Glossary

Utreexo

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Utreexo is a proposed hash-based accumulator that would consolidate the UTXO set into a Merkle Tree, allowing users to maintain only the desired UTXO set and very little other data. The advantages of using a Merkle tree to summarize the UTXO set include simple, trustless verification and a relatively straightforward process for adding and removing UTXOs.

Related Terms
UTXO Set
The UTXO set is the comprehensive set of all UTXOs existing at a given point in time. The sum of all UTXOs will yield the precise current supply of Bitcoin.
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Merkle Tree
A Merkle tree is a data structure which stores all transactions in a given block. The Merkle tree's root is placed in the block header as a summary of all transactions.
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Light Client
A light client is a Bitcoin application, such as a wallet, that does not store the blockchain. A light client queries other nodes for specific transactions or blocks of interest. Light clients are less private and trustworthy than nodes, but are more convenient and less demanding of disk space.
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Unspent Transaction Output (UTXO)
A UTXO is a discrete piece of bitcoin. Bitcoin does not use accounts and balances. Instead, individual pieces of bitcoin are owned by individuals, analogous to physical coins or cash.
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