Author: LORD HIS EXCELLENCY JAMES HRMH 2021-10-27 08:44:42
Published on: 2021-10-27T08:44:42+00:00
In a recent conversation with @glozow, it was suggested that the mempool is obsolete and should be eliminated. Instead, 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. However, removing the mempool would greatly reduce the bandwidth requirement for running a node, keep intentionality of transactions private until confirmed, and naturally resolve all current issues inherent in package relay and rbf rules. On the other hand, 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 also provides a venue for direct feedback wrt acceptable feerates at the time, which both makes transaction confirmation timelines less variable as well as provides block producers a mechanism for (independently) enforcing their own minimum security budget.
Updated on: 2023-06-15T02:55:33.869904+00:00