A Pecu Novus account is an entity with a PECU balance that can send transactions on the Pecu Novus network. Accounts can either be user-controlled or deployed as smart contracts.
Pecu Novus Account Types
Pecu Novus supports two distinct types of accounts:
- Externally-Owned Account (EOA):
- Controlled By: Individuals with private keys.
- Capabilities:
- Receive, hold, and send PECU and tokens.
- Interact with deployed smart contracts on Pecu Novus.
- Contract Account:
- Controlled By: Code in the form of a deployed smart contract.
- Capabilities:
- Receive, hold, and send PECU and tokens.
- Interact with other deployed smart contracts on Pecu Novus.
These functionalities allow both account types to participate fully in the Pecu Novus ecosystem, enabling a wide range of transactions and interactions.
Key Differences Between Externally-Owned Accounts (EOAs) and Contract Accounts on Pecu Novus
Externally-Owned Accounts (EOAs)
- Cost: Creating an account costs nothing.
- Transaction Initiation: Can initiate transactions.
- Transaction Types: Transactions between externally-owned accounts can only involve PECU/token transfers.
- Control: Made up of a cryptographic pair of keys: public and private keys that control account activities.
Contract Accounts
- Cost: Creating a contract incurs a cost due to network storage usage.
- Transaction Initiation: Can only send transactions in response to receiving a transaction.
- Transaction Capabilities: Transactions from an external account to a contract account can trigger code, which can execute a variety of actions, such as transferring tokens or creating a new contract.
- Control: Contract accounts have private keys on the Pecu Novus Blockchain Network. This is different from Ethereum, where contracts are controlled by the logic of the smart contract code.
EOA’s and Key Pairs
An account on Pecu Novus consists of a pair of cryptographic keys: a public key and a private key. These keys are essential for verifying transactions and preventing fraud. The private key is used to sign transactions, thereby proving the authenticity of the sender and providing control over the associated funds. It’s important to note that cryptocurrencies themselves are not held directly; instead, ownership is established and managed through possession of these private keys, with the digital assets recorded on Pecu Novus’ ledger.
The use of public-key cryptography ensures security by enabling verification of the transaction sender. For instance, if Joseph wishes to send PECU from his account to Jenny’s account, he initiates a transaction request and broadcasts it to the network for verification. Pecu Novus employs cryptographic mechanisms that allow Joseph to demonstrate he initiated the transaction request through his private key. This process prevents scenarios where malicious actors, like Anthony, could falsely broadcast a transaction request, claiming it originated from Joseph’s account. Without cryptographic safeguards, such fraudulent actions would be indistinguishable from legitimate transactions, posing significant security risks to the network.
Account Creation
When creating an account on Pecu Novus, a random private key consisting of 64 hexadecimal characters is generated for the user. This private key can be optionally encrypted with a password for added security. From this private key, the corresponding public key is derived using the Elliptic Curve Digital Signature Algorithm (ECDSA).
To obtain a public address for the account, the last 20 bytes of the Keccak-256 hash of the public key are taken, prefixed with ‘0x’. This public address serves as a unique identifier for transactions and interactions within the Pecu Novus network.
It’s important to note that while new public keys can be derived from a private key, the reverse is not possible. This underscores the critical importance of safeguarding the private key, as it grants control over the associated account and digital assets. Hence, the private key must be kept secure and confidential at all times to prevent unauthorized access and misuse.
In practical terms, the private key is used to sign messages and transactions, producing a signature. Others can verify the authenticity of these messages by using the corresponding public key derived from the signature, thereby confirming the identity and authorship of the sender. This cryptographic process ensures the integrity and security of transactions on the Pecu Novus Blockchain Network.
Contract Accounts
Contract accounts on the Pecu Novus Blockchain Network are assigned a unique 42-character hexadecimal address. This address is typically generated when a smart contract is deployed onto the network.
The contract address is derived from the creator’s address and the number of transactions sent from that address. This derivation ensures that each contract deployed on Pecu Novus has a distinct identifier, which helps in tracking and interacting with specific contracts on the blockchain.
When a contract is created and deployed by an externally-owned account (EOA), the Pecu Novus protocol calculates a deterministic address based on the EOA’s address and the nonce (the number of transactions sent from that address). This process ensures that the contract address is predictable and unique to that specific deployment instance.
Having a unique contract address is crucial for identifying and interacting with smart contracts on the blockchain. It allows participants to send transactions to the contract, query its state, and invoke its functions according to the rules and logic encoded within the contract’s bytecode.
Overall, the contract address plays a fundamental role in the decentralized execution and management of smart contracts on the Pecu Novus Blockchain Network, providing a reliable means to differentiate and access specific contract instances within the blockchain ecosystem.
Distinction Between an Account and a Wallet
An account on the Pecu Novus network refers to the cryptographic keypair used to manage and access a user-owned account. It consists of a private key, which is securely stored and used to sign transactions, and a public key, derived from the private key, which generates the corresponding public address on the blockchain.
However, a wallet in the context of Pecu Novus is distinct from an account. A wallet serves as an interface or application that facilitates interaction with your Pecu Novus account. It provides users with the ability to view their account balance, send and receive transactions, manage tokens and assets, and generally interact with the blockchain network.
Here’s the distinction:
- Account: Refers to the cryptographic keypair (private key and derived public key/address) that grants ownership and control over assets on the Pecu Novus Blockchain Network.
- Wallet: Refers to the software application or interface that allows users to manage their accounts, including initiating transactions, checking balances, and accessing various blockchain functionalities.
In essence, while an account is the fundamental cryptographic entity that represents ownership on the blockchain, a wallet provides the user-friendly interface that enables practical management and utilization of those blockchain assets.
