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Ethereum Mempool Size

Bitcoin Fees Fall 34% As Bloated Mempool Deflates

Bitcoin Fees Fall 34% As Bloated Mempool Deflates

Bitcoin Fees Fall 34% As Bloated Mempool Deflates Amid anger and even despair over Bitcoins fees, the recommended rate per transaction has quietly dipped by 34% amid a drop inmempool size. From a recommended 450 satoshis per byte, figures this week have fallen to just 300 according to unnamed sources quoted by crypto angel investor Alistair Milne. Headlines you don't see: "Recommended Bitcoin transaction fees crash 33% in 24hrs" down from 450sats/byte to 300 and falling Alistair Milne (@alistairmilne) May 19, 2017 Data from 21.co meanwhile also confirms a fall in the fastest and cheapest transaction fee, albeit not as drastic, current figures quoting 390 satoshis per byte versus a previous 450. Milne added the proviso that the discount was in fact volatility, a characteristic detrimental to the Bitcoin network which would be solved by Layer 2 tech, specifically the Lightning Network. We need Lightning ASAP, he said in a discussion of the fee findings. Despite fees rising at a considerable rate for the past two months, transaction delays and even failures are becoming a common narrative in Bitcoin. An influx of new users lacking knowledge about fees has likely compounded the problem, Bitcoins simultaneous price increases leading to a 600% surge in exchange use, Poloniex said this week. Meanwhile, other commentators remain critical of the economic state of the network. Entrepreneur Vinny Lingham asserted Friday that Bitcoin doesnt make economic sense for any transaction less than $100 compared to credit cards and PayPal. Bitcoin now doesn't make economic sense for any transaction less than $100 #justsaying can't wait until we hit $5,000! ;) Vinny Lingham (@VinnyLingham) May 19, 2017 At the same time, however, his apparent excitement for prices continuing past $2000 per c Continue reading >>

Analyst: Suspicious Bitcoin Mempool Activity, Transaction Fees Spike To $16

Analyst: Suspicious Bitcoin Mempool Activity, Transaction Fees Spike To $16

Analyst: Suspicious Bitcoin Mempool Activity, Transaction Fees Spike to $16 With the daily trading volume of Bitcoin at an all-time high, the mempool of the Bitcoin Blockchain has started to expand again. With the daily trading volume of Bitcoin at an all-time high, at around $20 bln across major regions, the mempool of the Bitcoin Blockchain has started to expand again. Bitcoin mempool size spikes, transaction fees increase In Bitcoin, the mempool operates as a holding area for unconfirmed transactions. Payments made by users await in the mempool until miners arrive to confirm the transactions. The size of the Bitcoin mempool, which remains at around 79 mln bytes at the time of reporting, represents the aggregate size of transactions waiting to be confirmed. If the size of the Bitcoin mempool is high, transaction fees recommended by wallet platforms such as Blockchain, Coinbase and Trezor surge and failing to attach high fees could result in a transaction being delayed for many days, if the Bitcoin mempool does not clear. On Dec. 7, the size of the Bitcoin mempool reached 120 mln bytes, spiking by more than two-fold within a 24-hour span. As a consequence, transaction fees of Bitcoin recommended by wallets surged up to $30, depending on the size of the transaction and the number of inputs or outputs. Bitcoin Fees, a Bitcoin fee predicting application on Earn.com, previously known as 21 Inc, currently recommends a fee of 450 satoshis per byte for median-size transactions, resulting in a fee of 101,700 satoshis. In US dollars, the recommended fee of Bitcoin Fees for median-size transactions is $16. Suspicious behavior in the Bitcoin mempool Nic Carter, an experienced Bitcoin analyst and researcher, stated that the abrupt surge in the size of the Bitcoin mempool is suspi Continue reading >>

What Is The Bitcoin Mempool?

What Is The Bitcoin Mempool?

Last updated on November 6th, 2017 at 10:41 pm When a Bitcoin transaction is transmitted to the network it first gets verified byall of the Bitcoin nodes available. After it successfully passes verification it goes and sits inside the Mempool (short for Memory Pool) and patiently awaits until a miner picks it up to include it in the next block. So the Mempool is basicallythe nodes holding area for all the pending transactions. Heres a short video about this (the mempool is the unconfirmed transactions pool basically): All nodes have a different RAM capacity to store unconfirmed transactions. As a result, each node has its own rendition of the pending transactions, this explains the variety of Mempool sizes & transactions counts found on different sources. But how do the nodes avoid from crashing due to overload by the Mempool size?If the Mempool size gets too close to the RAM capacity, the node sets up a minimal fee threshold. Transactions with fees per kB lower than this threshold are immediately removed from the Mempool and only new transactions with a fee per kB large enough are allowed access to the Mempool. TheMempool is part of BIP 35 (Bitcoin Improvement Proposal), and it helps SPV wallets (lightweight wallets) record transactions, Bitcoin miners that wish to catch up with transactions after the previous block was mined and more. So basically the Mempool is the bottleneck of the Bitcoin network. The faster transactions are cleared from it into the Blockchain, the better experience the users get. If the rate of mining new blocks of transaction is lowerthan the rate of new transactions arriving into the Mempool a traffic jam will occur and transactions cantake a long time to get approved (depending on their size and attached fee). When a node receives a new valid Continue reading >>

The Ethereum Blockchain Is Congested By Cats

The Ethereum Blockchain Is Congested By Cats

The Ethereum Blockchain is Congested by Cats Even though Bitcoin is much larger than Ethereum it isnt the only blockchain to suffer scaling issues: the ethereum network is presently experiencing a transaction backlog. The cause of the commotion? Cats. While the runaway success of Crypto Kitties has prompted widespread amusement, it highlights the vulnerabilities built into ethereum smart contracts. When one ERC20-based project goes viral, it risks taking the entire network down with it. Also read: Blockchain-Based Digital Art Passing Fad or the Next Big Thing? As news.Bitcoin.com recently reported , Crypto Kitties a sort of Beanie Babies for the blockchain generation has proved an unexpected smash hit. Unfortunately, the project seems in danger of becoming a victim of its own success, having risen in a matter of days from just 4% of the total network traffic to 14%. This has resulted in a transaction backlog, with hundreds of kitty lovers waiting for their new pets to be issued on the blockchain, prompting Crypto Kitties to tweet : Due to network congestion, we are increasing the birthing fee from 0.001 ETH to 0.002 ETH. This will ensure your kittens are born on time! The extra is needed to incentivize miners to add birthing txs to the chain. Long-term solution will be explored very soon! For impatient virtual pet-owners waiting in line, Crypto Kitties has promised to absorb some of the costs for gas used to send transactions through the ethereum network. The number of unconfirmed transactions in the ethereum mempool soared to 15,000 today, with Crypto Kitties bearing the brunt of the blame. This isnt the first time the ethereum network has come under strain due to the success of ERC20-based projects. In June, for example, Bancors oversubscribed ICO caused the blockcha Continue reading >>

$44 Million In Ethereum Moved With $0.13 Fee, How Can Bitcoin Reach Similar Scalability?

$44 Million In Ethereum Moved With $0.13 Fee, How Can Bitcoin Reach Similar Scalability?

$44 Million in Ethereum Moved With $0.13 Fee, How Can Bitcoin Reach Similar Scalability? Bitcoin fees have significantly decreased over the past few months, especially since the lock-in of the Bitcoin Core development teams scaling solution and transaction malleability fix Segregated Witness (SegWit) and the proposal of SegWit2x. Leading bitcoin wallet platforms including Blockchain, the second largest non-custodial bitcoin wallet application behind Coinbase, currently recommends a $0.88 fee for a median-sized transaction and a $1.1 fee for urgent transactions that need to be confirmed by miners within 60 minutes. In contrast to the median fee of around $3 in June, bitcoin transaction fees have substantially decreased. Prominent experts and analysts including Nick Szabo revealed that a series of spam attacks clogged the bitcoin blockchain in 2016, which ultimately led the bitcoin mempool, the holding area for unconfirmed transactions, to bloat and transaction fees to rise at a rapid rate. The debate on whether transaction spam attacks continued throughout this year is still ongoing, however, almost immediately after the industry agreed to activate SegWit through BIP 91, bitcoin fees abruptly dropped.Oxt Developer, Laurent recently speculated that spam attacks on the network bloated and clogged the blockchain for at least 18 months: Considering that the published elements are the result of an exploratory analysis, I would say that Im 95% confident. 100% confidence will require an in-depth analysis which is currently outside what my financial resources allow me to do. Today, bitcoin transaction fees are significantly lower. Users can easily process median-sized transactions with a fee less than $1, which was not possible three months ago. More importantly, with SegWit, w Continue reading >>

What Is The Bitcoin Mempool And Why Does It Matter?

What Is The Bitcoin Mempool And Why Does It Matter?

What is the Bitcoin Mempool and Why Does it Matter? Taking a look at Google Trends Chart for 2017, its obvious Bitcoin had a great year for its resilience. Despite several low points from wrong information from the press along with some FUD from Jamie Dimons absurdity , the fork of bitcoin , Chinas ICO ban , amongst others. This upsurge is sensible because Bitcoin is a revolutionary system which has been proven to be a haven for people around the world against their governments inflationary policies for quite a few years now. Venezuela is one of those where theVenezuelan bolivar has jumped up by more than 700% in the past year. A lot of people have switched over to using Bitcoin to fight the inflation. The Bitcoin mempool (short for memory pool) is a collection of all Bitcoin transactions awaiting verifications and confirmation which will be included in the next block. Whenever a Bitcoin transaction is channeled to the network, it first gets verified by all the Bitcoin nodes available, which takes an average of 10 minutes to get its first verification. It can take longer than 10 minutes, depending on the pending transactions that are in the mempool. Mempool is the nodes maintaining and restraining area that focuses on transactions awaiting approval. When one transactions gets verified and included, the next one is in line to get added. For Bitcoin, payments are made by users awaiting the mempool until miners include it into their next block to confirm the transaction. The mempool is part of Bitcoin Improvement Proposal (BIP 35) and it aids Simplified Payment Verification (SPV) wallets which is a lightweight wallet that records transactions. It is another way of letting you validate your transactions. The collection of these transactions is called a block and whichever Continue reading >>

Eth Gas Station | Consumer Oriented Metrics For The Ethereum Gas Market

Eth Gas Station | Consumer Oriented Metrics For The Ethereum Gas Market

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Johoe's Bitcoin Mempool Size Statistics

Johoe's Bitcoin Mempool Size Statistics

This page displays the number and size of the unconfirmed bitcoin transactions, also known as the transactions in the mempool. It gives a real-time view and shows how the mempool evolves over the time. The transactions are colored by the amount of fee they pay per byte. The data is generated from my full node and is updated every minute. Note that in bitcoin there is no global mempool; every node keeps its own set of unconfirmed transactions that it has seen. The mempool is also cleared when I reboot my node. The idea is based on the retired service bitcoinqueue.com. The data is separated into different fee levels given in satoshi per bytes. The lowest colored stripe is for transactions that pay the lowest fee. Higher fee transactions are stacked on top of it. Since miners prefer high fee transactions, a new block usually only removes the top 1 MB from the queue. If a colored stripe persists over several hours without getting smaller, this means that transactions paying this amount of fee are not confirmed during this time, because there are higher paying transactions that take precedence. If a stripe on the bottom chart is much bigger than on the top chart, the transactions are larger than the average. You can click on some fee level in the legend to hide all fee levels below that level. This way you can better see how many transactions are competing with that fee level. Note that sizes include the segwit discount. So for the core chain, a block will always take at most 1 MB from the mempool, even if it is bigger than 1MB, because the lower diagram already shows the size minus three quarter of the witness size. The segwit discount is also included when computing the fee level for a transaction. In case a transaction pays exactly the fee that defines the boundary betwe Continue reading >>

Charts: Determining The Ideal Block Size For Bitcoin

Charts: Determining The Ideal Block Size For Bitcoin

Charts: Determining the Ideal Block Size for Bitcoin Mar 24, 2017 at 18:35 UTC|UpdatedMar 26, 2017 at 10:17 UTC Willy Woo is an entrepreneur, investor, trader and cryptocurrency enthusiast. In this guest piece , Woo weighs in on the block size, analyzing the charts to offer a novel take on bitcoin's big debate. Ultimately, he finds that there's little evidence to suggest current network congestion is a fatal flaw. Bitcoin has been operating for eight years, from the early days when we only saw a few transactions in each block, through to today, where blocks are crammed packed and congestion is the norm. One benefit of seeing congestion this early in bitcoin's life is we get a great set of data of the network under load. In this study, we'll take a look at bitcoin's transactional data to see if it points to an ideal block size (if there even is such a thing). The chart above shows the transactions per second on the bitcoin network over time. It's a log graph that shows exponential growth as straight lines, where the bubbles denote the size of bitcoin's mempool (think of it as a kind of storagetankthat temporarily holds transactions before they are processed). Despite users complaining that the blocks are now crammed full, and that the network overloading, this graph tells a surprising story.While we see by Q4 of 2016, the mempool swelling to take up peak loads, the network catches up off-peak. The network is keeping up with exponential demand. Yes, we are seeing congestion, but no, we are not yet turning away any significant transaction volume due to this congestion. If this was true, we'd see this as a downwards arc on our log graph instead of our straight line. But that's not to say wearen't very close to the limits soon and our arc away from a straight line will like Continue reading >>

Blockchain Developer Api For Ethereum | Blockcypher

Blockchain Developer Api For Ethereum | Blockcypher

# ^# / \ _ _# / ^ \ |_) | _ _ | / ._ |_ _ ._#< > |_) | (_) (_ |< \_ \/ |_) | | (/_ |# \ v / / |# \ /# v Welcome to BlockCyphers Ethereum API documentation! If youre familiar with our Bitcoin endpoints, youll feel right at home with our Ethereum API. However, there are a few differences, and they stem in part from the fundamental differences between Bitcoin and Ethereum. In the most abstract sense, Bitcoin and Ethereum are cousins; they both have blocks of transactions linked together into a chain, they both use Proof of Work to reach consensus (for now, as Ethereum plans to move to Proof of Stake in a future release), they are both about decentralizing trust. But thats where the similarities end. Here are just some of Ethereums differences: There are no UTXOs, only accounts (of two varieties) Block time is significantly shorter; 15 second target instead of 10 minutes Miners get rewards for including references to orphan blocks (so called uncle blocks) Ethereums scripting language is far more expressive than Bitcoins; typically advanced transactions/contracts are constructed using a higher level language then converted into EVM bytecode Ethereum has no strict cap on monetary supply (ether supply) Transactions cost gas to run (denominated in ether) depending on how computationally expensive they are to run. Blocks also have total gas limits to prevent runaway computation/keep the network decentralized. In a nutshell, Bitcoin is about decentralized, trust-minimizing, sound money. Ethereum is about decentralized, trust-minimizing, sound computation. Much more detail about these differences can be read at the Ethereum Wiki here. You can find more information at the projects webpage as well. man curl | grep -A 3 "DESCRIPTION"DESCRIPTIONcurl is a tool to transfer data from or Continue reading >>

$700 Million Stuck In 115,000 Unconfirmed Bitcoin Transactions

$700 Million Stuck In 115,000 Unconfirmed Bitcoin Transactions

$700 Million Stuck in 115,000 Unconfirmed Bitcoin Transactions Join our community of 10 000 traders on Hacked.com for just $39 per month. Bitcoin recently saw a meteoric rise in value over the past 30 days, but soon endured a major correction and saw its value drop from $7,500 to $6,407.62 at press time. The bitcoin dominance index dropped from over 62 percent to 53.4 percent following the death of the SegWit2x hard fork. The cryptocurrency has seen better days, as according to Blockchain.info there are now 115,003 unconfirmed transactions, meaning the mempool has once again surpassed the 100 million byte mark which hasnt happened for nearly three months. According to tradeblock, these unconfirmed transactions amount to 110,611 BTC, worth over $700 million, weighting about 36 MB. With the cancellation of the SegWit2x hard fork, various investors started selling their bitcoin and turning to other cryptocurrencies, as they will no longer receive airdropped tokens. Some also speculate existing bitcoiners are turning to Bitcoin Cash because of its flexible block size limit, justifying bitcoins recent decline. Whenever bitcoins mempool is filled with unconfirmed transactions, mining software picks the transactions that paid the highest fees. This means that users who want to send important Bitcoin transactions are currently advised to attach higher fees to them in order to get them through. According to estimates , the fastest and cheapest transaction fee at press time would be of 480 satoshis/byte. Taking into account a median transaction size of 226 bytes, this would result in a 108,480 satoshi fee, equivalent to nearly $7. The higher the fee, the faster the transaction will go through. Fees are expected to remain high in the long-term, even after the adoption of SegWit. Continue reading >>

Safety Ethereum/wiki Wiki Github

Safety Ethereum/wiki Wiki Github

We especially welcome content in the following areas: Testing Solidity code (structure, frameworks, common test idioms) Software engineering practices for smart contracts and/or blockchain-based programming Ethereum and complex blockchain programs are new and highly experimental. Therefore, you should expect constant changes in the security landscape, as new bugs and security risks are discovered, and new best practices are developed. Following the security practices in this document is therefore only the beginning of the security work you will need to do as a smart contract developer. Smart contract programming requires a different engineering mindset than you may be used to. The cost of failure can be high, and change can be difficult, making it in some ways more similar to hardware programming or financial services programming than web or mobile development. It is therefore not enough to defend against known vulnerabilities. Instead, you will need to learn a new philosophy of development: Prepare for failure. Any non-trivial contract will have errors in it. Your code must therefore be able to respond to bugs and vulnerabilities gracefully. Pause the contract when things are going wrong ('circuit breaker') Manage the amount of money at risk (rate limiting, maximum usage) Have an effective upgrade path for bugfixes and improvements Roll out carefully. It is always better to catch bugs before a full production release. Test contracts thoroughly, and add tests whenever new attack vectors are discovered Provide bug bounties starting from alpha testnet releases Rollout in phases, with increasing usage and testing in each phase Keep contracts simple. Complexity increases the likelihood of errors. Modularize code to keep contracts and functions small Use already-written too Continue reading >>

Mempool Chart Bitcoin Ethereum Wallet Blockchain

Mempool Chart Bitcoin Ethereum Wallet Blockchain

Mempool Chart Bitcoin Ethereum Wallet Blockchain The latest reason for them coming under attack is due to the lack of Segregated Witness SegWit and batching of transactions when it comes to their platform. The transactions are colored by the amount of fee they pay per byte. The size of the Bitcoin mempool, which remains at around 79 mln bytes at the time of Cryptocurrency Forum In Las Vegas What Drives The Price Of Cryptocurrencies, represents the aggregate size of transactions waiting to be confirmed. Unless you broadcast it again with a higher fee. Tradeblock also monitors the Ethereum blockchain and has its own blockchain explorers as. Note that sizes include the segwit discount. Time to Say Goodbye: I contacted my wallet provider and this was the responce. The faster transactions are cleared from it into the Blockchain, the better experience the users. However if the size of the Bitcoin mempool is high, transaction fees recommended by Blockchain, Coinbase, and Trezor upsurges. Firstly, this sounds crazy but it works! If the size of the Bitcoin mempool is high, transaction fees recommended by wallet platforms Mempool Chart Bitcoin Ethereum Wallet Blockchain as Blockchain, Coinbase and Trezor surge and failing to attach high fees could result in a transaction being delayed for many days, if the Bitcoin mempool does not clear. In short, a block explorer can help you with the following things: You get to choose how expensive you want your transaction fee to be. I think it would be helpful if bitcoin had this feature in the future: Or read our news coverage to stay up to date on the latest. The Bitcoin mempool short for memory pool Blinding Cloud Widow Mine Difference Between Bitcoin And Altcoin Mining a collection of all Bitcoin transactions awaiting verifications and Continue reading >>

When There Are Too Many Pending Transactions

When There Are Too Many Pending Transactions

When there are too many pending transactions Once up a time, Ethereum blocks had plenty of room. Usually they had a few or even zero transactions, and once in a while youd see a block with over a hundred. If you sent a transaction, it was usually included in the next block. In the token launch era, however, things have changed. Now we see thousands of transactions flooding the network around the start of a launch. I say around the start because some people send their contributions even before the start block arrives a suboptimal strategy. The large number of pending transactions is testing the limits of Geths and Paritys mempool settings. The mempool (the term is borrowed from Bitcoin) is the set of data structures inside an Ethereum client to store pending transactions before they are mined (Geth calls it the transaction pool; Parity calls it the transaction queue). Typically, a transaction received by an Ethereum client is held in the mempool and also forwarded to other clients in the network. It eventually reaches a miner, who adds it to a new block. When a client later receives a block that includes a transaction already in its mempool, it removes it from its mempool, freeing up space. In Geth 1.6.5, the basic config for the mempool is in a Go structure called TxPoolConfig. One of the interesting fields in that structure is GlobalSlots ("Maximum number of executable transaction slots for all accounts"). In the default config (DefaultTxPoolConfig), GlobalSlots is set to 4,096. Once that limit is reached, Geth starts freeing up space by evicting some of the transactions in its mempool according to a fairly complex set of rules. In the current token launch environment, 4,096 slots is tragically low. This may be why token launch contributors sometimes see their transac Continue reading >>

A Practical Guide To Accidental Low Fee Transactions

A Practical Guide To Accidental Low Fee Transactions

A Practical Guide To Accidental Low Fee Transactions First of all: your wallet probably sucks, consider changing it. Second: Dont worry your coins are safe. Within three days your transaction either confirms or your coins reappear in your wallet. This is the short answer and it is probably correct about 99% of the times, but lets dive deeper for in-depth understanding, then examine your options if you dont want to just wait. Update: As /u/ismith23 noted , from Bitcoin 0.14 transaction reappearance happens after 2 weeks. A more correct answer might look like this: when you send a transaction with too low fees, it stays in the mempool of most full nodes (1) until it either expires, (2) until a miner picks it up and confirms in a block or (3) until some magic makes (1) or (2) happen. Sweet, isnt it? Lets decompose this sentence in the rest of this article. 1. When you send a transactions with too low fees You can also see in screenshot of the above blockexplorer the added fee was: 0.000451 btc and it actually displays the satoshi per byte, too: 236.13 sat/B, so you can safely conclude its going to confirm. 2. When you send a transactions with too low fees, it stays in the mempool of most full nodes What is the mempool? Why most full nodes? Full nodes keep unconfirmed transactions in their mempool. Some full nodes, with low resources dont maintain mempool at all, or only keep transactions above some fees, but it really depends on the node implementation, for example: [Source] Bitcoin Core has a default max mempool of 300 MB, after which point it will start kicking transactions and increasing the minimum fee to get accepted. In case you want to change that behaviour you can use the -maxmempoolsetting. Why is this relevant? There is a chance you added such a low fees that yo Continue reading >>

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