Get ready to strap in, as this is part one in a two part series where we'll be diving into the basics of blockchains and how they update the state of their public ledger. Blockchains can update their state through a variety of models, but the two most prominent models used today are the UTXO model and the Account model. The UTXO model is utilized by Bitcoin and a variety of older cryptocurrencies (mainly Proof-of-Work consensus networks), while the Account model is utilized by Ethereum and ma...