Author: lisa neigut 2021-10-26 02:56:21
Published on: 2021-10-26T02:56:21+00:00
The mempool should be eliminated and users should submit their transactions directly to mining pools, preferably over an anonymous communication network such as tor. Mempools make sense in a world where mining is done by a large number of participating nodes, but in reality, mempool relay is unnecessary where the majority of hashpower and thus block template creation is concentrated in a semi-restricted set. Removing the mempool would greatly reduce the bandwidth requirement for running a node, keep intentionality of transactions private until confirmed/irrevocable, and naturally resolve all current issues inherent in package relay and rbf rules. However, removing the mempool would greatly complicate solo mining and would also make BetterHash proposals much more difficult. A direct communication channel between block template construction venues and transaction proposers provides a venue for direct feedback regarding acceptable feerates at the time, which both makes transaction confirmation timelines less variable as well as provides block producers a mechanism for enforcing their own minimum security budget. Initial feerate estimation would need to be based on published blocks or from direct interactions with block producers.
Updated on: 2023-06-15T02:55:04.734066+00:00