Accounts
An account is one of the main building blocks of the Ethereum blockchain. It is defined by pairs of private and public keys. Accounts are used by users to interact with the blockchain via transactions. A transaction is digitally signed by an account before submitting it to the network via a node. With Ethereum being a transaction-driven state machine, the state is created or updated as a result of the interaction between accounts and transaction executions. All accounts have a state that, when combined together, represents the state of the Ethereum network. With every new block, the state of the Ethereum network is updated. Operations performed between and on the accounts represent state transitions. The state transition is achieved using what’s called the Ethereum state transition function, which works as follows:
- Confirm the transaction validity by checking the syntax, signature validity, and nonce.
- The transaction fee is calculated, and the sending...
