QUIP Lifecycle
How a QUIP moves through propose, approve, and claim, plus the two timeout cases that protect counterparties.
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.
These states are what a cross-chain trade moves through in practice; see QuipSwap for how two parties use them to settle without a bridge or a custodian.
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