Consensus instability describes a state where a blockchain network experiences difficulties in achieving or maintaining agreement among its participants regarding the validity of transactions. This can lead to temporary network halts, forks, or a lack of finality in transaction confirmations. Such conditions pose significant risks to the reliability and security of the underlying distributed ledger.
Context
Discussions around consensus instability often arise in the context of network upgrades, protocol changes, or situations involving malicious actors attempting to disrupt the consensus mechanism. Key debates focus on the trade-offs between different consensus algorithms (e.g., Proof-of-Work versus Proof-of-Stake) and their susceptibility to various attack vectors. Monitoring the robustness of a network’s consensus under stress is a critical indicator of its operational health.
This research establishes a formal theory of Maximal Extractable Value (MEV) through an abstract blockchain model, enabling rigorous security proofs against economic attacks.
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