Cardano’s Creator Declares That Bitcoin Didn’t Advance Far Enough

Cardano creator Charles Hoskinson recently said in a tweet that Bitcoin’s UTXO concept has not gone far enough owing to its restricted programmability. He views the Extended UTXO (EUTXO) accounting model as a “logical progression.”

Ethereum, which is presently the market leader in decentralized finance (Defi), operates on an account-based approach in which assets are represented as balances. As a result, individuals may make partial use of their accounts rather than depleting them completely. Vitalik Buterin, Ethereum’s co-founder, chose the account-based architecture over the UTXO concept after becoming upset with Bitcoin’s constraints.

Twitter user Sooraj argues in a viral thread shared by Hoskinson that the EUTXO design is preferable to Ethereum’s account-based paradigm. The latter provides a “much larger” attack surface area since two or more parties may control the same data. The EUTXO paradigm is highly parallel and scalable.

This, Hoskinson asserts, is what Ethereum developers are “fundamentally lacking.” According to the Cardano inventor, Satoshi Nakamoto, the pseudonymous developer of Bitcoin, rejected the account-based concept due to its shortcomings.

According to Input-Output, the goal was to integrate the best of both worlds with EUTXO. The Cardano developer now wants to use his 13 years of experience and testing with EUTXO.

As previously reported by U.Today, Cardano’s accounting methodology came under fire in September after the disastrous introduction of the Minswap decentralized exchange. Input-Output hurried to explain that Cardano-based decentralized applications are not restricted to a single transaction per block, but that the EUTXO enables a transaction output to be spent just once.

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