Homework on Mempool - Questions

[travis_bazile]

1. a mempool is a data structure filled with unconfirmed transactions.

2. If miners are unable to keep up with the rate of new tranactions. Then there willbe a delay in responding to transctions to complete them. resulting in a slower network

3. Transactions fee’s will be increased with a larger mempool because of the competition to get to the transaction to the next block. & miners would complete the transactions with larger fee’s so they can get paid more BTC

[Arthimis_Vergult]

1. What is the mempool?

• The mempool is basically a waiting room for transactions to be picked and and confirmed by miners.

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

• When there are more transactions in the mempool that can fit in the block space, the transactions with the highest fees will be picked up first. The other transactions remain in the mempool waiting to be picked in the next block.

3. How does a growing mempool effect transaction fees?

• The more transactions in the mempool, the higher the competition is for transactions to be picked up my miners. This results in people paying higher fees so their transaction is picked up from the mempool.

[moza8]

1. Mempool is a count of unconfirmed transactions.
2. Mempool gets bigger.
3. The bigger it is, the bigger are the transaction fees.

[Dano]

1. The place where unconfirmed transactions are collated and stored until they go into a block.

2. Transactions will spill over into the following block.

3. It will increase the transaction fee because of more demand.

[CryptoEagle]

@ivan

• What is the mempool?
• What happens if the miners can’t keep up with the rate of the new transaction?
• How does a growing mempool effect transaction fees?

1. A mempool is a list of unconfirmed transactions associated with and maintained by a given node.
2. When miners can’t keep up with the rate of new unconfirmed transactions being listed in the mempool the mempool grows larger, extending the time miners require to confirm transactions.
3. A growing mempool will cause transaction fees to increase because its more difficult and time consuming for miners to process and confirm transactions.

[Yaank]

1. All transactions which are not confirmed yet.

2. Mempool grows, transaction time grows and fees are getting higher.

3. Fees getting higher.

[GoBeeGo]

1. storage of many transactions waiting for pick up to be mine.
2. will grow bigger and may create backlog.
3. transaction fee may increase.

[BrianR]

• What is the mempool?

The mempool is the record of current transactions that have been verified by nodes and are waiting to be placed on the blockchain

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

The mempool grows

• How does a growing mempool effect transaction fees?

Fees increase as there is more ‘competition’ for quick places on the blockchain. Does this not open the door for collusion among miners?

[Les]

1. A list of pending transactions.
2. Transaction confirmation will take longer.
3. Fees increase.

[cryptotad]

1. Mempool is a a list of unconfirmed transactions

2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.

3. Larger fees are created when the mempool increases in size to enhance competition to get to the next block. Miners pick the largest transaction fees therefore meaning the larger mempools get mined first

[Christian_S]

@ivan

What is the mempool?

The mempool is a list of unconfirmed transactions.

@ivan

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

The mempools get larger and larger if the miners can not keep up.

@ivan

How does a growing mempool effect transaction fees?

As the mempool gets larger, the fees will increase due to the demand of the backlog.

[RobertRedBeard]

1.) The mempool is a data structure containing lists of unconfirmed transactions.

2.) If miners can’t keep up then the mempool will get bigger and bigger as more unconfirmed transactions get added to the list.

3.) Becasue mining is incentivized, a larger mempool will cause the fees to increase.

[Conrad_Swart]

1. Mempool is the place where all transactions that the node/miner receives and makes sense, but is not yet confirmed, is stored
2. Rate? The transaction stays in the mempool longer?
3. If you want your transaction to be prioritized, you have to increase the fee.

[zzzsoren]

@ivan

1. What is the mempool?
2. What happens if the miners can’t keep up with the rate of the new transaction?
3. How does a growing mempool effect transaction fees?

Answer 1:
Every node has a mempool consisting of unconfirmed transactions that make sence to the particular node.

Answer 2:
The mempool grows.

Answer 3:
People will most likely compete to get their transaction in the next block resulting in an increased transaction fee.

[Jazmin]

1. What is the mempool?
   The mempool is the list of all unconfirmed transactions waiting to be added to a block by a miner.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   There will be a larger amount of transactions in the mempool

3. How does a growing mempool effect transaction fees?
   A growing mempool will increase transaction fees because people will want their transaction to be confirmed as soon as possible and miners will choose the transactions with the highest fees first as they will get the fee.

[Arvee8]

@ivan

• What is the mempool?
• What happens if the miners can’t keep up with the rate of the new transaction?
• How does a growing mempool effect transaction fees?

1. Mempool is basically the holding area where all transactions are accumulated before they are picked by the miner to be joined in a block.
2. As miners pick transactions to be joined into a block, the mempool and grow/shrink according to the number of incoming “unprocessed” transactions.
3. as miners tend to pick the highest paying transaction first, it means a backlog can build with transactions which have a lower transaction fee. As some wallets allow to select a lower/higher transaction fee, it is possible to get faster processing with a higher fee, or economise on fees but have longer waiting time before transactions are processed. In case of dynamic fee structure the fees would go up on busy times, while on slower moments the fees would go down due to larger/smaller mempool

[Sebonacci]

What is the mempool?
This is where unconfirmed transactions are stored until a miner adds them to the block

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 then the mempool grows larger and there are longer transaction times.

How does a growing mempool effect transaction fees?
Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to attract miners to pick transactions that have paid more to add them to the block faster

[Elizabeth]

1. a waiting area of verified but unconfirmed transactions at each node.
2. the mempool increases in size
3. It causes the fee to go up, since higher fees would be prioritized to be added to the blockchain

[const9090]

Homework on Mempool - Questions

What is the mempool?

• Mempool stores pending transactions

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

• mempool increases with pending transactions

How does a growing mempool effect transaction fees?

• fees will go up

[StintheKid]

1. What is the mempool?
   a Mempool is where all uncomfirmed transactions are broadcast to until a miner picks them for a block

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Longer time for transactions and higher fees

3. How does a growing mempool effect transaction fees?
   To pressure people to slow down, fees will rise that way miners can catch up with the mempool.