A Survey on Coin Selection Algorithms in UTXO-based Blockchains

TL;DR

This paper provides a comprehensive review and categorization of coin selection algorithms in UTXO-based blockchains, evaluating their objectives, functionalities, and performance to inform future research and development.

Contribution

It offers a structured categorization of coin selection algorithms and evaluates their performance, filling a gap in understanding their design landscape.

Findings

Algorithms are categorized into primitive, basic, and advanced types.

Performance evaluation highlights strengths and limitations of existing algorithms.

Provides a clear overview for researchers and developers in blockchain technology.

Abstract

Coin selection algorithms are a fundamental component of blockchain technology. In this paper, we present a comprehensive review of the existing coin selection algorithms utilized in unspent transaction output (UTXO)-based blockchains. We provide a list of the desired objectives and categorize existing algorithms into three types: primitive, basic, and advanced algorithms. This allows for a structured understanding of their functionalities and limitations. We also evaluate the performance of existing coin selection algorithms. The aim of this paper is to provide system researchers and developers with a concrete view of the current design landscape.