unspent transaction output (UTXO) [English]

Syndetic Relationships

InterPARES Definition

No definition in earlier IP projects. ITrust definition not yet developed.

Other Definitions


  • Buterin [2017] (†818 s.v. "Scripting" ): Even without any extensions, the Bitcoin protocol actually does facilitate a weak version of a concept of "smart contracts". UTXO in Bitcoin can be owned not just by a public key, but also by a more complicated script expressed in a simple stack-based programming language. In this paradigm, a transaction spending that UTXO must provide data that satisfies the script. Indeed, even the basic public key ownership mechanism is implemented via a script: the script takes an elliptic curve signature as input, verifies it against the transaction and the address that owns the UTXO, and returns 1 if the verification is successful and 0 otherwise. (†2346)