Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4032

  1. What is the mempool?
    List of all Unconfirmed Transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows larger and there are longer transaction times

  3. How does a growing mempool effect transaction fees?
    With a larger mempool, the miner has the option to choose higher transaction fees to earn. Larger fees are offered to miners to get their transaction picked up first

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#4033
  1. a database of all the btc transactions.
  2. the backlog grows
  3. fees increase to incentivize miners to get to work
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#4034

What is the mempool?

  • it is a list of unconfirmed transactions that each node has

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

  • the number of unconfirmed transactions in the mempool will grow in number and at the same time transactions with lesser fees may take longer to process since miners usually choose unconfirmed transactions that have higher fees with lesser byte size.

How does a growing mempool effect transaction fees?

  • transaction fees might go up
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#4035

mempoolhomework

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#4036
  1. What is the mempool?
    stores information of transactions waiting to be processed
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mining pool size will grow and transaction times will grow
  3. How does a growing mempool effect transaction fees?
    it will increase prices of transactions
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#4037
  1. Pool of unconfirmed transactions.
  2. Mempool continues to grow.
  3. Incentive to pay for higher transaction fees grows to be first in line for transaction confirmation by the miners.
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#4038

  1. a mempool is like a collection of all the transactions that have not been added to the blockchain,… waiting for validation. you ever drive by a school and see a bunch of kids loooking miserable and just waiting around for someone to pick them up? I mean they are all done with what they came to do for the day and now they are reliant on mommy and daddy to tkae them home. well think of a transaction that’s done been signed, agreed upon by the nodes, now it just sits; waiting ona miner to see the value in him and hash him into the block chain. Well the mempool is the miserable layover these transactions go to and wait.

  2. I really can not find any good material that covers this subject verbatim. yet from what I have gathered so far… the system would change the difficulty of the puzzle so miners could not keep up with the rate of transactions. Yet I am pretty positive that isn’t the best answer due to the fact that most all of the difficulty comes along with the hash requirement difficulty level…not processing the payments. next thing that came across my mind is that the miners will just sort through the mempool in search of the highest fees associated, leaving the cheap skates to pile up in the mempool and kind of just let them die out. This brings up some ethical questions and concerns. Like “people who can afford a large fee” get taken care of while the little guy who literally used all he had in the transaction that was his moment to stike while the iron was hot but literally had to reduce the calculated fee associated so it would add up to all he had left… Just to be forgotten about and lose the one chance he worked so hard for. Oh well, Nature of the beast right.

IDK, can someone steer me straight on this one? I don’t wish to look at everyone’s answers to save face.

  1. A growing mempool effects the transaction fees because the demand is greater which makes it a situation where a sort of need is created to out-do others for the privilege of being added to the Blockchain and finalizing the TX. One way to fight this battle is with transaction fees. The greater the associated fee… the more incentive the miner has to pick your TX to be added. The greater the volume and complexity of TX’s… Both equate to requiring greater incentive in order to be of value to a miner.
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#4039
  1. Mempool is the list of unconfirmed transactions in the Bitcoin blockchain
  2. When the transactions are too much in the mempool, miners focus on the transactions with the most fees
    3.it normally leads to spike in transaction fees
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#4040
  1. What is the mempool?
    Mempool is a list of unconfirmed transactions collected at each node
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the transaction is queued for next block.
  3. How does a growing mempool effect transaction fees?
    Growing mempool delays the confirmation of transactions and therefore increases the transaction fees to incentivise the miners
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#4041

Homework on Mempool - Answers

  1. What is the mempool?
    The mempool is the collection of transactions that have been checked by nodes BUT not yet verified on a block by a miner.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners cannot keep up, the mempool grows in size and transactions take longer to be verified.

  3. How does a growing mempool effect transaction fees?
    A growing mempool will result in increased transaction fees, as miners will place priority on transactions with the highest fees or the transactions that fit on the current block most conveniently based on size in bytes.

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#4042
  1. Mempool is a memory cache in each node used to store unconfirmed transactions.
  2. Transactions will be stored in the mempool until miners can get to it.
  3. Fees will get higher as mempool fills, miners will pick transactions with highest fees to mine first.
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#4043
  1. A mempool is a data structure that stores unconfirmed transactions that have been checked as valid.
  2. There is a back log of unconfirmed transactions that sit in the mempool
  3. Transaction fees go up because there is more competition to get the transaction put into a block as the mempool increases in size
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#4044
  1. A mempool is where transactions go to wait for confirmation from the network.
  2. If miners can’t keep up with the rate of new transactions, the size of the mempool increases.(waitlist)
  3. As the size of the mempool increases(waitlist), miners can simply apply the principles of supply and demand by prioritizing transactions in order of the highest offer.
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#4045
  1. What is the mempool?

The mempool is a list of transactions that have been validated by a node but not yet been added to a block, i.e. they are unconfirmed transactions. Each node of the network keeps its own mempool and a miner will query other network nodes to access their respective mempool to select transaction to add to a new block. If a miner adds a particular transaction to a new block, this transaction is removed from the mempool.

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

If the rate of new transactions added to the mempool is higher than the rate of miners adding validated transactions to new blocks (i.e. removing transactions from the mempool), the number of transactions in the mempool increases. As a consequence, the average time for a transaction to be added to a new block increases.

  1. How does a growing mempool affect transaction fees?

A growing mempool indicates that the average time for a transaction to be added to a block increases. As a consequence, some transactions will be equipped with an adjusted transaction fee, that is higher than the average transaction fee, in order to incentivize miners to confirm these “high-rewarding” transactions first. Other transactions will be similarly adjusted, which results in a (at least temporarily) higher average transaction fee for the network.

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#4046
  1. Unconfirmed transactions in all the nodes
  2. The mempool grows and transaction times increase.
  3. It increases the fees.
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#4047
  1. The mempool is a list of unconfirmed transactions.
  2. If miners cannot keep up with the rate of Tx’s, they start to pick Tx’s from mempools that have the highest fees.
  3. A growing mempool will increase the amount of time a transaction sits waiting which causes the fees to go up.
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#4048
  1. Mempool is a list of unconfirmed transactions
  2. Backlog of the transactions builds up and mempool gets bigger
  3. Transactions fees go up due to higher demand of being included in the next block
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#4049
  1. Ledger of all transactions.
  2. Backlog in unconfirmed transactions causing delays.
  3. Higher fees result.
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#4050

  1. What is the mempool?
    A mempool is a database or list of unconfirmed transactions that each node has.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners cannot keep up with the rate of new transactions the fees rise and only the highest fees get confirmed and confirmation times increase.

  3. How does a growing mempool effect transaction fees?
    A growing mempool will cause the fees to increase.

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#4051

  1. What is the mempool?
    A pool of transactions waiting to be picked up by a miner to be added to the next block in the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions take a long time to get “confirmed”.

  3. How does a growing mempool effect transaction fees?
    Growing mempool would cause higher fees.

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