The Dual-Account Model of IBAX

The IBAX team has developed a revolutionary solution for underlying transaction processing that considers the long-term development of business needs: the dual-core account model mechanism. This model combines both the UTXO account model and the contract account model.

If the IBAX network transfer model only uses the contract account model, it would be similar to a bank card where every user has an account with a recorded balance. Transferring from A to B would involve subtracting X from the balance of account A and adding X to the balance of account B. If certain logical conditions are set during this transfer process and are triggered, the transfer is executed, forming a contract account model transfer.

In the contract account model, a contract must be called and once the conditions are met, the IBAX IVM virtual machine will complete the transfer. This contract account model can execute programming code, allowing for easy implementation of any logic by simply editing the code and deploying it to the chain. However, the UTXO account model is not capable of implementing complex logic and has poor programmability. Implementing complex logic or contracts that require state preservation is difficult and has low state space utilization. The dual-core account model mechanism of the UTXO and contract account models coexisting in IBAX can effectively address the weaknesses of both models.

When there are a large number of transactions in the contract account model, it cannot handle concurrent transactions and has low transaction efficiency. This is particularly true for complex multi-to-multi transactions, which can be laborious and have low transaction efficiency, leading to a poor user experience and potentially reducing user affinity.

In contrast, the UTXO account model allows for parallel processing of transactions, and when there are a large number of transactions in the network, most transactions can be processed in parallel. This parallelism allows for scalability of transactions, greatly improving speed and efficiency, and supporting up to 15,000 TPS+ of transaction volume at the DEX quantification level.

In the dual-core account model mechanism of the IBAX network, the balances in UTXO and contract accounts can be transferred to each other, and the balance can be transferred to the desired account model according to your needs without additional fees. This helps users lower the threshold for using the dual-core account model.

The IBAX team realized that the single account model was not suitable for the direction of the future high-frequency business, so we developed the dual-core account model mechanism which combines both the UTXO and contract account models. This allows for complementary interaction between the two models and optimal performance for transactions.

In the IBAX network, the contract and UTXO account models coexist and, based on the transaction type, support complex business logic to optimize the transaction process. The dual-core coexisting model mechanism greatly improves the support and resistance to pressure for various scenarios, allowing web2 users to have a similar user experience in web3.