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, a collection of unconfirmed transactions. The newly received transaction enters the mempool.
Validation and Prioritization: Nodes validate transactions to ensure they’re legitimate and adhere to network rules. They prioritize transactions based on factors like:
- Transaction fees (higher fees often lead to faster inclusion)
- Transaction size (smaller transactions may be prioritized)
- Age of the transaction (older transactions might be given preference)
Block Formation: Miners, responsible for creating blocks, select transactions from the mempool to include in the next block. They typically choose transactions that offer the highest fees to maximize their profits.
Block Confirmation: Once a miner successfully creates a block, it’s broadcast to the network. Other nodes validate the block and, if approved, add it to the blockchain. The transactions within that block are now considered confirmed and removed from the mempool.

Key points about the mempool:

It’s a dynamic collection, constantly changing as new transactions arrive and confirmed ones are removed.
Its size can vary depending on network activity. High traffic can lead to a larger mempool and potentially longer transaction confirmation times.
Users can often view the mempool contents using blockchain explorers or specialized tools to track their transaction’s status.
It plays a crucial role in ensuring network security by preventing invalid or conflicting transactions from being added to the blockchain.