Xiaohui,

None of this is dependent on unspendable coins, correct? It's all UTXO-based?

In your demo, this would go from 1 UTXO (issue) to 2 UTXOs (split) back to 1 UTXO (merge)? Is that about right?

How big would you make the issue UTXO? (in terms of layer1 bitcoins?)