What do we call the queue where transactions submitted to the network wait before entering a block?

The queue where transactions submitted to the network wait before entering a block is called the mempool.

Here’s a breakdown of how it works:

Transaction Submission: When a user initiates a transaction, it’s broadcast to the network’s nodes.
Mempool Entry: Each node maintains its own mempool, where incoming transactions are temporarily stored.
Validation: Nodes verify the validity of transactions in their mempools, ensuring they adhere to the network’s rules.
Prioritization: Transactions are prioritized based on factors like:
- Transaction fees: Higher-fee transactions generally get chosen first.
- Age of transaction: Older transactions may be prioritized to prevent congestion.
- Transaction size: Smaller transactions may be selected for efficiency.
Block Inclusion: Miners, responsible for creating new blocks, select transactions from their mempools to include in the next block.
Block Creation and Broadcast: Miners construct a new block, including the chosen transactions, and broadcast it to the network.
Block Confirmation: Other nodes validate the new block, and if valid, it’s added to the blockchain.
Mempool Clearance: Once transactions are included in a block, they’re removed from the mempools of nodes.

Key Points:

The mempool is a crucial component of blockchain networks, ensuring transaction flow and security.
Its size and composition can fluctuate depending on network activity.
Monitoring the mempool helps users understand transaction processing times and fees.
Different blockchains may have varying mempool mechanisms and prioritization strategies.