Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4012

  1. It is an area where unconfirmed transactions are persisted in each node. This means that nodes can have different mempools, depending on how synched they are.

  2. The transaction will stay in the mempool, and thus it will take longer to be confirmed

  3. The bigger the mempools (demand of transactions), the higher the fees shall be (nodes and miners need more resources for confirming those transactions).

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#4013
  1. List of unconfirmed transactions. 2. Mempool gets bigger. 3. The bigger the transaction Data(Satoshi bites) the bigger the transaction fee. When a Mempool gets bigger, Miners cant keep up with the transactions. One of the reasons why the miners cant keep up would be for the size of the data to be to big. Which makes the transaction fee larger.
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#4014

1.) A mempool is a list of unconfirmed transactions

2.) the Transaction would be unconfirmed until the miner adds it to a block

3.) It could cause a slowdown in how long the transaction is confirmed with higher fee transaction taking priority

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#4015

  1. What is the mempool?
    The collection of unconfirmed transactions, on a node, awaiting the miner to come along and add then to the next block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transaction will remain in the mempool until it is picked up by the miner and it will take longer for it to be confirmed.

  3. How does a growing mempool effect transaction fees?
    If the mempool is large the miner will take the smallest bites with the highest fees. Basically the miner has better “pickins” as we would say in the south. As the next transactions are made by wallets it will see that higher fees are required to “attract” miners so they will make the fees higher on new transactions.

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#4016
  1. The memory is where each node stores all the unconfirmed transactions it has
  2. If the miners can’t keep up with the growing mempool then the mempool itself will grow and transaction fees will go up.
    3.Miners are incentivized so if there’s a large mempool then they will grab the transactions with the highest fees first so transactions with lower fees will get left in the mempool for the next block to try again.
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#4017

  1. A list of unconfirmed transactions that have not yet been mined and are therefore unconfirmed. Each Node has its own mempool. Miners will typically pick the TX from a mempool with the highest fee.

  2. The mempool will grow in size as TX get backlogged.

  3. TX Fees will increase as transactions will be forced to pay higher fees to be processed. Miners are rewarded for processing tx and therefore will pick the ones with the highest fees, to decongest the network.

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#4018
  1. A mempool is a local list of transactions on a specific node that is then shared with other nodes prior to being confirmed by a miner.

2 & 3. For an unconfirmed transaction to become a confirmed transaction it must be mined and added to the block chain. Miners use “energy” to confirm transactions into a block. In order to incentivize miners to use their “energy” they are given bitcoin in relation to the fee’s paid in all the transactions in the block. Since only 1 block is added roughly every 10 minutes and the max size of a block is roughly 1 Mb this gives us a supply and demand problem. When there are too many transactions on the blockchain, the transactions that pay less fee’s (Sat/b) are not confirmed immediately, which results in congestion on the network (long confirmation times). As the mempool grows, transactions fee’s increase as people do not want to wait for confirmations and will pay higher fee’s for quicker confirmation times. Especially if you are doing a multi million dollar transaction, you will pay the $80 gas fee to have it confirmed quickly. Where as if you are sending .01 btc to a friend, then paying high gas fee’s is not that enticing.

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#4019

  1. What is the mempool?
    A:Mempool is chart that every node has it and shows the volume of SAT/B traded.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A: The mempool chart value goes up.

  3. How does a growing mempool effect transaction fees?
    A: A growing mempool increases the transaction fees. It depends how much BTC is used per transaction and if it’s sent to one or multiple addresses.

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#4020

  1. What is the mempool?
    A place where unconfirmed transactions wait for a miner to pick them up to add to the next block.

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

The mempool go larger and transactions need more time to complete

  1. How does a growing mempool effect transaction fees?

Transaction fees will increase as long as mempool goes higher because of the competition to get the transaction to the next block. Miners gives priority and of course are picking the transaction with larger fees.

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#4021
  1. The mempool is a chart the shows how many transactions there are that are unconfirmed and what kind of fees they have.
  2. If the miners can’t keep up then the mempool grows larger with unconfirmed transactions resulting in longer transaction times.
  3. Since miners are looking for transactions with larger fees they will choose those transactions over others with lesser fees that are waiting for confirmation in the mempool.
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#4022

  1. What is the mempool?
    data structure that each node has of unconfirmed transactions, but which are validated by the node"

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    *mempool will grow in size and transaction with lower fees will take longer to confirm"

  3. How does a growing mempool effect transaction fees?
    as mempool grows in size, transaction fees increases, because miners will first pick up higher transaction fees for their limited space in each block

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#4023
  1. What is the mempool? -Collection of unconfirmed transactions waiting to get a place in a block on the chain.
  2. What happens if the miners can’t keep up with the rate of the new transaction? They pick the most rewarding transactions and the price for transfer will go up. People with transfers who have put low fee will have longer transaction time. Miners are more incentivized to join the network.
  3. How does a growing mempool effect transaction fees? Price go up
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#4024

  1. list of all unconfirmed transactions

  2. If the miners cannot keep up with the rate of transactions, the mempools will grow in size, the fees will increase and there’ll be delays for the lesser (smaller fee) transactions

  3. And if the mempool is growing, this incentivizes the miners with higher fees. the transactions with higher transaction fees become higher priority

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#4025
  1. The mempool is where nodes send unconfirmed transactions that are ready to be validated and added to the blockchain by the miners.
  2. The miner will take someone’s else transaction because its more profitable.
  3. A growing mempool effects the speed in which transactions are processed.
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#4026
  1. What is the mempool?
    Each transaction is stored in a special place called mempool until it is confirmed.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The result is an increase in the number of unconfirmed transactions in mempool.
  3. How does a growing mempool effect transaction fees?
    Fee increase
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#4027

1 Mempool is the list of unconfirmed transactions waiting to be added to a block

2 If the miners can’t keep up with the rate of the new transaction the transaction take longer to be confirmed and the mempool grow

3 If the mempool grow fees will increase

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#4028

A record of unconfirmed transactions waiting for miners to handle the transaction to write them into blocks on chain.

the mempool grows and slows down the transactions.

it increases the price, miners can choose to help those who pay the most for a transaction fee.

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#4029
  1. What is the mempool?
    a) Where pending transactions (unconfirmed) wait to be added to the blockchain. Network nodes host mempools as do miners.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    a) The mempool will grow in size.
  3. How does a growing mempool effect transaction fees?
    a) A large mempool will result in an increased TX fee. Miners having a larger pool of unconfirmed TXs to choose from will prioritize those offering higer fees. TXs will smaller fees will not be processed until the mempool decreases or the TX fits the construction of the block based off of size.
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#4030
  1. What is the mempool?

Where unconfirmed transaction are stored.

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

The mempool grows.

  1. How does a growing mempool effect transaction fees?

The bigger the mempool the higher the fees.

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#4031
  1. What is the mempool?
    The transaction waiting room - these are uncomfirmed transactions that are waiting to be picked up by miners to be included in a block.
    2 & 3: What happens if the miners can’t keep up with the rate of the new transaction? How does a growing mempool effect transaction fees?
    When transactions are added faster than miners can keep up it leads to a larger mempool. Larger mempool leads to increased transaction fees as there are more transactions that are competing to be added to the next block by miners. Transactions picked up by miners are based purely based on financial incentives - the transaction fee they earn for mining it. Therefore, the larger the mempool, the higher the fees.
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