Homework on Mempool - Questions

Blockchain and Bitcoin 101
#163
  1. The mempool is basically a query for unconfirmed transactions.
  2. If the miners can’t keep up the mempool increases in size. Like a line of transactions waiting turn.
  3. People are likely to pay higher fees during this time so they can get picked and jump to the front of the line.
#164

  1. The mempool is the pool wherein all unconfirmed transactions stay waiting for confirmation.

  2. Then the amount of unconfirmed transactions will raise. There miners pick the transactions with the highest fee, fees will increase to get your transaction on the blockchain.

  3. See 2.

#165
  1. What is the mempool?

A database or list where all unconfirmed transactions are stored, waiting for miners to pick them up and add them to new blocks. Each node holds this list.

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

The mempool fills up. Miners pick the transactions with the highest fees first, which will cause delays in confirming transactions with lower fees and which therefore have lower priority.

  1. How does a growing mempool effect transaction fees?

Transaction fees are charged in satoshis per byte, so a larger mempool = more txs to process. Users will have to pay higher fees to prioritise their tx. Miners are incentivised to make money, so will pick the txs with the highest fees.

#166

  1. A pool of all (might differ between nodes) transaction that hasen’t been added to a block.

  2. The mempool grows and the transaction time grows accordingly.

  3. You can still pay a small fee, but wait longer. If you want to have a fast transaction, you have to pay a higher fee.

#167

1 Mempool is stored up transactions that haven’t been added to the block-chain yet.
2 The waiting transactions to be added to the block-chain grow.
3 Supply & demand, fees rise when there is more demand.

#168

Utxos
Start to back up
Prices rise and back up

#169

  1. The Mempool stores pending unconfirmed transactions

  2. There is more congestion and backlog, mempool grows larger creating longer transaction times.

  3. Fees increase ridiculously.

#170

Mempool - Questions

  1. What is the mempool?

The mempool is the total number of unconfirmed transactions that were broadcasted to nodes.

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

The mempool will simply continue to grow.

  1. How does a growing mempool effect transaction fees?

People will be enticed to give out higher fees to miners since miners tend to pick transactions with higher fees to add to their blocks first. You can still manually pay lower fees but it may take a long time to get your transaction confirmed.

#171

Question 1

What is the mempool?

The mempool contains the following transactions.

  1. Unverified Transactions When a wallet adds a transaction to the node it sits in the nodes mempool and waits to be picked up by a miner for addition to a block.

Question 2

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

As the rate of transactions grow the mempool increases in size and the time to process transactions increases.

Question 3

How does a growing mempool effect transaction fees?

When the mempool grows it causes the Miners to start picking transactions that have the highest fees and process them first. The knock on effect of this is that fees increase because people start to pay more to ensure their transaction is added to a block more quickly.

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#172

hi @marsrvr just to check if im reading the homework question correctly. going by the homework tips not only are unconfirmed transactions in the mempool but also verified and signed transactions :wink: in a way it would make sense also that if a block was confirmed it would be marked as such so a node would know it was confirmed.

#173

  1. Mempool is a list of all the un-transaction that wait for the miner to pick.

  2. If the miner can keep up the mempool grows larger.

3.If the block is full the one that pays more will processed.

#174
  1. A list of broadcasted transactions awaiting inclusion into blockchain
  2. The mempool size increases
  3. As the mempool increases the transactions with the lower fee are passed by by the miners in favor of transactions with higher fee, and so fees would tend to rise for the transactions to be picked by miners
#175
  1. TX’s that haven’t been confirmed.
  2. The mempool will grow.
  3. Tx fees will increase because the miner will accept tx’s from the mempool with the highest fees.
#176

1.mempool is a list of TX waiting to be picked up by miners and confirmed.
2. If the miners cant keep up with transactions, the mempool will get larger and it will take longer for transactions to process.
3.If the pool goes larger , transaction fees go up.

#177
  1. It’s where all unconfirmed transactions rest.
  2. Mempool increases in size
  3. Increases the transaction fees which will increase competition among miners.
#178
  1. Mempool is place where unconfirmed transactions are kept until miners take them and add them to the new block.
  2. Then backlog builds up network gets slower
    3.Transaction fees goes up, because if you want your transaction to be first - you need to pay more.
#179
  1. in the mempol unconfirmed transaction will queue up.
    2.the mempool grows
    3.people needs to pay more fees to get their transaction through
#180
  1. The mempool is a list of unconfirmed transactions
  2. The transactions with the highest fee go first. The mempool might get longer, the transaction fees might go up.
  3. The transaction fees go up.
#181
  1. The mempool is a list of unconfirmed transactions.
  2. An increase of unconfirmed transactions in the mempool.
  3. The transaction fees will go up.
#182

  1. The Mempool is the Networks holding area for transactions that have been made but not yet put into a block yet.

  2. The Mempool ( Memory Pool ) gets bigger

  3. Miners are financially incentivized, they have a choice and seek out transactions with the higher fees. This causes fees to increase.