Transaction Priority refers to the relative importance or order given to a transaction within a blockchain network, influencing how quickly it is processed and included in a block. This priority is typically determined by the fee attached to the transaction, with higher fees often granting faster inclusion. It is a mechanism to manage network congestion and allocate limited block space. Such priority affects user experience.
Context
The concept of transaction priority is frequently discussed in news related to network congestion, fee markets, and the fairness of transaction ordering. Efforts to achieve more equitable access often involve redesigning priority mechanisms to mitigate the influence of large fees. Understanding this system is vital for comprehending blockchain operational dynamics and user costs.
Introducing rTFM, a mechanism using on-chain randomness to decouple miner incentives from fair transaction inclusion, unlocking equitable blockspace access.
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