In Octium, the state is made up of objects called "accounts", with each account having a 20-byte address and state transitions being direct transfers of value and information between accounts. So what exactly is an Octium account? Let's take a closer look.
An Octium account contains four fields: the nonce, the account's current OCT balance, the account's contract code (if present), and the account's storage (empty by default). The nonce is a counter used to make sure each transaction can only be processed once. OCT is the main internal crypto-fuel of Octium, and is used to pay transaction fees. In general, there are two types of accounts: externally owned accounts, controlled by private keys, and contract accounts, controlled by their contract code.
Let's say you want to send a message from an externally owned account. In order to do that, you would need to create and sign a transaction. A transaction consists of:
• The recipient of the message
• A signature identifying the sender
• The amount of OCT to transfer
• An optional data field
• A signature identifying the receiver
When you create a transaction, it is not yet part of the global state of Octium. In order for your transaction to be processed, it must be included in a block. Blocks are collections of transactions that are bundled together and added to the blockchain. The blockchain is a record of all the blocks that have been added since the beginning of Octium.
Octium is a digital currency that is used to pay for transaction fees.
Octium is unique in that it has two types of accounts: externally owned accounts and contract accounts. Externally owned accounts are controlled by private keys, and contract accounts are controlled by their contract code. Octium allows users to send messages from their externally owned account by creating and signing a transaction. Contract accounts also have the ability to read and write to internal storage, send other messages, and create contracts. Octium is a powerful tool that can be used to pay for transaction fees and build contracts. Octium is an essential part of the digital economy.
Octium uses a unique system where state transitions are direct transfers of value and information between accounts. These objects are called "accounts", with each one having a 20-byte address. If you want to send a message from an externally owned account, you must create and sign a transaction. This article provides a basic introduction to Octium accounts and how they work. For more information, please visit our website or contact us directly. Thanks for reading!
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Whitepaper : https://docs.octium.io/#/
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