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Whenever a transaction happens on a blockchain, it has to be added to a block then recorded on the blockchain.
But before it's been validated and recorded on the blockchain, where?.
This what we call;
Mempool.
A short and detailed thread🧵
But before it's been validated and recorded on the blockchain, where?.
This what we call;
Mempool.
A short and detailed thread🧵
What are mempool?
A Mempool otherwise known as memory pool is where the list of pending and yet to be validated transactions from a node are stored before it's committed to a block on the blockchain.
In short, all valid transactions to be confirmed are stored temporarily there.
A Mempool otherwise known as memory pool is where the list of pending and yet to be validated transactions from a node are stored before it's committed to a block on the blockchain.
In short, all valid transactions to be confirmed are stored temporarily there.
This runs on the Bitcoin node - PoW consensus.
Mempool could as well act as blockchain size indicator.
A high mempool size indicates more network traffic resulting in longer average confirmation time and higher priority fees.
The image should give a clear illustration⬇️
Mempool could as well act as blockchain size indicator.
A high mempool size indicates more network traffic resulting in longer average confirmation time and higher priority fees.
The image should give a clear illustration⬇️
It's also a good metric to estimate how long congestion will last whereas the {mempoolcount} chart tells us how many transactions are causing the congestion.
Just so to know due to a blockchain’s property of being transparent, transactions stored on the mempool are open to bots which continuously scan this pool for transactions with high slippage tolerance.
This allows them carryout certain blockchain attacks like Front-Running and Sandwich attacks.
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