Homework on Mempool - Questions

Blockchain and Bitcoin 101
#3892

  1. Mempools are a cryptocurrencies’ mechanism for storing information of unconfirmed transactions that have not been included in a block, unconfirmed on Bitcoin Network added to blockchain.

  2. When miners are not able to keep up with the rate of new transactions coming into the mempool, the mempool size increases. The miners prioritize the unconfirmed transactions that offer the highest levels of fees in the nodes until the size of the mempool decreases. The output is broadcasted to all nodes and miners (also nodes) often look in their own nodes for the highest fees. As long as a unconfirmed transaction is being broadcasted, it stays in the mempool until confirmed. If fees of unconfirmed transactions are very low the miners can reject and return those transactions. The lower the fees the longer it may take to be confirmed.

  3. A growing mempool affects transaction fees in that the higher the fee, the sooner the transaction is confirmed to a blockchain. Users who want confirmation soon know to offer higher fees for sooner service. Lower fees may stay in the mempool longer.

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#3893

What is the mempool?

The list of all the unconfirmed transaction from each node.

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

Transaction fees increase to attract more miners. Difficulty might be decreased.

How does a growing mempool effect transaction fees?

It will increase the transaction fee.

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#3894

1- A place for unconfirmed transactions to go.
2- Transactions go to the node mempool’s
3- The fees will go up

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#3895 
What is the mempool? --> List of unconfirmed transactions held by a node and broadcasted to other nodes in the network.

What happens if the miners can’t keep up with the rate of the new transaction? --> The mempool size increases.

How does a growing mempool effect transaction fees? --> There is a demand/supply issue and the cost of trx(i.e. the fees) will go up as people will increase their trx fees to ensure their trx is added to the block
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#3896

Growing mempool would increase the fees, not lower them :slight_smile:

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#3897

yes, you are right. my bad. thnx for correction.

#3898
  1. Mempool is the list of unconfirmed TX that are waiting to be approved by the miners.
  2. The mempool grows in size and the time of confirming TX would be longer.
  3. If the mempool grows, the fees will go up and the miners will take the higher transaction fees first.
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#3899

It is where transactions line up to be treated / a backlog builds up making transactions time longer / they grow higher

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#3900
  1. Mempool is a place that allocates unconfirmed transactions
  2. The transaction will be kept in the Mempool until other nodes are reached and can match the rates and finally, validate the transaction.
  3. A growing Mempool means there is a slow down on the speed to confirm a transaction. This will trigger people willing to pay higher fees in order to have their transactions confirmed faster.
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#3901

1: A list of unconfirmed transactions.

2: The mempool will grow.

3: The fees will go up because the miners will verify transactions with higher fees first.

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#3902
  1. It is a list of the UTXO’s
  2. The memepool grows in size what also mean the transactions will take more time to be confirmed
  3. The fees will increase and the miners will first take care of the transactions with the highest fees
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#3903
  1. Mempool is were all unconfirmed transactions are.
  2. The mempool increase/growe up.
  3. When the mempool grows, the process continues as the miners look for the highest fees.
    That can increase the fees.
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#3904

1.A place to pickup unconfirmed transactions.

2.mempool is getting bigger

3.Larger transaction fees

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#3905
  1. The Mempool is a pool of transactions that have not yet been added to the blockchain.
  2. If the miners cannot keep up, then the transactions start to build up in the mempool.
  3. A growing pool of unconfirmed transactions puts load on the blockchain, and therefore will increase the fee necessary to complete the transaction. In other words, when the network becomes congested, fees naturally will rise due to congestion and competition.
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#3906

  1. The mempool is basically just the list of unconfirmed transactions waiting to be confirmed (added to a block).

  2. The mempool size will grow larger or the backlog of unconfirmed transaction will be bigger. It would take a longer time to process unconfirmed transactions.

  3. Growing mempool will increase the fees because miners will choose to prioritize transactions with higher fees.

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#3907

  1. What is the mempool?
    This is a pool that contains unconfirmted transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The time of confirming a transaction would take longer.

  3. How does a growing mempool effect transaction fees?
    A growing mempool means transactions needs to be more attractive to miners to validate, so the fees will become larger.

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#3908
  1. Mempool keeps track of all unconfirmed transactions left for the miners to pack into a block.
  2. The mempool is increasing.
  3. Growing mempool causes transaction fees to increase.
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#3909

  1. What is the mempool?
    A mempool is a data structure that each node holds. A mempool holds the unconfirmed transactions until the minors pull to confirm and then is added to the block.

  2. What happens if the miners cant keep up with the rate of the new transactions?
    Then the transaction times will be longer and fee will rise.

  3. How does a growing mempool effect transaction fees?
    It will cause competition and fees will rise since miners take highest paying fees first.

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#3910
  1. A block where all transaction are recorded.
  2. They would select the most profitable ones for them.
  3. The bigger the mempool gets the higher the fees are.
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#3911

  1. What is the mempool?
    mempool stores unconfirmed transactions.

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

  3. How does a growing mempool effect transaction fees?
    Transaction fees will go up.

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