Homework on Mempool - Questions

[nick1959]

1 transaction waiting to be processed
2 it will be held increasing transaction times
3 it raises the fees

[Jens]

1. It’s a pool of transactions that needs confirming. Your transaction enters the mempool and will leave the mempool if a miner puts your transaction in the next block.
2. The size of the mempool increases. There are more new incoming transactions than there are outgoing transcations.
3. Transaction fees increase, because miners pick the transcations in the mempool with the highest fees first.

[aarigs]

1. What is the mempool?
   Pool of unspent transactions to confirm. Transactions from mempool are picked up by miners to confirm/put them into block.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The number of transaction in the pool increases.

3. How does a growing mempool effect transaction fees?
   As the number of transaction in mempool increases, miners pick-up transactions with highest fee, these fees are then stored in blocks. Ultimately, wallets looking at past blocks offers you higher fee for confirming transactions. At the end of the day, it is up to user to accept higher transaction fee or change it if one is not in a hurry to confirm transaction.

[lextiby]

1. Mempool stores all the unconfirmed transactions with all the nodes until they received enough confirmations to validate the transactions and creat a block and add it to the blockchain.

2. Inevitabily the mempool gets crowded and mining fees will go up.

3. Transaction fees will go up because miners will always choose the highest fees.

[5haman]

1. What is the mempool?

All unconfirmed transactions (that haven’t yet been picked up my miners) are placed in mempool. This is where miners ‘‘take’’ transactions from and place them into the Blockchain.

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

In this case the mempool grows in size, there are a lot of transactions and that increases the time it takes transactions to arrive to their destinations.

3. How does a growing mempool effect transaction fees?

Since mempool grows more transactions have to ‘‘compete’’ against each other to be put in blocks by miners and sent, it may mean that higher transaction fees need to be set to get transactions processed faster.

’‘There is only one corner of the universe you can be certain of improving, and that’s your own self.’'

[Beki]

The mempool is the collection of unconfirmed transactions waiting to be added to the blockchain by the miners
if the miners cant keep up with the rate of new transactions the mempool grows
the bigger the mempool the higher the fee required to make sure transactions are confirmed

[Avinash_Chulani]

1. Every node that has unconfirmed transactions are held on the mempool.(chart of Unconfirmed Transaction Counts)
2. The mempool que for unconfirmed transactions will increase, and fees increase.
3. The more transactions, the higher the fee.

[PALEVAMPIRO]

1. What is the mempool?
   It is a group of nodes that hold records of transactions waiting to be confirmed

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Mempool grows, longer transaction times, higher fees

3. How does a growing mempool effect transaction fees?
   More competition results in nodes having to offer higher fees to miners in order to get selected

[Haseley]

1. What is the mempool?
   -List of transactions with fee rates.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   • A backlog develops
3. How does a growing mempool effect transaction fees?
   • Miners avoid low fee transactions and and focus on higher fee transactions, so fees go up.

[Bernardini]

1 - It is where the unconfirmed transactions are held.

2 - the transactions with the highest fees will be written onto the next block first.

3 - it cause the fees per transaction to go up

[Tito_RuizG]

1. A mempool is a list of unconfrimed transactions.

2. Mempool grows

3. The TXs with the highests fees will be first to be picked by the miners.

[Taro]

I visited the site. Thank you for providing the link. I was intrigued with the blockchain messaging and language used in communicating.

[A.Eles]

1. A list of unconfirmed transactions in each node awaiting a miner to pick it up.

2. The mempool grows larger.

3. Fees increase further incentivising the miners to pick them up.

[Taro]

A mempool is a list of unconfirmed transactions waiting to be pulled into the blockchain by a miner to processing.

If the miners can’t keep up with the number of transactions, the miners are incentivized by the fees per byte that the transactions generate, so they pick up the higher fee transactions first.

The higher fee transactions are picked up by a miner first by querying the node’s or the miner’s own mempool. The other transactions are picked up in subsequent blocks as space in the blockchain provides.

[Bitborn]

1.)What is the mempool?
-A mempool is a place on the network where each node is storing information on transactions that have been executed/verified but not yet confirmed by a miner. In other words they are transactions that have not yet been added to the block by miners.

2.)What happens if the miners can’t keep up with the rate of the new transaction?
-The mempool increase in size causing transaction fees to go up. Higher fees will be prioritized.

3.)How does a growing mempool effect transaction fees?
-A growing mempool increases transaction fees due to high demand.

[MFLittle]

1 - Mempool is a pool of uncommitted transactions
2 - If miners can’t keep up, the mempool would grow fees would rise as people transacting would need to compete to get their transactions committed
3 - See above (#2)

[Chad]

1. What is the mempool?

The mempool is unconfirmed transactions. These are listed in the nodes.

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

If miners can’t keep up with new transaction rates then the mempool grows and transaction times increase.

3. How does a growing mempool effect transaction fees?

The transactions with the highest fees get taken first by the miners. So a growing mempool could increase transaction fees that the miners are incentivized to receive.

[derok]

1. What is the mempool?

The mempool is a collection of all unconfirmed transactions on the block chain network.

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

The mempool will increase in volume of unconfirmed transactions. At the same time, if the demand for completed transactions increase because of the backlog in unconfirmed transactions, transaction fees may increase as well.

3. How does a growing mempool effect transaction fees?

The larger the mempool, the longer the wait time for a transaction to be added to the block chain by a miner. If the demand for completed transactions increase because of the backlog in unconfirmed transactions, transaction fees may increase.

[collectnft_og]

1. A mempool is where unconfirmed transactions are placed, before being added to a block by a miner.

2. When miners can’t keep up with the transaction rates, the mempool grows larger.

3. A growing mempool can cause higher fees for transactions to be added to blocks, this also causes confirmations to take longer.

[benlive]

1. What is the mempool?
   It is a place where all unconfirmed transactions are stored.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Then mempool grows and transaction time also increase, because miners choose the transactions with highest fees.

3. How does a growing mempool effect transaction fees?
   When mempools grow, transaction fees also grow.