Transactions

Learn important features about transactions including atomicity.

Summary

• On the iov42 platform, asset owners can transfer and exchange the ownership of assets.

• Transactions on the platform are inherently atomic

• The iov42 platform can support multiple legs in a single atomic transaction

Overview

Atomic swap: a peer-to-peer value exchange that is only executed once both parties transfer their agreed-upon assets.

Atomic swaps on the iov42 platform:

Either an exchange of assets happens in one instantaneous transaction, or it fails. The platform’s design makes it impossible for a transaction to be half-complete or in any other stuck state.

→ Example(s):

• Alice and Bob are two identities on the iov42 platform

• Alice will transfer ownership of her car to Bob in exchange for 20,000 euros

• When Alice and Bob authorize this transaction, either the transaction will be successful and the swapping of assets will happen simultaneously (atomically), or it will be denied and the transaction will not proceed

Advantages of atomic swaps:

Atomic swaps eliminate the risk of one party not fulfilling their side of the transaction.