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Transaction handling in the block lattice. S represents a send transaction, R represents a receive transaction.
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Nowadays, blockchain is becoming a synonym for distributed ledger technology. However, blockchain is only one of the specializations in the field and is currently well-covered in existing literature, but mostly from a cryptographic point of view. Besides blockchain technology, a new paradigm is gaining momentum: directed acyclic graphs. The contrib...
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Context 1
... contrast to blocks, a DAG structure stores transactions in nodes, where each node holds a single transaction. In Nano, every account is linked to its own account-chain in a structure called the block-lattice equivalent to the account's transaction/balance history. The structure of the block-lattice is displayed in Figure 2. Each account is granted an account chain. An account chain can be considered as a dedicated blockchain, just for a single account. Nodes are appended to an account-chain, each node representing a single transaction on the account chain. Similar to the genesis block in blockchain, a DAG holds a genesis transaction. The genesis transaction defines the initial state. In Nano, instead of having a single transaction that transfers value, two transactions are needed to fully execute a transfer of value. A sender generates a send transaction, while a receiver generates a matching receive transaction, as depicted in Figure 3. When a send transaction is issued, funds are deducted from the balance of the sender's account, and are pending in the network awaiting for the recipient to generate the corresponding receive transaction. While in this state, transactions are deemed unsettled. When the receive transac- tion is generated, the transaction is settled. The downside of this approach is that a node has to be online in order to receive a ...
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