Homework on Mempool - Questions

[MattZ]

1. A mempool is a data structure that holds unconfirmed transactions waiting to be mined.

2. If the miners can’t keep up the mempool expands and it prioritizes transactions and incentivizes miners with higher fees.

3. A growing mempool should raise transaction fees.

[Rhodi]

1. What is the mempool?

The mempool is the database of unconfirmed transactions. Each node stores information of unconfirmed transactions; therefore the mempool can differ between one node and the next. Miners also serve as hosts for the mempool. Until miners ‘pick up’ a transaction it will remain in the mempool.

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

Since all unconfirmed transactions reside in the mempool, it will grow in size (bytes) when miners cannot keep up. The transactions and fees associated will be broadcast between nodes until the transactions are completed.

3. How does a growing mempool effect transaction fees?

Since miners are incentivized to hash the transactions with the highest fees first, it is likely that the mempool will be made up of more and more transactions with lower fees.

[Plamen_Nikolov]

1. A list of all unconfirmed transactions that wait to be confirmed.
2. It will take longer before a transaction will be verified seeing as they need to verify so many before verifying yours.
3. It will increase the transaction fees because that will create competition.

[Mauro]

Perfect answers!

[Mauro]

@Rhodi

3. How does a growing mempool effect transaction fees?

Since miners are incentivized to hash the transactions with the highest fees first, it is likely that the mempool will be made up of more and more transactions with lower fees.

Correct, but the average transaction fee will also go up due to user competition.

[Afronizer]

1. What is the mempool?
   The mempool is the list of list of unconfirmed transactions and the fees associated with each unconfirmed transaction.

2. What happens if the miners can’t keep up with the rate of the new transaction?
   The mempool will get larger most likely resulting in higher fees.

3. How does a growing mempool effect transaction fees?
   The will push the fees higher as everyone is competing to get their transaction confirmed.

[jostrings]

1. What is the mempool? -
   It’s a bank of unconfirmed transactions which makes sense.

2. What happens if the miners can’t keep up with the rate of the new transaction? -
   The transactions with the highest fees gets prioritized first

3. How does a growing mempool effect transaction fees? -
   Most likely the average transaction fees will grow since private key owners will be impatient of the confirmation time of the transaction

[IvtechUser01]

1. What is the mempool…Each node has a list of unconfirmed transactions and that list of unconfirmed transactions is that nodes mempool.
2. What happens if the miners can’t keep up with the rate of the new transaction…The size of the mempool increases and fees go up as the miners have a market filled with transactions to choose from (and miners will choose transactions with the highest fees).
3. How does a growing mempool effect transaction fees…transaction fees go up as the mempool increases.

[mt0508]

1- What is the mempool?
It is the list of unconfirmed transactions maintained by nodes on the network (each node’s list may be slightly different depending on the spread of unconfirmed transactions across the network).

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

3- How does a growing mempool effect transaction fees?
Transactions with higher fees are always favoured by miners - and some people will pay a higher fee in order to have their transactions confirmed quickly. Also, I imagine if the mempool increases in size significantly, wallets will also automatically adjust transactions fees upwards(?)

[Alko89]

@mt0508

Also, I imagine if the mempool increases in size significantly, wallets will also automatically adjust transactions fees upwards(?)

Actually depends on the wallet. The more user friendly wallets set the fee according to the network average.

[Doug305]

1. What is the mempool?
   Where transactions wait to be confirmed and added to the blockchain.

2. What happens if the miners can’t keep up with the rate of the new transaction? Transactions will take longer to be confirmed.

3. How does a growing mempool effect transaction fees?
   Fee would probably be adjusted because of the traffic and transactions that don’t meet the minimum fee will be unconfirmed or rejected.

[Kemone_Moore]

1.List of pending or unconfirmed transaction pending
2.higher fees, longer trans
3.higher fees

[EmilyC]

1. Mempool keeps all the unconfirmed transaction that are waiting for miners to verity and put into the block.
2. If miners cannot keep up with the rate of new transactions, the size of mempool will grow and miner will prioritise the one with higher transaction fee.
3. The growing mempool casues higher transaction fee and longer waiting time.

[Peggy_Kaas]

1. mempool stores all unconfirmed transactions
2. mempool gets bigger and fees can increase
3. if block is full the one who pays highest fee will get the transaction confirmed

[Annegret]

@ivan

• What is the mempool?
  The memepool is reading all unconfirmed transactions. When I sent money, my transaction is transmitted to the network for validation. One miner needs to confirm the transaction… The mempool is basically the holding area of the node for all pending transactions, waiting for a miner who is writing the transaction into the block…

• What happens if the miners can’t keep up with the rate of the new transaction?
  The transactions needs longer, because the transaction is first made, when the miner did confirm it.

• How does a growing mempool effect transaction fees?

The miners are money orientated. They choose the transactions first where more bytes are needed, to earn higher fees. So the others have to wait.

[Laksh]

1. Mempool is where unconfirmed transactions are placed in queue for miners.

2. When miners can’t keep up with new transactions, the mempool queue builds up. Also, its possible that the difficulty would adjust to allow 10 min block time on avg. (correct me if im wrong)

3. With a growing mempool, miners will favor transactions with higher fees because they want to make the most money. The avg. transactions fees would go up.

[gabor]

1. What is the mempool?
   Unconfirmed transactions on the blockchain

2. What happens if the miners can’t keep up with the rate of the new transaction?
   Transactions will slow down as the mempool builds up

3. How does a growing mempool effect transaction fees?
   As miners prefer higher transaction fees, the price will go up

[Mucha-B]

1. What is the mempool?

• It is a data structure in each node that stores unconfirmed transactions.

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

• A backlog in the mempool leading to increase in fees.

3. How does a growing Mempool effect transaction fees?

• A growing mempool pushes transaction fees higher with the transactions with the highest fees getting picked by miners first, grouped and sent into the blackchain.

[hasman]

1. What is the mempool?
   A = a Mempool is a list of unconfirmed transactions

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

A = increases the wait time for transaction to be picked up by minor to be put onto the blockchain

3. How does a growing mempool effect transaction fees?

A = they pull out the transaction with the highest fee and put it into the block quicker

[Alko89]

@Laksh

Also, its possible that the difficulty would adjust to allow 10 min block time on avg. (correct me if im wrong)

No, the difficulty doesn’t have anything to do with the number of transactions in the mempool, just the overall hashrate of the network