What are Accounts?

The global state of Ethereum is comprised of accounts that interact with one another through a message-passing framework. The most basic interaction is that of sending some value - like matic tokens, ether - the native cryptocurrency of Ethereum blockchain. Each account is identified by a 20 byte identifier which is called an address - this is the public key of the account. There exist two types of accounts:

  1. Externally Owned Account - An account controlled by a private key, and if you own the private key associated with the account you have the ability to send tokens and messages from it.
  2. Contract Owned Account - An account that has an associated smart contract code with it and its private key is not owned by anyone

These can be differentiated as follows:

Externally Owned Accounts

  1. can send transactions (ether transfer or trigger contract code)
  2. is controlled by private keys
  3. has no associated code

Contract Owned Accounts

  1. has associated code
  2. code execution is triggered by transactions or messages (calls) received from other contracts
  3. when executed - perform operations of arbitrary complexity (Turing completeness) - manipulate its own persistent storage, i.e., can have its own permanent state - can call other contracts.

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