Neonpool: Reimagining cryptocurrency transaction pools for lightweight clients and IoT devices

TL;DR

Neonpool is a novel transaction pool optimization that significantly reduces memory usage for cryptocurrency networks, enabling efficient operation on lightweight clients and IoT devices without requiring network hard forks.

Contribution

Neonpool introduces a bloom filter-based transaction pool that minimizes memory footprint and maintains high accuracy, suitable for resource-constrained environments.

Findings

Reduces transaction pool memory by over 99%

Achieves over 99.99% accuracy in transaction verification and forwarding

Does not require a hard fork in the blockchain network

Abstract

The transaction pool plays a critical role in processing and disseminating transactions in cryptocurrency networks. However, increasing transaction loads strain the resources of full node deployments. We present Neonpool, an innovative transaction pool optimization using bloom filter variants, which reduces the memory footprint of the transaction pool to a fraction. Implemented in C++ and benchmarked using a unique Bitcoin and Ethereum dataset, our solution verifies and forwards transactions with over 99.99\% accuracy and does not necessitate a hard fork. Neonpool is ideally suited for lightweight cryptocurrency clients and for resource-constrained devices such as browsers, systems-on-a-chip, mobile or IoT devices.