TL;DR
This paper presents a simplified algebraic framework for understanding UTxO blockchains, providing a new mathematical foundation that captures core blockchain structures like Bitcoin.
Contribution
It introduces a concise set of type equations and an algebraic model, establishing a formal connection between them through adjoint functors, advancing the theoretical understanding of blockchain architecture.
Findings
Develops a simple algebraic model of UTxO blockchains
Establishes a formal correspondence between type equations and algebraic structures
Provides a new mathematical perspective on blockchain technology
Abstract
We condense the theory of blockchains down to a simple and compact set of four type equations (Idealised EUTxO), and to an algebraic characterisation (abstract chunk systems), and exhibit an adjoint pair of functors between them. This gives a novel account of the essential mathematical structures underlying blockchain technology, such as Bitcoin.
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