Homework on Mempool - Questions

Blockchain and Bitcoin 101
#523
  1. the mempool is the memory structure that all full nodes have to receive/put the ‘transactions’ after validation, after being received from the network. So the mempool have ‘all’ transactions still to be processed/incorporated in the ‘next’ blocks to be mined.
  2. the mempool becomes full, and afterwords new valid transactions with highest fees tend to be accepted into the mempool and transactions with lowest fees tend to be rejected/leaked-out of the mempool
  3. the fullest the mempool is the higher the fees will tend to be.
#524
  1. What is the mempool?
  • A mempool is a “pool” of unconfirmed trancations. Trancations waiting to be mined.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • They will select what trancations they want to mine. The higes fee get served first.
  1. How does a growing mempool effect transaction fees?
  • It will push the Tx fee up! Demand and supply.
#525

1 - The Mempool is where all valid transactions go while waiting to be put in the next block by miners.

2 - If miners can’t keep up with transaction the mempool gets larger and only transaction with higher fees will be added to the next block.

3 - The bigger the mempool the higher transaction fees will be if you want transactions to go through

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#526

  1. the Mempool is a pool of data kept on the nodes of all the unconfirmed transactions.

  2. The miners would increase their fees so they could collect their incentive with working with fewer transactions.

  3. A growing mempool on the nodes would increase the transaction fees because the the Nodes will have to confirm more transactions thus increasing the amount of cost and work for the miners.

#527

  1. Mempool is a data structure of unconfirmed transactions. Each Node has one.

  2. The mempool will increase in size and possibly transaction fees might increase consequently

  3. Transaction fees go up to incentivise transaction confirmations

#528
  1. Is a place where a node stores transaction that it considers valid but have not been confirmed by a miner.
  2. The mempool grows with transaction pending for confirmation.
  3. Fees will increase.
#529
  1. What is the mempool?
    It’s a sort of a cache data structure with unconfirmed transactions. Wallets send transactions to other nodes, eho put them in the mempool, and finally miners put the transactions into new blocks.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow in size.
  3. How does a growing mempool effect transaction fees?
    they go up, it takes higher fees to get transactions through.
#530
  1. A mempool is where all unconfirmed transactions are stored.
  2. The mempool will increase and transaction fees will increase.
  3. The transaction fees will be pushed up as people bid to get into the next block.
#531
  1. I think the difficulty would lower and block time would reduce, just like opening it all.
    Difficulty is a control on incentives but it also mitigates with mempool load.
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#532

I believe you are correct. Ivan had not yet discussed this function at this point in the program, but he did explain all of this in the next section on Mining and POW. Thanks! :sunglasses:

#533

  1. What is the mempool?
    A mempool stores all unconfirmed transactions before they are picked up by miners and added to the blockchain

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool will grow and miners will pick transactions with the highest fees

  3. How does a growing mempool effect transaction fees?
    Fees increase. The higher the fee the quicker the transaction will be confirmed

#534

What is the mempool?

The mempool stores pending TX

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

The fees can/will increase and the mempool files up with pending transactions

How does a growing mempool effect transaction fees?

The miners like to confirm TX with higher fees first, because its where the miners make money, everyone like to make money.

#535

#1 - All currently unconfirmed transactions are stored in the mempool until a miner adds them to a block

#2 - The mempool will grow

#3 - They’ll rise, according to the market-mechanism of supply and demand

#536
  1. What is the mempool?

Mempool is a backlog of valid transactions. Which is stored on all nodes that miners will allocate to their new blocks.

  1. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will build up taking longer for people to have the transactions confirmed. Mempool is reduced every 10 mins when a new block is confirmed.

  2. How does a growing mempool effect transaction fees?
    Miners are incentivised to prioritize transactions with allocated fees with higher satoshis/bite. Those with a low rate of satoshis/bite will have to wait longer. In 2017 some transactions took over 30 mins to complete due to competitive transaction fees.

#537

  1. The mempool is a temporary pool of transactions that been validated by specific nodes, transactions that are unconfirmed and waiting to be picked up by the miner to be added to the block.

  2. The pool grows

  3. The fee rates go up

#538

1.) its temporary place of encorfirm transactions validated by a node and broadcasted to other nodes awaiting to be pick by the miners.Each node have a list of uncorfirm transactions call the mempool
2.)menpool gets bigger and transactions take longer
3.)miner get to chooose the highest fee first

#539

Q1A. Is the list/record of unconfirmed/waiting transactions.
Q2A. If the miners cannot keep up with the rate of transactions, the mempool will grow in size and transaction times will take longer.
Q3A. The fees will increase and the transactions with the highest transaction fees will be processed first.

#540
  1. The mempol is a list or data structure of all of the unconfirmed tx each node has. Once tx are verified and they make sense they are put in the mempool. Several mempools can be different at a specific time but sooner or later every node will have the same mempool. Miners will later pick the transactions from the mempool to add them to the next block.
  2. If the miner cant’t keep up with the rate of the new transaction, he will chose other transactions that have higher/the highest fees. Mempools with unconfirmed transactions grow.
  3. Transaction fees increase.
#541
  1. What is the mempool?

The pool of unconfirmed transactions currently awaiting being added to a new block by miners.

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

The new transaction is left in the mempool for confirmation on a future block.

  1. How does a growing mempool effect transaction fees?

Transactions with higher fees will be prioritized, and those with lower fees will have to wait.

#542

  1. The mempool is a list where unconfirmed txs waitng for a miner to be added to the next block.

  2. The memepool fills up with unconfirmed txs which leads to longer tx times and higher fees.

  3. The one who pays lager tx fees gets his tx through faster. So tx fees increase.