Homework on Mempool - Questions

[nick996]

What is the mempool? All unconfirmed transactions.

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

1. How does a growing mempool affect transaction fees? The transaction fee will be larger.

[edagili]

1. Mempool(Memory Pool) is the place where unconfirmed transactions are listed waiting for a miner or miners to add them to a block.
2. The mempool grows larger if miners cannot keep up with the rate at which transactions are taking place.
3. With a larger mempool transactions fees increase because of the competition to the the transaction to the next block.

[Venky]

1. mempool is where unconfirmed transactions reside
2. in that case, they confirm transactions with the highest fees first
3. a growing mempool will lead to an increase in transaction fees as some transactions may be willing to pay more to get confirmed

[JonBal]

1. The mempool is a list of unconfirmed transactions on all the nodes
2. If miners cant keep up with the rate of the new transactions the price of fees can rise but also the size of the mempool will rise.
3. A growing mempool will effect transaction fees by raising them.

[DelBobs]

1. The holding area for all unconfirmed transactions
2. The mempool will grow larger resulting in longer transaction times
3. Higher fees to get your transaction through faster

[cotts31]

1. Mempool is a pool of all the unconfirmed transactions
2. Mempool grows larger and this slows transaction time
3. Fees increase as the mempool grows

[NWcryp]

Homework - mempool

What is the mempool?

It’s the graph that shows transactions being made over a period of time and how high the transaction fees are.

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

The price of fees will go up.

How does a growing mempool effect transaction fees?

If too many people want to make a transaction the fee will rise, the miner will always try to take the highest bidder. Making it a competition against each other.

[Leonardo_Almeida]

What is the mempool?

=> Mempool is a data structure kept in the nodes which contains all the unverified transactions. Each node will validate the transactions that he was notified about and will include the valid ones that are still unconfirmed in its mempool.

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

=> The mempool is going to get bigger and bigger

How does a growing mempool effect transaction fees?

=> The bigger the mempool, the higher the transaction fees.

[CentralizedChad]

1. Mempool is a record of all unconfirmed transactions on the blockchain.

2. The size of the mempool increases and it causes higher fees.

3. A growing mempool will raise fees due to increased demand on getting a transaction processed.

[DJ000]

1. The mempool is a data structure that each node has that lists all unconfirmed transactions until they can be validated and added to the blockchain.

2. If miners can’t keep up with the rate of new transactions, a growing back log will exist of all the unconfirmed transactions within the mempool.

3. Miners are financially incentivized, so they are going to pick all transactions with high fees to put in their blocks. Lower fee transactions may experience longer wait times.

[50Grosh]

1. The mempool is like a waiting room for unconfirmed transactions. Each node has a list of new incoming TXNs, and once the miner picks them up and puts into a block, which is generated ≈ every 10 min., the TXNs are taken from the mempool list.

2. The mempool size grows and the waiting time for confirmation grows accordingly.

3. The economic law of supply and demand comes into effect. When the demand for TXN confirmation grows the fees are going up.

[Bikuta]

1. What is the mempool?
   list of all transactions, unconfirmed to confirmed.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The unconfirmed transactions grow, and fees go up.

3. How does a growing mempool effect transaction fees?
   The more unconfirmed transaction means higher fees because people will want their payments soon, and wont want to wait long times. The higher the fee the more likely a miner is to process the transaction.

[arminoovic]

1. The Mempool is running on a node and displays all the unconfirmed transactions, which are picked up later by the miners in order to add them to the next block.

2. The Mempool grows and it will take more time to process transactions.

3. The transactions offering the higher fees for the miners are processed first.

[alicia]

1. The mempool is where all transactions that have been verified as true are waiting to be picked up and confirmed by a miner. Each node has its own mempool.
2. Mempool will get bigger and take longer for transactions to get confirmed.
3. Will increase and get more expensive.

[efuentes]

Homework on Mempool - Questions

1. What is the mempool?
   Mempool is a list of transactions that nodes have verified to be valid, but are waiting to be picked up by a miner to be confirmed.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool will continue getting larger causing longer transaction times.

3. How does a growing mempool effect transaction fees?
   Fees will increase. A block can only fit a certain number of bytes and block times are 10 minutes. Users will elect to pay higher fees so that miners will select their transaction to confirm faster ahead of others.

[cosmic.chrysalis]

1. What is the mempool?

The mempool is an accumulation of unconfirmed transactions that have not been verified by miners.

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

The mempool will continue to grow

3. How does a growing mempool effect transaction fees?

Larger pool, longer process for miners therefore causing an increase in transaction fees.

[Diego_Aguirre]

1. What is the mempool?
   a. A collection of unconfirmed transactions (meaning the nodes agree the transactions are legit but it has not been added to a block yet by the miner)

2. What happens if the miners can’t keep up with the rate of the new transaction?
   a. Then simply it will take longer to execute that transaction as it will have to wait until it gets picked up by a miner

3. How does a growing mempool effect transaction fees?
   a. People will have to pay higher fees for their transaction, those with the highest fees will go first as they pay out more to the miners

[El_torro]

What is the mempool?

It is a list of unconfirmed transactions. The node that receives it, will put it on hold and send it to another node. A miner can take this transaction to put it in the block but he can also do his own transactions.

What happens if the miners can’t keep up with the rate of the new transaction?
The new transaction will put in the list of pending transactions.

How does a growing mempool effect transaction fees?
They will give priority to the transactions that are offering the highest fees and then going down.

[lostintime]

What is the mempool?

A database of unconfirmed transactions waiting to be added into the next block. This database is stored by nodes and miners.

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

Only the transactions with the highest fees will be included into the new block. Those with the lowest fees will have to wait until the next block.

How does a growing mempool effect transaction fees?

Transaction fees will be higher. Transactions with lower transaction fees can be left hanging, waiting to be included in a block for extended periods.

[Vernel03]

1. A mempool is a database of UTXO’s and past transaction fee’s.

2. If miners cant keep up with new transactions the mempool would continue to increase in turn increasing transaction times.

3. A growing mempool would incentives miners to pick the transactions that are offering the highest fee’s. when the mempool is large it allows them to be more choosy on which transactions they sign to the blockchain.