Homework on Mempool - Questions

Homework on Mempool - Questions

  1. What is the mempool?

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

  3. How does a growing mempool effect transaction fees?

  1. What is the mempool?
    list of all transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mempool backlog builds
  3. How does a growing mempool effect transaction fees?
    transaction fees go up!
  1. The mempool is a place where unconfirmed transactions wait for a miner to pick them up to add to the next block.
  2. If the miners can’t keep up with the rate then the mempool grows larger and there are longer transaction times.
    3.Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.
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  1. Mempool stores pending TX

  2. The mempool files up with pending transaction and fees can also increase.

  3. If block is full whoever pays more is likely to go first.

  1. mempool is a list of unconfirmed transactions
  2. block log will go big
  3. fees will go up
  1. A “pool” of unconfirmed transactions.
  2. The mempool grows in size…
  3. …rising the transaction fees with it.
  1. What is the mempool?
    Record of unconfirmed transactions

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

  3. How does a growing mempool effect transaction fees?
    people will have pay more to get their transaction processed. Miners can choose to mine transactions with more fees as first.

  1. Each bitcoin node maintains a list of unconfirmed transactions in a dedicated memory slot which is known as Mempool.
  2. If miners find transaction fees not high enough they may keep it in Mempool and propagate it further to other Nodes which may eventually validate the transaction.
  3. Growing Mempool increases the transaction fees which will increase competition among miners.
  1. What is the mempool?

Like a container in each node. Mempool storages the unconfirmed transactiongs.

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

Mempool will be crowed. The time of confirming transaction would be longer.

  1. How does a growing mempool effect transaction fees?

Mempool gets larger, confirm process needs longer, Miner always goes first for the highest transaction fee, so the Transaction fees will increase.

  1. the mempool is on every node (including miners) the store of uncommited transactions which make sense to that particular node (otherwise they are reject by the node).

  2. The mempool gets bigger and it prioritises transactions with higher fees

  3. A growing mempool would probably push transaction fees higher.

  1. The mempool is where transactions are stored within each node until it has received enough confirmations to validate it onto the blockchain.

  2. The number of unconfirmed transactions will increase in the mempool.

  3. A growing mempool increases transaction fees because miners are incentived to choose transactions that offer them the highest fee in return for appending the transaction onto the blockchain. Miners can neglect lower fees until they have mined through the higher bids.

  1. What is the mempool?

All transactions that have been sent to the network but net yet have been picked up by a miner.

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

transaction costs will rise

  1. How does a growing mempool effect transaction fees?

if the mempool grows a higher transaction fee will ensure your transaction will be handled first.

  1. Mempool is a pool of unconfirmed transaction every node has in the network, which are valid or makes sense to that node
  2. Mempools will have more and more number of transactions
  3. It increases the transaction fees as the transactions with high fees are prefered by the miners

1. What is the mempool?
It’s the temporary storage of a transaction before it gets chosen by a miner to include into a block to be mined.

2. What happens if the miners can’t keep up with the rate of the new transaction?
Mining fees go up and mempool gets fuller. Lots of transactions that don’t pay enough fee stay in the mempool

3. How does a growing mempool effect transaction fees?
Fees go up

  1. A mempool is a data structure all nodes have that show the count of unconfirmed transactions.

  2. If the miners can’t keep up with the rate of the new transaction the mempool continues to grow and the fees increase.

  3. A growing mempool effects transaction fees because the miners incentive is a higher transaction fee. If the mempool grows, miners will more likely go for transactions with higher fees first.

  1. Mempool = Pool of all unconfirmed transactions

  2. The Mempool increases

  3. The transaction fees will probably increase. People are willing to pay higher fees, so that their transaction will go into the next block.