2 Ethereum account type 1. External account Controlled by anyone with the private key which use to sign transactions. An account is made up of a cryptographic pair of keys: public and private . Public key is generated from the private key using the Elliptic Curve Digital Signature Algorithm . Public key prove that she originally initiated the transaction request. It is possible to derive new public keys from your private key but you cannot derive a private key from public keys. Costs nothing. Can initiate transactions. Transactions between externally-owned accounts can only be ETH/token transfers. 2. Contract account Controlled by code. H as a cost because you're using network storage. Can only send transactions in response to receiving a transaction. Transactions from an external account to a contract account can trigger code which can execute many different actions . 👉 Both account can : Receive, hold and send ETH and tokens. Interact with deployed smart contracts. 3
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