A brief introduction to test networks
As we learned in Chapter 1, Blockchain and Cryptocurrency, the recipient of a transaction can be an Externally Owned Account (EOA) or a contract account. Transaction data is considered an argument to the function. An EOA is usually managed by the users through a wallet, while a contract account is handled by a smart contract—basically, a piece of code. We can get a clear picture of the two types of accounts by looking at the following table. What an EOA and a contract account have in common is that both are identified by an address. The contract account needs code and data storage, and it doesn’t have private keys. On the other hand, an EOA doesn’t need code or data storage, and it does have private keys.
Let’s have a look at the following table:
|
Account type |
Managed by |
Needs code |
... |
