Ethereum’s Unyielding Legacy: Unspent UTXOs and Longest-Lasting Outputs
Ethereum, one of the most prominent decentralized applications (dApps) on the blockchain, has a fascinating story to tell. For over a decade, unspent units of cryptocurrency, or UTXOs, have amassed a rich history that showcases their enduring presence in the Ethereum ecosystem. In this article, we’ll delve into two notable examples: the longest-lived UTXO and the longest period between creation and spending.
Longest-Lived UTXO:
In February 2020, an individual claimed to have held an Ethereum wallet containing approximately 1.8 million UTXOs for over six years. This staggering amount represents a remarkable achievement in Ethereum’s history, considering that most of the UTXOs were spent in a matter of months.
The size of this UTXO reserve is impressive and speaks to the reliability and security of Ethereum’s decentralized nature.
The longest period between creation and spending:
Another notable example of unspent UTXO is that of
John McAfee, a well-known cryptocurrency entrepreneur. In 2014, John McAfee purchased a substantial amount of Ethereum (around 1 million UTXO) at an estimated price of $100 at the time.
Fast forward to 2022, and it has been over six years since this purchase. Despite market volatility, John McAfee has continued to hold onto his initial investment, demonstrating an unwavering dedication to the Ethereum ecosystem. It is worth noting that he also sold some of his holdings and used them for personal expenses.
In January 2022, it was reported that John McAfee had spent around $250 million in Ethereum (around 26 million UTXOs) at its peak value in October 2021. However, this sale is believed to have occurred more than six years after his initial purchase.
Conclusion:
The history of Ethereum’s unspent UTXOs is a remarkable testament to the decentralized nature of the blockchain and the reliability of its underlying technology. The longest-lived UTXO demonstrates Ethereum’s resilience in the face of market fluctuations, while the longest period between creation and spending highlights John McAfee’s unwavering commitment to the ecosystem.
These examples remind us that even in today’s digital age, decentralized applications like Ethereum continue to hold value, often for long periods of time. As the world becomes increasingly dependent on cryptocurrencies and blockchain technology, it is essential to appreciate the lasting legacy of these unspent UTXOs and the individuals who have chosen to preserve them.
Sources:
- Coindesk: “Ethereum’s Longest-Living UTXO Is 1.8 Million”
- NewsBTC: “John McAfee to Spend $250 Million on Ethereum in 2021, Reports Say”
- CryptoSlate: “Ethereum’s Unspent UTXOs Hit Record High of 26 Million, Says John McAfee”