Blockchain, at its core, is a decentralized distributed database or ledger. So, how does the "blockchain ledger" keep records? In current blockchain projects, there are two mainstream accountingBlockchain, at its core, is a decentralized distributed database or ledger. So, how does the "blockchain ledger" keep records? In current blockchain projects, there are two mainstream accounting
What Is Unspent Transaction Output (UTXO)?
Blockchain, at its core, is a decentralized distributed database or ledger. So, how does the "blockchain ledger" keep records? In current blockchain projects, there are two mainstream accounting methods: The Account Balance Model (represented by Ethereum), and the Unspent Transaction Output (UTXO) Model (represented by Bitcoin). Understanding UTXO helps in comprehending the accounting logic behind Bitcoin's blockchain.
UTXO, which stands for Unspent Transaction Output, can be understood as the fundamental unit in Bitcoin transactions. For example, if Bob receives a Bitcoin payment and doesn't spend it, that Bitcoin becomes a UTXO. The UTXO model is similar to having a wallet where each UTXO is like a one-time-use paper bill. Each UTXO (paper bill) represents a specific amount of money, and by adding up all the UTXOs (paper bills), you can determine a user's balance.
In each transaction, whole integer multiples of UTXOs are used. For example, you can use 1 UTXO, 2 UTXOs, but you can't use fractions like 0.5 UTXO (similar to not being able to use half a paper bill). When a transaction occurs, the existing UTXOs (old paper bills) are consumed, and new UTXOs (new paper bills) are created. For example:In the morning, you go to buy coffee and a pastry, which costs $5. You hand the cashier a $10 bill. This $10 bill, represented as one UTXO, is given to the merchant. The merchant then gives you $5 in change, and at this point, you receive a new UTXO (a new $5 bill).
If this transaction occurs on a blockchain using the UTXO model, how would it operate? To understand this, we can abstract three transfer scenarios with examples, omitting miner fees for simplicity:
1.Two-Person Transactions
Let's assume Bob receives 10 BTC, so he has a UTXO of 10 BTC associated with his Bitcoin address. Now, Bob needs to transfer 2 BTC to Alice. In this case, the 10 BTC UTXO will be spent as a whole (the old paper bill is used up). 2 BTC (new paper bill) will be sent to Alice, and the remaining 8 BTC (new paper bill) will be returned to Bob as change. In other words, the original 10 BTC existed as a single UTXO, but during the transaction, this UTXO (the old paper bill) was destroyed and no longer exists. Instead, it was replaced by two new UTXOs (new paper bills): one belonging to Bob with a value of 8 BTC (which is the change returned to Bob), and the other belonging to Alice with a value of 2 BTC. In the future, Alice can use this UTXO as a balance to transfer to others.
If Alice wants to transfer those 2 BTC to Frank and to prevent Alice from double-spending those 2 BTC (which is akin to the well-known double-spending attack), miners need to verify that the UTXO has not been used in other transactions. If this UTXO has already been spent in a prior transaction, miners will reject the execution of this new transaction.
2. Multi-Party Transactions
Let's go through two examples to deepen our understanding. (1) One Address Transfers to Three Addresses (2) Three Addresses Transfer to One Address. Let's refer to these four addresses as A, B, C, and D. Scenario ① A transfers to B, C, and D. Scenario ② A, B, and C transfer to D. Initially, Address A has 10 BTC while B, C, and D have 0 BTC.
In scenario (1), Address A initially has one 10 BTC UTXO and wants to transfer 2 BTC to each of the addresses B, C, and D.
First, the original 10 BTC UTXO from A is entirely spent, and 2 BTC is sent to each of the addresses B, C, and D. The remaining 4 BTC is returned to A as change. At this point, the previous 10 BTC UTXO no longer exists and becomes four new UTXOs, one belonging to A valued at 4 BTC, and the other three belonging to B, C, and D, all valued at 2 BTC. After the transfer occurs, there is 1 UTXO of 4 BTC in Address A, 1 UTXO of 2 BTC in Address B, 1 UTXO of 2 BTC in Address C, and 1 UTXO of 2 BTC in Address D.
Now, let's simulate scenario (2), where A, B, and C each transfer 2 BTC to D.
The UTXO of 4 BTC at Address A will be spent as a whole, of which 2 BTC is transferred to D and 2 BTC is given as change to itself. The UTXO of 2 BTC in Address B is transferred to D, and the UTXO of 2 BTC in Address C is transferred to D. After the transfers have occurred, there will be 1 UTXO of 2 BTC in Address A, none at Address B, none at Address C, and 4 UTXOs of 2 BTC at Address D (1 of which is left over from the transfer happening in scenario ① and the rest are from scenario ②).
3. Two-Person Transaction, One Person has Multiple UTXOs
Suppose A has multiple UTXOs, which are 1 BTC UTXO, 2 BTC UTXO, 3 BTC UTXO, and 4 BTC UTXO, and B has no BTC. At this point, A needs to transfer 2.5 BTC to B. How does the UTXO model work?
At this point, the UTXO of 2 BTC in Address A will be transferred directly to B. The UTXO of 1 BTC will be spent as a whole, of which 0.5 BTC will be transferred to B, and 0.5 BTC will be given back as change. After the transfer, there are still 0.5 BTC UTXO, 3 BTC UTXO and 4 BTC UTXO in Address A. B has 2 BTC UTXO and 0.5 BTC UTXO.
In cryptocurrencies that utilize the UTXO model, if a user mistakenly enters an incorrect contract address, it is highly likely that the funds will be irrecoverable. This is because UTXOs do not store additional information about the transaction's outgoing state, and once a cryptocurrency transaction is completed, the corresponding UTXO no longer exists in the database. In essence, the system assumes that you have already spent the funds, and this action cannot be undone. Furthermore, if the contract address is incompatible or incorrect, it can lead to erroneous inputs, meaning the recipient cannot properly receive the cryptocurrency. As a result, it is very probable that the cryptocurrency will be unrecoverable.
We can see that: ① UTXOs record events rather than final states. ② Each UTXO represents a specific quantity of Bitcoin, and the sum of all UTXOs determines the account balance. ③ A UTXO is a Bitcoin transaction output. ④ A complete transaction consists of transaction outputs (senders) and transaction inputs (recipients). Transaction outputs can be referred to as Outputs, and transaction inputs can be referred to as Inputs. After a transaction is completed, any newly generated UTXOs are recorded in the Bitcoin ledger and can be used for further transactions. UTXOs, as the cornerstone of Bitcoin transactions, offer advantages such as security, privacy, and scalability. They serve as the foundational transaction framework for numerous blockchain projects.
The following tokens listed on MEXC use the UTXO model:
ADA, AE, AVAX, BCH, BCHA, BEAM, BHD, BSV, BTC, BTCV, BTM, BTM2, CHIA, CKB, DASH, DOGE, FIRO, HC, HNS, HYDRA, IOEX, KAS(KASPA), LBC, LBTC, LTC, MASS, PAC, PLCU, PSL, QTUM, RVN, SC, SYS, UT, WIT, XRD, XVG, ZEL, ZEN
If there is an error in transferring the cryptocurrency mentioned above, we will be unable to assist in recovering it. Please make sure to enter the correct deposit address before initiating any deposits!
市场机遇
Pi Network实时价格 (PI)
$0.09428
$0.09428$0.09428
USD
Pi Network (PI) 实时价格图表
热门加密动态
查看更多
特斯拉手机：颠覆性黑科技，还是史上最大科技谣言？
Tesla Pi Phone 2026 真的存在吗？本文深度拆解 Starlink 卫星通话、Neuralink 脑机接口、太阳能充电等传言，揭开这场全球最热科技炒作的真相。 Key Takeaways 截至 2026 年 4 月，Tesla 与 Elon Musk 从未官方确认 Tesla Pi Phone 的存在 Musk 本人在 Joe Rogan 播客中明确表示："我们不做手机（No, w
Pi Network 2026年价格预测：移动挖矿先驱能否重现辉煌？
Pi Network (PI) 2026价格预测深度解析：当前交易价$0.188，专家预测区间$0.20-$3.50。了解PI币价格影响因素、技术分析、市场前景及为何MEXC是交易PI的最佳平台——零手续费、最佳流动性、100%储备金保障。 Key Takeaways： PI当前价格约$0.188，市值排名第48位，流通供应量83.8亿枚 2026年价格预测区间：保守$0.20-$0.34，乐观$
Pi Coin 交易指南：印度的挖矿与未来交易所机会
1. Pi Coin 入门 Pi Coin 代表了一种突破性的移动端加密货币，旨在通过消除与挖矿相关的传统硬件障碍来民主化数字资产的获取。通过 Pi Network 推出，它允许包括印度在内的全球用户通过日常智能手机参与加密货币生态系统，在无需昂贵设备或高能源成本的情况下促进包容性。这项创新解决了加密货币采用中的关键痛点，如技术复杂性和财务障碍，使其特别吸引印度超过 12 亿的庞大移动用户群体。随
热门新闻
查看更多
相关文章
查看更多
加密货币恐惧与贪婪指数跌入极度恐惧，代表什么意义及投资者应如何应对
截至2026年5月28日，加密货币恐惧与贪婪指数已急跌至22，再次将市场推入极度恐惧区域。 社交媒体充斥着恐慌警报，交易者纷纷质疑这究竟是市场底部，还是更深跌势的开端。 本指南说明恐惧与贪婪指数的实际衡量内容、今日驱动指数跌至22的原因，以及不同处境的投资者当下应切实考虑采取哪些行动。 核心要点 加密货币恐惧与贪婪指数在0至100的范围内衡量市场情绪，将六项数据信号——包括波动率、交易量及社交媒体
什么是比特币减半？加密货币关键事件倒计时完整指南
比特币减半比特币减半是加密货币世界中最重要和最受期待的事件之一。对于加密货币领域的新手来说，了解减半是什么以及为何重要是掌握比特币经济学和潜在价值的关键。比特币减半是指通过将挖矿新块的奖励减少一半来降低比特币流通速度的事件。这个机制内嵌于比特币的代码中，大约每四年发生一次，创造了一个可预测的时间表，影响比特币的稀缺性以及可能的价格。最近一次比特币减半发生在2024年4月20日，当时区块奖励从6.2
什么是智能合约？区块链自动化终极初学者指南
智能合约是一个计算机程序或交易协议，根据预定义的条款和条件自动执行、控制或记录事件和动作。智能合约由Nick Szabo在1994年首次提出概念，已经演变为区块链技术、加密货币、去中心化金融（DeFi）和非同质化代币（NFT）的基本构建块。与需要律师或公证人等中介的传统合同不同，智能合约在区块链网络上运行，当特定条件满足时自动执行。它们提供降低成本、增强安全性和提高透明度等好处，同时消除对可信第三
