New Smart Contract Allows EOS Holders to Transfer Tokens without EOS Account

The Everipedia IQ team and Decentral Bank group are proud to announce the release of the EOSIO UTXO (also called Pay2Key) contract module. Currently, tokens in EOSIO blockchains can only be transferred between EOS accounts. The UTXO/Pay2Key contract allows for transfer of tokens between EOS public keys only so that no EOS account is required to hold tokens and transfer them.

The UTXO contract is similar to the Bitcoin transaction system. To move tokens in a UTXO based contract, an owner only needs the corresponding private key to the public key. A transaction fee is also paid to move the token. A “relayer” with an EOS account (which can be a block producer account or any individual EOS account) accepts the fee then relays the signed UTXO message to the contract and updates the balance of the appropriate public key. A relayer is similar to a Bitcoin miner in that they update the state of the UTXO contract by appending the signed UTXO transaction to the contract database. Any EOS account can earn transaction fees by becoming a UTXO relayer. We anticipate that with growing usage of UTXO tokens on the EOS mainnet, UTXO relaying can become a profitable business similar to PoW mining.

The IQ token is the first token to make use of this technology. Users can send their IQ tokens to the iqutxoiqutxo EOS mainnet account and create IQ UTXO tokens to transfer between public keys. LibertyBlock is the first block producer to offer UTXO relayer services for the IQ token. You can send your IQ tokens to any EOS public address by using the relayer service endpoint located at: https://utxo.libertyblock.io/

To deploy your own UTXO token, read the documentation, and/or help with EOSIO UTXO development, see the GitHub repository here: https://github.com/decentralbanknetwork/bank.contracts/tree/master/bank.pay2key

Credit to the EOSIO UTXO Decentral Bank developers:

  • Mason Raasch
  • Chris Atanasian
  • Kedar Iyer
  • Sam Kazemian

Decentral Bank is a new project headed by Everipedia executives Sam Kazemian and Kedar Iyer which seeks to build a new general-compute blockchain specially customized for central bank digital currencies, stablecoins, DeFi applications, stablecoins issuance, and DLT monetary policy.

Join the public telegram group here: https://t.me/decentralbank