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Article: Ethereum: When does Bitcoin update the UTXO set?
When exploring the world of cryptocurrency and blockchain, it is essential to understand how different networks update their underlying technology. In this article, we are immersed in the Ethereum and Bitcoin Utxo series, explaining when to update.
What is UTXO set?
In a blockchain such as Ethereum or Bitcoin, each transaction includes the creation of a unique “transaction output” (or “output”) that is added to the list called “Utxo Set” (short “inappropriate transaction output”) . The UTXO set includes all outputs from previous transactions, which are then used to pay goods and services.
The Bitcoin UTXO set
Bitcoin uses WORK-OF-OF (POW) consensus algorithm, which aims to ensure the network by obliging miners to solve complex mathematical puzzles. As part of this process, Bitcoin regularly updates UTXO setting to ensure that it remains compatible with changes in the blockchain architecture.
When Bitcoin updates the UTXO set, all blocks (about 2 weeks) usually happen. This means that all blocks added to the blockchain contain new outputs from previous transactions that are used to pay the fees and update the condition of the network.
Ethereum utxo set
Ethereum, on the other hand, uses a more complex consensus algorithm, the so -called evidence (POS). Unlike bitcoin, Ethereum does not require miners to solve mathematical puzzles; Instead, validators (so -called “nodes”) are chosen to create new blocks based on the “stake” balance of Ethereum. These stakes represent the amount of ether stored in its wallet.
When Ethereum updates the UTXO set, it usually occurs per 15 blocks (about 1.25 weeks). The reason for this is that the consensus algorithm of Ethereum POS requires validators to regularly update the blockchain to ensure a safe and decentralized remnant of the network.
The connection between bitcoin and Ethereum
Now that we have examined how each network is updating the UTXO set, let’s talk about when they can contact each other. Theoretically, if two networks had different UTXO stocks, the transactions would be invalid or incomplete.
However, there are scenarios where this cannot happen:
- Interoperability : If the cryptocurrency allows seamless interactions between blockchain and another network (such as bitcoin), UTXO sets may be the same.
- Cross-Protocol Updates
: If two networks update their basic technology significantly, they can update their UTXO stocks in parallel.
In practice, this means that if you send a transaction on Ethereum from your Exchange wallet and then try to send it to a bitcoin, the transaction would be valid as both networks have been updated independently.
Conclusion
In summary: When do you update your Bitcoin utxo kit? The answer depends on the consensus algorithm used by each network. Bitcoin every 2016 block (about 2 weeks) refreshes its UTXO set, while Ethereum updates per 15 blocks (about 1.25 weeks).
Although this may seem like a complex topic, understanding these differences can help navigating the world of cryptocurrencies and blockchain.
I hope this article helped to clarify things for you! Do you have any additional questions or topics you would like to discover?