Future Conditional Transactions ( FCT )

Description of core technology that powers Smart Transactions

Kirobo, during the process of developing our Dapps, has discovered a unique way to interact on the transaction level with Future Conditional Transactions (FCT). Opening up tremendous possibilities, including the possibility of conditioning transactions on future events. Regular transactions are limited by immediate execution and singular actions. Whereas operating on the transaction level with FCT means users can automate transactions and create new features for any DeFi protocol.

The first iterations of FCTs were the liquid vault, backup, safe transfer and inheritance features. These developments are based on IF-THEN logic. IF access is lost, THEN transfer ownership of the vault. IF timers are not reset (in the event of death), TRANSFER assets to heirs. IF the password is correct, THEN transfer the funds.

Future Conditional Transactions are a set of transactions that occur in the future triggered by a specific event. The event can be arbitrary or particular, located in the real world, virtually in the metaverse, or on a blockchain. Future Conditional Transactions are a feature of limitless possibilities.

The FCT is a transaction that behaves as a mini-function of a virtual smart contract. So to build the virtual smart contract you don't need to write code, but write a sequence of simple instructions graphically. As the smart contract engines do today, only that, unlike them, the generated FCT does not need to be converted to an Ethereum smart contract. Rather, filled in with details by the user and signed by him. And only during runtime are the actions signed by the user performed, the actions are performed at the blockchain level itself and at a very high level of safety.

The FCT is written and signed as typed messages, in a human-friendly format, so the end-user has full transparency. The FCT's platform contracts transcode the message on-chain, in real-time, to a runnable Ethereum Virtual Machine code. FCT holds one or more calls that run as an atomic native transaction. FCT also extends standard transactions by enabling: time-framed calls, the ability to cancel signed transactions, multiple senders, built-in multisig and recurring transactions with a rate limiter.

The technical problem that was required to overcome is that to process a cryptocurrency transaction, one needs to take specific actions and pay gas fees. Kirobo solved this with the development of unique software that uses our native token, Kiro, and is underpinned by a network of community-based validation procedures in which ‘operators’ facilitate future payments and earn Kiro tokens as a reward or reward incentive. As the network and infrastructure grow, incentives and profits will be generated.

Operators are critical in this structure as they push forward the transaction and pay the Gas fee. The operators function similar to miners in a proof-of-work blockchain. The gas fee is reimbursed to the operator for completing the transaction. This both increases the available Kiro and provides a financial incentive for operators.