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- 1 A smart contract is a code or tamper-proof program running over a blockchain network when specific conditions are met.
- 2 It is a transaction protocol that automates and executes the actions needed in an agreement and contract.
- 3 Ethereum blockchain develops a peer-to-peer network that safely executes and verifies tamper-proof programs.
To reduce the costs and formalities associated with the contracts or agreements, a new concept of smart contracts was introduced in the crypto landscape. A smart contract is a code that executes over the blockchain when certain conditions are met.
Let’s take a look at the idea in-depth as well as the process of developing and deploying smart contracts on the Ethereum platform.
Smart Contract at a Glance
A smart contract, an already written condition that accomplishes over a blockchain without any third-party involvement, was first introduced in 1994 by Nick Szabo. The contracts are stored on a blockchain network, offering a high level of security and transparency while making a transaction. It is constant means once the contract is developed, deployed, and stored over the blockchain there is no comeback. Apart from this, the distribution and deterministic features of smart contracts also made it one of the most trustworthy parts of the crypto landscape. Also, on July 30, 2015, the first smart contract was run over the Ethereum platform.
But, how are these contracts developed?
Before proceeding with the development, testing, and deployment stage, we will explore the language in which smart contracts were developed.
Smart contracts are developed using a wide range of programming languages like Solidity, Vyper, C++, javascript, Rust, etc. Among all these, Solidity is one of the most common, effective, and widely used programming languages used for developing Smart contracts over the Ethereum platform.
Let’s jump directly to the details of the Solidity programming language.
Solidity: a Contract-based Programming Language
Solidity is an object-oriented/ contract-oriented programming language introduced in August 2014 and is specially developed to work with smart contracts. The language was designed by the Ethereum network team in order to apply business logic as well as generate a chain of transaction records in the blockchain system.
The language is influenced by C++, Python, and Javascript and supports inheritance that boosts reusability and reduces code redundancy. Also, the language can be used for voting, blind auctions, crowdfunding and multi-signature wallets.
Focusing on the version of Solidity language, the programming language can use a compiler developed in the version 8 build range. 0.8.21 is the latest version of Solidity released on 19 July 2023.
There are stages of creating, testing and deploying a smart contract over the Ethereum network.
Steps to Create and Deploy Smart Contract
The concept of a smart contract revolves around two main words that are “if” and “then”. Both words play a key role in executing the smart contract and storing the same on the blockchain. To develop a smart contract over an Ethereum network, an individual requires some IDEs and Tools like Remix online editor, Ganache, Truffle, etc.
The platform we are using to create, test, and deploy a smart contract is Remix online editor. Basic knowledge of Smart contracts, blockchain, and programming languages is all you need to have to develop a smart contract.
The very first step is to create a wallet at Meta-mask by installing a MetaMask in the Chrome browser and enabling it. Adding some Ether (ETH) to the wallet is the next step. If an individual wants to test the smart contract before execution, adding a dummy ETH will be suitable.
Another step is to write a smart contract using a relevant tool. Remix IDE tool is considered for understanding the smart contract development and deployment process. Searching Remix IDE on any browser is the initial stage. One of the main reasons behind the platform’s choice is its compatibility with all browsers. The next step is to create a file with the “.SOL” extension.
The next step is to develop code based on the conditions and needs. The code can easily be developed using the ERC20.SOL standard template. After developing the smart contract, the next stage is to compile the program. Rectify all the bugs, your smart contact is ready to deploy.
Hitting the deploy button available on the right-hand side of the Remix IDE Window is the easy process an individual needs to follow to deploy the developed smart contract.
Wait for the transaction to complete and be confirmed under the transaction record option.
At the initial, the tokens will be stored in the wallet of the individual who is deploying the smart contract. After completing the transaction, opening the Metamask wallet, clicking on add tokens, entering the smart contract address, and submitting the same will help in seeing the number of available tokens. This is all about the deployment of smart contracts. But, how to verify the smart contract deployment?
Visiting the etherscan.io site will help in doing so. Selecting the smart contract address and clicking on verify the contract will help in verifying the smart contract. This is an overall process for developing and deploying the smart contract.
Conclusion
A smart contract is a code that accomplishes over a blockchain without any third-party involvement. The concept is introduced to the market with the purpose to eliminate the third party as well as save time and resources of the individuals while developing an agreement. Creating a crypto wallet, adding tokens to the wallet, writing smart contracts, and deploying the same is the basic process an individual needs to follow. Solidity programming language is mainly used for writing a smart contract and is done using online editing tools such as Remix IDE.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
