Cardano Is Working on an Improved UTXO Feature
The eUTXO model is scheduled to be implemented into the Cardano network by the end of 2022.
Charles Hoskinson, the founder of Cardano, revealed in his Twitter account the project’s development plans for 2022. The main points are three hard forks and the introduction of an improved UTXO function to the network’s smart contracts.
The Cardano network began supporting smart contracts in 2021 after the Alonzo hard fork. Like much of the network’s code, Cardano smart contracts are written in Haskell, a functional programming language. It helps find a middle ground between Bitcoin smart contracts written in Forth and Ethereum smart contracts written in Solidity.
The eUTXO model being developed by Cardano builds on the UTXO models of Bitcoin and Ethereum networks, seeking to preserve the functional paradigm of both models and discard features not used in DeFi applications. The eUTXO model is scheduled to be rolled out in October 2022. There are also three hard forks planned for 2022, in February, June and October. 100 developers and 15 third-party companies have already been hired to work on the network code. According to Santiment, Cardano developers were more active than other popular token teams in improving the project’s code in 2021.