Understanding Contract Accounts
In the context of contracts, a contract account refers to a separate account opened for each contract after it has been accepted by the contractors.
This account consolidates all costs related to a specific contract and is identified and referred to by a serial number known as a contract account.
Cryptocurrency Contract Accounts and Execution
In the world of cryptocurrencies, a contract account is an account that holds a balance of Ether (crypto) and is associated with code.
The execution of this code is triggered by transactions or messages received from other contracts.
When executed, contract accounts can perform operations of varying complexity and manipulate their own persistent storage, which maintains a permanent state and can invoke other contracts.
Ethereum Contract Account Execution Process
In the Ethereum blockchain, all actions are initiated through transactions from externally owned accounts.
When a contract account receives a transaction, its associated code is executed based on the input parameters provided.
The Ethereum Virtual Machine executes the contract code on each participating node in the network as part of block verification.
Deterministic Execution in Ethereum Blockchain
However, this execution must be deterministic, and its only context is the position of the block within the blockchain and the available data.
The blocks in the blockchain represent units of time, where the blockchain serves as a temporal dimension that encompasses the complete history of states and discrete-time points defined by the blocks in the chain.