Mastering Blockchain

Accounts

Accounts are one of the main building blocks of the Ethereum blockchain. The state is created or updated as a result of the interaction between accounts. Operations performed between and on the accounts represent state transitions. State transition is achieved using what's called the Ethereum state transition function, which works as follows:

1. Confirm the transaction validity by checking the syntax, signature validity, and nonce.
2. Transaction fee is calculated and the sending address is resolved using the signature. Furthermore, sender's account balance is checked and subtracted accordingly and nonce is incremented. An error is returned if the account balance is not enough.
3. Provide enough ether (gas price) to cover the cost of the transaction. ...