EOS Gets ‘Bitcoin Type’ UTXO Focused On Enhancing Financial Privacy On The Blockchain

EOS has been one of the most preferred platforms for dapp builders, and the transaction volume has grown multi-fold. With the transaction volumes per month increasing, financial privacy has been one of the major concerns for the network.

To provide a highly secure and private transactional environment, pEOS, a privacy-focused dapp, has introduced a smart contract which would implement the “Bitcoin Type” UTXO or unspent transaction output. This UTXO not only gives the traders immense privacy for their transactions, but it also adds more functionality to the EOS network. What this essentially means is that users will get additional privacy for their transactions on the blockchain by spending certain UTXO, while new UTXO is created for the recipient.

In a blog post, pEOS said,

Constraints on what a UTXO is and how it is immutable, is what allows for privacy algorithms to be built on top of them. A transaction concerning UTXOs consists of a number of UTXOs used as inputs and a number of new outputs. Exactly like you have in bitcoin.

It further added that for common transactions like sending to a new address, or a regular account on the network, users could employ the command line tool. This tool, which is included in the GitHub repository, also manages user keys and serves as a private wallet.