UTXO DAG Description
The history of the entire ledger representing balances collateralized on a Participating Interface can be represented as a direct acyclic graph with the following properties:
- every node is either a
UTXOor aTraderIntent- a
UTXOrepresents the state of an entry in the ledger - a
TraderIntentrepresents an action initiated by the owner of the ledger entry
- a
TraderIntentcan only have vertices that connect to aUTXO - a
UTXOmust have 1 input vertices and 0 or 1 output vertices - a
TraderIntentmust have 0 or more input vertices and 1 or more output vertices - a
Deposit:- is a
TraderIntentthat has no input vertices and 1 output vertex - must output a
DepositUTXO
- a
DepositUTXO:- has 1 input and 0 or 1 outputs
- is a
UTXOthat represents a digital asset first entering the ledger of a PI through anAssetCustodycontract - every
UTXOeither is aDepositUTXOor is a descendant of aDepositUTXO(meaning if you follow the inputs of anyUTXO, you will eventually reach aDepositUTXO) - no descendant of a
UTXOcan be aDepositUTXO
- a
Trade:- represents a PI matching two trader-signed orders and including them in the ledger
- is a
TraderIntentthat has at least 2 input vertices and 4 output vertices:- each input must be either a
DepositUTXOor anObligationUTXO - each output must be either an
ObligationUTXOor aFeeUTXO
- swaps ownership of UTXOs between two traders, creating the new ledger entries as well as entries for any fees paid
- a
ObligationUTXO:- has 1 input and 0 or 1 outputs
- is a
UTXOthat represents a ledger entry in the PI that is "out-of-sync" with theAssetCustodycontract. It will either continue to be transferred on the ledger as a result of aTrade, or it will become aSettledUTXO
- a
FeeUTXO:- has 1 input and 0 outputs
- is a
UTXOthat represents a fee paid by a trader
Last modified 9mo ago