Proposer-builder separation (PBS) is an architectural design in blockchain networks, particularly in proof-of-stake systems, that decouples the roles of block proposers and block builders. In this model, specialized builders create blocks by selecting and ordering transactions based on economic incentives, and then proposers select the most profitable block to present to the network. This separation aims to enhance decentralization, censorship resistance, and economic efficiency. Understanding PBS is important for comprehending the evolving mechanisms of transaction ordering and block production in advanced blockchain architectures.
Context
Proposer-builder separation is a key area of research and development for scaling and decentralizing blockchain networks, particularly those employing proof-of-stake consensus. Discussions are active regarding its implementation on major networks, with debates focusing on its potential impact on validator centralization, MEV (Maximal Extractable Value) dynamics, and overall network security. Future developments will likely involve practical implementations and ongoing refinement of the economic incentives governing builders and proposers.
This research establishes a rigorous, abstract model for Maximal Extractable Value, enabling formal security proofs for blockchain protocols and smart contracts.
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