Contract Account refers to an account on a blockchain network that is set up to execute smart contracts. These accounts are used for deploying and interacting with smart contracts, which are self-executing contracts with the terms of the agreement directly written into lines of code.
When a smart contract is created and deployed on a blockchain network, it is assigned a specific address, which becomes its contract account. This account is controlled by the code of the smart contract, and can hold and transfer cryptocurrency based on the conditions set within the contract.
Contract accounts are able to automatically execute transactions and perform actions according to the rules defined in the smart contracts. They provide a way for parties to engage in trustless transactions without the need for an intermediary.
Overall, contract accounts play a crucial role in enabling decentralized applications and automated transactions on blockchain networks, offering a secure and transparent way to conduct business in the digital world.
