We present the first sound and complete axiomatization of infinite trace semantics for generative probabilistic transition systems. Our approach is categorical, and we build on recent results on proper functors over convex sets. At the core of our proof is a characterization of infinite traces as the final coalgebra of a functor over convex algebras. Somewhat surprisingly, our axiomatization of infinite trace semantics coincides with that of finite trace semantics, even though the techniques used in the completeness proof are significantly different.

We forge connections between the theory of fractal sets obtained as attractors of iterated function systems and process calculi. To this end, we reinterpret Milner's expressions for processes as contraction operators on a complete metric space. When the space is, for example, the plane, the denotations of fixed point terms correspond to familiar fractal sets. We give a sound and complete axiomatization of fractal equivalence, the congruence on terms consisting of pairs that construct identical self-similar sets in all interpretations. We further make connections to labelled Markov chains and to invariant measures. In all of this work, we use important results from process calculi. For example, we use Rabinovich's completeness theorem for trace equivalence in our own completeness theorem. In addition to our results, we also raise many questions related to both fractals and process calculi.