Homework on Mempool - Questions

[Chavannes_Theodore]

1. What is the mempool?
   A data structure that each node has. It has unconfirmed transactions.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   The bite gets smaller and smaller
3. How does a growing mempool effect transaction fees?
   The miners will go for the higher fee

[toriemartenilli]

@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. The mempool consists of a list of unconfirmed transactions that make sense to a particular node.
2. Mempool grows
3. Unconfirmed transactions in the mempool with the higher fees are prioritized

[szaslavsky]

• What is the mempool?
  list of transactions inside a node that has not been added to the blockchain

• What happens if the miners can’t keep up with the rate of the new transaction?
  mempool grows and I assume that it takes longer to get your transaction onto the blockchain

• How does a growing mempool effect transaction fees?
  a growing mempool means that fees go up based on the law of supply and demand.

[Mil_Pasos]

1. What is the mempool?
   It is a data structure that stores all the unconfirmed transactions before a miner adds it to a new block.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   If they can’t keep up the mempool gets larger and filled with transactions and increased fees.

3. How does a growing mempool effect transaction fees?
   A growing mempool has a large demand for transactions to be processed, so the fees will go up.

[CryptoNerd1]

1. Unconfirmed transactions, nodes keep and update mempool copies. The mempool logs can be slightly different between the nodes as delayed updates catch up.
2. The mempool grows larger and this can equal longer processing times.
3. The transaction would increase as demand for processing increases. Miners choose the highest fees.

[Job.Dylan]

1. What is the mempool?
   A mempool is a pool that every node has that contains unconfirmed transactions. They are awaiting to be added to a Blockchain by a miner. All nodes contain the same mempool, although some may be missing transactions due to them not having yet received a broadcasted transaction.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Other miners will create a blockchain and compete with eachother?

3. How does a growing mempool effect transaction fees?
   A growing mempool will probably have increased fees due to competition.

[ath]

1. A mempool is where nodes broadcast unconfirmed transactions that have been determined to be valid, but have not been confirmed by miners yet.

2. When miners cannot keep up with the rate of new transactions, the number of unconfirmed transactions increases which increases the size of the mempool. This just means it will take longer for a transaction to get confirmed (posted to blockchain).

3. As the size of a mempool increases, so do transaction fees. Transactions are not confirmed in the order they are received but by the size of the transaction fee. The higher the fee the more likely miners will choose that one to mine and the quicker it will be confirmed.

[Maki]

@Job.Dylan

Other miners will create a blockchain and compete with eachother?

why would miners create a blockchain🤔?

[Job.Dylan]

Oops. I meant to say other miners would create their own new block, not new blockchain.

I was unsure of answer and kind of reaching there hehe

[Rabimla]

1. What is the mempool?
It is a list of the unconfirmed transactions that each node saves together with the blockchain.

2. What happens if the miners can’t keep up with the rate of the new transaction?
The size of the list (the mempool) increase. So, the time required for a transaction to be confirmed increase and also if we want to accelerate the transaction we need to increase the fee payed.

3. How does a growing mempool effect transaction fees?
The higher the mempool is the higher the transaction fees will be.

[PeterSh12833203]

1: The Mempool is the pool of unconfirmed Bitcoin transactions within the data structure of each node.

2: If miners can’t keep up then transactions with lowest fee’s will be set aside & a backlog of pending transaction will appear. Transactions will then have to wait until the next block or at an unspecified date in the future to be verified.

3: A growing Mempool means higher competition between miners (since they are financially incentivized) & growing transaction fees. Ethereum is a good example of this condition right now.

[Asit]

1. What is the mempool?

Mempool is a data structure that consists of a list of all unconfirmed transactions.

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

The size of mempool increases.

3. How does a growing mempool affect transaction fees?

A growing mempool will push the transaction fees higher.

[dpturner]

1. A mempool is a collection of unconfirmed transactions.
2. The transaction speed would slow down thus causing the mempool to grow.
3. They cause transaction fees to rise.

[shaunsteckler]

1. the mempool is the total number of unconfirmed transactions.
2. the number of unconfirmed transactions increases.
3. Miners seek out the transactions with the highest fees.

[TheOldOne]

1. What is the mempool?
   The mempool is a list of unconfirmed transactions (secondary transactions). The miners then can choose which transactions they want to add in the next block, normally they chose the ones with the highest transactions fees. This because the miners receive all the transactions fees.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   System gets clogged and mempool only grows. The ones with the highest transaction fees gets included earlier. That’s why you see those crazy gas fees on ETH network in late 2020.

3. How does a growing mempool effect transaction fees?
   Transaction fees will only grow.

[Nadiat_Wasit]

1. Mempool is a list of transaction sign by wallets by using private key and waiting to be build in a block by miners.

2.Mempool grows and longer transaction time.

3. Transactions offering higher fees get taken first leading to more expensive free market.

[jamesincanada]

1. Mempool is where the unconfirmed trasactions go.
2. If miners can not keep up with the rate of new transactions the mempool gets bigger and the transactions take longer to process.
3. Transaction fees increase as the mempool grows because miners will look for the higher fees to get the transaction into the next blockchain.

[TuomoP]

1. What is the mempool?
   Before transactions are added on blockchain they go to mempool for miners to pick up. It is sort of a waiting room for unconfirmed transactions.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Then the transactions either stay in mempool or expires (after 14 days). Transaction can also be removed during this time if it was on the indexed at the bottom of the queue (smallest tx fee) and another transaction with bigger tx fee joins the mempool.

3. How does a growing mempool effect transaction fees?
   Transaction fees increase as mempool gets bigger.

[t3hmun]

1. What is the mempool?
   A node’s collection of valid transactions that have not yet been added to the blockchain.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool gets bigger, transactions with lower fees wait a longer time to get included.

3. How does a growing mempool effect transaction fees?
   As the mempool grows, the fees increase because people are competing to get their transaction included in the next block by paying higher fees.

[speedster1050]

The Mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.

If the miner’s are unable to keep up the Mempool increases in size.

A growing mempool effects the transaction fees as they compete in price to fit into a new block.