🐕Transfer (T)

Transfer (T):

Transfer transactions are used to move tokens from one address to another.

  • Type: D (Deploy)

  • Action: T

  • Fields:

    • token: The unique identifier for the token.

    • total (optional): The number of tokens being transferred.

    • name (optional): The name of the token being transferred.

Example OP_RETURN Data:

D T TOKEN_NAME 100

Role of UTXOs:

  • Each UTXO represents a specific amount of tokens.

  • The sender's UTXO is consumed to represent the transfer of tokens.

  • A new UTXO is created for the receiver with the transferred amount, encoded with a value of 0.01 DOGE.

  • This ensures that the token transfer is traceable and verifiable on the blockchain.

  • Each UTXO is connected to the token name and amount, maintaining the integrity of the token transfers.

Transfer Transaction:

  1. Extract OP_RETURN Data: Decode the hex-encoded string to extract token details.

  2. Validate Fields: Ensure the token and total fields are present.

  3. Update Amounts: Decrease the sender's amount and increase the receiver's amount using UTXOs.

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