Account
Last updated
Last updated
Externally Owned Accounts (EOA) are the most common type of account that gives blockchain users direct control. These accounts are created using a private key, and this linked key creates a unique signature and provides access to the blockchain.
EOA allows users to send and receive transactions and interact with various applications. This type of account is available on several blockchains, and is the only account type that allows you to pay the gas fee required to initiate transactions.
When an externally owned account first generates a transaction (Tx) and then the contract account generates a transaction (Tx), it is impossible to generate a transaction using the contract account. At this time, a contract owner account and an externally owned account are required.
Contract Accounts (CA) are a set of code (function) and data (state) stored at a specific address in the blockchain. These accounts exist inside the blockchain and are activated and executed through functions triggered by externally owned accounts (EOAs) or other contractual accounts (CAs). Importantly, contract accounts do not have private keys associated with them.
This means that contract accounts operate independently, following predetermined rules and logic defined in the smart contract code. This means they can control their own behavior and make automated decisions within the blockchain network.
Internally Owned Accounts (IOA) are operated by taking over owner authority from Externally Owned Accounts (EOA). These accounts exercise owner authority through the Node Authority DAO. In other words, internally owned accounts are part of the DAO and can make decisions regarding node authority based on authority delegated from the EOA.
The internally owned account initiates the transaction (Tx) first. After that, it is possible for the contract account to generate a transaction (Tx), and the gas fee incurred during this process is borne by the internally owned account.
