Difference between wallet address and Contact Address

A wallet address and a contract address are two different types of addresses used in blockchain networks.

A wallet address, also known as a public key or an account address, is used to receive and send cryptocurrencies. It is typically associated with an individual or an entity and serves as a unique identifier on the blockchain. Wallet addresses are generated using cryptographic algorithms and consist of a string of alphanumeric characters. When you want to receive funds, you provide your wallet address to the sender, and they can send the funds to that address. Similarly, when you want to send funds, you need the recipient's wallet address.

On the other hand, a contract address is specific to smart contracts deployed on the blockchain. A smart contract is a self-executing piece of code that resides on the blockchain and can hold and manage funds or perform specific functions. When a smart contract is deployed, it is assigned a unique contract address. This address is used to interact with the smart contract, such as calling its functions or sending funds to it. Contract addresses are also generated using cryptographic algorithms and have a similar format to wallet addresses.

In summary, a wallet address is used for individual or entity transactions, while a contract address is used to interact with smart contracts on the blockchain. Wallet addresses are associated with the ownership of funds, while contract addresses are associated with the execution of code and the management of assets within a smart contract.