Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1647
  1. it is a space where nodes send all pending transactions
  2. it will decries transaction speed and increase fees
  3. the transactions with higher fees will process first
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#1648
  1. What is the mempool?

List of all unconfirmed transactions

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

Mempool gets bigger with more unconfirmed transactions

  1. How does a growing mempool effect transaction fees?

Fees get more expensive

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#1649

So if all the slots in a node are full,when a new pending transaction is accepted does not the transaction with the lowest gas fee get dropped?

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#1650

sorry that is what you told me.i just reread it again

#1651
  1. unconfirmed transactions awaiting confirmation and node population
  2. transactions grow in the mempool and likely the fees too as wallets calculate to get prioritized/re-priotized.
  3. fees would grow in proportion to the demand need of a miner to confirm.
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#1652
  1. The unverified transactions sent to nodes
  2. the mempool grows
  3. they rise
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#1653

  1. What is the mempool?
    Hub for unconfirmed bitcoin transactions

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

  3. How does a growing mempool effect transaction fees?
    the transactions fee increases, higher fee transactions are prioritized by miners

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#1654

True, but its not like some specifically set limit…one node could have 300MB mempool and another one 1GB, that could still accept all fee txs :slight_smile:
Also the limits are defaults that are set on never version nodes (I think since 0.15). In theory though there is no limit to how long a tx should stay in the mempool.
Its not specified in the protocol but a software set limitation :slight_smile:

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#1655

  1. Mempool is a list of unconfirmed transactions held by the nodes.

  2. The transactions will take longer to get confirmed.

  3. There will be higher fees being paid to get new transactions confirmed faster.

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#1656

Transactions sitting in Node waiting to be picked up by a Miner the list in which they sit is called Mempool.

BTC blocks are limited by size and miners are restricted by minimum time gap between blocks, which can result in transactions buildup in mempool.

Due to limited space available on a BTC blocks miner can pick and chose those transactions which are constructed with higher fees. Bigger the mempool get higher transactions fees gets.

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#1657

1 What is the mempool?

Upon broadcasting your transaction, a node will validate your communication and place it in its mempool or data structure and include it in its list among other unconfirmed and validated transactions that are also waiting for confirmation. Priority of confirmation is based on financial incentive for the miner. When a miner picks a transaction with the highest fee, they build the next block and append the chosen transaction to the blockchain thus making a confirmation for that transaction.

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

If the miners can’t keep up with the rate of the new transactions, the transaction is placed in the mempool waiting list until traffic congestion is cleared and your turn for confirmation is reached.

3 How does a growing mempool effect transaction fees?

A growing mempool means that there is increased network traffic and in turn there is a longer waiting period for confirmation and higher priority fees.

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#1658
  1. What is the mempool?
    A mempool is a block that stores all pending transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions will increase in the mempool
  3. How does a growing mempool effect transaction fees?
    Its will increase fees because of competition for space in the mempool
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#1659
  1. What is the mempool?

Answer: A group of unconfirmed Transactions

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

Answer: The mempool gets bigger and the output slows down.

  1. How does a growing mempool effect transaction fees?

Answer: It’s like a competition to get chosen for a miner’s block, you have to pay a higher fee than normal because of the mempool congestion. The miner’s have too many transactions to choose for a limited amount of blocks in time…every 10 minutes.

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#1660

  1. A mempool is a list of unconfirmed transactions.

  2. In this case, the mempool size will grow.

  3. It will cause the transaction fee to go up. The reason is due to the fact that transactions with the highest fees will be added to the block in first place. That’s why the higher the fee, the fastest the transaction.

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#1661

The mempool is a data structure which aggregates and stores all unconfirmed transactions. The mempool is generated, stored and shared by all the nodes in the blockchain. When a miner attempts to verify a transaction, he or she may check their own mempool to check if the transaction exists and makes sense, or it might query other node’s mempools.
If the miners cannot keep up with the rate of the new transactions, the mempool grows larger and larger, and the fees increase. This happens because the miners are financially incentivized to choose the highest value transaction fees to add to the next block.

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#1662

  1. The mempool is where UTXOs are stored until a miner can verify and broadcast them to the blockchain.

  2. If miners can’t keep up, the average length of time it takes to verify a transaction will be increased.

  3. A growing mempool can raise fees as miners are incentivized to take on transactions with higher fees. If a mempool has lots of UTXOs, the ones with higher fees will likely be prioritized and it will make ones with lower fees a very low priority.

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#1663

  1. The Mempool is a list of unconfirmed transactions

  2. The Mempool will grow larger if the miners cannot keep up with the rate of transactions.

  3. Transaction fees may increase. Some may increase the fee so that their transaction is picked by miners and added to the block faster

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#1664

  1. A mempool is the mechanism for storing unconfirmed transactions

  2. Transactions will take longer to be added to the blockchain

  3. More demand (a larger mempool) means higher fees.

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#1665

What is the mempool?
Mempool is the data structure that each node has. It is the place where the unconfirmed transaction waited until a miner picks up them.

What happens if the miners can’t keep up with the rate of the new transaction?
The time of confirming transaction would be longer and the amount of unconfirmed transactions will increase in the mempool.

How does a growing mempool effect transaction fees?
Transaction fees will increase. Miners are financially incentive, they want to make money, they will pick transactions from the mempool with the highest fees, so growing mempool will simply increase transaction fees.

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#1666

1 - Local that stores pending tx

2 - Mempool incresases and will prioritise highest fees transactions

3 - Fees grow

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