In the PoW system, two miners may dig out valid blocks at the same time and try to broadcast these blocks to the network. Therefore, it is generally recommended that users on the PoW blockchain wait patiently before the transaction is “completed”. On Ethereum, the transaction is assumed to be finalized after 7 blocks, which is usually a safe idea. In its current state, Ethereum is a system that uses the Proof of Work (PoW) consensus mechanism proposed by Satoshi Nakamoto this means that the network consensus between miners who protect the network depends on the original hash rate. This also means that the transaction has only probabilistic finality the longer a transaction has been included in a block, the less likely it is that the transaction will be overturned. The GHOST agreement and the “uncle” on the time shuttle Implementing an incentivized block reorganization will mean building the necessary infrastructure on top of Flashbots’ MEV-Gethīehind these posts is a story involving angry denunciations on Twitter, outstanding independent hackers, and some of the best examples of why social consensus is as important as consensus on encryption algorithms. Instead of reviewing transactions in the future, it is better to incentivize review/replace past transactionsĪfter a while of discussion, this original idea quickly evolved into: Well, not exactly. Although the initial idea of Austin Williams above might not cause panic, a follow-up idea put forward by another community member Nathan Worsley a few days later raised a more disturbing question. Using Flashbots to motivate censorship is a bit scary. This also runs counter to Flashbots’ mission to reduce negative externalities caused by MEV. Nevertheless, as another community member quickly pointed out, this kind of censorship is not economically feasible because it requires more fees than MEV searchers or users who want to include the same great work! On June 29, 2021, an interesting idea emerged in the Discord forum of Flashbots:
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