Tag: metrics

Mempool Visualization and Analysis: Insights into Network Activity

The Ethereum network is one of the most widely used blockchain networks in the world, and its mempool is a crucial component for the network’s health. The mempool is a data structure that stores all unconfirmed transactions on the network, waiting for miners to validate them and add them to the blockchain. The eth mempool  is a valuable source of information for understanding the network’s activity, congestion, and transaction patterns. In this article, we will explore the benefits of mempool visualization and analysis, and how it can provide valuable insights into network activity.

Visualizing Mempool Data for Transaction Patterns and Trends

Mempool visualization is a powerful tool for understanding transaction patterns and trends on the Ethereum network. By visualizing the data stored in the mempool, users can get a real-time view of the network’s activity and identify bottlenecks and congestion points. Visualization tools like mempool.space and Etherscan provide users with real-time data on the number of transactions waiting to be confirmed, the gas price of each transaction, and the estimated wait time for each transaction to be validated.

Mempool visualization can also provide insight into transaction patterns and trends. By analyzing the size and frequency of transactions, users can identify specific use cases for the Ethereum network, such as DeFi transactions, gaming transactions, and NFT trades. Additionally, mempool visualization can help users identify spam transactions and other anomalies, which can impact network performance and transaction validation times.

Analyzing Mempool Metrics for Network Health Assessment

Mempool metrics provide a wealth of information about the health of the Ethereum network. By analyzing metrics like the number of transactions in the mempool, the gas price of each transaction, and the average confirmation time, users can gain insight into the network’s congestion and performance. Mempool metrics can also help users identify specific issues that may be impacting network performance, such as high gas prices, low transaction throughput, or network congestion.

Analyzing mempool metrics can also help users make informed decisions about transaction fees. By monitoring the gas price of transactions in the mempool, users can adjust their gas fees to ensure their transactions are confirmed quickly and efficiently. Additionally, mempool metrics can help users estimate the wait time for their transactions to be confirmed, allowing them to make informed decisions about when to send transactions and how much gas to include.

Transaction Backlogs and Mempool Congestion Analysis

Transaction backlogs and mempool congestion can have a significant impact on the performance of the Ethereum network. When the number of transactions waiting to be confirmed exceeds the network’s capacity, transaction validation times can increase significantly, leading to higher transaction fees and slower transaction throughput. Analyzing transaction backlogs and mempool congestion can help users identify specific issues that may be impacting network performance and take action to address them.

One approach to addressing transaction backlogs and mempool congestion is to increase the network’s capacity by upgrading its infrastructure. This can include increasing the block size, optimizing the validation process, and improving network nodes’ performance. Additionally, users can adjust their gas prices and transaction fees to encourage miners to prioritize their transactions, improving the confirmation times and reducing the wait time for transactions to be validated.

Predictive Models and Forecasting Techniques for Mempool Behavior

Predictive models and forecasting techniques can help users anticipate mempool behavior and make informed decisions about transaction fees and gas prices. By analyzing historical mempool data, users can identify patterns and trends that may impact network performance and transaction validation times. Additionally, predictive models can help users estimate the wait time for their transactions to be confirmed and adjust their gas fees accordingly.

One approach to predictive modeling and forecasting is to use machine learning techniques to analyze historical mempool data. By training machine learning models on past mempool data, users can predict future network activity and identify specific issues that may impact network performance. Additionally, machine learning models can help users estimate the wait time for their transactions to be confirmed and adjust their gas fees accordingly, reducing the wait time for transactions to be validated.

Conclusion

Mempool visualization and analysis can provide valuable insights into network activity, congestion, and transaction patterns. By visualizing mempool data, analyzing mempool metrics, and using predictive models and forecasting techniques, users can make informed decisions about transaction fees and gas prices, ensuring their transactions are confirmed quickly and efficiently. As the Ethereum network continues to grow and evolve, mempool visualization and analysis will become an increasingly critical tool for maintaining network health and performance.

Businesses struggling to monitor and report on key sustainability metrics

Businesses in Ireland are currently struggling to comprehensively measure, monitor and report on the range of metrics that they contribute to as part of the energy transition and in taking positive climate action.  According to new independent research* conducted on behalf of clean energy supplier, Pinergy, by iReach, 27 per cent of SME’s, employing less than 100 people, do not currently have any tools for effectively measuring, monitoring and reporting their consumption/contribution when it comes to energy, waste, water, air quality and carbon footprint.

The research also highlighted the top three actions businesses are citing to take in reducing their carbon footprint in 2022 are a focus on reducing electricity waste (43 per cent), reducing landfill waste and increasing recycling (40 per cent) and reducing water waste (34 per cent).

Despite a growing demand and trend among businesses to play their part to become more sustainable, without the tools to monitor and measure their contributions, many will continue to struggle to effectively manage and implement these stated actions and targets. 

In response, Pinergy has now developed a new measurement as a service proposition whose aim is to make measurement and reporting accessible to all businesses regardless of size with their simple to use technology.

Through this new service, Pinergy will give businesses the ability to measure the performance of their premises or buildings under various metrics.  The objective is to ensure that ‘what gets measured, gets managed’. Pinergy will install a series of meters and sensors in the building of its customer, that will enable the business to measure electricity & gas usage (regardless of supplier), water usage, waste usage (with select waste companies) and most timely of all, the quality of the air in their buildings.

In terms of measurable performance indicators, Pinergy will be able to offer businesses real time data, automated reporting, target and benchmark settings, carbon reporting and various other sustainability measurements across each of the categories covering energy, water, waste and air quality. For Property Management firms in particular this information can really help in delivering on key ESG goals.

Companies are already using Measurement as a Service to streamline their reporting; John O Donovan with the JLL Management Agent team at The Tio North Dock One & North Dock Two building in Dublin said: “This is a service that is very important to us, for monitoring energy and utility usage which reduces cost and saves time by bringing together a number of different reports into one portal.” 

Commenting on this latest development for Pinergy, Colm Foley, Channel Manager, Business, said: “At Pinergy, we are constantly looking for new ways that our customers can make the most of not only their energy usage but how they can most efficiently manage their buildings and premises. Not only can we now give our customers the ability to measure sustainability KPIs such as their carbon footprint, but we can also show how well utilities such as Electricity, Gas and Water are being used across their property portfolio.” 

“Delivering our Measurement as a Service offering is empowering our customers with data and insights to make more informed decisions that are better for the business and better for the environment.”

* Research was conducted nationwide as part of the iReach Business Decisions Omnibus Survey Q1 2022. Over 200 SME businesses responded to the survey, delivering a high level of statistical accuracy.