'Bitcoin Type' Privacy Enhancing UTXO Transactions Now Available on EOS

[Niteroy]

'Bitcoin Type' Privacy Enhancing UTXO Transactions Now Available on EOS



The developers of pEOS, a project focused on enabling private and “untraceable” transactions on EOS, one of the largest platforms for building decentralized applications (dApps), have noted that they intend to provide tools which will allow users to conduct efficient token transfer transactions while maintaining their financial privacy.

“Accelerating Any Aspect of EOS” in Direction of Providing Greater Privacy

As explained in pEOS team’s Medium blog post, published on May 16, 2019, the privacy-enhancing crypto project is "much larger than just delivering pEOS.” The #DevelopmentTeam  wrote:

We consider part of our mission to help educate, provide support, provide tools, and accelerate any aspect of the EOS blockchain in the direction of providing privacy enabled features and technologies. We strongly believe in the multiplicative effect this can have to every aspect of the EOS ecosystem.

Bitcoin Type UTXOs for EOS

In order to add more functionality to the EOS blockchain, while promoting economic privacy, the developers of pEOS have introduced a new smart contract which “implements bitcoin type” unspent transaction outputs (UTXOs) for EOS-based tokens.

As mentioned in pEOS team’s blog, UTXO was first used by the developers of the Bitcoin protocol, and it is “one type of output which can be either unspent (UTXO) or spent.” The outstanding balance of a UTXO-enabled wallet can be calculated by adding up all its spendable UTXOs, pEOS’ blog noted.

A UTXO Needs to Be Spent “as a Whole”

Transactions are processed by spending a certain number of UTXOs while producing new UTXOs for the recipient (of a transfer) and for any change that is returned to the sender, pEOS’ blog explained. The pEOS team clarified that “amounts in UTXOs don’t mutate.” This means users cannot “spend only some part of a UTXO.” In order to conduct such transactions, users must spend the UTXO “as a whole.”

According to pEOS’ team, these “constraints on what a UTXO is and how it is immutable, is what allows for privacy algorithms to be built on top of them.” For instance, the privacy-centric CoinJoin algorithm can be used with the smart contract-based UTXO code released for EOS, pEOS’ developers revealed.

On May 17, 2019, Block.one, the Cayman Islands-registered developer of EOS, releasednew software development kits (SDKs) for both Swift and Java developers. The latest SDKs for EOS aim to provide more support for native smartphone applications in order to offer “richer, more engaging experiences.”

https://www.cryptoglobe.com/latest/2019/05/bitcoin-type-privacy-enhancing-utxo-transactions-now-available-on-eos/

[damsix]

Need knowledge and knowledge that can be used to be able to analyze the article above because if you just read at a glance it is impossible to understand.
UTXOs is very much needed for broader development and the development is in the Cayman Islands.

[jonathancool220]

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It is indeed like a strong understanding of the thread above because all of that can be said to be full of technical systems from EOS.
I am also sure that the new beginners who understand cryptocurrency will find it difficult to understand the workings of UTXOs which can be combined with networks from EOS tokens.

[MariaNug]

Joker do you know if I can just unzip this fix over the last one? Or do I need a fresh install of Boinc? TIA. For now Ive just unzip over the last fix. No problems so far.