Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1106
  1. Mempool is a list of unconfirmed transactions waiting to get into the blockchain
  2. Mempool list will be big waiting for transaction. Thus making transaction to be validated into the blockchain will be longer.
  3. Too many list in the mempool the miners will pick the highest fees to get it validated into the blockchain first. If you are paid to eat a lot of apples you will be sure to pick the highest value apples first.
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#1107
  1. Mempool is the place where every node put his valid unconfirmed transactions to get checked and chosen by miners to integrate them into the next block
  2. They pick up first the TXs with the highest Satoshi per Bite rate, other TXs have to wait
  3. Increasing effect
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#1108

The mempool is a virtual pool where all transactions awaiting to be accepted and added to the next block.

This will result in the growth of mempool.

As growing mempool increases in size the transaction fees will also increase, this is due to hope of getting their transaction approved faster.

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#1109

  1. Me pool is a database of all unconfirmed transactions, waiting to be picked up by a miner

  2. Mempool grows bigger with unconfirmed transaction

  3. And probably more unconfirmed transactions create bigger demand and thus the fee also gets increased

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#1110

1 - Save unconfirmed transactions waiting for the miners adding them on the blockchain.

2 - The mempool will grows,

3 - If the mempool grows, the miners will process the transactions with the high fees first before the others. . If you want yours transactions to be process fast you need to pay high fees.

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#1111

  1. The mempool is where unconfirmed trx are held until they are confirmed and picked up by a miner.

  2. The transactions with the highest fees will be processed first and other trx will be picked up later (slowed down)

  3. As the mempool gets larger the trx are more expensive because of the competition between the miners for better fees.

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#1112

  1. The mempool is a memorybank for unconfirmed transactions stored on nodes.

  2. If miners can’t keep up with the transaction rate this increases the mempool size and consequently the time to complete transactions. Supply and demand.

  3. A growing mempool would increase transaction fees. This is because competition to complete the transaction would be increased. Supply and demand.

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#1113

What is the mempool?

A list of unconfirmed transactions that each node has.

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

The mempool grows larger and it takes longer for your
transaction to go through.

How does a growing mempool effect transaction fees?

Transaction fees grow along with a growing mempool. The more you pay for a fee,
the faster a miner will complete your transaction.

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#1114

1: It is where all transaction waiting to be prcess are stored and listed
2: the mempool grows and longer wait times are created.
3: Fees increase and the higher fees get priority from the miners

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#1115

It contains all unconfirmed txs

Mempool will contain more unconfirmed txs

Miners will pick up txs with the highest fees to be mined first so higher fees are needed

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#1116

mempool is where unconfirmed trans wait to get added to blockchain

if miner cant keep up then the mempool increases and so may fees.

Fees go up because you pay more for transaction to get confirmed.

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#1117
  1. where unfilled transactions are held
  2. the mempool increases.
  3. fees can increase
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#1118

  1. A mempool (short for memory pool) is a data structure within a node consisting of a list of unconfirmed transactions.

  2. There will be a traffic jam in the network ,the mempool will grow larger therefore transactions will take longer.

  3. Transaction fees will rise in a growing mempool because miners are incentivised to choose the transactions with the highest fees. The nodes start prioritizing transactions by using a minimal transaction fee threshold.

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#1119

waiting area for unconfirmed transactions, which each node maintains by itself.
If transactions are confirmed these candidates will be erased from the mempool.
2)
the entries of unconfirmed transactions in the mempool will increase.
3)
if more unconfirmed transactions are in the mempool many of them will stay there for a longer time.
the confirm-time-balance shifts to the disadvantage of transaction with low fees.
Because miners want to earn money, they are incentivised to prioritise high fee transactions first.

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#1120

What is the mempool?
Every node has a mempool. When a node receives a transaction that is not yet part of blockchain, the transaction is checked for plausability, and if plausible it is added to mempool. The mempool is therefore the list of all open transactions that wait to be added to blockchain. Each node creates its own mempool and according to delay of broadcasting new transactions worldwide, the mempool of different nodes can be slightly different. As soon a new block has been created, all included transactions of that block are erased from all mempools.

What happens if the miners can´t keep up with the rate of the new transaction?
All unprocessed transactions will be saved in mempool and the number of open transactions in mempool will increase. With the next difficulty adjustment, the difficulty will be decreased so blocks will be mined faster and more transactions can be processed.

How does a growing mempool effect transaction fees?
The transaction fees will increase, because miners always take the transactions with highest fees (revenue) first. As nobody whant that his transaction is waiting in mempool too long, people will pay higher fees for transactions to be processed faster.

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#1121

  1. A list of unconfirmed transactions

  2. Transactions will be delayed and fees will increase

  3. It will increase as transactions will be prioritized based on the fee.

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#1122
  1. What is the mempool? ---- the mempool is the waiting room on each node for unconfirmed transactions waiting to be confirmed by a miner.
  2. What happens if the miners can’t keep up with the rate of the new transaction? ---- The mempool will grow with more transactions waiting to be fulfilled.
  3. How does a growing mempool effect transaction fees? ---- As the mempool grows, there is more demand for transactions to be fulfilled meaning transaction fees will increase and miners will be payed more.
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#1123
  1. The mempool is where the unconfirmed transactions are stored, waiting to be confirmed by a miner & put into a block.
  2. It takes longer to confirm transactions
  3. The transactions in a mempool can take up more space due to more inputs & outputs. This makes the mempool larger & the miners compete to finish the block, confirming the transactions that are worth the most first.
#1124
  1. What is the mempool?
    Within each node, it’s a pool of yet-to-be-confirmed transactions that are picked up by miners.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows in size.
  3. How does a growing mempool effect transaction fees?
    Transaction fees will go up because demand for transaction processing is rising.
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#1125

So you will need to wait more time for your transaction to be processed!