Accounts and Addressing

Overview

Accounts are fundamental to interacting with the GenLayer network. They represent users or entities that can hold tokens, deploy Intelligent Contracts, and initiate transactions.

Types of Accounts

1. Externally Owned Accounts (EOAs):

   • Controlled by private keys
   • Can initiate transactions and hold tokens

2. Contract Accounts:

   • Associated with deployed Intelligent Contracts
   • Have their own addresses and code

Account Addresses

• Address Format: GenLayer uses a specific address format, typically represented as a hexadecimal string prefixed with 0x.
• Public and Private Keys: Addresses are derived from public keys, which in turn are generated from private keys kept securely by the account owner.

Interacting with Intelligent Contracts

• Transaction Sending: Accounts initiate transactions to call functions on Intelligent Contracts or transfer tokens.
• Gas Fees: Transactions require gas fees to be processed.

Account Management

• Creating Accounts: Users can create new accounts using wallets or development tools provided by GenLayer.
• Security Practices: Users must securely manage their private keys, as losing them can result in loss of access to their funds.