Homework on Mempool - Questions

Blockchain and Bitcoin 101
#904

  1. The mempool is a waiting room for transactions to be included in the blockchain.

  2. The mempool gets bigger.

  3. Fees tend to go up because people don’t want to wait forever to get their transaction through.

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#905
  1. What is the mempool?
    A mempool is a data structure with unconfirmed transaction.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    There will be a backlog of transactions.
  3. How does a growing mempool effect transaction fees?
    If you have a lot of inputs and outputs (transaction), this will waste more space in the block, so you pay more in fees.
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#906

Thanks Mauro; I assumed that there was just one Mempool when in fact you clarify that each Node has a copy of their own Mempool from which they draw transactions.

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#907

What is the mempool?
Answer: A holding area for uconfirmed transactions
What happens if the miners can’t keep up with the rate of the new transaction?
Answer: The mempool will be full. After 10 miutes space wll be freed up by blocks written the block chain. But before the Mempool reaches full capacity, the nodes start prioritizing sometransactions by setting up a minimal threshold fee.Then only tranactions with fees above the treshold will be processed. This is also an intensive for miners to work more so the mempool will be reduced through the creation of new blocks on the block chain
How does a growing mempool effect transaction fees?
Answer: Transaction fees will typically increase.

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#908

1- Mempool is where a is waiting to be picked up by a miner to be put into the blockchain. While the transaction stays in the mempool it is said to be unconfirmed.

2- It will create a backlog in the mempool and thus the transaction times will take longer

3- Miners pick up the transactions with higher fees hence if there is a backlog on the mempool it won’t be picked up and transactions would need to increase their fees.

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#909
  1. Am mempool is a list of unconfirmed transactions.
  2. The number of transactions in the mempool will increase. It will take more time to confirm a transaction.
  3. The transaction fees will increase in price, because miners always pick the transactions with the highest fees first.
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#910
  1. The mempool is a data repository hosted by each node on the network. It stores all unconfirmed transactions (transactions that have not yet been included in a block).
  2. If the miners cannot keep up with the rate of new transactions, it could take a long time for the mempool to be cleared and for transactions to be confirmed.
  3. Since transaction fees are determined by the amount of space they consume in a block, fees can go up when the mempool is full.
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#911

Collection of all unconfirmed transactions

Mempool size increases also leading to larger byte size and fees

Transactions with higher transaction fees and smaller byte size tends to be picked by the miners first.

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#913

  1. What is the mempool?
    The mempool is the list of unconfirmed transactions that miners can pick from to place onto the chain.

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

Transaction rates naturally slow down as the mempool backlog and the price per transaction increases.

  1. How does a growing mempool effect transaction fees?

The mempool size and transaction prices are directly correlated.

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#914

  1. The mempool is the data structure that each node uses to store unconfirmed transactions. It might be different for each node.

  2. If the miners can’t keep up with the rate of the new transaction, the new transaction will never reach the nodes. The nodes therefore cannot store that transaction in the mempool and hold it until the transaction has been confirmed.

  3. A growing mempool effects transaction fees in that if the representation is high, the fee is also high. However, the simpler the transaction, the smaller the fee.

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#915

hello,
1) mempool is a data structure on each node containing a list of all unconfirmed transactions.
2) If the minors can’t keep up with the rate of transactions the mempool gets bigger and transactions take longer.
3) Transaction fees increase as the mempool grows as a way to incentivize the minors to add the transaction to the next block as quickly as possible.

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#916

  1. The mempool is a waiting area where transactions are being copied and sent to the other nodes in the network.

  2. If miners can’t keep up with the rate of the new transaction, the mempool grows in size, resulting in longer transaction times and delayed time for confirmation.

  3. A growing mempool forces transactions fees to go up in value. Miners will work on transactions with the largest fees.

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#917

  1. Unconfirmed transactions until miners picks it up.

  2. The chart of the mempool goes up.

  3. The fees gets higher since the competition of going into the blockchain grows harder.

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#918

  1. Mempool is where all unconfirmed bitcoin transactions are

  2. In that case the mempool keeps increasing

  3. When mempool grows, the transaction fees go up, because miners will prioritize transactions with higher fees

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#919
  1. Mempools are databases of nodes and miners that accumulate unconfirmed transactions which have been broadcasted to the network.
  2. Transaction fees go through the roof like the spike that happened on Dec 15, 2017
  3. Growing mempools are a measure for the amount of traffic / increased amount of pending transactions and increase the fee per transaction as the competition in the market for getting processed puts upward pressure on transaction fees.
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#920
  1. The mempool of a given network node contains all the unconfirmed bitcoin transactions that the node in question recognizes to be valid (i.e., consistent with the bitcoin-transaction protocol). And due to the fact that transactions are not picked up by all the network nodes in perfect synchrony, the mempools tend to differ slightly from one node to the next.
  2. If the miners cannot keep up, the mempool will grow in size.
  3. Since the miners are the ones who collect the transaction fees, the miners tend to confirm high-fee transactions before low-fee transactions. So as the mempool grows, the average confirmation time increases along with the average transaction fee because the competition for rapid confirmation grows more intense. Put differently, the demand for confirmation increases faster than the supply and thus confirmations become more expensive.
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#921

  1. It is a record of unconfirmed transactions kept by the nodes in the network.

  2. The mempool grows

  3. Causes them to go up through people bidding to be included sooner in the blocks.

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#922
  1. The mempool is where unconfirmed transactions appear on the network. Each node in the network has a slightly varied mempool before syncing up with the rest of the nodes because the transactions are sent out in a way where they reach one before the others.
  2. If miners can’t keep up with the rate at which transactions are sent out, the mempool grows. It will slow down and newer transactions that pay higher TX fees will be given priority since the miners on the network are financially motivated. It will then go down the ‘list’, confirming the TX’s with the highest fees/rewards.
  3. A growing mempool will affect fees in a way you will experience and realize when priority is given to TX’s that have paid higher fees that the others to the miners. Before the growth of uncofirmed TX’s in a mempool, the fees which you pay arent given as significant of a wait time. But as the list grows, so does priority thats given to higher paid TX fees.
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#923

  1. The mempool is a list of transactions that appear valid to a node, but that have yet to be confirmed and added to a block

  2. If miners can’t keep up with the rate of new transactions, the mempool will grow larger and transaction times will increase.

  3. If there are a large number of transactions in the mempool, miners will choose transactions with the highest fees to handle first. Therefore, transactions will need higher fees attached in order to be confirmed faster.

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#924

  1. What is the mempool?

    A pool of unconfirmed transactions.

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

    The mempool gets bigger and transaction times increase.

  3. How does a growing mempool effect transaction fees?

    The fees go up

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