A blockchain is a distributed, immutable ledger that records transactions across numerous interconnected computers. Each block of transactions is cryptographically linked to the preceding one, forming a secure and transparent chain of data. This architecture underpins many digital assets and decentralized applications, providing a verifiable and tamper-resistant record of activity.
Context
Discussions surrounding blockchain technology in crypto news frequently focus on its applications beyond cryptocurrencies, such as in supply chain management and digital identity verification. Debates often involve the trade-offs between different consensus mechanisms concerning energy consumption, security, and transaction throughput.
This research establishes a formal theory for Maximal Extractable Value (MEV), providing a foundational framework to analyze and mitigate economic attacks on public blockchains.
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