Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4252

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool is a list of transactions accepted by the nodes but haven’t been written into the new blocks. By accepted means that the nodes have already validated and knows for sure they make sense: the transaction is spending funds they have and have been properly signed with the private keys. However, the transactions in the mempool are still pending. A transaction is not definite if it is not recorded in the new block.

  2. What happens if the miners can’t keep up with the rate of the new transaction? They only accept transactions that pay higher fees since they are profit motivated. The left behind will be processed later when the mempool is not so crowded.

  3. How does a growing mempool effect transaction fees? Tend to increase the fees. Fees are not related by the value of the transaction, instead by the size of the transaction in bytes and the fees per Byte, usually established in satoshis.

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#4253

  1. Its is where all unconfirmed transactions that make sense are stored until confirmed by a miner.

  2. The mempool grows larger and the transactions take longer.

  3. It makes transaction fees increase.

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#4254

1.A mempool is the complete list of unconfirmed/incoming transactions that are yet to be mined. Miners are incentivised to mine blocks based on fees acrued per block. If a transaction/block has a higher fee reward a miner will automatically give the higher paying block priorirty. This results in an increased mempool when network activity increases.

  1. If miners can’t keep up with the rate of new transactions, therefore causing what some might call a congested network, this would result in a sudden influx in the mempool causing users to decide wether they want to use a higher set of fees or wait longer for their transactions to be mined.

  2. As mempool size increases, users will compete to get “through” the mempool quicker, resulting in what some call “gas wars” where users push the average gas price drastically higher than the norm, causing miners to prioritize higher gas fees in the mempool.

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#4255

Questions:
. Mempool is a data structure which contains a list of all unconfirmed transactions.
. There will be an overflow of transactions so the Mempool will become larger.
. The transaction fee will increase as the number of bytes stored is greater.

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#4256
  • Homework - Mempool

    • What is the mempool?
      The Mempool is a “waiting area” for Bitcoin transactions that each full node maintains for itself. After a transaction is verified by a node, it waits inside the Mempool until it’s picked up by a Bitcoin miner and inserted into a block.

    • What happens if the miners can’t keep up with the rate of the new transaction?
      The unconfirmed transaction pile in the mempool increasing its size. As the size of the mempool increases the fees become higher because there are many unconfirmed transaction. The miners are incentivized to pick the transactions with a higher mining fees.

    • How does a growing mempool effect transaction fees?
      Fees become higher

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#4257
  1. List of pending transactions.
  2. Growing size of mempool, longer time of validation etc.
  3. Higher fees, slow transactions.
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#4258

!. Mempool is the store of unconfirmed transactions
2. transaction times and fees increase
3. they go up

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#4259
  1. Mempool contains all of the unconfirmed transactions on a block chain
  2. there are longer transaction times and mempool grows
  3. A growing mempool means higher transaction fees to incentivize miners
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#4260

  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.

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#4261
  1. The mempool stores in every node of the network the unconfirmed transactions.
  2. Since the miners are confirming transaction the mempool is getting larger.
  3. Transaction fees would increase because miners are going first for those transactions with higher fees.
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#4262

  1. A mempool is a log of unconfirmed transactions on each node. Miners will ask nodes what kind of transactions they have in their mempool. As miners are also nodes, they may select from their own mempool.

  2. There will be a backlog of unconfirmed transactions until a miner picks them up. This may lead to longer transaction processing times and higher fees.

  3. A miner will select transactions that will yield higher fees. This may cause transaction fees to rise. However, the complexity of a transaction may also have a bearing on how the miner selects the transaction. More complex transactions will also command higher fees.

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#4263
  1. It is a place where all unconfirmed transactions go until they are confirmed.
  2. Transaction waiting times increase and so do the fees.
  3. The fees increase which incentivize miners to complete the pending transactions.
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#4264
  1. A mempool is a list of signed transactions verified by nodes in the network, waiting to be included in a block by the miners.
  2. If miners can’t keep up, the mempools will build up a backlog, increasing wait time for transactions to be completed and possibly increasing fees.
  3. Growing mempools can increase transaction fees because the transaction with the highest fees compared to data size will get accepted first since the miners have a financial incentive to get paid off transaction fees inside the block they create.
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#4265
  1. A mempool is a list of unconfirmed (but validated) transactions contained in each full node and mining node.
  2. Miners will only place transactions with the highest fees (sat/Byte) in their blocks.
  3. A growing mempool will increase transaction fees because there will be more competition to have one’s transaction in the next block.
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#4266

  1. a mempool is simply a log of unconfirmed transactions

  2. Simple economics, as demand for miners rises so will the cost of their work, meaning fees will rise as well as the rate of time at which transactions are confirmed.

  3. The fees will rise as the rate of transactions entering the pool will also increase.

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#4267

  1. It’s a data structure that contains unconfirmed transactions. Every node within the blockchain network will have their own local copy of these mempools and such mempools may be slightly different in one node compare to another. This is simply due to one node receiving these unconfirmed transactions sooner then they other. Each node will make sure that these transactions make sense, that for example you are not spending BTCs that you don’t have, and that they follow the protocol that is set within the network. Once it’s done, it will be propagated to another node. When a miner comes (who is technically a node) they will look at the mempool and pick out the transactions that have the highest fees so they can place into the next block they are looking to create. Once that is done, these unconfirmed transactions become confirmed and will be removed from both the mempool and all the nodes.

  2. Unconfirmed transactions within mempool will keep on adding up, resulting in the sat/B fees increasing over longer periods of time.

  3. more unconfirmed transactions in mempool = Higher transaction fees = miner will priorities transaction with higher fees first to place in a new block over lower fees.

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#4268

  1. The mempool is the list unconfirmed transactions are stored within a node until a miner can validate it onto the blockchain.

  2. If miners cannot keep up with the transactions then the mempool will grow larger.

  3. A growing mempool will result in a higher transaction fee to get a timely transaction as miners will choose to validate transactions that give them the most payment. Lower fee transactions will be given a lower priority and not picked up until the mempool is reduced in size.

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#4269

1,a list of all transactions
2,mempool grows larger
3,larger the memory the higher the transaction fee gets and creates competition for miners

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#4270
  1. What is the mempool?
    A place where the Nodes are putting all the unconfirmed tx in waiting of a miner to move them in a new block
    2 1. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool is growing and confirmation time and fees will rise
    3 1. How does a growing mempool effect transaction fees?
    A bigger mempool means longer time for the confirmation of a tx ,and people will be willing to pay a higher fee for a quicker confirmation
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#4271
  1. A mempool is where unconfirmed transactions sit while awaiting confirmation from the blockchain.
  2. If miners can’t keep up with the rate of new transactions there will be delays in how quickly a transaction is confirmed to the blockvhain.
  3. A growing mempool affects the fees of the blockchain because miners will usually process the block with the higher fees yet those that take up the least amount of space for that block.
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