Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1607

Homework on Mempool - Questions

1. What is the mempool?

Answer: The mempool is a data structure that each node has in the network. You could almost call it a “waiting area for transactions”

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

Answer:

The transaction will be unconfirmed.

When you broadcast your transaction, the node that receives that transaction, will validate your transaction so that you are not breaking any rules and if the transaction makes sense it will put that transaction in the mempool and will be unconfirmed and wait until it’s picked up by a miner .

3. How does a growing mempool effect transaction fees?

Answer:

Satoshi/Bite so in other words the larger the transaction is in bite in terms of the binary representation the higher the fee.

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#1608

Mempool is a data structure of unconfirmed transactions held by nodes. These transactions have not been picked by the miners yet. The unconfirmed transactions are held in by the nodes in the ram memory hence a mempool is a memory pool. The miners pick the unconfirmed transactions and put them in a block which can be put into a the blockchain if the miner wins the Proof of Work competition.

If the miners cannot keep up with the rate of new transactions, the unconfirmed transaction pile in the mempool increasing its size.

As the size of the mempool increases the fees become higher because there are many unconfirmed transaction. The miners are incentivized to pick the transactions with a higher mining fees. Since the miners are not required to pick the oldest transaction first, they can therefore select and pick the transactions with the highest fees first. So when a wallet makes a new transaction it will suggest a high fees corresponding to the latest fees requested by miners.

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#1609

  1. What is the mempool?
    The mempool is the area in a node’s system memory where unconfirmed transactions are stored while awaiting confirmation and subsequent placement into a new block on the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If the miner’s can’t keep up then the mempool size will increase and average transaction processing speeds will decrease.

  3. How does a growing mempool effect transaction fees?
    A growing mempool will incent miner’s to pick those transactions that have the highest transaction fee. So the average transaction fee will go up.

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#1610

1.- Is a parking lot where unconfirmed transactions are put before being processed.

2.- Mempool size grows

3.- Fees are increased.

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#1611

  1. The mempool is a list of unconfirmed transactions.

  2. If the miners can’t keep up, the size of the mempool grows.

  3. A growing mempool increases the transaction fees charged and miners will push through transactions with higher fees. This will increase the time it takes for lower fee transactions to be added to the blockchain.

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#1612
  1. A data structure where unconfirmed transactions are stored.
  2. Mempool grows larger and transaction times increase
  3. The fees go up.
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#1613
  1. A mempool is a database of unconfirmed transactions that are contained in a node.
  2. If miners cannot keep up with the rate of new transactions then the time it takes to confirm transactions and the rate at which they are added to the block is also increased. At the same time the transaction fees will go up. Law of supply and demand.
  3. A growing mempool will in effect cause the transaction fees to increase.
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#1614

1. What is the mempool?
It is where unconfirmed transactions go after they have been validated by the nodes but not confirmed by the miners.

2. What happens if the miners can't keep up with the rate of the new transaction? (Is this correct??)
There would be more unconfirmed transactions in the mempool, and fees would be more expensive, difficulty target for mining would also adjust downward

3. How does a growing mempool affect transaction fees?
Fees would increase, larger fees incentivize the miners to include the transaction, so if you want your transaction to be picked quicker in a crowded mempool you'd have to pay a higher fee

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#1615
  1. What is the mempool?
    The mempool is the space that holds all the transactions that have been checked by a node but have not been added to a block. These transactions in the mempool are waiting for a miner to pick them up and add them to a block and therefore being confirmed.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    backlog, the mempool gets saturated
  3. How does a growing mempool effect transaction fees?
    It raises the prices as people are willing to pay more to get their transaction added to the blocks as soon as possible
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#1616

  1. It is a list of unsent transactions.

  2. Mempol lists grows

  3. Transaction fees grow

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#1617

1/ unconfirmed transaction list
2/ the list grows and since miners are incentivized by fees, they will mine the transactions that pay them the most satoshi/byte
3/ transactions constructed with a lot of byte size will need to increase their fees to be selected by miners to confirm the transaction since miners are searching for transactions that can maximize their block reward (i.e. satoshi/byte

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#1618

Ans.1)
A mempool is a place where all unconfirmed transactions reside. These transactions arrive thereafter they have been checked by several nodes to reach this accepted unconfirmed state. Miners are incentivized to select a transaction(s) from this pool in order to process the encrypted data, then place it in a block and receive the tx fee in exchange. Miners primarily choose the most expensive tx fees in a mempool first.
Ans.2)
If transactions being added to the mempool outpace the miners extracting transactions to be processed, then the mempool size increases and the remaining transactions become delayed for a longer duration of waiting time.
Ans.3)
As the mempool swells with transactions needing to be processed, those that want their transactions attended promptly by miners will pay higher processing tx fee rates. Therefore, with so much unconfirmed transaction backlogs, all fee structure rates will need to increase, to facilitate greater miner engagement to swiftly reconcile these unconfirmed transactions into the block-chain.

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#1619

The growing mempool doesn’t affect the difficulty target. The target is pegged to the hashrate so blocks get mined approximately every 10 min. :slight_smile:

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#1620
  1. The mempool is a collection of known unconfirmed transaction outputs (UTXO’s) on nodes storing copies of the blockchain on computers.
  2. If miners can’t keep up with the rate of new transactions transaction time increases unless you incentivize miners to process your transaction by offering higher fees
  3. A growing mempool means the queue to get your UTXO confirmed is getting longer, this effects transaction fees as they would go up because people want to see their transaction come through as soon as possible thus the transaction fee goes up the more the mempool grows.
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#1621

Does that mean the longest time that a transaction could take, if the limit is left at the default of 14 days, would be approx. 14 days?

#1622

  1. it is a memory pool which consists of all the unconfirmed transactions on the network.

  2. transaction time increases.

  3. If this works like supply and demand, the fees should increase.

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#1623

It means if the transaction is not included into the block in the meantime it would be dropped from the mempool and one would have to construct a new transaction, possibly with a higher fee.

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#1624

1)the sum of unconfirmed transactions
2)the mempool’s size increases
3)a growing mempool means that the transactions will be processed slower and the fees for the prioritized transactions will be higher .

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#1625

  1. the mempool is all the unconfirmed transactions that have not been added to the blockchain yet

  2. the backlog of transactions will increase and the mempool size will grow which can increase fees since people want to cut in front of the line and get their transaction into the next block

  3. the larger a mempool the more competition to get your transaction processed, which results in those who want it processed quickly will pay a larger fee so they are pulled into the next block by a miner.

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#1626

1- The mempool is the place where nodes put unconfirmed transaction
2- The transaction will take longer to be confirmed
3- The miners will confirm first the transactions with higher fees. creating a fees market

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