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Could someone please explain here what is the difference between implicit and originated accounts in tezos ?

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Implicit accounts are accounts created from a public/private key pair. They start with tz{1,2,3}. They are always spendable, but not delegatable. They can be used for baking. They are created on the blockchain by transferring xtz to them. They cannot contain code. Their Michelson type is « unit contract ».

Originated contracts are created by the Originate operation, from another contract. They start with KT1. They can contain code (smart contracts) or not. They can be spendable or not, delegatable or not. They cannot bake. They have a manager (implicit account), who can spend or delegate them, if created so. The manager can be another contract than the source.

  • So originated account has no private key right ? How can you recover an originated account if those accounts have no private key ? Is the origination operation deterministic ? – zgo Feb 19 '19 at 9:06
  • I will answer my question feel free to correct me. So you don't have a private key but a manager for an originated account and only the manager account has the power of moving fund of an originated account. You don't have to recover a originated account only the manager account (which is often an implicit account so you need the private key but can also be another originated account) – zgo Feb 19 '19 at 9:30
  • Worth mentioning that now with the new Babylon (proto 005) you're able to delegate from implicit accounts. – Rocco Musolino Nov 14 '19 at 0:54
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Implicit accounts

  • They are the only account that can take part in baking process.
  • They start with tz1..... and in order to bake, they must be registered as delegate.
  • They can bake on behalf of themselves or on behalf of originated account who delegated to them.

Originated accounts

  • They are the only account which can delegate tz to other implicit accounts.
  • They starts with KT1......
  • They are mainly created just for the purpose of doing the delegation.
  • They store more information than implicit account like Manager: the account to which they are delegating, delegatable: a boolean value whether you can change the delegate in future etc.

In short, keep an implicit account if you want to become baker or just hold and transfer the tz and create an originated account if you want to delegate your tz to other bakers.

  • Thanks for the clear answer! There are also other elliptic curves possible (tz2, tz3, KT2, KT3) so worth mentionning. Also worth mentionning the answer applies to the current protocol version (proto 003). Thanks! – Ezy Feb 14 '19 at 10:33

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