Homework on Mempool - Questions

Blockchain and Bitcoin 101
#784

*The mempool is where all unconfirmed transactions on the network reside awaiting to be placed in to a block created by the miner.
*The mempool size will increase and transaction times will also increase.
*The miners will prioritise the transactions with the highest fees. Therefore if you want your transaction prioritised then you will need to select a higher fee.

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#785
  1. The mempool is the pool of UTXO’s waiting to be picked up by a miner.
  2. When the miners can’t handle the rate of the transactions, the mempool will simply grow larger and wait times will increase for a transaction to take place.
  3. A growing mempool will increase transaction fees because miners will be incentivized to pick up the highest paying transaction, that costs the least to transact (meaning having the least number of bytes).
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#786
  1. The “storage space” for unconfirmed transactions
  2. The mempool grows, creating longer transaction times for those transactions containing smaller TX Fees (transactions with higher TX Fee amounts take precedence)
  3. As the mempool grows, competition to get transactions into “the next” block also grows, creating higher fees offered (or calculated) to get quicker confirmation.
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#787

  1. Mempool is consist of all unconfirmed transaction, it also show the transaction fees for each unconfirmed transaction.

  2. If miners can’t keep up with the new transactions, the mempool will have a lot of transactions and the network is slow since the unconfirmed transactions from the mempool will not be confirm, removed and put into the block as confirmed transaction.

  3. When the mempool have more than expected transactions, it will take longer for the transaction to be confirm. Since miners are incentive to confirm the transaction with the highest fee, the transaction with lower than average fees on the mempool will take a long time to confirm. People will increase the fees they are willing to pay to have their transaction be confirmed sooner.

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#788
  1. What is the mempool?
    1. Unconfirmed transactions on each full node
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    1. Mempool grows
  3. How does a growing mempool effect transaction fees?

Higher fee transactions get processed 1st as mempool grows and miners compete for highest fee txns

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#789

[quote=“ivan, post:1, topic:8438”]

  • What is the mempool?
    A mempool holds a list of transactions from the nodes, the miners can then select from the mempool what transactions they would like to put into their block.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    the block log will get bigger

  • How does a growing mempool effect transaction fees
    bigger mempool more in fees

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#790

  1. What is the mempool?
    The pool of unconfirmed transactions.

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

  3. How does a growing mempool effect transaction fees?
    Transaction fees will increase.

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#791
  1. collection of unconfirmed (but meaningful, valid) transactions, that are broadcasted to nodes
  2. this network conditions suggest longer waiting times for tx-confirmation, and also fees might be rising
  3. fees will be higher (as waiting times would else become longer). so it will be more expensive to get in the next block.
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#792

1. What is the mempool?

  • a mempool is a pool of unconfirmed transactions that exists in each node.

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

  • it takes more time for transactions to be processed as the list is getting bigger

3. How does a growing mempool effect transaction fees?

  • in a bigger mempool, transaction fees are bigger as miners are selecting to mine transactions with the highest fees.
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#793

Not utxo’s, but transactions. Utxo’s are a part of transactions to change ownership.

#794

  1. A list of unconfirmed utxo’s that every node has a full copy of, even miners since all miners are basically nodes. The unconfirmed utxo’s can arrive at different times to different nodes so each nodes’ mempool can look a bit different.

  2. The unconfirmed tx’s get added to the mempool, waiting to be picked by miners.

  3. Should increase the chosen tx fee of every transaction since if there’s more tx’s in the mempool, that means more people fighting for the limited amount of miners to pick their tx’s and the miner choose the ones with the highest fees.

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#795

Miners will pick transactions based on sats/byte.
So it doesn’t matter how many in and outputs a transaction has.

#796

It doesn’t affect the rate of new blocks. That’s a different mechanism based on mining difficulty. The mempool will grow bigger where miners will pick transactions to put them into a block. Transactions with low fee will take longer time to get confirmed.

#797

  1. What is the mempool?
    Mempool is a list with all unconfirmed transaction (in the Pool)between the node"s

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The number of unconfirmed transactions will increase,and they can charge higher fees.

  3. How does a growing mempool effect transaction fees?
    the miner will increase the fee for the transactions

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#798

  1. Mempool is a data structure, that all nodes have. It contains all the unconfirmed transactions.

  2. If miners can´t keep up with the rate of new transactions, the mempool grows.

  3. Transaction fees will increase.

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#799

  1. What is the mempool?
    The place where nodes store all unconfirmed transactions that were communicated to them.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They choose the transactions with the highest transaction fees.

  3. How does a growing mempool effect transaction fees?
    If the mempool is growing, miners might not be able to confirm all transactions in the mempool. So they will pick the ones with the highest transaction fees and if you want your transaction to be successful, you generally need to pay a higher fee.

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#800

1.It is a pool full of spicy memes…just kidding its actually a list of unconfirmed transactions that a node has
2. you have a backlog of unconfirmend transactions (big mem pool)
3. the transaction fees are satoshies per byte meaning the miner will add transactions with the highest fees in his block

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#801

  1. A mempool is a collection of unconfirmed transactions that each of the nodes on the network. The minors check each others picking up inputs and completing other outputs on the blockchain.

  2. The mempool then begins to fill up with uncompleted transactions causing an increase the fees

  3. The fees will increase

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#802

1- is a pool of unconfirmed transactions. Each node has a copy of the mempool. As a node confirms a transaction, it places it in the mempool to wait for consensus with other nodes. Once enough nodes have confirmed the transaction, it is placed in the next block and removed from the mempool

2- when miners can’t keep up with the rate of transactions, the mempool starts to fill up. Transaction times increase, which increases Fees (supply/demand). The waiting transactions go into a ‘Transaction Market’ here the highest Fee gets priority.

3- as above, supply/demand for node priority and space in the next block. As the mempool increases size, transaction times increase driving demand for node priority. Highest fees get priority.

One question:
How many nodes have to confirm a transaction before consensus is reached and it is removed from the mempool and placed in the next block?

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#803

Thanks Fabrice

I think I am trying to answer too many questions at once.

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