Mastering Blockchain by Imran Bashir

Author:Imran Bashir [Bashir, Imran]
Language: eng
Format: azw3, epub, mobi, pdf
Publisher: Packt Publishing
Published: 2017-03-17T04:00:00+00:00

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:

Confirm the transaction validity by checking the syntax, signature validity, and nonce.

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.

Provide enough ether (gas price) to cover the cost of the transaction. This is charged per byte incrementally according to the size of the transaction.

In this step, the actual transfer of value occurs. The flow is from the sender's account to receiver's account. The account is created automatically if the destination account specified in the transaction does not exist yet. Moreover, if the destination account is a contract, then the contract code is executed. This also depends on the amount of gas available. If enough gas is available, then the contract code will be executed fully; otherwise, it will run up to the point where it runs out of gas.

In cases of transaction failure due to insufficient account balance or gas, all state changes are rolled back with the exception of fee payment, which is paid to the miners.

Finally, the remainder (if any) of the fee is sent back to the sender as change and fee is paid to the miners accordingly. At this point, the function returns the resulting state.

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