Homework on Mempool - Questions

[Timothy]

1. Is a list of unconfirmed transactions
2. They will pick up the transactions that can be fit in the block and the rest will stuck in the mempool
3. Fees goes up and the larger the fees, the more miners earn as they will pick up the transactions with the higher fees first

[DanBeeCee]

1. What is the mempool?
   A mempool is a list of unconfirmed transactions that follow protocol, received by a node.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   A backlog occurs, and the mempool grows larger.

3. How does a growing mempool effect transaction fees?
   Miners give preference to transactions stating higher fees, and add them to new blocks sooner.

[Albert777]

1 The mempool is a database where unconfirmed transactions will temporarily remain as soon as a miner will take them,validate and insert into a new block.
2 If the miners can’t keep up with the rate of new transactions the mempool will grow in size with the result of longer transaction times.
3 A mempool growing big means to pay more in order to have our transactions processed first. Miners usually decide to mine transactions with more fees as first as a more profitable reward.

[Yrius]

1. Mempool is a list inside the nodes that contains unconfirmed transactions (validated by the node but pending validation from the miners).

2. Mempool list will increase and higher fee transactions will be completed in priority.

3. Miners receive financial incentives and transactions with higher fees are confirmed firstly and removed from the mempool list. Based on that, in order to have transaction completed faster, fee rates will go up (supply and demand rule). But with higher fee rates, it will incentive other miners to join creating more suppliers and this may decrease again the fees.

[Lane11]

1. What is the mempool?
   Mempool is a data structure that consists of unconfirmed transactions and makes sense for each particular node.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   A mempool grows in size. A high mempool size indicates more network traffic which will result in longer average confirmation time and higher priority fees.
3. How does a growing mempool effect transaction fees?
   A bigger transaction that means a bigger fee and these transactions miners will pick earlier than others with smaller fee.

[Cupid]

mempool is the list of all unconfirmed transactions and the tax that goes with them

if the miners fail to keep up with with the rate of transactions the pool gets bigger

growing the mempool can cause confirmed transaction times to be slower and tax will increase

[vale_dinap]

— My answers —

1. The mempool is a temporary space present in each node in which the unconfirmed transactions are stored.

2. The size of the mempool grows.

3. A larger mempool requires transaction fees to increase.

[Mauro]

@LXSO

If the mempool growing in the size - the miners take a first transaction with lower bytes and higher fees first because they are incentivize make a money.

3. Its true. A miner looks at the fee and the size of a transaction. Because blocks are limited in size they compare them not only by the amount of fee, but by the size as well. That’s why we set fees using satoshi per byte in wallets. Very nice observation.

[a.ekasdornkorn]

What is the mempool?

• Mempool is like a queue for unconfirmed transactions, waiting to be processed (proved) by the miners. A transaction, once proved and added to the block, is deemed confirmed and removed from the mempool.

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

• The queue just gets longer which means Mempool will grow larger.

How does a growing mempool effect transaction fees?

• Each transaction takes up a block space. The bigger the size of transactions (usually many inputs and many outputs), the larger the fees which is calculated in Satoshi/Byte. Fees are not based on the value of the transaction, but on the size.

[Mauro]

@TeresaK

*The mempool is where all unconfirmed transactions on the network reside awaiting to be placed in to a block created by the miner.

Each miners has their own version of a mempool.

[Misterpow]

1. All nodes store unconfirmed transactions in a “mempool”.

2. Waiting time!

3. If alot of transactions are pending, fees have to go higher so they are being picked by the miners…

[Mauro]

@Dunga

3. How does a growing mempool effect transaction fees?
   The fees will go up and the miners will take the transactions with the smaller bits so they can can get more per block

They pick the transactions based on satoshi per byte. It does not matter if one is is smaller or larger in size, as long as it has a high satoshi per byte it will be chosen over others.

[Rob_McCourt]

1. Menpool is the place where the unspent transactions go and wait for a miner to pick them up.

2. Its going to fill up.

3. Higher fee tx are prioritised over less.

[Rob_McCourt]

Like this reply. Thanks

[Viktor252]

@ivan

Homework on Mempool - Questions

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?

1. waitingroom for all unconfirmed tx
2. tx takes more time
3. increase the price

[Long]

@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 place where unconfirmed transactions are temporarily stored until a miner confirms and adds it to the the next block.
2. Mempool pending transactions grow larger in addition to higher fees.
3. increased transaction fees.

[Moises]

1 Mempool is a list of unprocessed transactions
2. The list grows
3 fees go up

[Ironjade]

So if all fees are the same first tx to be cleared are the ones with longest time in mempool thx

pet, 22. svi 2020. u 13:09 Fabrice Manzo via Ivan on Tech Forum <[email protected]> napisao je:

[knottymoose]

1. What is the mempool?
   The mempool is a list of unconfirmed transactions that a node has received.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool will increase in size resulting in longer wait times for your transaction to be confirmed.

3. How does a growing mempool effect transaction fees?
   If the amount of transactions in the mempool increases it will take longer for your transaction to be added to the next block, a higher fee will increase the likelyhood of a miner adding your transaction to the next block they mine.

[Ciaran]

1. What is the mempool?

The mempool is a list of every unconfirmed transaction that a node has received. Transactions are removed when they are confirmed and added to the blockchain

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

The mempool size will increase and the average time for transaction confirmation will increase.

3. How does a growing mempool effect transaction fees?

Transaction fees increase as there is more competition to be added to a block. You could still choose to have a lower fee, but you may be waiting a lot longer for your transaction to be confirmed.