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Though as it is established in blockchain space current use cases require a more sophisticated functionality to efficiently support DeFi:
| Use Case | Needs * |
|---|---|
Swaps | Executed when user activates; Does several additional state validations; Manages liquidity; |
Periodic Reward Distribution | Executed periodically; Distributes to all users satisfying certain condition; |
Customizable and modifiable transaction fees | |
| Stable coins |
*- Algorithms for all of these use cases need to be on chain for transparency and safety guarantees, which are provided by consensus.
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Other use cases for permissioned blockchains might include:
| Use Case | Needs | Comments |
|---|---|---|
| Transaction Metadata Validation | ||
Permission Management | We can let all permissions be customizable and upgradeable during runtime if we use Triggers. |
Solution
To execute arbitrary logic on-chain for unrestricted number of times other popular blockchains have Smart Contracts. Our solution for introducing smart contract functionality is called Triggers.
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- Store Triggers under Peer entity
- Provide a Store (key-value) for each trigger - way to keep data between executions.
- Provide a possibility to create technical accounts for Triggers where they might keep transferred funds.
- Have the following Triggers categories:
- Time-based
- Block number-based
- Transaction-based (can have a condition of whether they need to execute, similar to Oracle `when` condition)
- Triggers that are triggered by specific ISI call - ExecuteTrigger(Params)
- Have an ability to configure trigger order for Transaction Based triggers:
- Before (transaction execution) - have the ability to check and fail or allow transaction
- After (transaction execution)
- Triggers will be build on top of Iroha Special Instructions and WASM
- For instruction-based Triggers condition will be of `Instruction::Execute(Query)` type
- All changes are declared as a set of Iroha Special Instructions or WASM
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