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- Charles Hoskinson shared a detailed structure of the previous model on how Cardano did its smart contracts using the extended UTXO model.
- The two most popular cryptocurrencies Bitcoin and Ethereum work on an independent Blockchain platform named UTXO model and account model respectively.
- The demonstration of this new model is placed on the Constraint Emitting Machines (CEM) with the compilation of EUTXO model on this platform.
Charles Hoskinson, the founder of Cardano Coin “ADA,” shared a detailed structure of the previous model on how Cardano did its smart contracts using the extended UTXO model. He shared it on his twitter handle a specified file on the subject on the 27th of January.
In case you guys are interesting in the formal model behind how Cardano handles smart contracts, here is our Extended UTXO model: https://t.co/6UqjqGhIwC
— Charles Hoskinson (@IOHK_Charles) January 27, 2020
The extended UTXO model works on the principle of the UTXO model of the Bitcoin Blockchain, and the detailed analysis was shared by Charles Hoskinson gave a summary as follows. The two most popular cryptocurrencies Bitcoin and Ethereum work on an independent Blockchain platform named UTXO model and account model respectively.
They both work on different techniques and have an individual approach to smart contracts. Ethereum’s account model is more expressive towards the smart contracts, while Bitcoin uses the UTXO model for pure computing than that of the account model.
Both models having individual advantages, Cardano has supposedly added both the characters to the upgraded Blockchain of Cardano coin. It has both expressiveness to the smart contracts as per Ethereum’s account model, and it also has the pure computing and hash recording as the Bitcoin’s UTXO model.
The name of the Cardano’s model is named Extended UTXO model (EUTXO). The demonstration of this new model is placed on the Constraint Emitting Machines (CEM) with the compilation of EUTXO model on this platform.
Charles Hoskinson is a Digital Entrepreneur and cryptocurrency specialist based out in the USA. He is the ex- Ethereum co-founder, he has his fine skillshare on cryptocurrencies. He considered being one of the wealthiest crypto individuals with a net worth of $500 – $600 million.
Cardano coin nicknamed ADA is ranked #10 in the cryptocurrency world with average bull rates of 7.92% with a trading price of $0.048270. It has a market cap of $1,251,512,637 USD with 24 hour volume of $106,999,623 USD. The return on investment of Cardano is at 122.92%
