A block construction protocol specifies the rules and procedures for creating new blocks in a blockchain. This protocol dictates how transactions are selected, ordered, and assembled into a valid block by network participants. It also defines the criteria for a block to be considered legitimate and added to the chain. Proper block construction is fundamental for maintaining the integrity and chronological sequence of the ledger.
Context
The evolution of block construction protocols is a key area of innovation in blockchain technology, particularly with transitions to proof-of-stake systems. Debates often involve optimizing transaction throughput, minimizing latency, and addressing issues like miner extractable value (MEV). Future advancements seek to enhance fairness and decentralization in block creation, ensuring network health and equitable participation. These protocol changes directly influence the efficiency and security of digital asset transactions.
PROF introduces a mechanism to minimize adversarial MEV in Proposer-Builder Separation, transcending the tradeoff between user protection and transaction inclusion rate.
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