If miners cant keep up with the rate of new transacions the mempool grows bigger and the processing time is longer!
3.Transaction fees goes bigger if the rate of unprocesed transactions grows bigger. So in busy times when lots of new transactions are input the fee grows bigger accourdingly!

[DanJackFish]

1. What is the mempool?
   A temporary store for transactions waiting to be processed by the miners.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   Mempool and transaction fees will become become greater.
3. How does a growing mempool effect transaction fees?
   The fees likely will increase.

[angelmanuel]

1. What is the mempool?
   The mempool is a data structure which each node has with a list of unconfirmed transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool will grow and transactions w/ higher fees will be prioritized by miners.
3. How does a growing mempool effect transaction fees?
   Fees would increase so transactions can be picked up faster by miners over other tx’s.

[Thu]

1. What is the mempool?

The mempool is a waiting area for miners, who will eventually add the transactions, which are unconfirmed on the blockchain.

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

Blocks are created approximately every 10 minutes, therefore, only a certain amount of transactions are chosen based on size, called bytes. Consequently, transactions will increase causing an increase in fees as well.

3. How does a growing mempool effect transaction fees?

Transaction fees increase the moment the mempool increases. Moreover, miners are incentivize to prioritize higher fees since the rewards are higher.