The account model doesn’t require much space as the UTXO model, why is that a benefit?
Transactions are smaller, blocks can have more transactions and therefore more transactions can be made per seconds.
How is the account model not as great as the UTXO model for privacy?
UTXO model has multiple inputs and outputs, which can be used to make transactions multiple addresses
What are the benefits of setting a token standard like ERC20?
Benefit for token standard is interoperability. All wallets, exchanges that work with ERC20 token can interact with new ERC20 token. It is also a benefit for the platform, that there is a standardized way the create more ”content” ( tokens ) to the platform and interact with them.
What functions are in the ERC20 Token Standard Interface and what do they do?
name() - returns the name of the token
symbol() - returns the symbol of the token
decimals() - returns the number of decimals the token uses
totalSupply() - return the total token supply
balanceOf(address _owner) - returns the account balance of another account with address of _owner
transfer(address _to, uint256 _value) - Transfers _value amount of tokens to address _to, and MUST fire the Transfer event
transferFrom(address _from, address _to, uint256 _value) - Transfers _value amount of tokens from address _from to address _to, and MUST fire the Transfer event.
approve(address _spender, uint256 _value) - Allows _spender to withdraw from your account multiple times, up to the _value amount. If this function is called again it overwrites the current allowance with _value
allowance(address _owner, address _spender) - Returns the amount which _spender is still allowed to withdraw from _owner
Space saved can be used for smart contracts
In the account model every body xan know exactly wich addresses have send you eth and to wich address have you send eth.
It means that more transactions can be processed in each block and thus quicker verification times.
Because you can actually see who is giving and receiving the money on each transaction.
The account model doesn’t require much space as the UTXO model, why is that a benefit?
Since it hasn’t had to go and search all the blockchain to find the UTXOs, input’s and outputs of the transaction in order just to update your balance - I think it is a faster and more scalable solution.
How is the account model not as great as the UTXO model for privacy?
It isn’t??? I thought the opposite.
The account model doesn’t require much space as the UTXO model, why is that a benefit?
The account model only requires an update to the account balance after a TX is made, instead of searching and adding all the UTXO’s in the network to get a persons “balance” before making a TX.
Also, UTXO’s allows multiple Inputs and Outputs, so it’s easier to express the instruction in code and text with the account model.
This makes for simpler and faster processes, since it needs less memory space, which in turn maximizes the block capability, by adding more TX’s to each block.
How is the account model not as great as the UTXO model for privacy?
While UTXO’s can use several Inputs/Outputs in a single TX that makes it impossible to trace where each amount goes, the account model is basically a single TX from A to B updated in both parties balance.
This makes it easier to trace, and therefore less private.
the account model takes less space which makes the process faster, as it only uses account balances instead of utxo where on account can consist of 100´s of utxo´s.
the utxo model provides more options to keep exact transactions more private as one transaction can go to different addresses including your own. this makes it harder to track every single transaction, even though it´s possible.
The account model doesn’t save every UTXO. Account model stores balances which reduces the size of the block and this means its faster and more efficient.
In the UTXO model each coin is traceable but when there’s a transaction made a different number of coins could be sent to a number of different people all in one transaction. There’s no way of knowing how many coins each person received. In the account model there’s a transaction from a to b so you can track the address of where the money went to.
It would make smaller and simpler tx and thus a faster confirmation time.
In the account model you can see exactly what amounts were sent and to whom. In the UTXO model, this is much harder because each transaction has multiple inputs and outputs that are hard to pinpoint where exactly they went.
1. The account model doesn’t require much space as the UTXO model, why is that a benefit?
It is a simpler model for expressing code and text- more transactions per block
2. How is the account model not as great as the UTXO model for privacy?
The account model is more traceable
With less space spent, you can have more transactions and smart contracts in a block.
Because you can see who sends and who receives Funds due single transactions, if you have an UTXO model, you can send to different recipients at the same time, which also can be yourself and therefore you cant see exactly how much funds go to yourself or the recipient.
The account model doesn’t require much space as the UTXO model, Why is that a benefit?
The account model can store more transactions and quicker processing times.
How is the account model not as great as the UTXO model for privacy?
Privacy is lacking in the account model because you can only send transactions to one person. You can see where the transaction was sent to. In the UTXO model you can send to multiple people at the same time which makes it harder to see where the transactions are going to.
**1. The account model doesn’t require as much space as the UTXO model, why is that a benefit?
It’s a benefit because each transaction takes up less space in the block.
2. How is the account model not as great as the UTXO model for privacy?
The account model is a much more simpler model which results in less privacy because the transactions are easier to trace.
Simple to express and understand in text and in code. There is also a smaller footprint for what is required to store in the blockchain making blocks smaller.
When inspecting the Ethereum blockchain you can see which address transferred tokens or eth to another address. It is also easier to see the balances on eth because you don’t have to calculate the UTXOs.
The account model doesn’t require much space as the UTXO model, why is that a benefit?
-More flexible transactions relying on existing state
How is the account model not as great as the UTXO model for privacy?
-It links transactions to a single owner