How do accounts on ethereum work

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This tree encodes the hash of the storage contents of this account, and is empty by default. For contract accounts, this is the code that gets hashed and stored as the codeHash. For externally owned accounts, the codeHash field is the hash of the empty string.

This mapping is stored in a data structure known as a Merkle Patricia tree. This tree is required to have a key for every value stored inside it. Beginning from the root node of the tree, the key should tell you which child node to follow to get to the corresponding value, which is stored in the leaf nodes. Source: Ethereum whitepaper This same trie structure is used also to store transactions and receipts.

Broadly speaking, there are two types of nodes: full nodes and light nodes. A full archive node synchronizes the blockchain by downloading the full chain, from the genesis block to the current head block, executing all of the transactions contained within. Typically, miners store the full archive node, because they are required to do so for the mining process. It is also possible to download a full node without executing every transaction. Regardless, any full node contains the entire chain.

This is where the concept of a light node comes in. Instead of downloading and storing the full chain and executing all of the transactions, light nodes download only the chain of headers, from the genesis block to the current head, without executing any transactions or retrieving any associated state.

Because light nodes have access to block headers, which contain hashes of three tries, they can still easily generate and receive verifiable answers about transactions, events, balances, etc. The reason this works is because hashes in the Merkle tree propagate upward — if a malicious user attempts to swap a fake transaction into the bottom of a Merkle tree, this change will cause a change in the hash of the node above, which will change the hash of the node above that, and so on, until it eventually changes the root of the tree.

In summary, the benefit of using a Merkle Patricia tree is that the root node of this structure is cryptographically dependent on the data stored in the tree, and so the hash of the root node can be used as a secure identity for this data. Since the block header includes the root hash of the state, transactions, and receipts trees, any node can validate a small part of state of Ethereum without needing to store the entire state, which can be potentially unbounded in size.

Gas and payment One very important concept in Ethereum is the concept of fees. One gwei is 1,,, Wei. With every transaction, a sender sets a gas limit and gas price. The product of gas price and gas limit represents the maximum amount of Wei that the sender is willing to pay for executing a transaction. Remember that the gas limit represents the maximum gas the sender is willing to spend money on.

The sender is refunded for any unused gas at the end of the transaction, exchanged at the original rate. In this case, the transaction processing aborts and any state changes that occurred are reversed, such that we end up back at the state of Ethereum prior to the transaction. Additionally, a record of the transaction failing gets recorded, showing what transaction was attempted and where it failed.

And since the machine already expended effort to run the calculations before running out of gas, logically, none of the gas is refunded to the sender. Where exactly does this gas money go? Since miners are expending the effort to run computations and validate transactions, miners receive the gas fee as a reward. Typically, the higher the gas price the sender is willing to pay, the greater the value the miner derives from the transaction.

Thus, the more likely miners will be to select it. In this way, miners are free to choose which transactions they want to validate or ignore. In order to guide senders on what gas price to set, miners have the option of advertising the minimum gas price for which they will execute transactions. There are fees for storage, too Not only is gas used to pay for computation steps, it is also used to pay for storage usage.

The total fee for storage is proportional to the smallest multiple of 32 bytes used. Fees for storage have some nuanced aspects. For this reason, if a transaction has a step that clears an entry in the storage, the fee for executing that operation of is waived, AND a refund is given for freeing up storage space. One important aspect of the way the Ethereum works is that every single operation executed by the network is simultaneously effected by every full node.

However, computational steps on the Ethereum Virtual Machine are very expensive. Therefore, Ethereum smart contracts are best used for simple tasks, like running simple business logic or verifying signatures and other cryptographic objects, rather than more complex uses, like file storage, email, or machine learning, which can put a strain on the network.

Imposing fees prevents users from overtaxing the network. Ethereum is a Turing complete language. In short, a Turing machine is a machine that can simulate any computer algorithm for those not familiar with Turing machines, check out this and this. Accounts can be user-controlled or deployed as smart contracts.

Prerequisites Accounts are a very beginner-friendly topic. But to help you better understand this page, we recommend you first read through our introduction to Ethereum. Account types Ethereum has two account types: Externally-owned account EOA — controlled by anyone with the private keys Contract account — a smart contract deployed to the network, controlled by code.

Instead, they are controlled by the logic of the smart contract code An account examined Ethereum accounts have four fields: nonce — A counter that indicates the number of transactions sent from the account. This ensures transactions are only processed once. In a contract account, this number represents the number of contracts created by the account.

Contract accounts have code fragments programmed in that can perform different operations. This EVM code gets executed if the account gets a message call. It cannot be changed, unlike the other account fields. All such code fragments are contained in the state database under their corresponding hashes for later retrieval. This hash value is known as a codeHash.

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That said, the gas and start price values are unique to Ethereum transactions and play a vital role in protecting the network from spam attacks. Without robust defensive measures, malicious actors could design smart contracts to expend vast amounts of computational energy to overload the network.

By introducing a concept called gas, the Ethereum protocol ensures that each computation on the network comes at a price. As a rule of thumb, one computation costs one gas. Gas has a monetary value, making it exceptionally expensive to launch such an attack. Additionally, the Start gas value is included to limit the number of computations a transaction is allowed to execute, further helping to fight spam attacks.

How does ownership transition on the Ethereum blockchain? By now we understand what a transaction is on a technical level, and what data is required to perform one. Source: Ethereum Whitepaper To be more precise, a transaction goes through a series of steps before being successfully completed. First, the Ethereum blockchain checks to see if the transaction contains all the data listed above, and has a valid signature. If the nonce also matches, the transaction moves on to the second step.

Here the transaction fee is calculated. In very simple terms, this is done by multiplying the Start gas with the gas Price value contained in the transaction and adding one gas per computation. If the account cannot cover the fee, or the transaction does not contain a valid signature, the transaction fails, producing an error.

Part of the genius of Ethereum is that it manages to completely revert the transaction in case of an error. If all the conditions are met, the state of ownership is transitioned from the sender to the recipient. In the case that the recipient account is a contract account, the code is run to completion or until the predesignated gas runs out.

That, in a nutshell, is how Ethereum transactions work. Why does Ethereum become congested? So far we have seen how brilliantly Ethereum handles transactions. Not only does it develop the state transition system, but it also pioneered contract accounts capable of executing complex code. Nevertheless, Ethereum still has one or two issues which routinely cause congestion on the network.

Congestion, in the context of cryptocurrencies, refers to a situation in which transactions are processed at a greatly reduced speed, causing the number of pending transactions to ramp up. The most famous case of congestion occurred in December , when a popular game called Cryptokitties , single-handedly brought the network to a grinding stop. Below you can see a chart showing pending transaction during the first days of December. Source: Quartz This level of congestion was possible because Cryptokitties is a DAPP that relies on transactions to perform basic aspects of the game.

Therefore, the more users played the game, the more transactions were propagated to the blockchain. How many types of Ethereum accounts are there? Two different types of Ethereum accounts exist. The first is called an externally owned account EOA. The second is called a contract account.

Externally owned accounts are controlled by anyone with the private keys. Contract accounts are smart contracts deployed to the network and controlled by code. Both types are identified by an Ethereum address. In terms of capabilities, the two account types can: 1. Receive, hold, and send ETH and tokens 2. This control occurs often through software such as a wallet application.

Externally owned accounts are simple accounts without any associated code or data storage. This type of Ethereum account is controlled by and cryptographically signed using a private key in the "real world. It is also referred to as a smart contract. Contract accounts have associated code and data storage, but not private keys. They "control themselves. Ethereum accounts have four fields : What are the differences between the account types? To access the funds, one must have its private key.