In the world of cryptocurrencies and blockchain technology, terms such as Contract Address and Wallet Address have garnered significant attention as two fundamental components. These key concepts, though similar, play influential roles in the realm of smart contracts and digital asset management.
A Contract Address is recognized as a unique identifier in the realm of smart contracts. This concept is centralized on the blockchain and plays a crucial role in representing tokens and balances. On the other hand, a Wallet Address is associated with the transfer and storage of digital assets, serving as an identifier for receiving and sending cryptocurrencies.
πIn this article, we intend to explore the Difference Between Contract Address and Wallet Address in a manner that is understandable and useful for individuals at any knowledge level.
What Is a Contract Address?
A Contract Address is a significant concept in the world of blockchain and smart contracts. When a smart contract is created, a set of codes and functionalities for a blockchain project, such as Ethereum, is written into it.
A unique address is then assigned to this contract, represented as a numerical and alphabetical string with a fixed length. This address acts as the storage location for the rules and functions of the smart contract and is known as the “Contract Address.”
For example, for Contract Addresses, cryptocurrencies on the Binance Smart Chain are created based on the BEP20 token standard. This standard encompasses a set of rules and conditions that any token created on the Binance network must strictly adhere to using this address.
Similarly, just to the parity of the value of dollar units with each other, the value of these tokens must also be equal to one another. The presence of contract addresses holds significant importance across various networks.
How to Find Contract Addresses
Blockchain explorers such as Etherscan, BSCscan, and Polygonscan maintain data related to ERC20 and BEP20 tokens and their equivalents on these networks.
To find the addresses of currency contracts, simply enter the blocked explorer and search for the desired token name. Below, you will see an example of finding the address of a smart contract in EtherScan and BscScan
Etherscan
1.Go to Etherscan
2.In the search bar, enter the name or symbol of the token or the contract address you are looking for.
3.Click on the correct result to view details, including the contract address.
BscScan
1.Go to BSCscan
2.Enter the token name or contract address in the search bar to find the relevant details.
What Is a Wallet Address?
For every cryptocurrency wallet, there are two types of keys associated with different wallet addresses. These keys include the public key and private key.
- Public Key: Similar to bank account numbers, public keys are used in the crypto space for sending and receiving digital currencies. Public keys can be easily shared with others.
- Private Key: Consider a private key as similar to a password or verification code. The private key, along with its corresponding public key, allows you to access digital assets on the blockchain. With the private key, you prove ownership of an asset. Without it, you cannot prove that the amount of assets stored at an address (public key) belongs to you.
- Wallet Address: Typically, it is a character or numerical string without any spaces or symbols between them. It is used to identify a cryptocurrency wallet. The wallet address enables you to receive or send digital currencies.
In blockchain, public and private keys are associated with each other. These keys are created as a pair. When creating a wallet, you are assigned a public key and a private key. This pair is typically generated using encryption algorithms.
Subsequently, the public key is transformed into the wallet address. This transformation usually occurs using specific algorithms. In other words, a hash of the public key is used as the address. This address is used by others to send currency to you. This process is automated and carried out by wallet software.
How to Find a Digital Wallet Address?
In continuation, we will elaborate on how to find the wallet addresses of popular wallets such as Metamask and Trust Wallet.
Metamask Extension (Web Browser):
1.Click on the Metamask extension icon in your web browser.
2.Select the network you desire from the toolbar at the top.
3.The wallet address is displayed inside the blue-colored box,Tap on it to copy it to your clipboard.
Trust Wallet Mobile
1.Open Trust Wallet on your mobile device.
2.Find and select the network.
3.Tap on the cryptocurrency or token for which you want to find the wallet address.
4.If you need to share your wallet address with someone or use it for a transaction, you can copy the address and paste it where needed.
Difference Between Contract Address and Wallet Address
Contract addresses and wallet addresses are both unique identifiers in the blockchain, each serving different purposes. The Difference between Contract Address and Wallet Address in the blockchain typically relates to their usage and purpose.
- Wallet Address
- This address is commonly used as the public address of a wallet in the blockchain.
- Individuals use this address, much like bank account numbers, for receiving currencies.
- The wallet address is derived from private keys and is used for signing transactions.
- Contract Address
- The address of the contract is solely relevant to its creator; only the contract itself and its functionality are associated with it.
- When a smart contract is deployed on the blockchain, the contract address is created using the address of the creator (contract owner).
- The contract address points to the location where a smart contract exists on the blockchain.
Conclusion
In this article, we have delved into the significant differences between contract addresses and wallet addresses in blockchain. A contract address refers to a location where smart contracts are deployed and possess specific functionalities within the blockchain framework. Conversely, a wallet address points to a location where digital assets such as Ethereum and tokens are stored. The primary distinction between a contract address and a wallet address lies in the fact that the former is associated with smart contracts and the execution of their specific functions, while the latter is utilized for managing users’ personal assets and conducting transactions on the blockchain.
If you have any questions or comments, we would be delighted to hear from you. Alternatively, if you have any experiences in this field, share them with others. We look forward to your thoughts and inquiries! π