Part 1: Introducing the VeChainThor Blockchain Transaction Model

What are some of the problems facing current blockchain transaction systems?

How does the transaction model work? A deep dive

  • ChainTag — ChainTag is the last byte of the genesis Block ID;
  • BlockRef — BlockRef is the reference to a specific block. When the BlockRef is a block ID in the future, it enables users to configure the transactions to be executed as a specific block height;
  • Clauses — Each transaction may contain multiple clauses, and each clause contains the “To”, “Value”, and “Data” fields that can be used to commence different tasks such as payment or smart contracts;
  • Gas -the maximum amount of VeThor the sender is willing to pay to execute all the clauses in the transaction;
  • Gas Price Coefficient — Users can modify the Gas Price Coefficient to increase the amount of VeThor they are willing to commit in the predefined range as to prioritize the transaction;
  • TxNonce — TxNonce is a random number in the transaction. Users are able to change the nonce to generate unique TxID as part of the “in-transaction proof of work” feature;
  • Expiration — The number of blocks that can be used to specify when the transaction expires;
  • DependsOn — DependsOn is for the TxID of the prerequisite transaction of the current transaction;
  • Reserved: Reserved field for backward compatibility. The initial default value must be 0;
  • Signature: Transaction signature

Multi-task Transactions — increased power and flexibility to deal with complex situations in real applications

  • To — the recipient’s address;
  • Value — the amount transferred to the recipient;
  • Data — this fulfils several functions, including determining whether the transaction is a standard transaction or a smart contract-creating transaction.

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