Homework on Mempool - Questions

[steve]

1, it is a database of all unconfirmed transactions and associated fees.

2, the mempool expands causing longer confirmation times unless you manually increase the fee you are prepared to pay which incentivises the miners to add your transaction to a block.

3, Fees will go up due to miner competition for the highest fees available for confirmation and adding to a block.

[Pellerin]

• What is the mempool?
o The mempool is a list of all unconfirmed TXs on a node that have been validated.
• What happens if the miners can’t keep up with the rate of the new transaction?
o The mempool grows!
• How does a growing mempool effect transaction fees?
o TXs with highest fees will be selected first. TXs will low fees will most likely remain in the mempool.

[MrGanD]

1.What is the mempool?

The mempool is a real time database stored on the network of nodes where unconfirmed transactions are waiting (competing) to be picked by miners so that they can be included in the next block.

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

In that case the number of transactions waiting to be included in the next block would increase the size of mempool what results in longer transaction processing in average.

3.How does a growing mempool effect transaction fees?

Larger mempool results in increase of transaction fees because miners get to choose transactions with largest fees first and ignore the ones with lower fees until mempool shrinks. Users that want their transaction to be processed as soon as possible are also competing for priority of their transaction to be included in the next block by incentivizing the miners with higher fees.

[abnrgr99]

1. The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block
2. The mempool will grow in size
3. As the Mempool grows in size, the confirmation takes more time, Miner’s will select based on the highest transaction fee, so the Transaction fees will increase.

[Billy3]

1.A list of unconfirmed transactions.
2. The Mempool grows.
3. The transaction fees increase.

[KU1018]

1. It’s a list of all unconfirmed transactions.
2. This will create a backlog in the mempool, leading to longer wait times and higher fees for transactions.
3. Miners are incentivized by fees, so with a growing mempool fees are likely to increase as people will pay higher amounts of satoshis per byte to have their transaction included in the next block.

[senior]

1. mempool is place where unconfirmed transactions are stored before beeing put in the blockchain
2. transactions are pending and therefore fees may increase
3. the bigger mempool the higher fees are

[KamilK]

1. Mempool is a data structure that holds valid unconfirmed transactions.
2. Transactions are included in the mempool and wait until are picked up by a miner.
3. Growing mempool increases the fees, because people who wants their transaction to be handled faster by a miner increase the satoshi price per byte fee. Miners are choosing the transactions from mempool with the highest satoshi fees per byte.

[Master]

1- its where the unconfirmed transactions can be found
2- mempool grows bigger. In that case, its likely that the transaction fees will be higher
3- the miners will give priority to transactions that are paying higher fees

[C_P]

• What is the mempool?
  The mempool is a chart that shows all BTC’s unconfirmed transactions and associated fees.

• What happens if the miners can’t keep up with the rate of the new transaction?
  The transaction time would take longer and the the highest transaction fees would be required to get transactions confirmed at a quicker rate

• How does a growing mempool effect transaction fees? The speedier transaction times will require the higher fees at an increasing rate.

[Countrywide44]

1-Mempool is a group of nodes holding unconfirmed transactions. Miners take these transactions (usually looking for those with highest fees) and place them on a block.

2-The mempool will grow with unconfirmed transactions. In turn fees increase.

3.Fees rise. When people want their transaction to be confirmed in a growing mempool, they must pay a higher fee. Miners have incentive to confirm transaction with a higher fee.

[5th_Ronin]

1. The mempool is a list of transactions that are yet to be confirmed, this list is very useful for the miners creating new blocks, they can read which transactions will give the highest reward if confirmed by the miner.

2. The fees for the tranactions will rise and it will take longer for a transaction to be confirmed on the blockchain, because there are just so many megabytes fitting in one block, considering it takes 10 minutes in intervals between new creation of blocks, less of the amount of incoming transactions will be confirmed in each block compared to the rising transactions, and this is the cause of the previously mentioned consequences.

3. As previously mentioned, they will rise. Because the wallets are checking in real time the mempool for choosing a fee that can compete with the current demand in miners confirming the transactions. As the transaction numbers rise the demand is rising and this causes the fees to be more expensive for the transaction to have a good enough placing in the mempool.

[lpvenancio]

1. Mempool is the list of transaction that are unconfirmed spreaded in the nodes.

2. If they can’t keep up with the rate, the mempool will grow and therefore the transaction confirmation time.

3. It will increase the transaction fees because miners naturally choose the transactions with bigger fees. If someone wants the transactions to be confirmed first, a bigger fee needs to be offered.

[moragarcia75]

1. What is the mempool?
   It stores all pending transactions (TX).
2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool keeps growing.
3. How does a growing mempool effect transaction fees?
   The person that pays the higher fee will have their transaction processed by the miners.

[Enrique]

1. What is the mempool?
   List of unconfirmed transactions per node
2. What happens if the miners can’t keep up with the rate of the new transaction?
   Mempools grow and miners confirm transactions that accept higher fees
3. How does a growing mempool effect transaction fees?
   People have to pay a higher fee for the transaction in exchange for a faster confirmation

[AlexinCrypto]

1. What is the mempool?
   It is a storage for unconfirmed transactions
2. What happens if the miners can’t keep up with the rate of the new transaction?
   Then mempool grows bigger with unconfirmed transitions and transitions fees also increase.
3. How does a growing mempool effect transaction fees?
   Transactions become more expensive. Who will pay more fee that transaction go first in a block

[SantiagoB]

1. What is the mempool?

It is a list of unconfirmed transactions.

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

Mempool will grow.

3. How does a growing mempool affect transaction fees?

Fees might be higher.

[Adi]

1. Record of unconfirmed transactions.

2)when miners cant keep up the mempool increases.

3. A growing memepool means longer transaction times therefore higher fees .

[Dana]

1. The mempool shows all the unconfirmed transactions and how many fees they have on the blockchain.

2. Unconfirmed transactions wait in the mempool.

3. Transaction fees increase.

[mjm52894]

1. What is the mempool?

• The mempool is a “waiting area” for Bitcoin transactions

2. What happens if the miners can’t keep up with the rate of the new transaction?h pending transactions and fees will also increase

• The mempool will grow wit

3. How does a growing mempool effect transaction fees?

• Fees will increase & whoever has the highest fee will get their transaction confirmed first