Cardano’s extended Unspent Transaction Output model (eUTXO) was recently called into action.
According to a recent development, an anonymous user transferred over 16,000 Cardano (ADA) coins to multiple addresses in one transaction. The user took advantage of the eUTXO model to send the coins.
Per transaction data, 16,164 ADA ($6,961) were transferred to 217 Cardano addresses in one transaction. Interestingly, the user paid a paltry amount of 0.78173 ADA worth $0.33 as a fee for the transaction.
While transactions of this sort usually take place on the Cardano network daily, the latest transaction seemed remarkable, given the number of recipients involved.
Reacting to the development, Charles Hoskinson, the founder of Cardano, said:
“Tell me again how eUTXO can’t scale and we only do one transaction per second (TPS).”
One transaction distributed 16,164 ada to 217 holders for a fee of 0.78173 ada. Tell me again how EUTXO can't scale and we only do 1 tps. pic.twitter.com/glCtBJwUoQ
— Charles Hoskinson (@IOHK_Charles) October 6, 2022
The extended Unspent Transaction Output model is a feature based on Bitcoin’s UTXO model. Users of the feature are required to add a datum to the transaction. This datum is dubbed contract-specific information, which gives directives on how the transaction will be executed.
The eUTXO model makes the Cardano network more robust, allowing all addresses involved to interact with each other. However, there is a drawback to eUTXO as the feature cannot be used to send multiple transactions from one address within a single block.
It is worth noting that Cardano is known to be ahead of most of its peers in terms of development and upgrade. Despite the network’s success over the years, the team is constantly developing more useful features capable of meeting users’ demands in the future.
As reported, the Cardano team launched the Vasil hard fork late last month to provide an overall enhancement to various aspects of the network, especially smart contract capabilities.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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