I'll use the DApp, CryptoKitties as an example:
Let's say some sweet digital cat is released with a "buy now" button for 1 Ethereum and 3 people make the transaction via MetaMask. All 3 transactions start pending.
- Person A sends the transaction at 09:04:01 with gas price of 2 Gwei
- Person B sends the transaction at 09:04:21 with gas price of 20 Gwei
- Person C sends the transaction at 09:04:51 with gas price of 100 Gwei
If Person A's transaction takes 5 minutes to be verified, Person B's takes 40 seconds, and Person C's takes 10 seconds, then:
Whose transaction gets priority and is added to the block? (Only one will go through while the others are refunded minus the gas for the computation)
Does the timestamp of the initiated transaction have any effect on priority?
A detailed/technical answer would be very much appreciated. Thanks!