ETHEREUM ACCOUNTS
A thread to know more about Ethereum accounts:
· definition
· account types
· account differences
· account fields
· private and public keys
· account creation
· keep your private key secret!
· contract account
· accounts and wallets
Source: Ethereum docs
↓
A thread to know more about Ethereum accounts:
· definition
· account types
· account differences
· account fields
· private and public keys
· account creation
· keep your private key secret!
· contract account
· accounts and wallets
Source: Ethereum docs
↓
DEFINITION of Ethereum Account
It's an entity with an ether (ETH) balance.
Accounts can send transactions on the Ethereum network.
Accounts can be:
- user-controlled.
- deployed as smart contracts.
It's an entity with an ether (ETH) balance.
Accounts can send transactions on the Ethereum network.
Accounts can be:
- user-controlled.
- deployed as smart contracts.
ACCOUNT TYPES
Two account types:
- Externally-owned: controlled by anyone with the private keys.
- Contract: a smart contract deployed to the network, controlled by code.
Both account types can:
- receive/hold/send ETH and tokens.
- Interact with deployed smart contracts.
Two account types:
- Externally-owned: controlled by anyone with the private keys.
- Contract: a smart contract deployed to the network, controlled by code.
Both account types can:
- receive/hold/send ETH and tokens.
- Interact with deployed smart contracts.
ACC DIFFERENCES
Externally-owned:
- No Creation Cost
- Can initiate transactions
- Transactions can only be ETH/token transfers
Contract:
- Creation cost
- Transactions only as responses to other transactions
- Transactions external -> contract account can trigger code/actions
Externally-owned:
- No Creation Cost
- Can initiate transactions
- Transactions can only be ETH/token transfers
Contract:
- Creation cost
- Transactions only as responses to other transactions
- Transactions external -> contract account can trigger code/actions
ACCOUNT FIELDS:
- nonce: Transaction counter.
- balance: WEI owned by the address.
- codeHash: Code of an account on the EVM
- storageRoot: 256-bit hash of the root node of a Merkle Patricia trie. It encodes the storage contents of the account.
- nonce: Transaction counter.
- balance: WEI owned by the address.
- codeHash: Code of an account on the EVM
- storageRoot: 256-bit hash of the root node of a Merkle Patricia trie. It encodes the storage contents of the account.
KEY-PAIRS FOR EXTERNALLY-OWNED ACCOUNTS
Accounts are made up of public and private key pairs.
The private key is used to sign transactions, so it grants custody over the funds associated with the account.
Accounts are made up of public and private key pairs.
The private key is used to sign transactions, so it grants custody over the funds associated with the account.
ACCOUNT CREATION
Creating an account on Ethereum by generating a private key is easy.
Private key:
- made up of 64 hex characters
- can be password-encrypted
Public key: generated from the private key
Public address:
0x + the last 20 bytes of the Keccak-256 public key hash
Creating an account on Ethereum by generating a private key is easy.
Private key:
- made up of 64 hex characters
- can be password-encrypted
Public key: generated from the private key
Public address:
0x + the last 20 bytes of the Keccak-256 public key hash
KEEP THE PRIVATE KEY SECRET
It's possible to derive new public keys from your private key. Never the opposite.
The private key is used to sign messages and transactions which output a signature, which can be verified by others in the network.
It's possible to derive new public keys from your private key. Never the opposite.
The private key is used to sign messages and transactions which output a signature, which can be verified by others in the network.
CONTRACT ACCOUNTS
They have a 42 character hex address:
Contract Address: usually given when a contract is deployed to the Ethereum Blockchain. It comes from the creator's address and the nonce.
They have a 42 character hex address:
Contract Address: usually given when a contract is deployed to the Ethereum Blockchain. It comes from the creator's address and the nonce.
WALLETS = ACCOUNTS?
An account is NOT a wallet!
Account:
is the key pair for an Ethereum account owned by a user.
Wallet:
is an interface or app that lets you interact with your Ethereum account.
Source: the Ethereum docs
An account is NOT a wallet!
Account:
is the key pair for an Ethereum account owned by a user.
Wallet:
is an interface or app that lets you interact with your Ethereum account.
Source: the Ethereum docs
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