Homework on Mempool - Questions

[mima]

1. What is the mempool?
   Mempool is data structure of unconfirmed transaction maintain bay nodes. When transaction is verified and propagated to whole network by nods it waits for btc miner to be added to a block. Each transaction pays fee and have size. Miners prioritize transaction that are smaller in size and higher in fees.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Mempools will grow, transaction will take longer time to get approved and fees could be higher

3. How does a growing mempool effect transaction fees?
   Bigger mempool biger fees

[Divij_Dawar]

1. List of transactions.
2. It gets added to the mempool.
3. Whoever pays the highest transaction fees gets in.

[Carla2210]

1. A Mempool is where unapproved transactions are stored

2. Mempool grows and it takes longer to get smaller transactions approved

3. Miners will look for transactions where they earn higher fees

[Dreax]

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 transactions picked up first.

[urko]

1 - What is the mempool?
A mempool is a list of unconfirmed transactions that is in every node (and miner).

2 - What happens if the miners can’t keep up with the rate of the new transaction?
Then the the miners will need more time to write it in the block.

3 - How does a growing mempool effect transaction fees?
The more the transactions are the more expensive they are. The miners choose the best rewarded transaction.

[FunsyH]

1. it is a data structure where unconfirmed transactions are stored.
2. the mempool grows, till a miner confirms transaction a take it off the mempool.
3. depending on the amount and quality of the transactions the fees will grow.

[ldvcnagy]

1. where the uncomfirmed transactions are stored
2. the mempool grow larger and there are longer transaction times
3. transaction fees goes higher

[Carl_The_Yoda]

1. What is the mempool?
The Mempool is a staging/holding area for pending transactions.

2. What happens if the miners can’t keep up with the rate of the new transaction?
That would create a backlog of transactions and lead to long wait times for confirmations.

3. How does a growing mempool affect transaction fees?
The rising demand for pending transactions in the Mempool increases transaction fees.

[mike_sutanto]

1. A data structure that all nodes have, which stores unconfirmed transactions
2. The mempool will grow larger and thus lead to longer transaction times
3. As mempool grows, we need higher transactions fees to incentivize miners to prioritize adding our transaction to the block.

[Crypto_PONY]

1. A mempool is a database where unconfirmed transactions are stored, then picked and appended to the blockchain by miners thus confirming them.

2. The size of the mempool will grow and it will take longer for transactions to get confirmed.

3. Miners are incentivized to prioritize transactions with higher fees; as the mempool gets bigger, it becomes more difficult for transactions with lower fees to get confirmed.

[yeoyo]

1. What is the mempool?
The mempool is the place where unconfirmed transactions are stored while pending for miners to validate them and add them to the blockchain when successful.

2. What happens if the miners can’t keep up with the rate of the new transaction?
The node prioritizes transactions based on the fees provided by each transaction and a transaction fee threshold is set to reduce overall transactions that will be accepted

3. How does a growing mempool effect transaction fees?
As more transactions are added to mempool, transactions fees will likely increase so as to manage the amount of txns in the pool - higher fees, less demand for new transactions.

[Zinar6]

1. A mempool are list of pending transactions that make sense to a particular node.
2. Mempool grows when miners cant keep up with the rate of the new transactions causing longer transaction time.
3. A growing mempool makes it difficult for smaller transactions that take less space in bites be confirmed on the block. You’d have to adjust the amount your willing to spend in order for the transaction to be confirmed.

[Gaurav]

What is the mempool?
The mempool is where all the valid transactions wait to be confirmed by the Bitcoin network.

What happens if the miners can’t keep up with the rate of the new transaction?
That would lead to a high mempool size indicating more network traffic which will result in longer average confirmation time and higher priority fees.

How does a growing mempool effect transaction fees?
Transaction fees increases 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.

[Aida1]

1. What is the mempool?
   Amempool consists of the unconfirmed transaction.

2. 1. What happens if the miners can’t keep up with the rate of the new transaction?
      Mempool will grow bigger and there will be longer time to confirm the transaction.
3. 1. How does a growing mempool effect transaction fees?
      transaction fee will be increased.

[newm76]

1. The mempool is a list of unconfirmed transactions that make sense to a particular node.
2. If miners can’t keep up with the rate of the new transaction the mempool grows and transaction times increase.
3. Transaction fees might increase as miners are incentivized to pick the one with the highest fee. If you want yours to be put in a block quickly you need a high fee. The higher the fee the greater the chance of being added to the next block.

[Marcelo]

What is the mempool?
Is the data structure wich each node has to keep the unverificade transactions until they’re picked by the miners.

What happens if the miners can’t keep up with the rate of the new transaction?
The mempool grows bigger and then the fees tax start to rise or the transactions time grows longer.

How does a growing mempool effect transaction fees?

More miners are disponible in a mempool, more competitives will be the prices. When more transactions are avaliable in a mempool, more the miners will pick the highest price.

[jCA]

1. What is the mempool?

The mempool contains transactions before they are mined and written to the blockchain, which are selected by the transactions with highest transaction fees to be mined first

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

They are selected by the highest transaction fees in 10 minute intervals.

3. How does a growing mempool effect transaction fees?

Transactions will have increased fees in order to make their transaction more lucrative to be written to the blockchain in a quicker manner by the miners.

[Yoka]

1. A mempool is like a going through customs in a airport, so the mempool is part of a node in your computer were unconfirmed transactions are listed.
   each mempool is different for each node.

2. The amount of new unconfirmed transactions in the mempool will overflow and will grow bigger,

3. The fees will be higher, because there are now more mempools that few miners have to deal with. So more mempools to be taken care of as quick as possible, so higher fees are created to attract the miners (are incentive for BTC).

High number of miners --> more computation power --> less mempools --> lower fees

Low number of miners --> less computation power --> more mempools --> higher fees

[Haseley]

1. The mempool is the “pool” of all unconfirmed transactions that each node/miner carries in order to
   choose which transactions to add to the next block.

2. A backlog builds if miners can’t keep up with the rate of new transactions.

3. The effect of a growing mempool usually results in higher fees on the network, as miners have plenty of tx’s to choose from and normally choose those associated with higher fees first (Satoshi’s per byte of each transaction)

[UFAME]

1. The mempool is a data-pool of unconfirmed transactions, which each node holds.
2. The difficulty level is adjusted every 2016 blocks, or roughly every 2 weeks, with the goal of keeping rates of mining constant. That is, the more miners there are competing for a solution, the more difficult the problem will become. The opposite is also true. If computational power is taken off of the network, the difficulty adjusts downward to make mining easier.
3. If the mempool is full, the fee market may turn into a competition: users will compete to get their transactions into the next block by including higher and higher fees. Eventually, the market will reach a maximum equilibrium fee that users are willing to pay and the miners will work through the entire mempool in order. At this point, once traffic has decreased, the equilibrium fee will go back down.