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# Runtime
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# Runtime (V1)
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The Runtime is the component in the ParallelChain protocol which executes transactions.
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This chapter is organized into four sections:
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1.[Transition function (V1)](#transition-function-(v1)) specifies the *interface* of the transition function, i.e., its input parameters and output parameters.
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2.[Execution model of the transition function](#execution-model-of-the-transition-function) introduces the concepts that will be used in the latter two sections to specify the *execution* of the transition function.
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3.[Common phases] specifies the sequence flow of executing the two "phases" (pre-charge and charge) that are common in the execution of all transactions.
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4.[Commands] specifies the variants of the commands enum and the sequence flow of transaction execution through the commands phase.
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3.[Common phases](#common-phases) specifies the sequence flow of executing the two "phases" (pre-charge and charge) that are common in the execution of all transactions.
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4.[Commands](#commands) specifies the variants of the commands enum and the sequence flow of transaction execution through the commands phase.
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