# Accounts

### What is an Account on 1Money?

On the 1Money Network, an **account** represents a digital identity that can send, receive, and hold stablecoin-based assets on the network. 

Each account is identified by an address (public key), which keeps track of their overall balance and nonce (transaction counter).

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### Public and Private Keypairs

At its core, every 1Money account is defined by a **cryptographic keypair**:

* **Public Key (Address):** Think of this as your unique digital address—used by others to send you tokens and for you to identify yourself across the network.
* **Private Key:** This is your secret code. It proves ownership and allows you to sign transactions, moving assets or managing your account.

**Keep your private key secret and backed up!** Anyone with your private key can control your assets on 1Money.

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### 1Money’s Cryptography Model

* **Standardized Cryptography:**\
  1Money Network uses modern, secure cryptographic algorithms for accounts—Keccak-256 (SHA-3), the same elliptic curve used by Ethereum.
* **Digital Signatures:**\
  When sending a transaction, you use your private key to create a digital signature. Validators check this signature using your public key to ensure authenticity and prevent tampering.

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### Ethereum (ETH) Address Compatibility

A major convenience of 1Money Network:\
**You can reuse your existing Ethereum address** (if you have an ETH wallet and keypair) to receive, hold, and send digital assets on 1Money. There’s no need to generate new keys or memorize a new address format.

* **How does it work?**
  * 1Money’s account addresses are derived using the same formula as Ethereum: a hash of your Keccak-256 (SHA-3) public key, shortened to the standard address length.
  * Any wallet or application that lets you export/import your ETH keys will also work on 1Money—enabling seamless onboarding from existing crypto platforms.

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### Signature Schemes

* **Default Scheme:** Keccak-256 (SHA-3) \
  The default digital signature algorithm is ECDSA over the Keccak-256 (SHA-3) curve, for maximum compatibility and security.
* **Signature Process:**
  * Construct your transaction (e.g., send $10 USDC)
  * Sign the transaction payload with your private key—generating a unique signature.
  * Submit both the transaction and its signature to the network.
  * Validators verify your signature against your public key (your account address).

***

### Creating, Importing, and Managing Accounts

* **Creating a New Account:**\
  Most wallets will generate a fresh secp256k1 keypair for you, displaying your address.
* **Importing Existing Keys:**\
  If you already use MetaMask or another ETH wallet, you can import your recovery phrase/private key into a 1Money-compatible wallet to control the same address.
* **Backup and Recovery:**\
  Securely store your recovery phrase or private key offline. Anyone with access to these can access your assets; if you lose them, you lose your funds.

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