Building mathematical models applied to UTXOs selection for objective transactions

In this paper, we propose novel mathematical models for effectively choosing a set of Unspent Transaction Outputs (UTXOs) in transaction-based blockchains in terms of two major objectives. The first one is to minimize the transaction size, as a result, minimize the transaction fee for miners paid by users. The second one is to shrink the UTXO set size that consequently reduces the searching space and computation overhead. Our proposed models are evaluated on real transactions collected from Bitcoin network and transactions generated by Highest Value First (HVF) and Lowest Value First (LVF) based approaches. The experimental results show that our proposed models gain better performance compared to other existing approaches.