What is mempool in blockchain? Explained.

Introduction

Bitcoin's popularity is rising, and so is its price, but unfortunately this blessing also brings a bit of a curse. As it becomes more popular and more transactions hit the blockchain. These transactions are lagging, taking longer transaction times.

A lot of people are wondering: what's going on and a term that is often tossed out is mempool, but what does mempool mean? What does it have to do with bitcoin, and why does it sound and look like meme pool in this post? I am going to answer some of those questions to get you to understand how a bitcoin transaction works,

We need to understand how transactions work on the blockchain whenever a transaction is sent whenever you want to send bitcoin from wallet A to wallet B. This transaction needs to be verified on the blockchain. Blockchain is, of course, the decentralized ledger of these transactions. A transaction needs to gain confirmations, and these are done at 10-minute intervals and are combined with a miner's block miner being someone who is mining for future bitcoin.

They give the confirmation that the transaction can go ahead and when you reach a certain number of confirmations two or three is the recommended option. Then that transaction takes place and the bitcoin is transferred to wallet B. But what happens if these blocks are overloaded? If there are more transactions that can be done in one 10-minute block, there is, of course, a limited number of data in each block. Well, that's where the mempool comes in. mempool stands for memory pool, a good analogy for this might board for an aircraft when warding time is called. Everybody jumps up and gets in line to board first, whoever got in line first boards, the airplane first and then second and third, and so on, but there's also an added element to it. This is where the transaction fees come in when boarding for an airline - it's not just the first person in front, gets to board. First. You've also got things like frequent flyers members. You've got first class, you've got credit card holders, they get to jump the queue because they have put more error money into the airline. This is just like the mempool.

If you pay a higher transaction fee, you are going to have your transaction go through first, because miners get more money out of it. The mempool can also be seen on online websites such as mempool.space showed the mempool and where transactions are within it, so you can search up an individual transaction and see approximately how long it will take.

But you might ask, well, how do I prioritize my transaction? Well, first off. You can of course, increase your transaction fees, but there are a couple of other ways, including using a segwit wallet or reshuffling recycling. Your entire wallet's bitcoin back into the wallet itself, looking at the block transaction fee calculator, and the score is a great way to see how your wallet is doing on the blockchain to accept transactions. A higher transaction score means your transactions are more likely to jump ahead in the meme pool, even with lower transaction fees.

The mempool, as I pointed out, is literally just that transaction cue. It's getting ready to board that aircraft, but having frequent flyers First-Class passengers board in front of you because they paid more.

I hope, you've enjoyed reading this post and I hope that it's giving you some more information about how bitcoin works. If you're interested in more posts like this, please check out the blockchain tutorial tab on my blog. Thank you for reading.