Let's talk about the 2 ways to track user balances on decentralized networks. Time for a #decodingbitcoin post:
1. Account Model (Ethereum): Tracks balances like a bank ledger (simple and intuitive).
2. UTXO Model (Bitcoin): Tracks specific unspent outputs from transactions (complex but powerful)
The account model is like your bank statement. Simple to understand and works well with smart contracts. The downside is it's less private and can be vulnerable to replay attacks.
The UTXO model is like bills in a wallet. UTXOs (unspent transaction outputs) can only be spent once. Each transaction creates new UTXOs, and your balance is the sum of all your unspent UTXOs
This model has better privacy, prevents double spending, and allows for parallel transaction processing. The cons are it's more difficult to understand, is harder for complex applications, and requires UTXO management.
Here's a comparison chart of the two models:
This material is from Decoding Bitcoin, your go-to resource for understanding #bitcoin, privacy, and decentralization.
If you enjoyed it, visit https://bitcoindevs.xyz/decoding for the full lesson, and follow us for more free educational #bitcoin content!
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While Bitcoin Core is mostly C++ and Python, there are many great bitcoin projects written in Rust including LDK, Stratum V2, and Fedimint!
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good catch! 😸 that link should be to: https://savingsatoshi.com/
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Incredible walkthrough of our ecosystem!
Thank you to nostr:npub1gjytv79y2p9uydm7n7y4x038rgphl88zpjcrv26d6w0p97a98zys3sektz for the deep dive!
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You spoke, we listened
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Biggest thanks to the team!
Dev: Emmanuel, Solomon, Balogun, Otuedon
Design: nostr:npub1xglkh5pzs6nkfnz5666jxqa3xpuehqpmm3nreplw463vald60jwqr6fmlc
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👩💻 Check the image below to learn how the data flow works:
🖤 Biggest thanks to our team!
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Better search
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We're building a ton of products
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Soon
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