QUIP Lifecycle

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Last updated 3 months ago

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Basics

QUIP Lifecycle

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:

Propose - A proposed QUIP signals that a user is ready to conduct a transaction
Approve - An approval accepts the proposal and enables changes to the network state
Claim - A claim executes the approved changes to the network state

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

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.
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.

PreviousQUIP: The Quantum Unit Interlock Pathway NextVirtues

Last updated 3 months ago

Propose - A proposed QUIP signals that a user is ready to conduct a transaction
Approve - An approval accepts the proposal and enables changes to the network state
Claim - A claim executes the approved changes to the network state

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

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.
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.