Homework on Mempool - Questions

Blockchain and Bitcoin 101
#724

  1. A Mempool is a data structure that holds unconfirmed transactions

  2. If the miners can’t keep up with the rate of new transactions, they will choose transactions with highest fees and a delay will occur.

  3. Growing Mempool means transaction fees increases as the miners prioritize high fee transactions.

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#725
  1. The mempool is the like the train station the UXTOs wait at trying to catch a ride on the next block and complete their transaction. Each node has its own individual mempool where it stores UTXOs, the nodes broadcast UXTOs across the network until the next block fills up and sends the outputs on their way.
  2. If the miners cant keep up with the rate of new transactions the transactions take longer to confirm.
  3. Like any other market based on supply and demand the growing mempool, or demand for block space, increases the competition of the UTXOs which increases the price of the fees the miners put at the front of the line.
#726

  1. List/data-structure of all transactions

  2. Longer transaction times as mempool backlog builds

  3. Transaction fees go up.

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#727
  1. The mempool is an area/space, where unconfirmed transactions are kept
  2. The actual mempool with grow bigger and the transaction times will increase.
  3. The fees will go up. The miners will pick anyhow the transactions with the highest fees.
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#728

Q1: Mempool is a data structure that each node has on the network that lists all unconfirmed transactions.

Q2: If miners can’t keep up with the rate of new transactions then the Mempool grows in size and the rate of adding new blocks slows making confirmations of transactions slower.

Q3: With a growing Mempool transaction fees increase. Greater the fee a TX’s has the more likely it will be added to a block due to the greater incentive if offers the miners.

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#729

1: the mempool is a storage area of unconfirmed transaction in a node.
2:The mempool grows and transactions take longer to confirm.
3:It increases the fee

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#730
  1. mempool is a “place” where every node stores unconfirmed transactions untill miners pick them up.
  2. The mempool grows in size and longer waiting times for transactions
  3. Fees increase. Miners will most likely take transactions with higher fees first.
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#731

  1. Mempool is series of unconfirmed transactions.

  2. Then mempool gets larger creating longer transaction time.

  3. Fees gets higher.

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#732

  1. What is the mempool?
    -> A mempool is created by each node and it shows the unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    -> the transaction time will take longer as the mempool is growing

  3. How does a growing mempool effect transaction fees?
    -> transaction fees will go up as miners have the choice to only confirm transactions that offer a higher fee for them.

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#733

  1. A Mempool is basically the point between where a transaction is made and confirmed. So a Mempool is where all unconfirmed transactions are.

  2. If miners cannot keep up with the rate of new transactions, they will stay in the mempool until it is eventually picked up. The higher the fee in the transaction the faster it will be picked up from a miner.

  3. A growing mempool will effect transaction fees because people that make the transactions will need to increase their fees to persuade miners to pick up their transaction over other transactions in the mempool

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#734
  1. A pool of unconfirmed transactions.
  2. Mempools grow, which is makes it more interesting again for miners (supply and demand, free market)
  3. If you want your transaction to be processed, you better have a higher fee, because large mempools in the network signify a lack of miners willing to take them. (again, free market system)
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#735

  1. What is the mempool?
    Its a list of the transactions that have passed verification but have yet to be confirmed and appended to a block by a miner node. This memory pool also helps us to analyze the traffic within the network. Simplified the pool is like a waiting or show room where we can pick up and inspect transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    It will get jammed up which results in its approval time being increased.

  3. How does a growing mempool effect transaction fees?
    The bigger the more expensive its gonna get. This is due to the likelihood that miners pick the transactions with the highest fees first, so there is a competition mechanism in place. A threshold is set up once the full capacity of the pool is reached; transactions with lower fee-rates get removed and only higher ones get accepted.

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#736

  1. A mempool is where all unconfirmed transactions and their fees are stored before miners confirm the transactions.

  2. The size of the mempool increases.

  3. Competition amongst miners increases when the transaction fees increase.

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#737

  1. The mempool is a storage of unconfirmed transactions. Some nodes may have different versions of the mempool depending on whether or not the data has reached them yet.

  2. Mempool grows, transaction confirmations may take longer. Transaction fees may go up. Transactions with higher fees are usually prioritized.

  3. Transaction fees go up.

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#738

  1. What is the mempool?
    A mempool is where unconifrmed transactions are held until a miner picks them up to add onto the next block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miners can not keep up with the rate of new transactions, the mempool would get larger and larger. Transactions may take longer to be added to a block and transaction fees may also increase.

3.How does a growing mempool effect transaction fees?
Miners choose unconfirmed transactions in the mempool with high fees. A growing mempool means that there are a large number of unconfirmed transaction waiting to be picked by the miners…Fees would increase for transactions so that there is a better chance that they would be picked by miners.

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#739

  1. A mempool is a memory database of unconfirmed transactions waiting to be added to a new confirmed block

  2. The mempool grows larger and will cause longer transaction times

  3. A growing mempool would cause transaction fees to rise higher

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#740

The mempool stores unconfirmed transactions
The mempool grows creating longer transaction times
Transactions with higher fees will be priority for miners

2 Likes
#741

  1. The queue for unconfirmed transactions. Once your wallet broadcasts a transaction, it will be picked up by a Full Node in the network that will verify it and place it in the Mempool of that Node and send the transaction along to another Node that will run the same process. Mempools might be slightly different depending on the Node. Miners can then communicate with the Nodes and query what transactions the Node has it its Mempool. Or the miner can query its own Mempool since the miner is technically also a Node. The miner will pick the transactions with the highest fee and put as many as possible with high fees in the next block they are looking to solve. If a miner solves the block, they win the fees associated in all transactions within that block.

  2. It will grow the Mempool of each Node and Miner larger which will ultimately increase transaction fees.

  3. A growing Mempool would result in higher transaction fees because there would be more of a demand among wallets to get transactions solved quickly. Miners have a financial incentive to solve transactions with higher fees first since their reward in BTC is greater.

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#742

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

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

3. How does a growing mempool effect transaction fees? An increase in the size of the mempool results in an increase in transaction fees.

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#743

1 - What is the mempool?

Mempool is where the node stores a newly arrived, unconfirmed transaction.

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

The mempool then fills up and transaction times and fee will rise, as miners will cherry pick for high value transactions, only.

3 - How does a growing mempool effect transaction fees?

As the mempool increases in size, the transaction times and fee will rise, as miners will cherry pick for high value transactions, only.

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