Homework on Mempool - Questions

[Dionysios_Nhem]

1. The mempool is a data structure that contains a list of unconfirmed transactions awaiting to be appended (confirmed) to the blockchain by the miners.

2. Mining wait times increase due to the influx of transactions in the mempool consequently creating a higher work load for the miners.

3. The Miners are financially incentivized and will choose transactions with the highest fees.

[santoretech]

@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. Mempool is the temporary storage of transactions on nodes that is requested by miners before creating a block.
2. The mempool will become larger in size also increasing the fee so the transaction is prioritized.
3. Larger the mempool across nodes, larger the fee.

[peace4adam]

• What is the mempool?

A list of unconfirmed UXTO transactions on a given node or miner.

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

They only select the new transactions that offer the highest fees.

• How does a growing mempool effect transaction fees?

They cause the fees to go up since only the highest fees are accepted.

[CryptoLearner]

1. The mempool stores unconfirmed transactions that wait in queue for a miner to confirm them.

2. Then those transactions take longer to get confirmed.

3. Miners like to make money so they will take the transactions that pay the most first. As the mempool grows, transaction fees will increase because there is competition amongst people to to have transactions pulled from the mempool and confirmed first.

[tuenkhbold]

1. Mempool is data structure that each node has your transaction in it, the node that receives your transaction, it will validate the transaction, whether it’s breaking the rule( that you’re not spending BTC that you don’t have), it will put that in transaction mempool.
2. Each node has a copy of their mempool, as soon as the transaction has been taken from mempool and being put into block, that transaction is removed from mempool. The block as re produced in 10 min interval. Block comes between them 10 min interval, therefore every 10 min mempool will deacrease in size.
3. Miner will choose transaction from mempool, it will pick the mempool transaction with highest fee.

[Martin_Garcia_Garcia]

@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. What is the mempool?

The mempool is where the transactions stays waiting for being choosen by miners.

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

The transactions will be waiting more on the mempool so the mempool will growht on size and the miners will give priority to the transactions with the higher fees.

3. How does a growing mempool effect transaction fees?

The transactions that you need to pay in order for your transaction being broadcasted on next block will be higher because your wallet choose the best fee and that fee will be higher and higher until the mempool loss weight, you can also select the fee manually but you will need to pay more for sure in a congested mempool because miners choose the tx with higher fees.

[Simenv]

The mempool is a data structure containing unconfirmed but validated transactions. It is collected and stored separately per node based on broadcast and validated transactions and so there might be small differences between nodes as they receive broadcasts at different times.

If the miners cannot keep up with the rate of new transactions then the mempool will increase in size.

Another way of looking at the mempool is that it contains transactions that are competing for space on new blocks. The miner can freely pick from the transactions in the mempool and so will almost always pick those transactions that pay the highest fee.
If the mempool grows larger, then the fees tend to increase as people who want their transactions prioritised will bid higher to have their transactions prioritised.

[spaceballs]

1. What is the mempool?

• pool of unconfirmed transactions

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

• the mempool grows and transactions with low fee need more time to confirm.

3. How does a growing mempool effect transaction fees?

• fees will raise

[Jill]

1. What is the mempool?
   A mempool is a data structure that each node has and they store pending transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   If miners can’t keep up with rate of new transaction the mempool would grow.
3. How does a growing mempool effect transaction fees?
   A growing mempool causes fees to go up.

[Lorraine]

3. Fees will go up with a growing mempool.

[Alko89]

Did you answer to someone again or did you forgot to answer the rest of the questions?

[kopino4]

1. What is the mempool?
   A datastructure where valid and unconfirmed transactions are stored. From this mempool miners take the transactions which they add to blocks. Every node has its own mempool.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   They prioritize those with higher transaction fees (financial incentive) and the mempool grows (more transactions are waiting to be picked up by miners)

3. How does a growing mempool effect transaction fees?
   If you want a transaction to go through very fast you need to pay higher fees then the current top transactions

[jfots]

1. What is the mempool?
   Mempool is a data structure, list of unconfirmed transactions.

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

3. How does a growing mempool effect transaction fees?

     The more value you transact the more for fee you pay.

[Rick33]

1 The mempool is where all the valid transactions wait to be confirmed and its also the holding area for all the pending transactions.
2 it wil consult in a longer waiting time and higher transaction fees
3 transactions with a higher priority(the more bits per sotoshi) wil get higher fees. cheep transactions will return to the original wallet.

[reggie_nash]

1. A mempool is a list of all unconfirmed transactions. When a transaction is broadcasted to each node by the wallet, they all store them in a list called the mempool.
2. Two things happen if the miners can’t keep up with the rate of the new transactions. The first is that since there is a limited amount of miners, the gas fee will increase due to the increased demand for miners. Second if there is more demand for mining then there are miners, then more miners will most likely come to the market to fulfill these transactions because there is money to be made mining these transactions.
3. The larger the mempool gets the larger the transaction fees. The smaller a mempool gets the lower the transaction fees. Due to the limited space available to create each block miners instinctively try to makes much money as they can with each transaction.

[j_rux91]

1. What is the mempool?
   The mempool is a data structure that each node has that stores unconfirmed transactions waiting to be accepted by miners and added to the blockchain.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   If miners can’t keep up with the rate of the new transaction it will cause the mempool to grow and cause longer wait times and increased fees.
3. How does a growing mempool effect transaction fees?
   A growing mempool increases transaction fees because the miners will choose the transactions with the highest payout and if a person wants their transaction to go through quickly they will need to provide a sufficient fee for the miner.

[Lorraine]

I answered again. I have not figured all the ins and outs of forum. When it says that I haven’t read a lesson. I go back to the lesson and there are 21 answers or more. If I have 22 lessons to go back to and each has >20, am I to read all of them? Answer some of them? indicate with a heart that I liked the answer? I wonder if I have missed some rules of the forum? Lol! Are the lessons and homework timed?

[Alko89]

You get new replies from the topic you replied to. I think you get subscribed automatically. You can answer and like them if you want

[Divesh]

• What is the mempool?
  It’s the list of all unconfirmed transactions that make sense to particular nodes.

• What happens if the miners can’t keep up with the rate of the new transaction?
  The size of the mempool will increase.

• How does a growing mempool effect transaction fees?
  The transaction fee will increase.

[AshLink]

1. The mempool is a memory pool that holds unconfirmed tx’s

2. It is left in the mempool until next tx.

3. it effects it because of pay per bite