Ethereum account is like having a bank account
we need bank account to send and receive money, same as Ethereum account it allows us to send and receive a currency called Ether.
There are two types of Ethereum account
– Externally Owned Account (EOA)
which managed by human ..like the one we use to buy and send coins from wallet to wallet which also managed by a private key ..anyone have the private key will have full access to the account
– Contract Account (CA)
Contract account managed by a code (aka, smart contract)
What is a Contract Account
a contract account is created whenever we deploy a smart contract on the blockchain.
With the help of the smart contract account we can send and receive Ether as well as interacting with other smart contracts.
In the contract account we dont need private or public key, becasue its controled by the code
To open or deploy a contract account a developer have to pay gas fee, because you’re occupying a space that require certain amount of fee in terms of gas
Deploying a contract account will give you a unique address as well as the ability to hold ETH balance