The blockchain market is expanding rapidly because many companies nowadays base their technologies on it. This is because the blockchain technology enhances transparency, security, and speed of operation.
The blockchain processes many transactions per minute. However, many challenges occur during the processing of transactions. For example, some transactions queue for a long time. Some transactions also fail or drop it. Usually, users worry when transactions take longer to process, ending up losing confidence in the system involved.
Users become worried because they do not get timely feedback on what would take place. The fact is that developers, exchanges, and users will be unaware of the activities in the mempool. As you know, the mempool is the node that holds all incoming and outgoing transactions. That is why Blocknative devised a blockchain-based system of collecting and distributing all transaction data in mempools of different blockchain networks in real-time.
Blocknative’s background information
Blocknative is a multichain mempool monitoring network. Its API tracks all inbound and outbound transactions within gross real-time. It has many nodes that monitor different blockchain activities. For example, Blocknative collects transaction data of Bitcoin and Ethereum (Blocknative supports several networks on Ethereum like: ERC20, ERC721, ERC165, ERC777, ERC1820, 0x Protocol, Curve.Fi, MakerDao, Synthetix, Uniswap V1, rToken, Abridged, Set Protocol & Pillar Badge.
You may be interested to know the history of Blocknative. It was founded in 2018, and its headquarters is in San Francisco. Its founders are Chris Meisl and Matthew Cutler. Within this short period of operation, it has enhanced greater transparency and accountability of blockchain-based transactions.
Benefits of accessing real-time data in Mempools
Users and other stakeholders of the Blocknative platform become acquainted with the status of the different transactions that are of interest to them when they are still in their network mempool. For example, wallet operators know the reasons for delays in their transactions. As a result, they remain confident and optimistic about the success of their transactions.
Affected stakeholders can take the best options to resolve existing problems. For instance, some wallet operators may increase transaction fees if their transactions are pending to allow them to confirm quickly during a time of congestion.
Those intending to process transactions can choose the best time, when there is less volume in their networks. In most cases, it is best to process transactions when the mempool is close to emptiness. This enables quick transactions at lower transfer costs. By using the Blocknative platform, users monitor all factors affecting their transactions, such as insufficient gas, dropped, or stuck transactions. As a result, they cannot increase their costs by taking unnecessary actions.
Above all, the Blocknative data platform has a system to normalize functions of decentralized mempools by assisting in solving the cited problems. In all, the Blocknative architecture helps to protect stakeholders from mempool manipulation by providing accurate and timely feedback; stakeholders can act on.
Blocknative has brought a solution to the challenges which wallet operators and exchanges have been facing for a long time. The operations of the blockchain networks that are integrated into the platform function more smoothly than ever before.