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Public Tech Talk: "What is an EUTxO blockchain?" by Jamie Gabbay



The UTxO (unspent transaction output) model is the underlying data structure of Bitcoin, which has since been extended to the Extended UTxO model.

It exists in code, but what does it mean? I will give a novel mathematical model based on some strikingly simple type equations which -- for me at least -- make it easier to see what is structurally going on. I will describe how the equations can be used to obtain two further models, one which is more abstract and one which is more concrete:

  • A universal algebra axiomatisation, exhibiting Blockchain as an algebraic structure and so implying a general mathematics and specific testable properties against which to verify an EUTxO implementation, and

  • An executable Haskell reference implementation