Unspent Transaction Output (UTXO) Beginner's Guide
UTXO is the fundamental unit used by networks such as Bitcoin to record spendable assets. A wallet balance is actually the sum of multiple UTXO. A transaction fully consumes old UTXO, and creates new ones for the recipient, change, and other purposes.UTXO。
UTXO What Is It?
UTXO is an output created by a transaction that has not yet been spent and can serve as an input to a new transaction. The balance displayed by a wallet is not a continuously updated number, but the aggregate value of a set of UTXO belonging to the user. Users prove their right to spend these outputs through valid digital signatures.
How Do Transactions Update UTXO
When initiating a transaction, a wallet selects or more existing UTXO and uses them in their entirety as inputs; only part of one cannot be spent. Network nodes verify that the inputs remain unspent, the signatures are valid, and the total input amount is sufficient. Once verified, the old UTXO are marked as spent, while the recipient payment and change form new UTXO。
Differences from the Account Model
UTXO The model tracks independent unspent outputs, whereas Ethereum's account model maintains and updates a balance for each address. Independent outputs facilitate parallel verification and can reduce transaction linkage when used with new addresses; the account model shares global state, making it easier to express complex smart contract logic.
Security and Cost of Use
Once the same UTXO has been consumed, it cannot be used again, which is an important mechanism for preventing double-spending. Outputs with excessively low value may become UTXO dust, where the fee to spend them may even exceed their value; the continued accumulation of dust also expands the UTXO set, so wallets may consolidate them when fees are lower.
Original Tutorial
https://www.binance.com/zh-CN/academy/glossary/unspent-transaction-output-utxo
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