Bitcoin whitepaper On-chain data
Description: UTXO (U) set is divided into intersecting classes: U = U{U_j}, where U_j class consists of tx outputs which lifespan (l, in heights) satisfy equation log(l) > j, logarithm base is 2. It creates a family of parametric long-term and short-term supply curvers. Lifespan is measured as distance between block heights. The values j=12, 13, 14, 15, 16 and 17 correspond on average to 28, 57, 114, 228, 455 and 910 days for tx output lifespan. Half-year supply curve lies between j=14 and j=15, one year supply curve - between j=15 and j=16. When the param j is fixed the curve presents a binary distinction of two classes: long-term supply and short-term supply.
Bitcoin on-chain independent research project
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