RDEA-Driven Optimization of Coin Selection in UTXO-Based Cryptocurrencies

The main goals of this work are to present a new way to solve a group of Unspent Transaction Outputs (UTXOs) on transaction-based blockchains and to reach these goals. The primary aim is to diminish the UTXO set. The transaction charge will remain unminimized, and the random draw method may select a UTXO set exceeding the intended value. Our secondary objective is to reduce the transaction charge below the target cost, thereby decreasing the search space and computing duration. This study analyzes coin selection techniques employed in UTXO-based blockchains, such as Bitcoin. It specifically introduces a UTXOs methodology that combines the Random Draw with the evolutionary algorithm (RDEA). We utilized one year of authentic historical data to illustrate the effectiveness of the proposed methodology in addressing the simulation model. The results demonstrate that the aforementioned strategy is effective and successful in solving the coin selection model.