Block Construction is the process by which network participants, typically miners or validators, gather and verify transactions to form a new block on a blockchain. This involves selecting pending transactions from the mempool, validating their authenticity, and adding them to a block structure. The constructed block is then proposed to the network for consensus and addition to the chain. This fundamental operation ensures the integrity and progression of the distributed ledger.
Context
The state of Block Construction is central to discussions around network efficiency, decentralization, and transaction fees in various blockchain protocols. Debates often focus on the economic incentives for block producers and potential for transaction ordering manipulation. Future developments include advancements in block building algorithms and proposer-builder separation models to optimize throughput and fairness. This area remains a key technical focus for blockchain scalability.
Game theory formalizes the MEV supply chain, proving unconstrained transaction ordering creates a systemic welfare loss, unlocking quantified mitigation via mechanism design.
A new abstract model of blockchain execution formally defines Maximal Extractable Value (MEV), shifting the field from empirical observation to rigorous security proofs.
The Sealed-Bid Commit-Reveal Auction cryptographically decouples proposer selection from payload content, establishing a new fairness primitive for decentralized transaction ordering.
This abstract model defines Maximal Extractable Value via adversarial knowledge, providing the foundational theory for provable security against economic attacks.
A novel mechanism, Proposer-Builder Separation, disentangles block construction from proposal, enhancing blockchain decentralization and censorship resistance.
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