Author: ZmnSCPxj 2021-10-26 08:02:24
Published on: 2021-10-26T08:02:24+00:00
The mempool is proposed to 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, it would complicate solo mining and make BetterHash proposals much more difficult. Ideally, the mining set should be as anonymous as possible to avoid state co-option of mines and attacks with sufficient hashpower. The set of relaying nodes hides the miners and miners already identify themselves (even though they really should not). Ultimately, the objection to this proposal is that it requires miners to identify themselves, which may be moot at this point because miners already do so. Something like P2Pool would not work well in the proposed model, and non-side fees are simply an anonymity layer, by which neither the miner nor the transactor need to know the identity of each other, they simply broadcast to the wider world. This anonymity layer remains important, however, as it helps maintain the fee market.
Updated on: 2023-06-15T02:55:49.687797+00:00