Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4372

  1. List of all unconfirmed transactions

  2. They will prioritise transactions that provide the best transaction fee

  3. Transaction fees are calculated by Satoshi / Byte - If there is a large number of unconfirmed transactions, miners will prioritise more complex transactions - for your transaction to be considered you would need to have a competitive transaction fee, creating a ‘Fee Market’. Transaction fees would go up.

1 Like
#4373
  1. What is the mempool?
    The mempool is the list of unconfirmed transaction and will vary slightly from node to node.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions will go to the mempool and wait there until they’re being processed.
  3. How does a growing mempool effect transaction fees? If miners can’t keep up with new transactions they will start prioritizing transactions with higher fees. Therefore, transaction fees will start to go up in order for transactions to be processed more quickly.
1 Like
#4374
  1. The Mempool are unconfirmed transactions that are waiting for miners to be picked up.
  2. If the miners can’t keep up with the rate of the new transaction, the Mempool will grow larger and larger, more and more unconfirmed transactions coming in, costing transactions to go very slow.
  3. A growing Mempool can cost transaction to be more expensive.
1 Like
#4375

1.Data structure that each node has. It is a list of unconfirmed TX

  1. The mempool gets bigger and longer TX times

  2. Inc. TX fees: basic supply and demand

1 Like
#4376

  1. Mempool is a list of unconfirmed transactions that have been validated by a particular node and awaiting confirmation by miners. Each node has its own version of the mempool, but ultimately the successful miner will determine which transactions in the various mempools will become part of (i.e. confirmed in) the next block.

  2. Excess transactions that can’t be confirmed into the current block will remain in the mempool and carried over for confirmation into the next or subsequent blocks. The size of the mempool can be expected to reduce about every 10 minutes as each block is confirmed.

  3. Miners will attempt to maximize the fees collected by selecting the most profitable transactions (satoshi/byte) for inclusion in the current block. If mempool were to grow too rapidly, wallets can be expected to increase the fees proposed for a given construction so that it will be prioritized for confirmation by miners sooner.

1 Like
#4377

  1. Mempool is where all unconfirmed transactions are listed, awaiting for a miner to confirm the transaction ie write the transaction into a block

  2. Mempool grows and transaction take longer to get confirmed

  3. Transaction fees will increase

1 Like
#4378
  1. What is the mempool?

A mempool is a data structure that a node has. each node has a number of unconfirmed transactions. So it is a structure where the unconfirmed transactions are held until a miner confirms it.

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

Mempool will remain and grow larger and the transaction time increases

  1. How does a growing mempool effect transaction fees?

Because the block in the blockchain is limited and also the race for miners to get the transaction to the block first gets rewarded. So higher fees means faster added to the block

1 Like
#4379
  1. Mempool is temporary memory in each node where broadcasted TXs are stored before they are picked up by miners and put in the blockchain.
  2. Mempool grows larger and prioritizes TXs with higher fees.
  3. Fees will be higher due to competition from wallets trying to complete their transactions.
1 Like
#4380

1 Mempool is basically a data structure that each node has and each node has basically a list of unconfirmed transactions

2 The mempool grows bigger in size.

3 making fees more expensive

1 Like
#4381

1 List of transactions
2 Creates backlog, Miners get bogged down and transaction clearing times increase
3 Transactions are picked with highest fees first moving forward to clear the pool.

1 Like
#4382
  1. What is the mempool? A mempool is where UTXO live that unconfirmed and wait to be picked up by miners.
  2. What happens if the miners can’t keep up with the rate of the new transaction? This pool grows bigger the wait time for transaction increases fees can go up for new UTXO going into the pool.
  3. How does a growing mempool effect transaction fees? When the pool gets bigger the miners take the UTXO with higher fees first and new UTXO coming into the pool can have higher fees.
1 Like
#4383

Mempool is collection of all unconfirmed transection which each node have.
2. Tarnsection will not be veriffied and confirned

1 Like
#4384

What happened to answer number 3?

#4385

I am not able to undestand that question.please explore little bit more

#4386

If miners can’t keep up with the rate of new transactions or when traffic on a network is high, the mempool gets crowded, so the question is how will this affect the transaction fees.

2 Likes
#4387

  1. Mempool is the data from a Node showing a list of unconfirmed transactions.

  2. The list of unconfirmed tx will grow resulting in longer average confirmation time and higher priority fees.

  3. Higher fees will take place so tx can be confirmed.

1 Like
#4388

  1. The mempool is the place where all transactions are on hold to be picked by a miner in order to be put in a block.

  2. The transaction will take more time to be confirmed

  3. Transaction fees will rise as more transactions sit in the mempool, the higher the fee the faster the transaction.

1 Like
#4389
  1. A mempool is where a node stores transactions they have received that make sense, but are not yet confirmed.
  2. The mempool will grow.
  3. A growing mempool means fees will increase.
1 Like
#4390

Q.1.What is the mempool?
A.1. A place holder for Unconfirmed transactions(for pending UTXOs) to be locked as pending status while miners determine the highest fee structure among the available nodes before being released to become part of the blockchain.

Q.2.What happens if the miners can’t keep up with the rate of the new transaction?
A.2.Need more space hardware, therefore need more space in the block, miners will seek
out transactions that pay the highest fees

Q.3.How does a growing mempool effect transaction fees?
A.3. Transaction fees increase for if a shorter transaction time is wanted

1 Like
#4391
  1. What is the mempool?
    The mempool is a list of uncomfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows and it takes longer to confirm transactions
  3. How does a growing mempool effect transaction fees?
    It makes fees higher
1 Like