Ethereum is a public, distributed computing blockchain-based platform featuring smart contract functionality. Developcoins is a one-stop solution to your blockchain and Ethereum smart contract development.
We start by introducing you to the basics of Ethereum Smart Contract. You’ll learn about Ethereum smart contract development process, benefits much more. We’ll cover mechanisms of advanced smart contracts in detail. You’ll also learn how to write your own Ethereum Smart Contract from scratch in detail.
Ethereum Smart Contract Overview:
Ethereum is a “Blockchain Platform”. it does not only support a distributed ledger but it also supports Smart Contracts.
Smart contracts contain code of functions and can interact with other contracts to create decisions, save data, and send ether to others.
Smart Contracts are computer programs that have the code that implements contractual rules between two or more contract parties. The rules coded in the smart contract are provoked by events in the world and automatically carry out some predefined actions. All of this happens without any mediator, web servers, or back end databases.
Smart contracts are the best way to ignore any third party from the transaction and make transaction prices lower, as they require no validation.
How Do You Write a Smart Contract?
Basically, a smart contract is like a class explanation in object-oriented design. It has data, functions, or methods with conditioner public or private, along with getter and set of functions. Specific programming languages have been designed for coding smart contracts. Solidity is one such language.
Let’s examine a simple Solidity smart contract to understand its structure.
* 1st line with pragma indicates the form of the solidity language. The contract’s name is in the first line. This specific contract is for one integer storage. The data for the integer is explained with type a name, uint stored data.
* Two functions are described for writing and reading the data. Set and get. Code execution. Where does the code in the smart contract get completed? Where is it located in a node? We want a computational infrastructure to implement any arbitrary code.
* Every node in the Ethereum blockchain network should be able to execute the code impartial of that basic type of hardware or operating system. Enter Ethereum Virtual Machine, EVM. An EVM provides a run anywhere obstruction layer for the smart contract code.
* A smart contract written a high-level programming language is translated into EVM byte code, and then, deployed on the Ethereum Virtual Machine. All nodes will host the same smart contract codes on the EVM. Smart contracts add a layer of logic and computation to the trusted network supported by the blockchain.
* Smart contracts allow for the implementation of code. Increasing the basic value transfer capability of the Bitcoin blockchain. The code for this smart contract is written in a high-level language like Solidity and compiled into byte code. The code for the smart contracts is executed on an exclusive structure known as Ethereum Virtual Machine.
Benefits of Smart Contracts
Autonomy — Smart contracts eliminate the need for a third-party intermediary of the promoter, actually giving you full control of the agreement.
Trust — No one can lose any of your documents, as they are encrypted and safely stored on a secured, distributed ledger. Also, you don’t have to trust agents you’re dealing with or expect them to trust you, as the honest system of smart contracts essentially replaces trust.
Savings —Real estate agents, advisors, assistance, notaries, and many other intermediaries have not required thanks to smart contracts.
Safety — If we executed correctly, smart contracts are highly difficult to hack. Also, perfect environments for smart contracts are secured with complex cryptography, which will keep your data safe.
Efficiency — With advanced smart contracts you will be saving much more time and money, normally wasted on manually processing bundle of paper documents, sending or transporting them to specific places, etc.
Smart Contract Use Cases:
Smart contracts are enforced in a lot of cryptocurrencies to control the transfers of digital currency, build governance, and a lot of other things. But smart contracts have a wider range of possible applications. Smart contracts may be used in voting, management, machine-to-machine interactions in the IoT, real estate, and in the building of personal data stored with exact access policies, e.g., medical databases.
Smart contracts can be used for a wide range of things. Developers can develop smart contracts that provide features to other smart contracts, similar to how software center work. Or smart contracts could simply be used as an application to store information on the Ethereum blockchain.
The N number of smart contracts deployed on the Ethereum blockchain network reached 1,971,632 in March 2020, reaching a new all-time high and marking a 75% increase from the previous month.
Programming Languages For Writing Ethereum Smart Contracts
Solidity & Serpent are the two primary languages for writing Ethereum Smart Contracts.
Serpent: Serpent is a high-level language designed for writing Ethereum contracts. It is very similar to Python, but Solidity is the most preferred language of smart contract development for Ethereum developers.
Viper: Viper has a Python-like indentation scheme. It targets on security and language and compiler unity.
Chain: Chain offers enterprise-grade blockchain infrastructure with SDKs in familar languages such as Ruby, Java, and NodeJS.
Now, since Solidity is the most generally used programming language for writing Ethereum Smart Contracts, Explore here- how smart contract is written in Solidity?
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