Unspent Transaction Output

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A UTXO is the unspent output of a blockchain transaction. Unspent transaction output (UTXO) is the abstraction of electronic money. Each UTXO is analogous to a cryptocurrency token and represents value. Bitcoin uses the UTXO model. With UTXO models users do not have accounts or balances but sent individual coins and tokens (UTXOs) to each other similar to cash. The owner of an UTXO signs a message (transaction) to transfer the ownership of the UTXO to the receiver’s public key.  


UTXO set

A UTXO set represents all coins in a cryptocurrency system. One can calculate the total supply of a cryptocurrency by summing up all UTXOs. Blockchain inputs are removed from the UTXO set for every transaction. At the same time, outputs create new UTXOs that are added to the UTXO set. Unspent outputs can be used to fund further cryptocurrency transactions. Only unspent outputs can be reused to prevent double-spending and fraud. 

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.


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