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OK blockchain 60 talk | Episode 21: what is utxo model?

Time : 19/11/2021 Author : s2x1fk Click : + -
        In the last lesson, we have talked about the double spending problem. The first case of the double spending problem is that the same amount of money is repeatedly spent twice due to the delay of synchronization during bookkeeping by the processor. Therefore, in order to solve this situation, some blockchain projects have introduced the account mechanism of utxo based on the consensus mechanism. The so-called utxo model is simply a special account bookkeeping model. Its Chinese meaning is "transaction output without cost". It is very different from the traditional account model of the bank in that this model only records the transaction itself, and does not record the result of the transaction.
 
        Like the traditional bank account model, it directly records the results. For example, if I have 10000 yuan in my account and I want to transfer 3000 to you, 3000 will be deducted from my account. My account balance is 7000, and your account will be increased by 3000. However, utxo model does not record this way. It will record the whole transaction process. The principle is as follows: suppose I have 10000 yuan in my account and I want to transfer 3000 to you. When utxo records, it will first record that all the 10000 yuan has been transferred out, and then record that 3000 yuan has been transferred to your account, and 7000 yuan has been transferred from my account to my own account.
 
        During the whole process, it will record all the involved account funds, transaction addresses, transfer funds, fund sources and other information. In this way, the original source of each transaction can be traced. Therefore, the essence of utxo is actually a journal account, which records the transaction process. The advantage of this model is that it allows each transaction process to be clearly recorded and the source of each transaction can be traced. It is also based on this feature that utxo can solve the double flower problem together with the consensus mechanism. The blockchain solves the first type of double flower problem. It also uses the traditional bank's method for reference, and will process transactions one by one in order.
 
        When a node is processing a transaction, it will first verify the existence of the transaction funds through the utxo model, and then trace the source of the transaction. After confirming that there is no problem, it will broadcast the whole network through the consensus mechanism and record it on the chain. If someone wants to pay twice with the same amount of money, the blockchain network will only confirm the transaction received first, and then the transaction. When querying utxo, the node will find that the fund has been paid out and does not exist in your account, thus refusing the transaction. Thus, the double flower problem in the first case is solved. However, utxo cannot solve the double flower problem caused by the rules.
 
        The so-called "double flower" problem caused by the rules is to use the rules of the consensus mechanism to tamper with the transactions that have been recorded. The common attack is 51% computing power. For example, there is a blockchain that uses the pow consensus mechanism. Because the number of people in the whole network is relatively small, one node has 51% of the computing power of the whole network. At this time, he can make a transaction first. After the transaction is completed, he can tamper with the previous transaction record through the consensus mechanism, deny the previous transaction, and return the spent money to his account for reuse. The double flower problem in this case can only be solved by improving the computing power of the whole network. Therefore, in the blockchain, the more people use, the higher the computing power of the whole network, and the safer the whole network.
 
        In general, utxo can not only help the consensus mechanism to solve the first type of double flower problem in the blockchain, but also endow the blockchain with the characteristics of traceability. The blockchain can also take this as a basis to ensure the authenticity and reliability of each transaction. "OK blockchain 60 talks" is a blockchain popular science animation video jointly produced by okex & sina science and technology. It is aimed at the zero basic users of the blockchain. Through a series of articles, popular science animations and other forms, from the perspective of concept, technology and application, it vividly illustrates the concept of the popular science blockchain through 5 blocks and 60 knowledge points. The contents of this set of courses are completed under the guidance of tutor Huang Lianjin, a blockchain expert member of China Electronics Society.
 
        
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