Before we move to the core of our topic (build a smart contract platform), let’s say a couple of words about Ethereum.
Ethereum is a decentralized, open-source platform for building smart contracts (learn how to develop a smart contracts). It uses a Turing-complete language script that lets developers implement different types of applications. If you are making a decentralized application with smart contract functionality, Ethereum should be your first choice, in part because of its size and in part because of its flexibility.
Smart Contract? What Is It?
A smart contract is a protocol for exchanging data that can be digitally signed. It allows you to exchange anything of value, including money, property, shares, or anything of value (like Bitcoin) in a fast, secure way without using an intermediary (like a bank) and without paying high taxes. In addition, you can use them to implement “if-then” statements—for example, if an asset is given to party A, then party B will automatically receive something else of value.
Developing smart contracts on Ethereum is like using a vending machine, to put it simply. First, you insert the coins; then, you receive the goods.
What Is Wrong With The Middleman?
If I have to convince you to create your own smart contract, then the question that arises in your head might be, “Okay, but what is wrong with the middleman?”
The middleman can be seen as a necessary evil in any industry. The middleman typically charges a significantly higher fee, as they must employ people to process orders, complete monitoring tasks, and ensure timely and accurate transactions. However, a decentralized application with an internal payment system can reduce the operational costs of a business by order of magnitude. If a company uses or plans to use blockchain technology, this could spell savings and increased customer success through improved communication.
How to Develop a Smart Contract?
Okay, you are convinced that smart contract and crypto are worth your attention; we can put our focus on how to design a smart contract:
Find Tutorials On How to Make a Smart Contract On Ethereum
Ethereum is the ideal Blockchain for smart contracts, and now you can create a smart contract of your own. There are plenty of resources online on how to make a smart contract on Ethereum and the best way to do it. Do not forget their official website and the vast Ethereum community out there in Reddit, Discord, Twitter, and more than 40 meetup groups.
Learn How to Build a Smart Contract Platform
Write The Code
Code describes the conditions for executing a contract. It calls functions that are called by other contracts to perform particular tasks. Special data feeds (oracles) connect a smart contract to off-chain, real-life events. This makes it possible to connect a smart contract to a real-world event (such as the price of oil rising or falling). There are open-source libraries and templates available, so there’s no need to start from scratch.
For example, writing tests in Solidity (an object-oriented high-level programming language that shares similarities with C++, Python, and JS) gives us the ability to run Blockchain layer tests. They allow tests to call contracts and functions as if they were on the Blockchain themselves. To test the internal behavior of smart contracts, we can do different types of tests. For example, unit tests are self-contained tests that test individual units of code in isolation. Conversely, integration tests test the interactions between different units or contracts to ensure they function as expected when interacting with other units.
Deploying a smart contract to the Blockchain is a straightforward process. By making a transaction, you can get your smart contract on-chain. The process requires spending some crypto, so be prepared. Ensuring your smart contract is ready for deployment is the first step towards bringing your function to life. Before you submit your transaction, however, it’s vital to check that your code has been compiled correctly — making sure it emits the intended results.
Developing smart contracts for beginners is not that hard. However, building a blockchain-based platform that would truly meet your users’ needs is not an easy feat. When taking into consideration smart contract development for fintech apps, there are many considerations one must take into account before launching a full-fledged project. Does it make sense to build a smart contract platform? Absolutely. The sooner, the better.