Friday, July 30, 2021
Home Crypto News Market Nervos And Cardano Will Increase The Security Of Smart Contracts By Improving...

Nervos And Cardano Will Increase The Security Of Smart Contracts By Improving The UTXO Model

- Advertisement -

Nervos and Cardano have launched a research initiative to improve smart contracts‘ security by improving the system of unspent transaction outputs (UTXO).

Nervos and the Cardano Development Team (IOHK) will co-author research papers on improving the UTXO model and future open-source developments, exploring the possibility of creating a universal UTXO standard.

They ally with other blockchains using the UTXO model to collaborate on research, development, and education in the industry.

The utxo model tracks the unspent transaction outputs of a user across all their addresses and each transaction. According to Nervos, this is a more secure alternative to the account-based accounting method used by smart contract-based blockchains, such as Ethereum. The account-based accounting method is more vulnerable to hacks, especially for decentralized finance (Defi) protocols, because it tracks the user’s total account balance but not individual transactions.

Nervos and IOHK have adopted modified versions of the UTXO model for their blockchains. The two projects will share confidential information to improve the method.

“UTXOs outperform bill-based models in many ways and provide enhanced security, privacy, and scalability, which is critical for Defi,” said Nervos co-founder Kevin Wang.

According to the CipherTrace report, many Defi projects rely on unverified smart contracts with vulnerabilities that can be exploited by attackers. Last week, Cardano held a hard fork as part of the transition to the third primary development phase, which will focus on the functions of blockchain smart contracts. Nervos recently introduced its new sudt token standard, which will compete with the ERC-20 Ethereum standard.

- Advertisement -
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly