In the beginning, when everything was going according to the wishes of central authorities, a programmer with the misnomer Satoshi Nakamoto in the year 2009 decided to revolutionize finance and financial-related customs and traditions by removing the full control of central authorities over them. As a result, a white paper in the form of Bitcoin and other protocols related to blockchain and mining was represented and put forward in the eyes of people for the first time. In addition, you can become a better trader by using a reputable trading platform like the Pattern Trader app.
At that time, everything was traditional, and very few people believed in the change. But those who did manage to benefit remarkably. Along with cryptocurrencies, with time new technologies developed in the form of smart contracts and other decentralized applications. In this article, we are going to discuss the creation and deployment of these smart contracts on the popular chain of Ethereum. So, let us start the journey!
Ethereum- An overview
One of the derivatives of a decentralized platform in the form of cryptocurrency is Ethereum. The algorithm and complex codes help the currency to develop and store tokens in the respective digital wallets. In the year 2015, a technology geek Vitalik Buterin came up with the idea of Ethereum and within no time it was the second most circulated and used cryptocurrency after bitcoin. Not just the crypto assets, ethereum managed to develop many new technologies based on the decentralized concept such as smart contracts and other applications. Launched as a competitor to bitcoin, ethereum managed to steal a lot of fame and popularity and as a result, is the second most invested cryptocurrency in the world.
Execution of smart contracts
- Developing unique cryptocurrencies- The Ethereum token is tradeable and can also be used as a currency. The tokens can be used as a storage unit in various ethereum wallets.
- Creation of organizations- The generation of smart contracts on different platforms makes a virtual organization come into existence. When such an organization receives sufficient support in form of votes from some other platforms, the smart contracts will eventually go live.
- Building applications- The platform along with smart contracts can develop decentralized applications.
- Raising funds- In case the deadline is not met, the funds can be raised and given back to the lenders, thereby creating a proper channel for the same.
Just like in the traditional world, a contract is framed for awarding some work to a party based on some predefined conditions written in the contract, a smart contract is a digital form of contract that has the same features as that of the traditional contract with only a difference that the document is digitally framed. These contracts reduce the dependency of investors on third-party entities and also reduce the chance of fraud and thus are quite cost-effective. The risk of extensions being malicious is thus reduced and building codes become quite secure and easy.
Creating a smart contract
The creation of smart contracts includes the following steps
- Creating a wallet to keep the tokens and other funds safe from any type of foreign intervention.
- To test the network a particular test network is selected.
- The addition of dummy ethers helps to reduce the risk of loss of real ethers when in a live trade.
- Using the editor remix browser with the solidity programming technology.
- Creation of file.
- Compilation of the solidity.
- Deploying the smart contract.
Deploying smart contracts
The process of deployment consists of the following steps
- Go to the main page of the ethereum blockchain network.
- Follow the above steps till deployment.
- Typing smart contract address on the website designated.
- Verify your contract.
- Optimize the whole process.
- The smart contract will go live in a few minutes and you can start using the smart codes.