Homework on Mempool - Questions

[Halim]

1. A mempool is a place where all the unconfirmed transactions that were validated by nodes go to wait to be added to the blockchain. The mempool can be thought off as a type of waiting list awaiting to be added to the blockchain.

2. If this happens the miners will prioritize the transactions with the highest fees

3. It would have an exponential effect on the transaction fees, as only the transactions with the highest fees will be added to the blockchain so this would cause an overall surge in the transaction fees of the network

[Fea10]

1. Mempool is a collection of unconfirmed transactions.
2. Mempool will be saturated causing fees to increase and confirmed transaction to slow down.
3. It would increase the transaction fees to incentivize miners

[DonnieLee]

1. The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.
2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.
   3.Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.

[karenkristina]

1. The mempool is where all unconfirmed transactions are listed and wait to be accepted into a block. The mempool exists on each node but may be slightly different because of the time it takes each transaction to reach a node affecting its position on the list.
2. The list grows longer if miners can’t keep up with the rate of the new transactions and transaction times increase as well as priority being given to transactions with higher fees. Transactions remain unconfirmed.
3. Transaction fees go up to ensure a transaction goes into a block sooner rather than later.

[kiwi]

1. What is the mempool?

A mempool is a “pool” of unconfirmed transactions. Those transactions have already been checked and validated by nodes, but are waiting for a miner to come along and add them to the blockchain.

The mempool varies with different nodes because once a transaction is confirmed, it might take some time before the updated blockchain reaches a certain node. That node will have that transaction sitting in the mempool until it receives the updated blockchain, so that node’s mempool will be different from another node’s mempool if the other node already has a copy of the most recent blockchain.

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

If that happens, there will be more and more transactions that are waiting for a miner to come confirm them, so those valid but unconfirmed transactions will be sitting in the mempool, which then grows in size. Because now a transaction is competing with many others to be included in the next block, those with higher fees will be prioritized.

3. How does a growing mempool affect transaction fees?

Once a miner is available, they will come to a node’s mempool (or look at their own, since miners are full nodes as well) and see that there are a bunch of transactions to confirm. Because the miners want to make money, they will choose to include the transactions with the best fees in the next block. This raises competition since people want their transaction to be confirmed as soon as possible, so eventually the transaction fees will rise and become the “new normal”.

[Floriano]

1. What is the mempool?
   Is the place where Unconfirmed Tx are stored before the a miner confirmed it.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool grows in size

3. How does a growing mempool effect transaction fees?
   The transactions with highest fees go first

[Amin]

1. Mempool is a network of blockchain nodes that keep the unconfirmed tx.
2. Transaction time will be longer and the fee will get higher
3. The larger the mempool the higher the fee

[IntrepidShape]

1. What is the mempool?
   A list of transactions to be mined.

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

3. How does a growing mempool effect transaction fees?
   The transaction with the highest fees take priority.

[Gerardomaring]

1.- Mempoolis a temporary memory of unconfirmed transactions that is in each miner’s node.

2.- The Mempool grows and it occupies more and more temporary memory of the miner’s node.

3.- There is a rise on the fees of every transaction

[Clark]

1. A mempool is the list of all transactions.
2. If the miners can’t keep up with the rate of the new transaction the mempool backlog builds up.
3. Transaction fees go up if the growing mempool increases.

[Olaf]

1. A mempool is al list of all unconfirmed transactions. Every node has his own mempool. When a miner (is also a node) picks up the transaction (and it is verified) he will put it in a block on the blockchain (every 10 min).

2. The mempool will grow and the transaction time will be longer.

3. The fees will increase. More transactions will have a higher fee to be taken first by the miners.

[DonMichelin]

1. Mempool is a nodes unconfirmed transactions and their chosen transaction fee.

2. The miners will then prioritize transactions with a higher fee creating a fee market to include a transaction in the next created block.

3. The fees will then increase because the lowest priced transactions in the mempool will not be confirmed.

[Pearce]

1 A Mempool is an area where bitcoin transations wait after been verified by the node
2 The Mempool grows and transactions take longer, driving up fees.
3 The transactions offering the highest fees get processed first.

[Julia789]

1. What is the mempool?
   The mempool is the node’s area that hold unconfirmed transactions.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool will become larger in size because more transactions waiting for miner to verify

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

[MarL]

1. The mempool are the tx validating by the nodes but not yet mined. The pending transactions
2. The fees price will be increased, and only the current transactions with the higher fees will be mined, the other will stay pending for the time that the mempool size decrease
3. It increases it.

[jagzkooner]

1. What is the mempool?
   The mempool is a list of unconfirmed transactions on a node

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

3. How does a growing mempool effect transaction fees?
   A growing mempool will result in higher fees

[sienamarilyn]

1. The mempool is where unconfirmed transactions wait for a miner to pick them up to add to the next block.
2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.
   3.Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.

[th3lastairbndr]

What is a mempool?

A mempool is a node’s mechanism for storing unconfirmed transactions. It is basically a waiting room for transactions.

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

The mempool grows larger, resulting a longer time for transactions to get confirmed.

How does a growing mempool effect transaction fees?

A growing mempool affect transaction fees because the miners will prioritize transactions with the highest fees, resulting it higher fees. So, if there is a growing number of transactions with small transaction fees spooling in the mempool the small transactions won’t be prioritized because the competitively higher priced transaction fees are out numbering the smaller transaction fees, thus miners are going to neglect the lower fees and execute the fees that have higher bids.

[michael356]

1.where unconfirmed TXs waits to be confirm to add to the block.
2.the mempool will expand and waiting time will be longer.
3.the fees will go up ,cause miners choose the fees which gives higher fees.

[nkurahashi]

1. What is the mempool?
   A mempool is a pool of transactions that has not been confirmed by miners (nodes)

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

3. How does a growing mempool effect transaction fees?
   increases transaction fees as miners (nodes) would rather confirm a transaction that has a more rewarding fee for the space it will take up.