Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4552
  1. Mempool is a database for unconfirmed Bitcoin transactions in which a miner can pick up the transaction to add to the block.
  2. The transaction will be validated while it waits for a miner to confirm. Mempool will grow larger and transaction times increase.
  3. Transaction fees will increase as there is incentive for miners to confirm transactions.
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#4553
  1. What is the mempool?

A mempool is the place in which each node places unconfirmed transactions, pending miner confirmation to be included in a block.

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

If the miners cant keep up it will increase the fee for the transactions, which will incentive more miners to join in

  1. How does a growing mempool effect transaction fees?

the greater is a mempool means that the worst are miners engaging with the demand and the fees will grow

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#4554
  1. A mempool is a data structure each node has that consists of all unconfirmed transactions.
    2.If a miner can not keep up with the rate of new transactions then the mempool gets larger and the transaction times grows longer as well.
  2. With a growing mempool, whoever has the highest transaction fees will be picked first.
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#4555
  1. What is the mempool?
    The unconfirmed transactions and the fees they have.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Creates a backlog that nodes track.
  3. How does a growing mempool effect transaction fees?
    Fees go up with more demand.
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#4556
  1. What is the mempool?
    the mempool is the accumulation of unconfirmed transactions that still need to be confirmed to then be added to a block; each node does this
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    then the fee for transactions will grow higher, and the execution of transactions will take longer -> more miners might want to join
  3. How does a growing mempool effect transaction fees?
    miners will pick the transactions with the higher fees because they earn them and thus, if the mempool grows transactions take longer and people will be willing to pay higher fees in order to get quicker transactions
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#4557

  1. What is the mempool?
    The mempool is a data structure (a list) that each node has, and that stores all transactions that are validated (make sense) and unconfirmed (not picked by a miner yet).

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

  3. How does a growing mempool effect transaction fees?
    The transaction fees will rise.

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#4558
  1. What is the mempool?

It is a list of unconfirmed transactions.

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

It will not be included in the upcoming block, but in one of the later blocks produced every 10 minutes.

  1. How does a growing mempool effect transaction fees?

It makes transaction fees higher because miners are incentivized by money and will prefer to pick transactions which have higher fees.

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#4559
  1. all yet to be confirmed transactions by the current block
    2, it is put to the next block
  2. by making the tx that wants to transact quicker have to pay a higher fee
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#4560
  • The mempool is the Nodes storing the unconfirmed transactions. As they get confirmed by Miners, they are removed from the mempool.
  • Transactions will take longer to be confirmed.
  • Since the Miners prioritize TXs with higher fees, the fees will tend to increase in the fight for priority.
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#4561
  1. Mempool records a list of transactions
  2. Then the number of transaction will grow in each mempool, that will take longer time to complete all transactions
  3. As miner will pick up the transactions with the highest fee, the bigger the mempool is, the higher fee the transactions need to offer in order to compete among other transactions
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#4562

  1. A day structure that each node on the network has and uses to store unconfirmed transactions.

  2. The mempool increases and loads of unconfirmed transactions would pile up; meaning transaction time will be longer and the mempool would prioritize transactions with higher fees

  3. When the mempool is large, transaction fees go high

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#4563

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

  2. the mempool grows larger, and it takes more time.

  3. people will have to pay more to get their transaction processed. miners can choose to mine transactions with higher fees.

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#4564
  1. What is the mempool?
    Pool of unconfirmed txs
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool grows larger, txs fee increases. Delay in txs time as txs are not put in the next block (10mins)
  3. How does a growing mempool effect transaction fees?
    Increase in txs price
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#4565

1 a mempool is a list of valid transactions waiting to be added to the blockchain. as it goes node to node and waiting to be added the transaction gets on a list.

  1. If the miners can not keep up with the transaction the confirmation time increases. The mempool will also continue to grow.

  2. If the mempool continues to become larger, the transaction fees will increase. They increase to incentivize miners to patch up the block.

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#4566
  1. Mempool is a list of (unapproved) transactions, waiting to be approved.
  2. The waiting time for the tx approval increases - growth of mempool.
  3. People are incentivised to set a higher fee to have a higher chance of tx approval in less amount of time. Which in turn incentivises miners to mine the block of txs.
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#4567
  1. What is the mempool?

This is where the unconfirmed transactions reside.

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

This increases transaction times.

  1. How does a growing mempool effect transaction fees?

As there is more competition transaction times would increase and so would fees to increase the speed of transactions.

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#4568

Homework on Mempool - Questions and Answers

  1. What is the mempool?
    • “database” / array that stores all unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    • Miners grab / query from the mempool to place onto new blocks that get appended to the blockchain. New transactions will build up on the mempool until a miner grabs them and essentially makes the unconfirmed transaction a confirmed transaction.
  3. How does a growing mempool effect transaction fees?
    • Transaction fees are set by Satosihes divided by Bytes. Its not the value or numerical quantity in a transaction that sets the fee, but instead, the “complexity” number of inputs and outputs in a transaction that sets the fee
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#4569

  1. A mempool is a list of all the unconfirmed transactions that make sense on a node. Basically a miners queue.

  2. The mempool on each node will grow in size.

  3. Fees will go up as a large mempool means its a miners market.

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#4570

[quote=“ivan, post:1, topic:8438”]
omework on Mempool - Questions

  1. What is the mempool?

Answer - Database of UTXOs

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

Answer - Mempool size will keep in increasing with UTXOs

  1. How does a growing mempool effect transaction fees?

Answer - Growing Mempool doesn’t effect transaction fees - however the size of the transactions which will be pulled from Mempool by a miner will effect transaction fees in terms of Satoshis/Byte

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#4571

A mempool is a list of unconfirmed transactions on nodes that still need to be processed by miners.

The size of the mempool will increase. Transactions with the highest fees (or reward) will get processed first leaving longer delays for transactions with lower fees.

Transaction fees will increase as people will be willing to pay higher fees for confirming their transactions.

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