Each project is required to go through this lifecycle. An entity performs its role in a set of stages (eg the investor performs its role in stage 4, originators in stage 1) and data associated with a stage ("Stage Data") references entities' actions in that stage. Stage progression is trigerred by a combination of manual and automatic events. Stage data is stored on IPFS (Inter Planetary File System) and the reference hashes are stored on the platform's internal database. Stage data is reviwed by admins and other entities before a stage upgrade is approved. For some stages like stage 4, data is reviewed from the blockchain and the stage is automatically upgraded.