Quip
  • Welcome to Quip Network
  • Getting Started
    • Quickstart
    • Quip SDK
    • Quip Client
  • Basics
    • Motivation
    • Key Properties
    • QUIP: The Quantum Unit Interlock Pathway
    • QUIP Lifecycle
    • Virtues
  • Network
    • Participants
    • Token
  • Nodes
    • Classical
    • Quantum
  • Protocols
    • Encrypt
    • Accelerate
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  1. Basics

QUIP Lifecycle

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Last updated 2 months ago

A user creates a QUIP when they deposit funds to a QUIP-enabled smart contract or QUIP-enabled wallet. At any time, the user can transfer the QUIP to another owner using a regular cryptocurrency transaction. The QUIP also has three additional states that enable programmability:

  1. Propose - A proposed QUIP signals that a user is ready to conduct a transaction

  2. Approve - An approval accepts the proposal and enables changes to the network state

  3. Claim - A claim executes the approved changes to the network state

When multiple parties exchange QUIPs, there are also two timeout cases:

  1. Cancellable proposal timeout - A user can cancel a proposed QUIP once an initial timer expires with no counterparty matching the proposal. This resets the QUIP state.

  2. Slashable approval timeout - If a user has approved a matching proposal and a second timer expires without all parties’ approval, any approver can slash QUIPs belonging to the delinquent parties.

The QUIP Lifecycle