A conditional transaction is a digital asset transfer or smart contract execution that only proceeds when specific, predefined criteria are satisfied. These conditions can include external data inputs, the occurrence of particular events, or the state of other on-chain components. Such transactions provide automated, trust-minimized agreements, ensuring operations only complete under agreed-upon circumstances. They are a foundational element for complex financial instruments and decentralized applications within blockchain environments.
Context
Conditional transactions are a key feature in decentralized finance (DeFi) and various blockchain applications, enabling automated escrow, options, and insurance protocols. Recent news frequently highlights advancements in oracle networks, which supply the external data necessary for many conditional transactions to function reliably. The security and accuracy of these conditions are continually debated, with future focus on enhancing oracle decentralization and improving the expressiveness of smart contract languages to support more sophisticated conditional logic.
A new digital signature primitive enables a powerful signer to pre-generate all signatures and release constant-size expander keys for resource-constrained devices to verify a growing set of transactions.
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