Mascot waving
Understanding Blockchain Ledger Models

Understand Blockchains
by Operating Them.

Build transactions. See outcomes. Explore how value moves through a UTxO ledger.

Start the journey Jump to the build
FreeNo Sign-Up
InteractiveLearn by Doing
No WalletRequired
Live LedgerSlot 12,456,789
Your Wallet
27 ₳#a1bd...0d18 ₳#bdf1...1f42 ₳#0bdc...ff13 ₳#2bd1...aa7 ₳#eef...09
Build Transaction
Send
₳
Change
4.00 ₳
Try:
Fee0.17 ₳
Tx Size580 bytes
PrivacyMedium
ParallelismHigher
Start your journey

Eight chapters from "what is a UTxO" to "I just built one".

No sign-up. Progress lives in your browser. Around 75 minutes end to end, or jump into any chapter from the sidebar.

Start with Chapter 1Peek at the capstone
The journey, chapter by chapter
01

What is a UTxO?

Start with the foundation: how a UTxO ledger tracks value as discrete, unspent outputs.

02

UTxO vs Account

Two paradigms compared: cash-like outputs versus balance-like accounts.

03

Inside a Wallet

How a wallet holds many UTxOs and what addresses really are.

04

Coin Selection

How wallets pick which UTxOs to spend, with privacy and fee trade-offs.

05

Mempool & Fees

What happens between submit and block: fee markets and deterministic execution costs.

06

Extended UTxO

Datum, redeemer and context: how scripts decide whether to unlock a UTxO.

07

eUTxO in Practice

DeFi, state machines, oracles: how real apps compose eUTxOs.

★

Build Your First eUTxO Transaction

Compose inputs, outputs, datum and redeemer. Submit to a sandbox validator.