I like to imagine when Bitcoin was being developed, its creator(s) envisioned an electronic system working similar to ‘real’ cash. Money be green and all.
YEC uses a cash-based record keeping model, similar to bitcoin UTXOs.
How does it work?
Say you go to a coffee shop, and a coffee costs $4. You pull out a $5 bill from your physical leather wallet and hand it to the cashier. They give you change, a $1 bill that you put back in your wallet. You add that $1 to the other bills in your wallet. Those bills in your wallet are unspent transaction outputs (UTXO), although you might get funny looks if you call them that at the coffee shop.
When paid with YEC, the same coffee might cost 18 YEC. You tell your wallet (such as Ywallet) to send 18. What actually happens is the wallet finds a UTXO or combination of UTXO equal or greater to 18. Maybe you have a 20 YEC UTXO, so it uses that. You then receive change of 2 YEC, which goes back into your wallet.
The balance in your wallet is the sum of all the unspent transaction outputs.
Just like real cash.
But UTXOs aren’t exactly like cash. They’re better! YECs don’t rip, they dont catch on fire, they don’t grow mold, they don’t carry bacteria. The electronic nature means increased speed, efficiency, reliability, portability, weight, and durability.
If you yearn for the empowerment and freedom of physical cash, no worries. YEC adopts the cash system that has worked well for centuries, and carries it adventurously into an electronic, decentralized future.
Check out YECpages.com for more info about wallets, where to buy YEC, where to get free YEC, and articles for getting started. Enjoy!
