A coin selection strategy based on the greedy and genetic algorithm

【Author】 Wei, Xuelin; Wu, Chang; Yu, Haoran; Liu, Siyan; Yuan, Yihong

【Source】COMPLEX & INTELLIGENT SYSTEMS

【影响因子】6.700

【Abstract】Coin selection method refers to the process undergone when selecting a set of unspent transaction outputs (UTXOs) from a cryptocurrency wallet or account to use as inputs in each transaction. The most applied coin selection method that UTXO-based cryptocurrencies currently employ is an algorithm that decides on a certain set of UTXOs that matches the target amount and limits the transaction fee. However this approach trades off favourable maintenance overhead of the entire network for low transaction fees, as many low-value UTXOs known as "dust" is produced. Over time, this will impact the scalability and management of the cryptocurrency network as the global set of UTXOs become larger. Therefore, there is an urgency to find a higher-performing coin selection method suitable for UTXO-based cryptocurrencies. This paper proposes a method based on the greedy and genetic algorithm for effectively choosing sets of UTXOs in Bitcoin. The main objective of this coin selection strategy is to get as close as possible to the target while also maintaining and possibly reducing the number of UTXO inputs.

【Keywords】Coin selection; UTXO; Bitcoin transaction; Block size; Greedy algorithm; Genetic algorithm

【发表时间】

【收录时间】2022-07-17

【文献类型】理论性文章

【主题类别】

区块链治理-市场治理-数字货币