Bitcoin operates a system wherein transactions are first broadcasted to the Bitcoin network, and they get verified and added to blocks. But before they are verified, they stay in what is known as a mempool.
The mempool can hold a significant number of unconfirmed transactions, which, coupled with high fees, creates a situation where thousands of transactions may be waiting to be added to a block. Miners tend to prioritize transactions with attractive fees, exacerbating the issue.
This is a major problem within the Bitcoin community, but Wiz, co-founder and CEO of Mempool.space, has developed a solution that addresses this challenge in the Bitcoin ecosystem.
Speaking at the Bitcoin 2023, Wiz said that the mempool is where unconfirmed Bitcoin transactions are stored before being added to the blockchain. The project which he is creating alongside his co-founder, Soft Simon, aims to provide a visual representation of the mempool and offer features such as fee estimation and real-time transaction tracking for users.
We’re going to keep the project pure” – Wiz
He noted the existing solution used in solving the mempool problem was no longer efficient for Bitcoiners. There is a need to prepare for a fee market as Bitcoin transitions to a multi-layer ecosystem.
He added that this multi-layer explorer, which visualizes the mempool as layer zero, will allow users to track their Bitcoin transactions in both the base layer and the Lightning Network.
The CEO revealed the development of the project includes self-hosted infrastructure, open-source software, and integration with various wallets, exchanges, and mining pools to allow for full integration for users conducting bitcoin transactions from various platforms.
How Mempools work
A mempool is a storage mechanism in a cryptocurrency node that holds information on unconfirmed transactions. It is important to note that each node’s mempool is configured differently and receives transactions at different times.
Miners prioritize transactions with higher fees that are more likely to be confirmed and removed from the mempool first. To estimate fees accurately, users can examine the current unconfirmed transactions and make an informed estimate of how quickly their transactions will be included.
New version and features coming soon
According to Wiz, the project has some exciting new features, including mining and Lightning dashboards, block visualization, and audit capabilities. He also mentioned that the project has seen a substantial increase in users but has managed to handle the demand without any downtime.
Additionally, Wiz announced the launch of Mempool Accelerator, Bitcoin’s first transaction acceleration marketplace. This new solution allows users to speed up the confirmation process for transactions stuck in the mempool.
During the presentation, the speaker explained that users can track their transactions on mempool.space and request confirmation to be included in the next block. This new concept is a game changer for transaction acceleration.
When asked about monetizing the project, Wiz responded that there are no plans to introduce an advertising model or sell user data. “We’re going to keep the project pure and monetize it in an ethical way so we can continue to fund the development.”
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