What is Mempool? And why do you need to know?

There are many new terms and concepts that may raise questions about their meaning and what is meant in the world of Blockchain and cryptocurrencies, especially as it is a new world and renewed daily. Recognizing these concepts, which are an essential part of Bitcoin’s infrastructure and sisters, is a must not be overlooked if you want to build yourself a solid foundation investment.

If you are one of the pioneers of this world, we have chosen to talk about a concept that you must have encountered a lot. your information.

What is Mempool?

Mempool as its name refers to it is an abbreviation for Memory Pool, a place called the waiting area where the correct bitcoin transfers are not installed or confirmed.

Before we go into detail, we explain the meaning of Full nodes on each blockchain network, a way to validate transports and blocks by sharing all available nodes (computers on a Bitcoin network). This process helps the network to accept transports and blocks from other complete nodes, validates them, and then transfers them to other complete nodes.

These nodes, after verifying the validity of the transporter, transfer them to Mempool or the waiting area instead of adding them directly to the blockchain as a pending transporter. He adds it to the Bitcoin blockchain and this is the first confirmation of that block.

Each node running on a Bitcoin network connects to the Mempool waiting area, especially the two metals. Since each node has a different capacity, the nodes differ between them by the number and size of the vectors that can be stored at each node.

Management of Mempool

Perhaps now we have a question of how to prevent the contract from disrupting due to the overload of pending carriers in Mempool.

The answer is simply that when MEMPOL is filled, the carriers are automatically arranged in order of priority starting with the minimum charge, and the MUTP is removed directly from the minimum and only new, high enough fees are allowed to access MEMPOL.

The importance of Mempool

MEMPOL is part of the BIP 35 improvement proposal. Its importance comes from the idea that external nodes can access the other nodes in it. The benefits of this idea are to achieve the following points:

  • SPV or Lite Wallets customers want to know the details of the transfer before it is confirmed and entered into the block.

SPV means Simplified Payment Verification, the process of confirming specific transitions from the mass without loading the entire mass, thus contradicting the concept of running full nodes, which focuses on ensuring the integrity of the entire mass transitions.

  • Mining customers want to check profitable charges or upload a list of pending transfers to begin confirming the transfer.
  • Remote network diagnostics and status.

To achieve these points in the best possible manner and provide the best user experience, the rate of transfer of Membool to the blocks should be as high as possible. Their size and fees are attached.

When a node receives the last block that the user has mined, it removes all the vectors that this block contains from the mempool.

The status of Membool and the total size of the carriers awaiting confirmation from Mempool Size can be found in the diagram :

To further clarify, the MEMPOL size was about 3MB, so most carriers have to wait for at least one or two blocks to be confirmed because each block is 1MB, which requires up to 3 confirmations to clear MEMPOL (assuming no new transfers arrive).

For science, some carriers have low priorities. Their sender knows it will take a long time to confirm, such as Dust transactions (sending very small amounts of bitcoin).

Time to confirm a transfer

On average, one block of bitcoin is mined every ten minutes, but it is not constant.

You can guess the average time required to confirm your carriage based on the fees attached to it because it is up to the miners whether they chose this carriage or not. Long hours and maybe days.

Why are the most expensive carriers selected?

In fact, miners win a fixed prize of 12.5 Bitcoin each time they succeed in extracting and mining this Bitcoin block plus an additional amount of Bitcoin coins called the Bitcoin mining fee.

Thus, when this mineral succeeds in extracting a block, it receives 12.5 Bitcoin and the fee for the transaction, which is a cumulative amount of all transaction fees in that block as shown in the picture.

It is thus clear that it is in their interest to choose high-cost carriers, which is also the reason for low-pending carriers.

Accelerate transfers in Membool

First of all, if one of your carriers is stuck in Membool for a long time (about 48 hours), they are usually withdrawn from Membool and your money is returned to your wallet.

There are several ways to expedite confirmation of transport:

  • Using Replace By Fee (RBF):

Some portfolios, such as Electrum, allow the carriage to be replaced by another with higher fees.

  • Use accelerators for transaction accelerators:

Some Mining Pool Mining Pools offer a specific transport acceleration service for a fee or according to the next algorithm first served first.