Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3852

  1. A mempool is a pool of unconfirmed transactions waiting to be confirmed on the block.

  2. The mempool becomes larger leading to longer transaction times and possibly higher fees.

  3. The large the mempool the high the fees if you want your transaction to be prioritized by miners as the are incentivized per transaction made in a block.

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#3853

  1. It’s a database of unconfirmed transactions that full nodes have.

  2. Mempools will grow, and so will the confirmation times.

  3. Fees will go higher.

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#3854

  1. Mempool is a network of nodes where transactions wait to be confirmed into a block by a miner looking for the highest fee. It provides miners transactions to mine.

  2. If miners can’t keep up with the rate the pool will grow with more unconfirmed transactions.

  3. A growing Mempool will increase the fees causing miners to look for the highest fee transaction.

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#3855
  1. What is the mempool?
  • The mempool is a place where all unconfirmed transactions wait for the miner to process the transaction.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The mempool grows and increase in queued transactions.
  1. How does a growing mempool effect transaction fees?
  • Increase the transaction fees, since the miners incentive is a higher transaction fee at first.
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#3856

Understanding Bitcoin’s Mempool w/ @SoftSimon

https://www.youtube.com/watch?v=oSZxWmvrh5o

#3857
  1. What is the mempool?
    A mempool is a list of unconfirmed transactions on each node waiting to be confirmed by a miner dependent on the transaction fees. The higher the transaction fee the faster that unconfirmed transaction will be confirmed because miners want to get paid as much as they can and will go for the transactions they can make the most money on first. Not all mempools on each node are exactly the same due to the timing at which each unconfirmed transaction as been broadcasted to each node.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners can not keep up with the rate of new transactions then a mempool backlog builds creating higher transaction times as well as higher transaction fees
  3. How does a growing mempool effect transaction fees?
    A growing mempool will effect transaction fee times as well as prices in order to get those fees added to the blockchain
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#3858
  1. The mempool is a chart that has data structure of every node witch has a list of unconfirmed t and validated transactions.
    2.Miners are force to fill up blocks without consideration of size transaction.
  2. The larger the size of bitcoin the higher you pay for bite, not bitcoin or satoshi.
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#3859
  1. The mempool is a node’s list of transactions which have not been put in a block. (All nodes communicate with each other so eventually a transaction will wind up in each node’s mempool.)
  2. The mempool grows and it takes longer for transactions to be put into a block.
  3. Transaction fees go up as persons who want to put their transactions in a block compete with each other since the miners select transactions with the highest fees first.
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#3860
  1. Mempool is a temporary database of a node that stores all unconfirmed transactions waiting to be appended into the blockchain.
  2. The transaction would stay in the mempool until it’s validated and stored on the blockchain. It causes backlog and slower confirmation time.
  3. The user would increase the bidding for transaction fees in order to speed up the transaction and in the end, it would increase overall transaction fees.
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#3861
  1. a list of all unconfirmed transactions
  2. mempool increases in size
  3. miners are incentivized to prioritize to whoever can pay the highest fees therefore the fees will increase
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#3862

#1 The mempool is where the nodes put there transactions so the miner can pick them up and install them into a block.
#2 The mempol gets bigger, slower and higher fees
#3 By the larger byte size, fees will go up.

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#3863

  1. It is a list of unconfirmed TX that are waiting to be added to the blockchain by the miners.

  2. Then TX will take longer.

  3. TX fees would go up.

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#3864

1. What is the mempool?
Mempull is list of unconfirmed transactions at each node.

2. What happens if the miners can’t keep up with the rate of the new transaction?
At certain point mempools are not same at different nodes. But during the time that will be synchronized as transactions are propagated to all nodes.
Minners will pick transactions with highest fee first. So as higher is the fee, the bigger is a chance to be included in next block.

3. How does a growing mempool effect transaction fees?
In traditional banking, the fee is bigger when the amount is higher. In crypto, the fee is bigger for a bigger size of a transaction in bytes. If there are many inputs or many outputs, the transaction in bytes will be bigger and therefore more expensive to confirm on the blockchain. Blocks are produced at 10 minutes interval. Therefore growing mempool will increase transaction fees.

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#3865
  1. The mempool is a collection of unverified transactions that a given node contains.
  2. The mempool grows and it may slow down with increased fee.
  3. Fees increase.
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#3866
  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?

1 - The mempool is a list of all unconfirmed TX´s. Each node has an own mempool which might differ slightly from other nodes due to the fact that the request for a TX might not reach them at the same time.
2 - The que of unconfirmed transactions will increase and the miners will confirm them in the order with the highest fee first.
3 - The increased demand for transactions will push the price up.

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#3867

  1. A record of unconfirmed transactions that are on stand-by until a miner adds them to their block.

  2. The mempool grows larger, extending wait times and increasing fees.

  3. Transaction fees will go up.

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#3868

1. What is the mempool?
A mempool is a list of transactions that are unconfirmed. Since the validation of transactions goes from one node to another, each node has a different mempool.

2. What happens if the miners can’t keep up with the rate of the new transaction?
Mempools will grow larger and it will take more and more time to validate transactions.

3. How does a growing mempool effect transaction fees?
As mempool grows, transactions fees will increase. Since it will take more and more time to have a transaction validated, users will be likely to pay miners more to get the job done.

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#3869

  1. Mempool is a list of unconfirmed transactions, waiting miners confirmation.

  2. Transaction costs will rise.

  3. If the mempool grows the transaction fees will be higher. Transactions with the higher fee will be handled first.

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#3870
  1. What is the mempool?

The mempool is where all of the unconfirmed transactions are held.

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

The mempool gets bigger until they catch up.

  1. How does a growing mempool effect transaction fees?

Transaction fees will rise to incentivize the miners.

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#3871

  1. list of transactions and fees satoshi/bite. Unconfirmed transactions.

  2. the log will be bigger and miners need to make money (insentives) so they usually pick higher fees since they have limited space in each block (bites).

  3. every 10 minutes a block is produced so if a mempool is getting larger fees will be higher since its as we learned bites per block are limited so higher fees will be chosen by miners

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