Ethereum was the first Blockchain platform to adopt Smart Contracts. Smart Contracts technology has revolutionized how businesses and users interact with a decentralized application.
As per Smart Contracts, the code is the law. Everything that needs to execute as the result of a transaction in the Blockchain network would be coded in its Smart Contracts.
Smart Contracts act as an independent application enabling the execution of dedicated functionalities enforced via code.
One cannot alter, temper, or delete Smart Contracts on Ethereum.
But, the question is, why would one want to create Smart Contracts for Ethereum Blockchain?
Or, what do they achieve by creating Smart Contracts on Ethereum Blockchain?
Availing Ethereum app development services can enable faster creation and deployment of Smart Contract applications. Thus, in the later sections, we shall understand how efficiently we can use Ethereum for Smart Contract development.
Let us find out.
Applications of Smart Contracts Development For Ethereum Blockchain
Smart Contracts act as the operating engine in any Blockchain-based application.
Those using an Ethereum account to create Smart Contracts can create multiple types of applications as the followings;
1. Create Cryptocurrency
Developers can use Ethereum to create independent and tradable virtual coins. These tokens may act as non-fungible tokens representing real-life assets. These tokens are packaged with a coin API that enables them to showcase compatibility in any Ethereum Blockchain wallet.
2. Fundraising
Business owners can invite investors to invest in their ventures through Smart Contracts. The application would comprise the coded deadlines failing to meet, returning the rest of the amount to the investors or donors.
3. DAO
Developers can use Ethereum to establish a Blockchain-based virtual organization where members within the network can own and manage its resources. Decisions in virtual organizations of such kind are made on proof of stake.
4. DApps
A decentralized app combines a traditional frontend interface. A DApp is like just another application on the internet until it uses a decentralized technology in its backend.
Prerequisites of Creating Smart Contracts Development on Ethereum Blockchain
Before we dive deep into constructing Smart Contracts on Ethereum Blockchain, we should understand the prerequisites.
There are three main elements that you should be aware of before post-development of Smart Contracts in Blockchain.
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Ethereum Virtual Machine (EVM)
EVM for Ethereum is what Java Virtual Machine (JVM) for Java Programming Language. We use programming languages like Solidity to code Smart Contracts. EVM acts as an interpreter which converts the code into bytecode that is compatible with different backend requirements.
Blockchain app developers use EVM to ensure seamless operation in the Blockchain network and provide an interactive space for storing accounts and Smart Contracts.
2. Ethereum Accounts
User-controlled Smart Contracts initiate and manage transactions on Ethereum Blockchain. These accounts are the medium used to execute a set of operations using ETH tokens and interact with Smart Contracts.
3. Transactions
Transactions in the Ethereum Blockchain are the cryptographically signed actions that update the Status of a Blockchain. There are two types of transactions; regular and contract deployment transactions. Recurring transactions focus on transferring tokens from one wallet to another, whereas contract deployment transactions include data fields in the contract code.
The Process of Developing Smart Contracts for Ethereum Blockchain
Smart Contracts are all about the execution of certain conditions through code. They are considered the soul of every Blockchain app. Smart Contracts determine not only the activities but also the behavior.
The ownership of every transaction in Smart Contracts is comprehended by account owners.
1. Choose a Development Environment
The objective of a compatible development environment is to compile, deploy, debug, and upgrade Smart Contracts. It further includes a feasible adaption of tools to run sophisticated unit tests.
2. Local Blockchain for Development
Using a local chain on the mainnet to create Smart Contracts enriches development efficiency and productivity. This development approach not only saves process time but also allows fresh and instant transactions.
Truffle suite allows a streamlined analysis of all blocks and transactions on a Blockchain network enhancing insight to decrypted transactions.
3. Static Analysis
Inconsistent style can cause vulnerabilities in code which results in an erroneous functioning of the Smart Contracts.
Static analysis tools or Linters help a Smart Contract development company to identify and eliminate vulnerabilities in code by tendering sophisticated security and style guide validations.
Such tools may also include tools that help developers to monitor and update smart contract vulnerabilities.
4. Testing Smart Contracts
Smart Contracts Development and web developers might sound similar in terms of the development approach. Indeed, there are some similarities but what makes both differ from each other is testing.
Smart Contracts must be aware of the inevitable security vulnerabilities in the Solidity programming language. Comprehending its design patterns is one of the efficient ways to pull out or push in easy payments.
Segmenting the entire Smart Contracts into small patches will sophisticate and fasten the testing process. A comprehensive test suite like Truffle allows you to debug obstructed workflow.
Even Truffle seems to lack significant testing functionalities, such as matching contract events and forward.
5. Implementing Audited Smart Contracts
A Blockchain development company can utilize external static analysis tools to execute in-depth auditing of security loopholes within the codebase. These auditors provide interactive updates on security-related discrepancies. Testers can extract parameterized reports on testing performance.
Using an audited Smart Contract can enhance your project efficiency significantly.
6. Launch
Post fuzzing, you can launch your Smart Contracts on an Ethereum mainnet. It is best recommended to launch it first on the Testnet, so you can identify earlier flaws in the Smart Contracts.
Smart Contracts owners can even launch a bug bounty program in which they invite a limited number of users and the Ethereum community.
Conclusion
Now that you have ready-to-go Smart Contracts, you can indulge permissionless innovation in allowing anyone in the community to utilize the resources.
The best practice is to make public, programmable, and verifiable computation in the Smart Contracts development using the Ethereum framework.
Another critical parameter to consider while creating a Smart Contract is to indulge in simplified payment integration.
A large emphasis on developer experience can bring significant results to your Smart Contract development project. You can adapt to easy creation and faster identification of critical components in the Blockchain infrastructure.
READ ALSO: WHAT ARE THE DIFFERENCES BETWEEN BLOCKCHAIN AND TRADITIONAL DATABASES
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Author Bio
Tom Hardy is a Senior Blockchain developer working with a leading Blockchain development company, who often pens down his knowledge in the technology through blogs, journals, and social media.
