The transfer of tokens of EOS holders without the use of EOS account is finally available! This great news was officially announced by the Everipedia IQ Team and the Decentral Bank a few days back. In a recent report obtained by the Medium, it has been learned that the EOSIO UTXO or also called as the Pay2Key contract module will now be available for use.
This finally allows EOS holders to transfer tokens even without the use of EOS public keys. This pay2key contract is reportedly similar to that of the Bitcoin transaction system. According to reports, in order to successfully move tokens in a UTXO based contract before, an owner needs to have his or her own private key respectively.
Furthermore, with the current EOSIO blockchain, a transaction fee will be paid to move the token successfully. But having known about the launching of the new contract module, every transaction will be a lot better and easier. With this launching, they have anticipated that with the growing usage of the UTXO tokens into the EOS mainnet, UTXO will become a lot of profitable business in the future to come.
What is an EOS?
The EOSIO, or just simply known as the EOS, is a software which features a definite blockchain architecture. A report from the Medium revealed that this software was created and developed in order to successfully scale DApp or the decentralized application development and performance.
Accordingly, the EOS works with a certain operative construction for it to increase its scalability. This software provides the holders with its personal and authenticated accounts, a safe user database, and several options for making communications and application planning through various central-processing unit clusters.
The EOS software technology is highly-offering the features like high throughput, or the ability to process a huge number of transactions per second, high and increased scalability, a cost-efficient feature since it has to charges, fast, smooth and easy DApp deployment process, and a role-based permission management.
Developing an EOS Smart Contract
Being new into the EOS blockchain, most probably, learning about developing an EOS smart contract is a must. The Medium reportedly explained brief and quick steps to establish a local blockchain to work successfully with the EOS smart contract.
An EOS holder must start with creating a wallet in a private blockchain to further load the eosio.bios contract and create a personal account. Whenever the first step is performed, it is already possible to deploy the EOS smart contract successfully.
During wallet creation, private key storage is needed to proceed with the blockchain action authorization successfully. Apparently, these keys are kept safe and encrypted with a specific encrypted password and are stored safely by a password manager.
In order to enhanced safety, EOS wallet holders are advised to lock the wallet whenever not in used. When doing further smart contract creation and development, any holder can just simply unlock their wallet. Hence, with this newest contract module, transferring of tokens will be a lot better for the EOS holders.