Accounts and Transactions

In the context of blockchain, a transaction refers to a fundamental unit of activity that occurs on a blockchain network. It represents a transfer or exchange of data or value between participants in the network (accounts).

On GGX chain, accounts are entities used to represent individuals or entities that own and transact with GGX tokens on the blockchain. Accounts are similar to bank accounts in traditional finance, where they hold assets and facilitate transactions. Each account on GGX chain has a unique address which is a string of characters that identifies the account on the blockchain. The address is derived from the account's public key and is used to sign transactions and verify the account's ownership of tokens. Accounts in GGX chain can be of two types:

• External accounts: These accounts are owned by individuals or entities and are not associated with any specific smart contract or on-chain identity. External accounts can hold tokens and can participate in transactions on the blockchain.
• Contract accounts are associated with smart contracts on the blockchain and are used to store and manage contract states. Contract accounts can execute code and interact with other contracts and external accounts. Accounts in GGX chain can be managed by users using their private keys. For example, users can sign transactions with their private keys to transfer tokens from their accounts or interact with smart contracts.

Accounts can also be managed by on-chain governance mechanisms, such as council members or validators, who can execute transactions on behalf of the account.

Overall, accounts are a fundamental concept in Substrate and are essential for managing token ownership and transactions on the blockchain.