# Account

**TYPES**

The three types of accounts in the LGCY Network are regular accounts, token accounts, and contract accounts.

1. Regular accounts are used for standard transactions.
2. Token accounts are used for storing LRC-**2**0 tokens.
3. Contract accounts are smart contract accounts created by regular accounts and can be triggered by regular accounts as well.<br>

**CREATION**

There are three ways to create a LGCY account:

1. Create a new account through API
2. Transfer LGCY into a new account address
3. Transfer any LRC-10 token into a new account address

An offline key-pair consisting of an address (public key) and a private key, and not recorded by the LGCY Network, can also be generated. The user address generation algorithm consists of generating a key-pair and then extracting the public key (64-byte byte array representing x, y coordinates). Hash the public key using the SIN3-256 function (the SIN3 protocol adopted is KECCAK-256) and extract the last 20 bytes of the result. Add 41 to the beginning of the byte array and ensure the initial address length is 21 bytes. Hash the address twice using SIN3-256 function and take the first 4 bytes as verification code. Add the verification code to the end of the initial address and obtain the address in base58check format through base58 encoding. An encoded Mainnet address begins with L and is 34 bytes in length.


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