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<li class="toctree-l2"><a class="reference internal" href="#overview">Overview</a></li>
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<li class="toctree-l2"><a class="reference internal" href="#comparison-with-bitcoin">Comparison with Bitcoin</a></li>
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<li class="toctree-l2"><a class="reference internal" href="#rationale-for-and-tradeoffs-in-adopting-a-utxo-style-model">Rationale for and tradeoffs in adopting a UTXO-style model</a></li>
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<div class="section" id="data-model">
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<h1>Data model<a class="headerlink" href="#data-model" title="Permalink to this headline">¶</a></h1>
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<p>This article covers the data model: how <em>states</em>, <em>transactions</em> and <em>code contracts</em> interact with each other and
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how they are represented in the code. It doesn’t attempt to give detailed design rationales or information on future
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design elements: please refer to the R3 wiki for background information.</p>
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<div class="section" id="overview">
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<h2>Overview<a class="headerlink" href="#overview" title="Permalink to this headline">¶</a></h2>
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<p>We begin with the idea of a global ledger. In our model, although the ledger is shared, it is not always the case that
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transactions and ledger entries are globally visible. In cases where a set of transactions stays within a small subgroup of
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users it should be possible to keep the relevant data purely within that group.</p>
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<p>To ensure consistency in a global, shared system where not all data may be visible to all participants, we rely
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heavily on secure hashes like SHA-256 to identify things. The ledger is defined as a set of immutable <strong>states</strong>, which
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are created and destroyed by digitally signed <strong>transactions</strong>. Each transaction points to a set of states that it will
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consume/destroy, these are called <strong>inputs</strong>, and contains a set of new states that it will create, these are called
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<strong>outputs</strong>.</p>
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<p>States contain arbitrary data, but they always contain at minimum a hash of the bytecode of a
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<strong>contract code</strong> file, which is a program expressed in JVM byte code that runs sandboxed inside a Java virtual machine.
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Contract code (or just “contracts” in the rest of this document) are globally shared pieces of business logic.</p>
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<p>Contracts define a <strong>verify function</strong>, which is a pure function given the entire transaction as input. To be considered
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valid, the transaction must be <strong>accepted</strong> by the verify function of every contract pointed to by the
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input and output states.</p>
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<p>Beyond inputs and outputs, transactions may also contain <strong>commands</strong>, small data packets that
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the platform does not interpret itself, but which can parameterise execution of the contracts. They can be thought of as
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arguments to the verify function. Each command has a list of <strong>public keys</strong> associated with it. The platform ensures
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that the transaction is signed by every key listed in the commands before the contracts start to execute. Thus, a verify
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function can trust that all listed keys have signed the transaction but is responsible for verifying that any keys required
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for the transaction to be valid from the verify function’s perspective are included in the list. Public keys
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may be random/identityless for privacy, or linked to a well known legal identity, for example via a
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<em>public key infrastructure</em> (PKI).</p>
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<p>Commands are always embedded inside a transaction. Sometimes, there’s a larger piece of data that can be reused across
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many different transactions. For this use case, we have <strong>attachments</strong>. Every transaction can refer to zero or more
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attachments by hash. Attachments are always ZIP/JAR files, which may contain arbitrary content. Contract code can then
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access the attachments by opening them as a JarInputStream (this is temporary and will change later).</p>
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<p>Note that there is nothing that explicitly binds together specific inputs, outputs, commands or attachments. Instead
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it’s up to the contract code to interpret the pieces inside the transaction and ensure they fit together correctly. This
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is done to maximise flexibility for the contract developer.</p>
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<p>Transactions may sometimes need to provide a contract with data from the outside world. Examples may include stock
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prices, facts about events or the statuses of legal entities (e.g. bankruptcy), and so on. The providers of such
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facts are called <strong>oracles</strong> and they provide facts to the ledger by signing transactions that contain commands they
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recognise, or by creating signed attachments. The commands contain the fact and the signature shows agreement to that fact.
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Time is also modelled as a fact, with the signature of a special kind of oracle called a <strong>timestamping authority</strong> (TSA).
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A TSA signs a transaction if a pre-defined timestamping command in it defines a after/before time window that includes
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“true time” (i.e. GPS time as calibrated to the US Naval Observatory). An oracle may prefer to generate a signed
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attachment if the fact it’s creating is relatively static and may be referred to over and over again.</p>
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<p>As the same terminology often crops up in different distributed ledger designs, let’s compare this to other
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distributed ledger systems you may be familiar with. You can find more detailed design rationales for why the platform
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differs from existing systems in <a class="reference external" href="https://r3-cev.atlassian.net/wiki/display/AWG/Platform+Stream%3A+Corda">the R3 wiki</a>,
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but to summarise, the driving factors are:</p>
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<ul class="simple">
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<li>Improved contract flexibility vs Bitcoin</li>
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<li>Improved scalability vs Ethereum, as well as ability to keep parts of the transaction graph private (yet still uniquely addressable)</li>
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<li>No reliance on proof of work</li>
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<li>Re-use of existing sandboxing virtual machines</li>
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<li>Use of type safe GCd implementation languages.</li>
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<li>Simplified auditing</li>
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</ul>
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</div>
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<div class="section" id="comparison-with-bitcoin">
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<h2>Comparison with Bitcoin<a class="headerlink" href="#comparison-with-bitcoin" title="Permalink to this headline">¶</a></h2>
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<p>Similarities:</p>
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<ul class="simple">
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<li>The basic notion of immutable states that are consumed and created by transactions is the same.</li>
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<li>The notion of transactions having multiple inputs and outputs is the same. Bitcoin sometimes refers to the ledger
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as the unspent transaction output set (UTXO set) as a result.</li>
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<li>Like in Bitcoin, a contract is pure function. Contracts do not have storage or the ability to interact with anything.
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Given the same transaction, a contract’s accept function always yields exactly the same result.</li>
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<li>Bitcoin output scripts are parameterised by the input scripts in the spending transaction. This is somewhat similar
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to our notion of a <em>command</em>.</li>
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<li>Bitcoin transactions, like ours, refer to the states they consume by using a (txhash, index) pair. The Bitcoin
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protocol calls these “outpoints”. In our prototype code they are known as <code class="docutils literal"><span class="pre">StateRefs</span></code> but the concept is identical.</li>
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<li>Bitcoin transactions have an associated timestamp (the time at which they are mined).</li>
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</ul>
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<p>Differences:</p>
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<ul class="simple">
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<li>A Bitcoin transaction has a single, rigid data format. A “state” in Bitcoin is always a (quantity of bitcoin, script)
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pair and cannot hold any other data. Some people have been known to try and hack around this limitation by embedding
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data in semi-standardised places in the contract code so the data can be extracted through pattern matching, but this
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is a poor approach. Our states can include arbitrary typed data.</li>
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<li>A Bitcoin transaction’s acceptance is controlled only by the contract code in the consumed input states. In practice
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this has proved limiting. Our transactions invoke not only input contracts but also the contracts of the outputs.</li>
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<li>A Bitcoin script can only be given a fixed set of byte arrays as the input. This means there’s no way for a contract
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to examine the structure of the entire transaction, which severely limits what contracts can do.</li>
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<li>Our contracts are Turing-complete and can be written in any ordinary programming language that targets the JVM.</li>
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<li>Our transactions and contracts have to get their time from an attached timestamp rather than a block chain. This is
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important given that we are currently considering block-free conflict resolution algorithms.</li>
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<li>We use the term “contract” to refer to a bundle of business logic that may handle various different tasks, beyond
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transaction verification. For instance, currently our contracts also include code for creating valid transactions
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(this is often called “wallet code” in Bitcoin).</li>
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</ul>
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</div>
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<div class="section" id="comparison-with-ethereum">
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<h2>Comparison with Ethereum<a class="headerlink" href="#comparison-with-ethereum" title="Permalink to this headline">¶</a></h2>
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<p>Similarities:</p>
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<ul class="simple">
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<li>Like Ethereum, code runs inside a relatively powerful virtual machine and can contain complex logic. Non-assembly
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based programming languages can be used for contract programming.</li>
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<li>They are both intended for the modelling of many different kinds of financial contract.</li>
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</ul>
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<p>Differences:</p>
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<ul class="simple">
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<li>The term “contract” in Ethereum refers to an <em>instantiation</em> of a program that is replicated and maintained by
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every participating node. This instantiation is very much like an object in an OO program: it can receive and send
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messages, update local storage and so on. In contrast, we use the term “contract” to refer to a set of functions, only
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one of which is a part of keeping the system synchronised (the verify function). That function is pure and
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stateless i.e. it may not interact with any other part of the system whilst executing.</li>
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<li>There is no notion of an “account”, as there is in Ethereum.</li>
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<li>As contracts don’t have any kind of mutable storage, there is no notion of a “message” as in Ethereum.</li>
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<li>Ethereum claims to be a platform not only for financial logic, but literally any kind of application at all. Our
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platform considers non-financial applications to be out of scope.</li>
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</ul>
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</div>
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<div class="section" id="rationale-for-and-tradeoffs-in-adopting-a-utxo-style-model">
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<h2>Rationale for and tradeoffs in adopting a UTXO-style model<a class="headerlink" href="#rationale-for-and-tradeoffs-in-adopting-a-utxo-style-model" title="Permalink to this headline">¶</a></h2>
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<p>As discussed above, Corda uses the so-called “UTXO set” model (unspent transaction output). In this model, the database
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does not track accounts or balances. Instead all database entries are immutable. An entry is either spent or not spent
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but it cannot be changed. In Bitcoin, spentness is implemented simply as deletion – the inputs of an accepted transaction
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are deleted and the outputs created.</p>
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<p>This approach has some advantages and some disadvantages, which is why some platforms like Ethereum have tried
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(or are trying) to abstract this choice away and support a more traditional account-like model. We have explicitly
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chosen <em>not</em> to do this and our decision to adopt a UTXO-style model is a deliberate one. In the section below,
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the rationale for this decision and its pros and cons of this choice are outlined.</p>
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</div>
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<div class="section" id="rationale">
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<h2>Rationale<a class="headerlink" href="#rationale" title="Permalink to this headline">¶</a></h2>
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<p>Corda, in common with other blockchain-like platforms, is designed to bring parties to shared sets of data into
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consensus as to the existence, content and allowable evolutions of those data sets. However, Corda is designed with the
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explicit aim of avoiding, to the extent possible, the scalability and privacy implications that arise from those platforms’
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decisions to adopt a global broadcast model.</p>
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<p>Whilst the privacy implications of a global consensus model are easy to understand, the scalability implications are
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perhaps more subtle, yet serious. In a consensus system, it is critical that all processors of a transaction reach
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precisely the same conclusion as to its effects. In situations where two transactions may act on the same data set,
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it means that the two transactions must be processed in the same <em>order</em> by all nodes. If this were not the case then it
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would be possible to devise situations where nodes processed transactions in different orders and reached different
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conclusions as to the state of the system. It is for this reason that systems like Ethereum effectively run
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single-threaded, meaning the speed of the system is limited by the single-threaded performance of the slowest
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machine on the network.</p>
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<p>In Corda, we assume the data being processed represents financial agreements between identifiable parties and that these
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institutions will adopt the system only if a significant number of such agreements can be managed by the platform.
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As such, the system has to be able to support parallelisation of execution to the greatest extent possible,
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whilst ensuring correct transaction ordering when two transactions seek to act on the same piece of shared state.</p>
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<p>To achieve this, we must minimise the number of parties who need to receive and process copies of any given
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transaction and we must minimise the extent to which two transactions seek to mutate (or supersede) any given piece
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of shared state.</p>
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<p>A key design decision, therefore, is what should be the most atomic unit of shared data in the system. This decision
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also has profound privacy implications: the more coarsely defined the shared data units, the larger the set of
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actors who will likely have a stake in its accuracy and who must process and observe any update to it.</p>
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<p>This becomes most obvious when we consider two models for representing cash balances and payments.</p>
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<p>A simple account model for cash would define a data structure that maintained a balance at a particular bank for each
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“account holder”. Every holder of a balance would need a copy of this structure and would thus need to process and
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validate every payment transaction, learning about everybody else’s payments and balances in the process.
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All payments across that set of accounts would have to be single-threaded across the platform, limiting maximum
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throughput.</p>
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<p>A more sophisticated example might create a data structure per account holder.
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But, even here, I would leak my account balance to anybody to whom I ever made
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a payment and I could only ever make one payment at a time, for the same reasons above.</p>
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<p>A UTXO model would define a data structure that represented an <em>instance</em> of a claim against the bank. An account
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holder could hold <em>many</em> such instances, the aggregate of which would reveal their balance at that institution. However,
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the account holder now only needs to reveal to their payee those instances consumed in making a payment to that payee.
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This also means the payer could make several payments in parallel. A downside is that the model is harder to understand.
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However, we consider the privacy and scalability advantages to overwhelm the modest additional cognitive load this places
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on those attempting to learn the system.</p>
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<p>In what follows, further advantages and disadvantages of this design decision are explored.</p>
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</div>
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<div class="section" id="pros">
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<h2>Pros<a class="headerlink" href="#pros" title="Permalink to this headline">¶</a></h2>
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<p>The UTXO model has these advantages:</p>
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<ul class="simple">
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<li>Immutable ledger entries gives the usual advantages that a more functional approach brings: it’s easy to do analysis
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on a static snapshot of the data and reason about the contents.</li>
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<li>Because there are no accounts, it’s very easy to apply transactions in parallel even for high traffic legal entities
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assuming sufficiently granular entries.</li>
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<li>Transaction ordering becomes trivial: it is impossible to mis-order transactions due to the reliance on hash functions
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to identify previous states. There is no need for sequence numbers or other things that are hard to provide in a
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fully distributed system.</li>
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<li>Conflict resolution boils down to the double spending problem, which places extremely minimal demands on consensus
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algorithms (as the variable you’re trying to reach consensus on is a set of booleans).</li>
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</ul>
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</div>
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<div class="section" id="cons">
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<h2>Cons<a class="headerlink" href="#cons" title="Permalink to this headline">¶</a></h2>
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<p>It also comes with some pretty serious complexities that in practice must be abstracted from developers:</p>
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<ul class="simple">
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<li>Representing numeric amounts using immutable entries is unnatural. For instance, if you receive $1000 and wish
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to send someone $100, you have to consume the $1000 output and then create two more: a $100 for the recipient and
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$900 back to yourself as change. The fact that this happens can leak private information to an observer.</li>
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<li>Because users do need to think in terms of balances and statements, you have to layer this on top of the
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||
underlying ledger: you can’t just read someone’s balance out of the system. Hence, the “wallet” / position manager.
|
||
Experience from those who have developed wallets for Bitcoin and other systems is that they can be complex pieces of code,
|
||
although the bulk of wallets’ complexity in public systems is handling the lack of finality (and key management).</li>
|
||
<li>Whilst transactions can be applied in parallel, it is much harder to create them in parallel due to the need to
|
||
strictly enforce a total ordering.</li>
|
||
</ul>
|
||
<p>With respect to parallel creation, if the user is single threaded this is fine, but in a more complex situation
|
||
where you might want to be preparing multiple transactions in flight this can prove a limitation – in
|
||
the worst case where you have a single output that represents all your value, this forces you to serialise
|
||
the creation of every transaction. If transactions can be created and signed very fast that’s not a concern.
|
||
If there’s only a single user, that’s not a concern.</p>
|
||
<p>Both cases are typically true in the Bitcoin world, so users don’t suffer from this much. In the context of a
|
||
complex business with a large pool of shared funds, in which creation of transactions may be very slow due to the
|
||
need to get different humans to approve a tx using a signing device, this could quickly lead to frustrating
|
||
conflicts where someone approves a transaction and then discovers that it has become a double spend and
|
||
they must sign again. In the absolute worst case you could get a form of human livelock.</p>
|
||
<p>The tricky part about solving these problems is that the simplest way to express a payment request
|
||
(“send me $1000 to public key X”) inherently results in you receiving a single output, which then can
|
||
prove insufficiently granular to be convenient. In the Bitcoin space Mike Hearn and Gavin Andresen designed “BIP 70”
|
||
to solve this: it’s a simple binary format for requesting a payment and specifying exactly how you’d like to get paid,
|
||
including things like the shape of the transaction. It may seem that it’s an over complex approach: could you not
|
||
just immediately respend the big output back to yourself in order to split it? And yes, you could, until you hit
|
||
scenarios like “the machine requesting the payment doesn’t have the keys needed to spend it”,
|
||
which turn out to be very common. So it’s really more effective for a recipient to be able to say to the
|
||
sender, “here’s the kind of transaction I want you to send me”. The <a class="reference internal" href="protocol-state-machines.html"><span class="doc">protocol framework</span></a>
|
||
may provide a vehicle to make such negotiations simpler.</p>
|
||
<p>A further challenge is privacy. Whilst our goal of not sending transactions to nodes that don’t “need to know”
|
||
helps, to verify a transaction you still need to verify all its dependencies and that can result in you receiving
|
||
lots of transactions that involve random third parties. The problems start when you have received lots of separate
|
||
payments and been careful not to make them linkable to your identity, but then you need to combine them all in a
|
||
single transaction to make a payment.</p>
|
||
<p>Mike Hearn wrote an article about this problem and techniques to minimise it in
|
||
<a class="reference external" href="https://medium.com/@octskyward/merge-avoidance-7f95a386692f">this article</a> from 2013. This article
|
||
coined the term “merge avoidance”, which has never been implemented in the Bitcoin space,
|
||
although not due to lack of practicality.</p>
|
||
<p>A piece of future work for the wallet implementation will be to implement automated “grooming” of the wallet
|
||
to “reshape” outputs to useful/standardised sizes, for example, and to send outputs of complex transactions
|
||
back to their issuers for reissuance to “sever” long privacy-breaching chains.</p>
|
||
<p>Finally, it should be noted that some of the issues described here are not really “cons” of
|
||
the UTXO model; they’re just fundamental.
|
||
If you used many different anonymous accounts to preserve some privacy and then needed to
|
||
spend the contents of them all simultaneously, you’d hit the same problem, so it’s not
|
||
something that can be trivially fixed with data model changes.</p>
|
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