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Glossary-U
Glossary-U
Glossary-Term

Unpermissioned Ledger

A ledger (see above) that doesn’t require the approval of a central authority to be used. It is not owned by anyone and open to participation. A good example is Bitcoin itself.

Glossary-Term

Utility Token

A token that grants owners access to useful products or services on the Blockchain, thus providing utility to its owners.

Glossary-Term

UTXO (Unspent Transaction Outputs)

Certain blockchain systems such as Bitcoin use the UTXO model. In this model, the Unspent Transaction Output describes some digital money that has been sent from one wallet address to another but has not yet been “spent” by the receiver (i.e., transferred from the receiver to somebody else). Therefore, the outputs of a blockchain transaction are represented as different unique notes/bills (e.g., $1 or $10 bill), and this helps prevent double-spending each UTXO or “digital note” is accounted separately by such a blockchain system.