Homework on Mempool - Questions

Blockchain and Bitcoin 101
#563
  1. A list of all transactions across all nodes.
  2. The network becomes backlogged with unconfirmed transations.
  3. Fees increase.
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#564

  1. A list of transactions waiting to be picked up by miners.

  2. A backlog longer waiting time for confirmations.

  3. Whoever pays more fees gets put on the block first.

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#565

  1. What is the mempool?
    Mempool is essentially a list of all transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    There will be a mempool backlog and transactions will take longer to confirm.

  3. How does a growing mempool effect transaction fees?
    Transaction fees go up and there will basically be a bidding war for who gets into the next block.

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#566
  1. It is the list of all submitted transactions that has not been processed yet by the miners (like a TODO list)
  2. The mempool will grow
  3. The larger the mempool, the higher probability that transactions with higher fee will be selected, so it leads to higher transactions costs.
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#568

  1. Mempool is a list of all unconfirmed transactions. Each node in the network has its own Mempool. Miners pick transactions from Mempool and then combine them together into a block and then append the blockchain with that Block.

  2. There will be a lot of unconfirmed transactions lying in Mempools.

  3. This will cause the transaction fees to go up because some people might want to get their transaction confirmed hastily. Hence therefore increasing transaction fees to invite more Miners.

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#569
  1. A list of all unconfirmed transactions
  2. The backlog is created, fees might increase
  3. The fees will grow
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#570

  1. A data structure inside of nodes and miners that broadcast Tx ready to be append to a block by a miner.

  2. The mempool grows and shrink as the rate fluctuates causing longer tx times the larger they grow.

  3. By an increase in tx fees.

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#571
  1. A mempool is a list within a node that consists of unconfirmed transactions.
  2. The mempool will grow bigger and get more crowded, slowing down transaction speed.
  3. Transaction fees increase since users choose to pay larger fees to be prioritized by the miners
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#572
  1. Mempool is a list of all unconfirmed transactions.
  2. The mempool will grow.
  3. The fees will increase.
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#573

1.A mempool is waiting area for transactions that have been accepted by nodes but have not been appended into a block.

  1. The mempool grow’s larger and the time to be get confirmed takes longer

  2. The growing mempool increases transaction fees because people want their transaction to be confirmed as soon as possible so people have to fight for confirmation.

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#574

  1. The mempool is a special register on a full node that holds all unconfirmed transactions that it received and validated.

  2. The amount of unconfirmed transactions in the mempool would grow until either the rate of transactions decreases or the interval in which new blocks are being mined increases.

  3. Miners always cherry-pick which transactions they will include in the next block, with more to choose from they are potentially able to achieve higher rewards in transaction fees. For anyone trying to get their transaction confirmed quickly when the mempool is congested this means they need to increase the transaction fee accordingly.

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#575
  1. A mempool is a for unconfirmed transactions to queue before being added to blockchain by miners.
  2. Transaction times increase.
  3. The fees get larger as transactions compete to be chosen by miners to get mined.
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#576

  1. The mempool is the datastructure of all unconfirmed TX on the blockchain.

  2. If miners cannot keep up with the rate of the new TX they will ignore the unconfirmed TX and search for a TX with higher fees.

  3. A growing mempool increases the fees of the TX.

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#577

  1. The mempool is the memory pool that each node on the BTC network uses to store unconfirmed transactions - meaning transactions that are valid, but has not been picked up by a miner and included in a block yet.

  2. If the mempool is flooded with transactions, the nodes starts prioritizing the transactions based on fees, in descending order - at the same time they set a fee threshold, so that all transactions with a fee less than the threshold are removedfrom the mempool

  3. If the Mempool grows, you have to adjust your transaction fees upwards, to be included in the mempool, and not fall below the fee threshold set the above item 2.

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#578
  1. A pool of unconfirmed transactions
  2. They choose transaction with higher fees since they are economically incentivised to do that
  3. Fees would tend to go up
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#579

  1. The mempool is where transactions that have not been picked up by miners go to wait.

  2. The mempool builds up.

  3. Transactions will use higher fees in attempt to get processed quicker. bribing of the miners.

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#580

1)The mempool is a record of all of the unconfirmed transactions that any particular node on the network is aware of. It can differ between nodes as information is broadcasted to different nodes on the network at different times. A transaction is only added to the mempool once a node validates a transaction.

  1. If miners can’t keep up with the rate of new transactions over time the size of the mempool will increase. This will lead to reduced speed of transactions being confirmed and create a sort of backlog of confirmations. Miners will select transactions which offer the biggest fees which are calculated by satoshis/bytes as they are financially incentivised to do so.

  2. A growing mempool will mean that transaction fees will increase this is because the demand for transaction confirmations will be increasing and subsequently the minimum fee needed to be confirmed within a chosen period of time will increase proportionate to the size of the mempool.

Because often a wallet which creates a transaction selects a mining fee for the transaction it will take into consideration the size of the mempool when deciding the what fee is best (at least I hope it will because many users might not be aware of this relationship in order to adjust the fee manually) and this is also why over time a growing mempool will lead to higher fees.

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#581
  1. list of transactie’s
  2. they pick transactiën with the higest fee
    Some transaction go in the next block
  3. the fee rise to het in the. Block
#582
  1. The Mempool is an unconfirmed transaction container that owns each node. These transactions will then be added by the miners to the blockchain blocks.
  2. In this case, mempools fill up more and transaction fees increase.
  3. The more the Mempool expands, the more the commissions will rise to have a transaction confirmed first.
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#583 
**What is the mempool?**

A mempool is a place where all the unconfirmed transactions are kept, each node has a list of these.

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

Then prices-fees for transacting increases, the mempool grows.

**How does a growing mempool effect transaction fees?**

If there are more transactions that availability to process them, then the cost of processing increases.

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