The EOSIO UTXO Decentral Bank developers originated after Everipedia's President, Sam Kazemian, wanted to start a project which seeks to build a new general-compute blockchain specially customized for central bank These include digital currencies, stablecoins , DeFi applications, stablecoins issuance, and DLT monetary policy.
Before the release of the EOSIO UTXO contract module, the only way people could transfer tokens on EOSIO blockchain was between EOS accounts.
With the creation and deployment of the UTXO/Pay2Key contract, it allows people to between EOS public keys only so that no EOS account is required to hold tokens and transfer them.
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 an EOS 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 mining 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.
On May 1, 2019, the Everipedia IQ team and Decentral Bank group announced the release of the EOSIO UTXO (Pay2Key) contract module.After receiving over 400 claps in a matter of hours, Everipedia's Medium account was suspended.
The IQ token became the first token to make use of the EOSIO UTXO technology.
As a result, users could send their IQ tokens to the iqutxoiqutxo EOS mainnet account and create IQ UTXO tokens to transfer between public keys.