By Dout - 19.02.2020
Utxo vs account model
Privacy preserving behavior is encouraged in the UTXO model. Users are encouraged to generate a new address for every incoming transaction including. UTXO vs Account Model. A key advantage of the first model is the uniqueness of every coin, while the second model provides a simpler smart.
Many blockchains use UTXO based accounting methods, for example, Bitcoin and Litecoin utxo vs account model, as opposed to an account-based accounting method.
If the UTXO accounting method is used in real life, we utxo vs account model only record the current owner of each bank note. Since this bank note has not been spent by the current owner utxo vs account model, it is called an Unspent Transaction. The account based accounting method is different.
Instead of tracking the location of each bank note, the system simply maintains the account balance of each individual.
UTXO based smart contract vs Account based smart contract
The accounts can utxo vs account model controlled by a private key, or by a smart contract. A transaction is recorded by adding and subtracting utxo vs account model same amount of tokens from the sender and to the recipient respectively.
However, for the purpose of validation, transactions also need to be recorded, but the application developer could ignore it. Smart contract is initiated by Utxo vs account model blockchain which is an account based blockchain.
The smart contract, or decentralized applications, can be managed via the address of an account, like other regular blockchain accounts. Utxo vs account model, it is easier to be implemented by the account based accounting method. As a result, account-based models are mostly popular among smart contract-focused blockchains.
First of click at this page, it is possible to process multiple UTXOs at the same time, it enables parallel transaction validation and encourages better scalability and efficiency.
UTXO vs Account Based Models
While A and B trade with Go here simultaneously, in the account based model, both transactions could not be validated in parallel while in utxo vs account model UTXO model, a different UTXO related to C could be used and both transactions could be processed together.
Thus, UTXO based smart contracts are relatively easier to scale. Secondly, UTXO is inherently easier for utxo vs account model as the account balance of a user is not stored in the blockchain as well as the utxo vs account model states, although they could be indirectly calculated.
UTXO based smart contracts record the interim states locally and provides opportunities for mixing coins and other utxo vs account model protection approaches.
In the account utxo vs account model blockchain, the balance of all of the accounts are on the chain. Thirdly, UTXO saves storage space of the blockchain. As utxo vs account model above, UTXO based smart contract only saves the interim utxo vs account model locally and requires less network bandwidth, and does not like the account based smart contract which is required to save both states and transactions in the blockchain.
UTxO- vs Account-Based Smart Contract Blockchain Programming Paradigms
In the system which has a lot of IoT devices but the interaction between these devices are relatively simple or infrequently, UTXO based smart contract consumes less resources. For example, the device only reports its status once an hour, a UTXO based system will not need to update the account balance of each device every a few seconds as the account based system does.
Fourthly, a UTXO based system is more immune to double spending while an account based system is vulnerable to it. Each UTXO is unique and it is quite easy to utxo vs account model that the same one has utxo vs account model used twice.
Comparing Bitcoin’s UTXO Model and Ethereum Account Balance Model
In the account system, as the account balance change might be due utxo vs account model multiple reasons, a situational awareness engine is required to identify the double spending attack. Please note that the account based smart contract still has its own strength.
For example, the framework developer will find it is more intuitive to work with for complex smart contracts, especially those that require state information or involve multiple parties, utxo vs account model the end user might not need to care.
In addition, except for a few parameters, it is relatively easy to conduct on-chain metrics measurement with account based blockchain as more information is saved on the chain.
Furthermore, the account based system is more efficient to handle transactions. A UTXO could not be split.
If needed, it has to be consumed fully and generate two or multiple outputs. This will complicate some smart contracts while it is not a problem for account based smart contracts.Bitcoin UTXOs vs Ethereum accounts
However, UTXO based blockchain could demonstrate strength in the situations where data security or privacy is sensitive, or limited computing utxo vs account model or network bandwidth presents. Industrial IoT, wearable devices, secured financial transactions and etc are potential applications.
Plato Data Intelligence, Plato Vertical Search
Due to the fact that UTXO based smart contract framework is complex to develop and counter-intuitive, very limited UTXO based Turing complete smart contract is available. As a result, the performance is limited.
In addition, supported by DappBridge, utxo vs account model decentralized privacy-preserving computing capability and trustworthy data exchanging platform, Dappley can help you to preserve your privacy while engaging third party utxo vs account model partners.
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