Transaction Pools – Mempool

A transaction pool or mempool is a data structure containing the set of transactions that are unconfirmed but have been validated by a miner. Transactions are stored in a node’s mempool prior to inclusion in a block.

Transaction Pools in Bitcoin SV

A bitcoin node stores bitcoin transactions that have been validated but not mined. It can be thought of as a staging area for transactions prior to their inclusion in a block. When creating a new block to mine, miners will gather transactions from their transaction pool using the rpc command getminingcandidate or the older getblocktemplate to construct a candidate block. Similarly, when receiving a block, a validator can speed-up the validation process if the transactions IDs match the transaction IDs in the validator’s transaction pool. The transaction pool data is used extensively by block explorers, wallet servers and other Bitcoin SV related web services [1].

Secondary Transaction Pools and Genesis

The Genesis upgrade to Bitcoin SV introduced a taxonomy within the transaction pool aimed at improving efficiency for transaction validators and miners.

  • Primary Transaction Pool – transaction pool containing transactions that pay above the miner configured minimum tx fee
  • Secondary Transaction Pool – transaction pool for transactions that are below the miner configured minimum tx fee limit but above the network-wide minimum relay fee limit. These transactions are likely to eventually be included in another miner’s block and therefore should be stored to ensure fast block validation and optimize network performance.

A further discussion of configurable minimum fee policy can be found here [2].

See Also

References

https://wiki.bitcoinsv.io/index.php/Transaction_Pools

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Written by Ramon Quesada

Passionate about Blockchain & Bitcoin technology since 2013, Co- Founder of https://avalbit.org, Team Manager in the CoinTelegraph Spain franchise (2016-2017 years) Co. Organizer of the Blockchain Boot camp Valencia 2018, Co. Organizer of the mini Hackathon BitcoinSV Barcelona, in August 2019, current coordinator of the BSV Valencia Meetup. https://telegra.ph/Ramon-Quesada---Links-01-10

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Transaction fees