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What is #UTXO ? 🔍 UTXO: #比特幣的核心運作基石 !

UTXO is the abbreviation of Unspent Transaction Output and is the basic model of #比特幣 blockchain operation.
You can think of it like your Bitcoin balance, but instead of being a number like a bank, it's made up of the unspent outputs from each transaction.

How do UTXOs work?
1️⃣ When you receive a Bitcoin transaction, it is a new UTXO.
2️⃣ When you send Bitcoin, the system uses these UTXOs as "inputs" and generates new "outputs".
3️⃣ The remaining change will automatically generate a new UTXO and return it to your address.

For example:
You have two unspent transactions of 0.5 BTC and 0.3 BTC. If you were to send 0.6 BTC, these two UTXOs would be used as inputs. The system generates a 0.6 BTC to the recipient, and the remaining 0.2 BTC is returned to your own address to form a new UTXO.

Advantages of UTXO:
🔒 Transparent and secure: Every UTXO can be traced to its source to avoid double-spend attacks.
⚡ Efficient processing: The UTXO model allows transactions to be processed in parallel, improving network efficiency.
📜 Clear records: The UTXO model makes the records of the entire blockchain clear and organized.

Differences from account model
Compared with blockchains such as Ethereum that use an "account model", the UTXO model is more like a cash transaction - each transaction has its own "change". The account model is more like a bank account, calculating the balance directly.

The future of the UTXO model?
With the development of Bitcoin, the characteristics of the UTXO model make it still highly competitive in terms of efficient processing, transparency and security. Not only Bitcoin, but also new blockchains like Cardano and some new blockchains adopt an improved version of the UTXO model.

If you don’t know what UTXO is yet, now is the time to learn more about this technology as it is the cornerstone of Bitcoin’s successful operation🚀
#BTC

$BTC

Bitcoin Analysis 📍 Vitality Indicator: Destroyed money days Rate of Btc transfers generated so far with #Utxo. This gives us the mobility in the market in real terms. #Liveliness ✅ The accumulation period is over. Accumulation (consolidation continues) The rally has not started for both BTC and Altcoin. #liveliness #utxo $BTC

Architectural features of Bitcoin, or what's wrong with BRC-20?

#bitcoin #brc-20 #utxo

While Ethereum operates on an account-based model, Bitcoin uses an Unspent Transaction Output (UTXO) model to manage transactions, where each transaction consists of data inputs and outputs. During a transaction, inputs are deleted and new outputs are created. New outputs, called UTXOs, represent unspent balance that can be used in subsequent transactions. Essentially, UTXO is the BTC remaining in the wallet after transactions are completed.

This system is extremely important for Bitcoin - it provides a reliable way to track ownership and prevents double spending of BTC. Each UTXO can only be spent once, and all nodes on the Bitcoin network verify transactions, ensuring that UTXOs are not spent twice, thereby ensuring the integrity and security of the blockchain.

(mononautical)

someone is spending a lot of money and effort splitting out #ordinal sats right now.

the majority of this block is occupied by a giant web of transactions, grinding a single 10,000 sat #utxo down into individual #satoshis and then weaving them into 10k separate dust-sized outputs.

this one operation filled about 1.5 blocks, at a total cost of ~0.2 #BTC in transaction fees.
(https://mempool.space/block/000000000000000000033e1bbe78537846b8e4711db1cb674c6bc5de9c1613b2)

🚨 Costly Mistake: Someone Paid 8.18 BTC in Fees! 😬

A recent transaction reveals an accidental fee payment of 8.18 $BTC likely intended to be around ($0.66). The transaction appears to be an attempted Thorchain swap of #ETH for #USDT

The transaction includes 8 inputs but seems to have been designed for just 1 input. The additional inputs appear to have been consolidated without updating the change output, resulting in a massive fee overpayment. The output values sum to exactly 2,416 sats less than the first input value, which would have been a sensible fee for an 11.25 sats/vB rate.

The OP_RETURN content, a standard #Thorchain protocol format, indicates an ETH-format address with prior Thorchain activity. This suggests the issue may have originated in Thorchain wallet software or from manual transaction editing.

Possible Causes:

1. Wallet Software Bug: A flaw in Thorchain wallet software might have caused unnecessary inputs to be included without recalculating the change.

2. Manual Error: A poorly executed attempt to edit an existing transaction (e.g., to adjust fees) could have led to this.

3. Improper #UTXO Selection: Additional inputs were likely added without properly balancing the transaction.

Can This Be Recovered?

Unfortunately, recovery is difficult:

Miner Goodwill: If the miner hasn’t claimed the fee, they might refund it. However, this is rare since most miners prioritize processing fees automatically.

Thorchain Support: If it’s a wallet issue, contacting Thorchain developers or wallet providers could help, but compensation isn’t guaranteed.

Community Awareness: Publicizing the error might encourage the involved parties to assist.

This incident highlights how important it is to have robust wallet software and user awareness in the crypto space. If Thorchain or wallet software is at fault, they may need to investigate and implement safeguards to prevent similar issues in the future.

Have you experienced or seen anything similar?
$BTC