Whenever we talk about Smart Contract the first thing that comes to our mind is what a smart contract is.
The term Smart Contract was first introduced by an American computer scientist Nick Szabo.
Smart Contract is a computer coded program that is capable of facilitating, executing and enforcing an agreement between two parties using blockchain technology.
It helps you in exchange of money, property, shares, and everything that holds a value in a very transparent and easy way thus removing the middlemen and third parties. A blockchain-based smart contract helps is doing business and other transactions in a more secure, efficient and cost-effective way.
Every transaction in the smart contract is tracked and stored in a ledger and no one can tamper the information or data stored in the ledger. Due to its high-end security feature, no malicious activity can take place in a smart contract but if in case any malicious activity happens it can be traced as it is logged into the database of smart contracts. Therefore Smart contract is highly secured.
The smart contract in ethereum is developed in SOLIDITY.
How to design a smart contract?
In order to design a smart contract, you must be proficient with solidity as the SMART CONTRACT for ethereum is developed in SOLIDITY.
Structure of a Smart contract: - The structure of a Smart contract includes Data and function.
- DATA: - It maintains the current state of the contract.
- FUNCTION: - It is used to apply logic for transitioning the state of the contract.
- Contract declaration: - The declaration of the contract is given by using the keyword “CONTRACT”.
Developing Smart Contracts: - In order to develop a Smart Contract, one needs to be familiar with two types of variables:-
- Value Type: - They are passed by value which means that they are always copied further whenever used in an assignment.
- Reference Type: - These variables are of complex type and are thus passed with the help of a reference.
Add Data in Smart Contract: - After all these steps it is important to add data in your smart contract and it needs to be taken care of that for every order there should be a value associated with it.
Defining a Constructor: - A constructor is one which is called at the time of deployment of the Contract.
Add a function: - In order to make the program interactive, we need to add a function. The function is referred to as controlled capabilities that can be added to a program.
Get a function: - It used to get the stored value. This function is not used to manipulate the Value but it only reads the value that has been stored.
Setter function: - The setter function gives you the capability to write/update the data. In a smart contract, it is not only important to get the stored value and read it but it is also important to write/update the data and this capability is provided by the Setter function.
How to Deploy the Smart Contract?
The Ethereum Smart Contract can be deployed using REMIX IDE. The REMIX IDE is an online playground that is used to test and deploy the smart contract developed for ethereum. It is based on a browser that provides an environment to write your smart contract.
User guide to create and deploy smart contract:-
- Open link https://remix.ethereum.org/ in chrome browser or any supported browser.
- Add Metamask extension to the browser and create or login account (if already exists).
- Make sure your Metamask wallet is connected to the Remix IDE in the browser. You can check your account under the RUN tab of the IDE.
- Create a new contract file using the + button and copy your contract in this.
- Do make sure that your SOLIDITY version is more than the contract version.
- After completing the code, compile it in the Compile tab and then test using TEST SCRIPT in the test tab.
- You can also DEBUG the code using the DEBUG tab and fetch the BUG from the code.
- After compilation and code clean up, click on RUN and deploy the contract.
- The pop-up tab will appear asking for the confirmation of deployment.
- You can check on the deployed code by clicking on the transaction shown in the Metamask plugin redirecting to etherscan.
With the above-provided information you can write and deploy your smart contract in a very effective and efficient way without the need for central authority, legal authority or external enforcement mechanism.