Homework on Mempool - Questions

Blockchain and Bitcoin 101
#644

Thanks for the comprehensive explanation

#645
  1. A mempool is a group of transactions which haven’t been added to the blockchain.
  2. I don’t understand this question. What is meant by “rate of the new transaction?”. I would assume the mempool would get larger.
  3. As a mempool gets larger, the transaction fees will increase.
#646
  • What is the mempool? - List of all transactions
  • What happens if the miners can’t keep up with the rate of the new transaction? Mempool backlog builds up.
  • How does a growing mempool effect transaction fees? - Transaction fees increases as they compete to get the transaction with higher fees. Transaction with larger fees are picked first and are provided to the miners.
#647

  1. What is the mempool?
    Unconfirmed transaction pool. Could be slightly different between nodes, as some transactions may have arrived to one but not the other. Sooner or later they will match.
    Miners communicates with other Nodes (or himself as he is also a node) and queries the transactions from the Mempool with the highest fees.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miners can’t keep up with the rate of new transactions, the mempool grows bigger and transaction times become longer.

  3. How does a growing mempool effect transaction fees?
    Since miners choose to mine transactions with higher fees, people will have pay more to get their transaction processed.

#648
  1. Mempool is list of unconfirmed transactions held by each node
  2. The mempools will differ slightly from node to node until they catch up but mostly it will mean the transaction takes longer to complete.
  3. Growing mempool size, has the effect of needing to offer higher fee amount if you want the the transaction to be added to a block sooner rather than a later one.
#649

  1. Mempool is a data structure that each node in the network has and where new unconfirmed tx:s are being picked up.

  2. The mempool gets bigger

  3. It increases the tx fees since the competition grows and the miner looks for the tx with the highest fees to put into the block

#650

  1. a mempool is a list of all unconfirmed transactions in every note.every tx must make sensen and be confirmed to the notes.

  2. the mempool will get bigger and the fees will increase.

  3. the fees will get higher so the miners so the minors pick them up!

#651
  • Pool of unconfirmed transaction waiting to be inserted in the next block by a miner
  • mempools become bigger and transactions take longer to be confirmed
  • since miners are incentivised, the transactions in the mempool that payed the largest fees will be
    prioritized. thus indirectly making the fees larger. Also the larger the transactions (in bytes, not in btc
    value) the larger the fee.
1 Like
#652

What is the mempool?

Once a transaction is broadcast it sits in the mempool of the Nodes waiting for a miner to collect the transaction to place into a block.

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

The miner will prioritise those transactions that have a higher Sat per byte fee as the block can only hold a maximum of 1MB and they are incentivised to get a many transactions in as possible. If your transaction is a larger size this may men that you will wait longer to get it into a block and confirmed.

How does a growing mempool effect transaction fees?

Trannsactions end up competing with each other to get a fee that get their TX included in the next block. This can push fees higher until a fee equilibrium is reached then the miners work through the fees in order to clear.

#653

  1. What is the mempool?
    it’s a data structure to hold all unconfirmed transactions until miner pick up unconfirmed transaction to append on blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool will grow up, more unconfirmed transactions in mempool, and need more time to handle unconfirmed transaction.

  3. How does a growing mempool effect transaction fees?
    A growing mempool would increase transaction fees. Because of incentive, miner will choose the transaction that has the highest fee to add it to blockchain.

#654

  1. What is the mempool?
    A list of unconfirmed transactions

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

  3. How does a growing mempool effect transaction fees?
    Miners like to pick up the transaction with higher fees as they have a maximum for there block.

#655
  1. List of unconfirmed transactions
  2. Mempool will increase
  3. Will increase fees in general
#656
  1. a list of all unconfirmed transactions that each node carries. It is updated every constantly when new transactions are broadcasted and confirmed.
    2.Mining fees go up and mempool gets fuller and transaction times are longer.
  2. A growing mempool would raise fees because there are more transactions to choose from and the miners choose the highest fees.
#657
  1. The mempool is a data structure that each node has containing a list of unconfirmed transactions.
  2. If that miners can’t keep up with the rate of the new transactions the size of the mempool will increase and the rate of processing transactions will decrease.
  3. As a solution to this, the transaction fees will increase and incentivize miners to confirm.
#658

This is how I understand the mempool:

  1. Each full node has it’s own mempool where unconfirmed transactions sit until they are picked up by a miner.

  2. If miners can’t keep up with the rate of new transactions the transactions sit in the mempool and fees rise.

  3. I would imagine that a growing mempool would create higher transaction fees across the board as the demand of transactions to be sent overwhelms the supply of block space miners have to put transactions into blocks.

#659
  1. Its a list of unconfirmed transactions every node stores.
  2. Then list of unconfirmed transactions and mempool size increase causing delay in the blockchain network.
  3. If the mempool increase, Tx stuck because of the block size limit and stay pending for long duration of time. However if high fee is assigned to a particular Tx, it will be ranked on priority as miners want high rewards per block.
#660

  1. The mempool has and stores all of the pending transactions before the the miners implement them into blocks.

  2. If they do not keep up with the mempool it will be filled up with unconfirmed transactions and then slow down transaction speed and see an increase in fees.

  3. Fees will go up because the ones that sets the highest fees will see their transactions become confirmed faster because of the filled mempool. The ones that pay goes to the front of the line.

#661
  1. mempools are storing upcoming transactions a node has received.
  2. More transactions are stored in the mempool and transactions need longer to become added to the blockchain.
  3. transaction fees will rise
#662

1- A mempool is where the unconfirmed transaction will wait until a minor confirmed the transaction and build a new block.

2- The mempool would increases the size.

3- The more mempool would equal bigger transaction fees.

#663
  1. what is referenced by nodes to access fees for the transaction
  2. they prioritize transactions from highest paying fee to lowest
  3. they increase