Transaction sequencing refers to the process by which a blockchain network orders and includes transactions into blocks. This order is critical because it determines the final state of the ledger and can significantly impact the outcome of smart contract executions. Different consensus mechanisms employ various methods for sequencing, influencing factors like transaction finality and resistance to front-running. It dictates the chronological processing of operations.
Context
The fairness and efficiency of transaction sequencing are persistent challenges in blockchain design, particularly in high-throughput networks and decentralized finance (DeFi). News reports often discuss the implications of Maximal Extractable Value (MEV), where validators or miners can profit by strategically ordering transactions. Ongoing research aims to develop more equitable and transparent sequencing mechanisms to mitigate these issues.
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