EOS stands benefited from UTXO transactions

The pEOS team informed about supporting Unspent Transaction Output (UTXO) on EOS platform. This development was conveyed on 16 May.

The pEOS is a project that enables private and untraceable transactions on EOS. EOS is one of the largest platforms for building decentralized applications (dApps). The project conveyed its stand to provide users with tools to protect economic privacy while utilizing modern and untraceable transactions. The project clarified that it would extend beyond the call of its duty to help educate, provide tools and accelerate all features of EOS blockchain.

While conveying a release of smart contract to implement bitcoin type UTXOs for EOS tokens, the project expressed –

“UTXO stands for Unspent Transaction Output. It was first used in Bitcoin, and is one type of output -which can be either unspent (UTXO) or spent-. The total balance of a wallet is calculated by tracking and adding all UTXOs spendable by that wallet. Transactions work by spending a number of those UTXOs and generating new UTXOs for the receiver and for any change that goes back to the original owner.”

UTXOs are a model in which processing is continuously executed and are responsible for beginning and ending each transaction. The pEOS team added that amounts in UTXOs do not change and fractional parts cannot be spent. It must be spent as a whole. The project further added that based on the constraints of UTXO, privacy algorithms would be built on top of them.

the peos project stated that based on the constraints of utxo, privacy algorithms would be built on top of them.

As an insight, the project drew an analogy as to how this offer compares to Everipedia’s Pay2Key UTXO. The pEOS project indicated that Everipedia’s attempt was more of a pay to key system and does not possess true characteristics of a UTXO. The project suggested that Everipedia would provide easy accounting and simplicity in wallet implementation. However, if users need to implement algorithms like CoinJoin, RingCT or MimbleWimble the Everipedia code would not be able to support it.

Recently, pEOS shared information that it had noticed several non-technical people finding it hard to follow the pEOS whitepaper. In the process, they were having a tedious time understanding how PEOS tokens would work. In order to prevent further confusions, the project decided to share the report and try to give an explanation of how PEOS tokens could be transferred.

The project wrapped up by expressing that with this source code release, users would be benefited with the insight to work on EOS smart contracts. The pEOS team threw light that this was not the technical handout promised in the whitepaper. Rather, it was a small portion of that document.