Protocol theory is a field of study that examines the design, evolution, and implications of rules governing interactions within complex systems. It analyzes how established protocols influence behavior, resource allocation, and overall system stability. In the context of digital assets, this pertains to the underlying rules of blockchains, consensus mechanisms, and decentralized applications.
Context
Discussions surrounding protocol theory in the blockchain space frequently address the robustness and incentive compatibility of various consensus mechanisms, tokenomics models, and governance frameworks. Current research scrutinizes how protocol design choices affect network security, decentralization, and long-term sustainability.
This research establishes a foundational, abstract model for Maximal Extractable Value, enabling rigorous security proofs and advancing blockchain integrity.
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