Digital currencies rely on the ability to transfer funds easily between parties. On blockchain networks, transactions are initiated by the owner of the currency, specifying the amount to send and the recipient. Blockchains use record-keeping models like the Unspent Transaction Output (UTXO) model or the accounts-based model to enable these transfers. In this article, we will focus on the basics of the accounts-based model - how it functions and differs from UTXO. Grasping Blockchain Basics To fully understand the accounts-based model, we must first cover some blockchain fundamentals. A blockchain is essentially a state machine – a system that transitions between defined states. It records prior transactions and events to represent the current state at any given time. Adding new transactions or blocks triggers state transitions according to preset protocol rules. All blockchains follow the same basic scheme, whether UTXO-based or accounts-based: Transactions are broadcast to the network...

Have you ever wondered what's happening behind the scenes when you make a Bitcoin transaction?  The answer lies in Bitcoin's underlying database model known as the Unspent Transaction Output (UTXO) scheme. In this guide, we'll unpack how UTXOs work, why Bitcoin uses this approach, and how it differs from account-based models common on platforms like Ethereum. What is the UTXO Model? Bitcoin works differently from traditional money in banking systems. There are no fractional dollar values or account balances in Bitcoin - only unspent transaction outputs (UTXOs). The bitcoin you see in your wallet that is available for you to spend and trade  — is is actually just UTXOs.  UTXOs are the traceable units of ownership on the blockchain. When you go to make a BTC payment, your wallet combines enough of your available UTXOs to meet the transaction amount. Those UTXOs become permanently spent and new UTXOs are generated containing any leftover change, which gets credited back to y...

DeFiChain’s passionate community is defined by talented people from diverse backgrounds, all united by advancing decentralized finance.  Today, we spotlight three such contributors.  Mark, Sebastian, and Igor, the co-founders of Javsphere, have come together to create a platform that offers a simplified gateway into DeFiChain MetaChain (DMC) products for users of all skill levels. From Newcomers to Community Builders Javsphere emerged from a shared passion for furthering DeFiChain adoption among its founders - Mark, Sebastian, and Igor.  Mark entered crypto in 2017 amidst growing curiosity and shifted from his long-standing corporate career to focus on DeFiChain education and growth.  Known for spearheading the popular DeFiChain News Show and fireside chats, he became an influential voice in the ecosystem. As newcomers asked Mark for crypto guidance, he began to recognize obstacles in the user experience journey. This led to the forming of Javsphere — a way to remove...

DeFiChain’s vibrant community has a shared vision of furthering decentralized finance. Talented builders and stakeholders are continually pushing the ecosystem forward.  Today, we’re spotlighting one such contributor – DMC Universe. DMC Universe aspires to be the central hub for all projects building on DeFiChain’s MetaChain layer.  We recently sat down with co-founders Peddy and 0ptim to learn more about their motivations and future plans.  From DeFiChain Enthusiasts to Ecosystem Builders Peddy first discovered DeFiChain in 2021 and quickly became a DFI holder. Enthused by the possibilities of decentralized finance, he began producing a DeFiChain-focused podcast called InTheMarket, allowing him to connect more deeply with the community. He was inspired to translate his enthusiasm into a more direct contribution after meeting the core DeFiChain team in Singapore. 0ptim learned about Bitcoin in 2015 during its meteoric rise but only jumped into the crypto world fully in 20...

Blockchain developers, get ready for the most exciting hackathon of the year! DeFiChain DevHack powered by AWS 2023 is your gateway to showcase your skills and creativity to reshape how we interact with the Bitcoin and Ethereum ecosystems. Whether you're a coding pro or just starting out, you’re welcome to participate and put your skills on display. 💡TL;DR: DeFiChain DevHack 2023 is a global hackathon from November 25 - December 5 for developers to build innovative DeFi solutions on the new MetaChain layer. Key highlights: - $25K+ prizes across multiple categoriesIn-person kickoff event in Bangalore, India on November 25 - Workshops and mentoring from DeFiChain expertsAWS credits for participants - Chance to gain global recognitionParticipants can showcase skills and creativity to reshape decentralized finance. Coding pros and beginners alike are welcome to join. Build the next big thing in DeFi on MetaChain. Prizes That Celebrate Innovation and Expertise Over $25,000 worth of pri...

Want to transfer your $DFI from the DeFiChain Light Wallet over to MetaMask to use it on the new MetaChain layer? Follow this quick step-by-step guide to seamlessly transfer funds between the two wallets. This straightforward process only takes a few minutes, but it opens up a whole new world of possibilities with your $DFI now being accessible via MetaMask on DeFiChain's EVM layer. Read on to learn how to connect your wallets and start capitalizing on MetaChain's ecosystem today. Transfer $DFI from Light Wallet to MetaMask When transferring $DFI between the original DeFiChain chain (DVM) and the new MetaChain layer (EVM), be aware of a key difference. Sending $DFI onto MetaChain (MetaMask) must be initiated from the DVM wallet in your Light Wallet app. You can toggle between viewing your DVM and EVM wallets using the button in the top left of the app. Step 1: Access MetaMask Open your MetaMask extension in the browser. Step 2: Add the DeFiChain Network Visit DeFiChain RPC Main...

In 2020, the landscape of decentralized finance (DeFi) was brimming with potential but fraught with safety and security concerns. It was then that the vision for a non-Turing complete blockchain, exclusively tailored for DeFi, took root.  Fast forward to today, and that vision has not just taken shape but is thriving as a collaborative ecosystem as the next pivotal moment in DeFiChain history comes to fruition: the launch of the MetaChain layer. The MetaChain layer marks the culmination of over two years of steadfast ideation and rigorous development. Its activation is a milestone in advancing blockchain technology to new heights of functionality and reliability and ultimately makes DeFi accessible for everyone. What Does it Mean for DeFiChain? DeFiChain's new Ethereum Virtual Machine (EVM) layer (MetaChain) marks a major architectural evolution. With the MetaChain layer, DeFiChain can now support EVM transactions while still keeping the security benefits of its UTXO model. How Doe...