Transaction lifecycle

KIP Txn Lifecycle

Fig 10: KIP's transaction lifecycle

The revised flow with auxiliary features offered by KIP are as follows:

KIP Transaction Lifecycle - Formal Notation:

STEP 1: User initiates a transaction by signing with the private key

STEP 2: Transaction is bundled with nonce, platform fee, tagged asset class & tier by diApp

STEP 3: The bundle is transported by the diApp into KIP network's transaction pool

STEP 4: The grand nodes managing the transaction pool assigns the sorted transactions to respective state channels based on the asset class, and tiers.

STEP 5: The ordered transactions are assigned to the star nodes, followed by the service nodes in the respective state channel (fast followers)

STEP 6: The service nodes verify the transaction versus the account's attributes

STEP 7: The star nodes confirm the fast follow & broadcast the transactions to other state channels and shadow pool

STEP 8: The followers in the other state channels & the shadow pools formally confirm the transactions

STEP 9: Consensus is achieved and the block is published

STEP 10: Corresponding accounts are updated with the new state

Description 4.13:

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