Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4832

  1. A storage for unconfirmed transactions that are waiting for miners to confirm them

  2. They get stored in a mempool

  3. It raises the fee for transactions

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#4833
  1. What is the mempool?

It’s a (Data structure) list of unconfirmed transactions that miners and nodes have.

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

Each node keeps a list of all the unconfirmed transactions until the miners can confirm them/add them into a block.

  1. How does a growing mempool effect transaction fees?

It doesn’t. The fees are determined by the space/ # of bytes the transaction takes up in the block. Simple transactions are cheaper than complex transactions.

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#4834

Miners are financially incentivized so they want to select the transactions with the least bytes and
the highest fees for processing. When the mempool gets large, people will pay higher fees to get
their transactions processed quickly.

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#4835

  1. What is the mempool?
    The mempool is a data structure on each node where unconfirmed transactions are chosen by the miners.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The list grows, and a backlog builds.

  3. How does a growing mempool effect transaction fees?
    Transaction fees become more expensive since transactions with higher fees become more desirable to miners.

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#4836

Mempool-

  1. A pool of transactions waiting to be confirmed by miners.

  2. The mempool grows and transactions times increase.

  3. The fees increase

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#4837

  1. The Mempool is a pool of transactions that each node has that are all unconfirmed. It’s like a waiting pool. Waiting to be confirmed and put in a block on the blockchain.

  2. The mempool will get bigger and each transaction will wait longer, I assume.

  3. Since miners are incentivized with the transaction fees, they will choose the transactions with the highest fees to pu those in the new block on the blockchain. If someone is anxious to get their transactions confirmed they will find the way to have higher transaction fees to be confirmed first. So the transaction fees will go up. Competition to be confirmed first.

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#4838

  1. Transactions are stored on the mempool until picked up by a miner.

  2. Longer transaction times

  3. The bigger the mempool, the higher the fees

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#4839

Homework on Mempool - Questions

  1. What is the mempool?
  • a data structure to keep a list of unconfirmed transactions, attached to each node.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • the mempool increases in size due to this backlog, there would be higher fees and transactions will be prioritised by fee.
  1. How does a growing mempool effect transaction fees?
  • fees increase as the miners select the transactions with the highest payment of satoshis per byte, as these would be more profitable for them
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#4840
  1. A mempool is a list of pending transactions.
  2. If miners can’t keep up with the rate of new transactions, the mempool will grow and transaction times will increase.
  3. A growing mempool will increase the transaction fees due to congestion in the network as well as incentives for miners to prioritize transactions with higher fees to be validated and added to the next block.
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#4841

1.What is the mempool?
A mempool a.k.a Memory pool is a database where all pending/unconfirmed tx are stored.
2.What happens if the miners can’t keep up with the rate of the new transaction?
All new tx fees will be sent to the mempool. Resulting in longer wait times and increased gas fees to get your tx on the blockchain.
3.How does a growing mempool effect transaction fees?
It effects tx fees because miners want the highest tx fee first after they cycle through the higher fees the miner will start going through the mempool confirming them to be included into the blockchain.

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#4842
  1. List of all transactions
  2. The mempool grows larger and the transaction times are prolonged
  3. Fees will go up.
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#4843
  1. What is the mempool? with the mempool when a wallet sends a transaction all the different nodes will get that transacation sooner or later lets just say the transaction is unconfirmed it will be then placed in the mempool the mempool is basically this datastructure that each node has the mempool consist of all transactions that are not confirmed
  2. What happens if the miners can’t keep up with the rate of the new transaction? basically what happens is a mempool backlog gets build and thats where it goes
  3. How does a growing mempool effect transaction fees? the transacation fee will increase with a larger mempool because of the competition of miners to get the transacation to the next block then larger fees are offered to the miners to get to that transaction picked first aka the block
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#4844
  1. Mempool or Memory Pool is the temporary storage for unconfirmed transactions
  1. The mempool will fill up and require an increase in size, therefore leading to an increase in fees to make the size bigger and to be processed in a reasonable amount of time.
  1. A growing mempool will lead to an increase in workload for the miners who takes upon the transaction. Therefore the miners will need a higher pay for a bigger workload due to the amount of transactions needed to be done.
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#4845

  1. It is the representation of the congestion of the network and how it relates to the price of fees.

  2. They will just select the ones with the highest fees first

  3. The more congested the network the more the fees need to become in order to get the transaction mined in a shorter time.

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#4846

  1. What is the mempool?
    It is the list of the transactions that haven’t been confirmed yet. Every node has its own copy of the mempool.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool gets larger, fees and transaction confirmation times usually get higher.

  3. How does a growing mempool effect transaction fees?
    A growing mempool usually makes the transaction fees higher, because miners will choose the ones with higher fees to confirm and put in the blockchain. There is a “fee competition”. So, in a growing mempool, you will likely need to pay higher fees in order to get your transaction confirmed.

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#4847
  1. What is the mempool?
    database of the nodes where the unconfirmed transactions are stored
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    then miners would send transaction to the mempool database (queueing and waiting to execute)
  3. How does a growing mempool effect transaction fees?
    **transaction fees amount increase because miners will pick from the mempool the transactions with the highest fees **
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#4848

1. What is the mempool?

It’s essentially a “ queue” for pending and unverified transaction on the blockchain . They get sourced locally to nodes/Miners to validate

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

The distribution of unsorted transactions will remain in the “ mempool” until a miner can accept it for processing. The transaction will remain in pool till verified , create backlog.

3. How does a growing mempool effect transaction fees?

This creates competition as well as prioritization amongst the miners. Miners seek higher rewards so the will prioritize the higher paying ( and more complex TXs) , the less complex TXs hold a lower fee payout . The Sat/VB rate specifies the Bits ( memory) the TX requires resulting in a higher fee payout . Higher memory transaction ( per bit) are more attractive to Miners and require more computational power .

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#4849
  1. A collection of all the unconfirmed transactions
  2. The transaction fee will increase because people want their transactions to go through and the transaction rate will drop.
  3. A larger mempool = higher transaction fees.
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#4850
  1. What is the mempool?

A list of unconfirmed transactions.

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

The mempool will increase in size.

  1. How does a growing mempool effect transaction fees?

The fees will increase.

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#4851
  1. What is the mempool?

The mempool is where all unconfirmed transactions are temporarily placed, waiting for miners to come and check to see if they are willing to validate the transaction and add it to the next block.

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

Then these transactions acumulate, growing to mempool and driving transaction fees higher due to the wait time and backlog.

  1. How does a growing mempool effect transaction fees?
    It will drive the prices of transactions fees up, since user will need to pay more if they want their transaction validated, and miners will wait for better fees meanwhile
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