Homework on Mempool - Questions

[Deufrey13]

1/ What is the mempool?
List of unconfirmed input transactions (pending transactions) that runs in the full nodes that are placed in a holding area(waiting space, pool)
MEMPOOL = memory pool

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

The holding area is getting bigger and bigger accumulating transactions to be verified by miners

3/ How does a growing mempool effect transaction fees?

Fees will get higher and higher when transactions keep adding up in the pool

[JBrewer]

1 - its the pool of memory on every mining node computer that contains the unconfirmed blockchain transactions

2 - the transactions sit in the mempool longer and take longer to confirm

3 - the more transactions in the mempool the higher the fees charged by miners

[rigamortizzz]

1. What is the mempool?
   It is a bunch of transactions unconfirmed by the blockchain.

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

3. How does a growing mempool effect transaction fees?
   People wil want there transactions to go true and will pay higher fee so the miner wil take
   there transaction first. And that is why it will increase

[riverrat]

1. the mempool is a list of all unconfirmed transactions on the network.
2. If miners can’t keep up with the mempool then the list of unconfirmed transactions grows within the mempool
3. the miners prioritize transactions by the amount of the fee rewarded when mining. So if the mempool grows the fees will also go up. Transaction fees will go up such that they are attractive to miners and can be assured of being confirmed quicker.

[mchaney9900]

1. What is the mempool?
   A. All transactions are put into a special place (Mempool) until they are picked up by a Miner.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   A. The Mempool will grow larger and the transaction times will be longer.

3. How does a growing mempool effect transaction fees?
   A. Transaction fee will increase as Miners are incentivized by higher fees.

[vrielance]

What is the mempool?
A: The mempool is the queue where transactions wait to get processed by the miners

What happens if the miners can’t keep up with the rate of the new transaction?
A: the queue with transactions grows bigger and the fees of the transactions become higher

How does a growing mempool effect transaction fees?
A: higher fees

[Jacob_Lindenmuth]

1. The mempool is a data structure on each node that holds unconfirmed transactions.

2. If miners can’t keep up with the rate of new transactions, the demand will increase, leading to…

3. An increase in fees because the miners can be more selective with which transactions they choose to confirm

[Iva_Ivanova]

1. Unconfirmed transactions in a node’s list that are verified by the node, but not yet confirmed and built in a block by a miner.
2. The transactions with the lowest fees and/or biggest size will have to stay in the mempool longer. The mempool will grow bigger.
3. The fees will increase as the transactions with the highest fees are preferred by the miners and they will go quicker in a block.

[Rainer]

1. The Mempool is the pool of all unconfirmed TX that every Node has in its database. As long as
   the TX are not confirmed and not incorporated in a block by aminer.
2. The Mempool grows bigger.
3. As miners are in the business for earning money fees will go up in price and those paying the
   highest fees will be managed first.

[cnhaupt]

1. What is the mempool?
   It is a list of unconfirmed Trx’s. Each Node may have a slightly different mempool.

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

3. How does a growing mempool effect transaction fees?
   It will cause the fees to increase, in order for the transactions to be prioritized

[Alextheo]

1. Once a transaction has been conducted it gets transmitted to the nodes that make up this particular network so it can be picked up by the miners and placed into a block which in effect gives it legitimacy. Each node has its own unique size of memory that stores these pending transactions before they get picked up by the miners and it is called mempool which is short for memory pool.

2. The mempool size grows and it takes longer for the transactions to get confirmed and placed in the block.

3. Since miners like to pick up the transactions with the higher fees. When we a have a bottleneck in the mempool naturally the fees go up.

[andreas_nygren]

1.What is the mempool?
Sum of all unconfirmed transactions.

2.What happens if the miners can’t keep up with the rate of the new transaction?
It will slow down transaction speed.

3.How does a growing mempool effect transaction fees?

In order to have your transaction prioritised you will have to offer a greater fee for transaction to be added to a block.

[Kapo]

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

1. What is the mempool?

The memory pool (Mempool) is a “waiting area” for unconfirmed/pending bitcoin transactions which is already verified by a node. Every pending transaction has an attached respective fee while it waits inside the Mempool until it’s picked up by a Bitcoin miner and inserted into a block.

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

If new transactions arrive at a higher rate than they are cleared from the mempool into blocks, a “traffic jam” or overload will occur and transactions can take a longer time to get approved depending on their size and attached fee.

3. How does a growing mempool effect transaction fees?

Once the Mempool start to overload the Miners will check for the lucrative fees from the current “transaction waiting list” in order to start confirming transaction as priority and if the mempool eaches full capacity, the nodes start prioritising transactions by setting up a minimal transaction fee threshold. Transactions with a fee-rate lower than the threshold are immediately removed from the Mempool and only new transactions with a large enough fee are allowed access to the Mempool.

[dpopp1]

1. What is the mempool?
   Where all the unprocessed tx are.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   A backlog of tx that need to b processed.
3. How does a growing mempool effect transaction fees?
   Fees will increase/decrease due to demand.

[magnusnor]

1.The memepool is a log that stores unconfirmed transactions.
2.If the miners can’t keep up with new incoming transactions, the pool grows larger.
3. When the mempool grows, transaction fees increases.

[dony]

1. What is the mempool?
   Mempool is where all the unconfirmed transactions are held.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   Mempool grows in size.
   3)How does a growing mempool effect transaction fees?
   It increases the fee charged per transaction.

[anoninuk]

1. What is the mempool?

The mempool is where unconfirmed transactions are stored until they can accepted by the miners and added to the blockchain

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

The new transactions will be store in the mempool until the miners can querry their mempool to confirm the transactions

3. How does a growing mempool effect transaction fees?

A growing mempool will effect transactions fees by increasing the data storage needed on the blockchain while the transactions fees may stay the same

[MikeMafia_09]

1. It is a data structure with unconfirmed transactions.
2. Longer transaction time, more unconfirmed transactions.
3. Transaction fees will increase.

[LeoSp22]

1. It is a sort of register that nodes have in which all properly defined transactions are put while waiting to be inserted in a block. Miners use mempools (their own or from other nodes) to pick transactions with high fees and put them in the block they are working on.
2. If miners can’t keep up with the new transactions’ rate, more transactions are stored in the mempool and therefore both the mempool size and the fees increase.
3. When the mempool size increases, transaction fees increase too. This happens because the higher the mempool size, the larger the number of transactions on hold, therefore people wanting their transaction to be accepted will be more likely to set higher fees to have their transaction validated sooner.

[AdamG]

1. A mempool is a collection of unconfirmed transactions stored on the nodes waiting for a miner to add to a new block.

2. In short, the mempool will grow.

3. As the mempool grows transaction fees will get higher to entice miners to add the transaction to their block.