Democratizing Ethereum’s Block Proposer Process: A Proposal by Malik672
In the world of Ethereum, the block proposer process plays a crucial role in validating transactions and creating new blocks. However, this process is currently dominated by large mining pools and whales, leading to the issue of Miner Extractable Value (MEV) at the block level. Ethereum researcher “Malik672” has proposed a solution to address these concerns, aiming to democratize the block proposer process.
The Current State of Ethereum Block Proposer Process
The Ethereum block proposer process, also known as mining, is the act of validating transactions and creating new blocks. Miners compete to solve complex mathematical puzzles to create a new block, and the first miner to do so is rewarded with Ether (ETH). However, due to the high computational power required for mining, this process is dominated by large mining pools and whales.
Introducing the Solution: Proof-of-Stake-and-Work (PoS-and-W)
Malik672’s proposed solution is a hybrid consensus mechanism called Proof-of-Stake-and-Work (PoS-and-W). This mechanism combines the benefits of both Proof-of-Stake (PoS) and Proof-of-Work (PoW) systems.
Proof-of-Stake (PoS)
PoS is a consensus mechanism where validators are chosen based on their stake in the network. Validators are chosen probabilistically, and the selection is based on the amount of ETH they have staked. This mechanism eliminates the need for high computational power and makes the process more accessible to a larger number of participants.
Proof-of-Work (PoW)
PoW, on the other hand, is the current consensus mechanism used by Ethereum. It requires miners to solve complex mathematical puzzles to create a new block. This mechanism ensures the security of the network but requires high computational power and energy consumption.
PoS-and-W: The Best of Both Worlds
PoS-and-W aims to combine the benefits of both PoS and PoW. In this mechanism, validators are chosen based on their stake, but they also need to perform some light PoW to create a new block. This makes the process more democratic and accessible to a larger number of participants while ensuring the security of the network.
Eliminating MEV at the Block Level
One of the main advantages of PoS-and-W is that it eliminates MEV at the block level. In the current Ethereum network, miners can exploit the first-mover advantage to front-run transactions and extract value from the network. With PoS-and-W, the block proposer process is more democratic, and the first-mover advantage is eliminated, making it harder for miners to extract value in this way.
Effect on Individuals
For individuals, the implementation of PoS-and-W could mean more opportunities to participate in the Ethereum network. The requirement for high computational power and energy consumption in PoW makes it difficult for individuals to mine Ethereum. With PoS-and-W, individuals with a sufficient stake can become validators and contribute to the network.
Effect on the World
The implementation of PoS-and-W could have a significant impact on the world. It could make blockchain technology more accessible to a larger number of people, leading to increased adoption and innovation. Additionally, it could reduce the energy consumption associated with PoW mining, making the technology more environmentally friendly.
Conclusion
Malik672’s proposal for a hybrid consensus mechanism called PoS-and-W offers a promising solution to democratize the Ethereum block proposer process and eliminate MEV at the block level. This mechanism combines the benefits of both PoS and PoW, making the process more accessible to a larger number of participants while ensuring the security of the network. The implementation of PoS-and-W could lead to increased adoption and innovation in the blockchain space, as well as a more democratic and environmentally friendly network.
- Malik672 proposes PoS-and-W as a solution to democratize Ethereum’s block proposer process
- PoS-and-W combines the benefits of PoS and PoW
- PoS-and-W eliminates MEV at the block level
- Individuals could have more opportunities to participate in the Ethereum network
- Implementation of PoS-and-W could make blockchain technology more accessible and environmentally friendly
