Mempools: Diving In: Transactions, Scripts + SegWit
Navigating the mempool is one of today’s modern bitcoin dev challenges. In this masterclass, we’ll dig deep into the various problems the mempool presents and techniques for over-coming them.
About this course:
Expect to walk away with a better understanding of mempoolfullrbf, hands-on experience with both RBF and CPFP, and a good outline of the upcoming changes to mempool policies, such as package relay and v3 transactions. We’ll start with a quick version of the World Famous Bitcoin LARP, to make sure everyone has a good understanding of how the mempool and transaction gossiping works. (in-person only) We’ll then do some lectures around various mempool fee-bumping techniques, and see if we can figure out how to execute the bumps for ourselves in the LARP and in real life on testnet (using Replit or local copies of bitcoin-core, if you have them.) Next, we’ll move on to pinning attacks, anchors, and the current and prospective proposals for how to mitigate mempool risks while preserving miner paydays. About the Instructor: Nifty’s a long time mempool contemplatoor, her thoughts on mempools are probably best known via her classic bitcoin-dev mailing list post “the mempool is dead, long live the mempool”.
What to know before class (pre-requisites):
The ideal participant for this class is someone who works as a dev on projects that either deal with layer-2s like Lightning or work on applications that are subject mempool policy constraints.
Topics we'll cover:
The classic BIP for Replace by Fee rules
How to figure out how much to pay for a transaction
Technique for bumping up fees on a transaction in the network
How to reissue a transaction to raise the fees.
Restrictions on sending transactions and settings on your node for adjusting your mempool
Sending more than one transaction at a time
Which approach you use for paying for transactions changes the cost benefit. We’ll discuss this.
New updates and proposals for transactions propagation
What’s changing with the internal datstructures for bitcoin and how that will impact the mempool and mempool builders
"As a junior developer it's a daunting task jumping into Bitcoin development for the first time, I've tried on my own and failed multiple times in the past. Base58 gave me a new opportunity to dive in again guided by a real expert in the industry along side a class of likeminded students. This has been invaluable for my understanding of the Bitcoin protocol and has given me examples and actionable next steps for developing my skills and starting to build on Bitcoin for real. Thank you Base58!"
"Phenomenal course. Came into it with limited technical knowledge of bitcoin. They make it super accessible (no dev experience needed, interactive and fun) and I'm now sooo much more comfortable with the technical side of the bitcoin fundamentals. In fact, some of the things I learnt helped me while interviewing at bitcoin companies! If you're interested in bitcoin and want to learn about how it works - highly recommend taking this course!"
"I thought I knew how transactions worked in bitcoin up until I took the class. It is a deep, byte by byte dive into the different types of transactions, understandable for non-coding people. Just have an open mindset, let yourself be taught the most basic bitcoin-cli and python commands, and you are good to go. I was afraid it would be too technical, and don't get me wrong, it does get into the roots of how the transaction protocols work, but nifty managed to keep it simple and clear enough for someone with a basic bitcoin knowledge to follow."
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