EON is Horizen's Ethereum Virtual Machine. EON has adopted Ethereum’s Account-based transaction model to represent assets as balances within accounts. The Account model, in VM capable blockchains, differentiate account types on whether they represent a normal account balance or an account which is bound to some code that has has to be executed by the VM (Virtual Machine). The conventional terminology to differentiate those is:
- Externally Owned Account (EOA)
- Contract account
In both cases, the account has a balance.