• Nodes are arranged in an authenticated peer to peer network. All com- munication is direct.
• There is no block chain 3 . Transaction races are deconflicted using plug- gable notaries. A single Corda network may contain multiple notaries that provide their guarantees using a variety of different algorithms. Thus Corda is not tied to any particular consensus algorithm. (§7)
• Data is shared on a need-to-know basis. Nodes provide the dependency graph of a transaction they are sending to another node on demand, but there is no global broadcast of all transactions.
• Bytecode-to-bytecode transpilation is used to allow complex, multi-step transaction building protocols called flows to be modelled as blocking code. The code is transformed into an asynchronous state machine, with checkpoints written to the node’s backing database when messages are sent and received. A node may potentially have millions of flows active at once and they may last days, across node restarts and even upgrades. Flows expose progress information to node administrators and users and may interact with people as well as other nodes. A Flow library is provided to enable developers to re-use common Flow types such as notarisation, membership broadcast and so on.