Homework on Mempool - Questions

[turbodrakul]

1. Mempool is a pool of transactions unconfirmed yet,
2. The time to confirm transactions is longer.
3. Transaction fees grows up.

[ZacSed]

• What is the mempool? ==> It is a memory pool that collect bitcoin transactions that are waiting to be validated and added to the blockchain.
• What happens if the miners can’t keep up with the rate of the new transaction? ==> They are added to the mempool.
• How does a growing mempool effect transaction fees? ==> The larger the mempool means more transactions are waiting to be validated and thus the busier the miners are. And the busier the miners are, the higher the fees.

[Peter_Vongpaseuth]

1. The mempool is a list of unconfirmed transaction within each node.
2. If the miners can’t keep up with the rate of the new transaction, they prioritizes transactions with the highest fees in order to construct a sizable block with less time focused on how to make smaller transactions fit into a block one transaction at a time.
3. A growing mempool effect transaction fees by increasing the fees and incentivizing the miners to deal with all the transactions with the highest fees in addition to the rest of the transactions because with more in the mempool, more chances to make more bitcoin.

[kristiandoble]

1. Mempool is a data structure that keeps all verified transactions that are not yet included in a block
2. Then they have to prioritize which transactions they want to include, based on the transaction fees
3. Since fees are based on market price, a growing mempool will most likely cause the transaction fees to increase

[afchamp11]

[quote=“ivan, post:1, topic:8438”]

• What is the mempool?

It is a temporary memory where unconfirmed transactions are stored, where miners select them in order to process them. It is like a “waiting room”

• What happens if the miners can’t keep up with the rate of the new transaction?
  If miners can´t keep up with the rate of new transactions, they will accumulate and miners will be offered higher fees by users in order to have their transactions processed faster.

• How does a growing mempool effect transaction fees?
  A growing mempool increases transaction fees in order to increase the probability of being selected by a miner.

[Meddodreddo]

1. What is the mempool?
   Pool of unconfirmed transactions, approved by nodes and awaiting addition by miners into the blockchain.

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

3. How does a growing mempool effect transaction fees?
   Highest fees are prioritized, creating competition for entry into the blockchain and thus up bidding the transaction fee.

[Maxwell]

1. The mempool is a group of transactions yet to be verified by a miner.

2. The backlog increases and the transactions with the highest fees will take precedence.

3. Transaction fees will increase.

[Yashwin]

1. All the unconfirmed transaction within the bitcoin network remain in a place called mempool. All nodes usually have their own mempool.

2. If miners are unable to keep up it could result in a backlog of the transactions getting confirmed, and eventually lead to slower transaction processing times.

3. A growing mempool eventually will result in larger transaction fees to get it approved.

[Austaino]

1. What is the mempool?

Mempool is broadcasted unconfirmed transaction that needed to be mined into a new block, while new block is to be appended to the blockchain.

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

The Mempool starts to grow, network slows down and fees may increase.

3. How does a growing Mempool effect transaction fees?

Miners want to make the most money out of every unit of work. So they might process the transaction with the best fees first.

[maddie]

1. What is the mempool?
   It is a record of unconfirmed transactions waiting to be put in a block.

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

3. How does a growing mempool effect transaction fees?
   The fees will increase because you will need to pay more to get your transaction prioritized over others, as miners are likely to pick the transactions with the highest feest to put in the next block.

[AndrewDavid]

1. The mempool is a recording of all transactions
2. Transactions are prioritised from highest to lowest fee incentives for the miners
3. More transactions will make transaction times longer and increase fees

[apmfree]

1 - mempool is a list of unconfirmed transactions that are yet to be added to a block by the miners. Each node will hold a mempool of unconfirmed transactions.

2 - if minors can’t keep up the transactions will collect in the mempool

3 - it will increase tranactions fees as the competition to get transaction processed by minor increases

[Raneil]

1. Mempool is a holding “pool” of valid unconfirmed transactions.

2. If the miners can’t keep up with the rate of new transactions the miners will institute a minimum fee. Any transaction whose fee is below the minimum will be dropped and only incoming transactions that meet or exceed the minimum fee will be accepted in the mempool.

3. A growing mempool increases the transaction fee.

[Hudsen]

1. A mempool is where pending transactions are stored until a miner adds them to a block.
2. The mempool gets bigger, fees and transaction times can increase.
3. A bigger mempool will result in higher transaction fees.

[pmgoff]

1. What is the mempool? A data structure that holds all unconfirmed transactions on the btc network.
2. What happens if the miners can’t keep up with the rate of the new transaction? The transaction waits within the mempool to be confirmed.
3. How does a growing mempool effect transaction fees? Miners prioritize the transactions willing to pay the highest fees first, until a block is filled.

[kal]

1. The mempool is the pool of all unconfirmed transactions on the bitcoin network.

2. If miners can’t keep up with the rate of new transaction the mempool size increases with a backlog of transactions.

3. In a growing mempool miners will select the highest transaction fees to include in the next block, therefore transaction fees will increase.

[Petraper]

1. The mempool is a pool of all unconfirmed transactions waiting to be verified by other nodes.
2. In that case the mempool will increase in size, we will have to wait longer for the transaction to be completed (unless we increase our fees paid to the miners)
3. If we increase the fee then our transaction will be verified faster (the miner selects the higher fees rather than lower).

[Jesse_Bowles]

1. Mempool is all unconfirmed transactions that the nodes agree with but is not picked up by the miner
2. The mempool grows and transaction become slower. Transactions will become more expensive because the miners will take the highest fee first.
3. Miners want to make as much money as possible so if you want faster transactions you have to pay higher transaction fees

[Kristian_Mitov]

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 miners pick transaction with highest fees first. If there are transactions that were not included into the current block they will be included into the next one. So the transaction times are longer and the mempool is growing.

3. How does a growing mempool effect transaction fees?
   As the transaction with highest fees are chosen first, the unconfirmed transactions with less UTXOs in them have to increase their fee.

[Moseswong]

1. What is the mempool?
   It is a list of unconfirmed transactions attached to the miners nodes.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   mempool will build up, the transaction will take a longer time to confirm, and whoever can offer higher transaction fee will be attended by the miners first.

3. How does a growing mempool effect transaction fees?
   The transaction fees will increase as competition increases. We neeed to incentive miners more to get your transaction done first.