5 Things You Need to Know Before Building a Smart Contract

The creators of the Ethereum blockchain launched a system that allows users to develop programs for working with crypto transactions independently, without a third party. Essentially, these programs consist of a series of smart contracts – automated agreements between parties that are stored on the blockchain.

The code is usually written in the Solidity language and contains the terms of the contract. When they are met, the transaction takes place automatically. The process is so simple that anybody with a basic knowledge of programming could build a smart-contract project, either using blockchain development platforms or doing so manually.

However, there are several things you should consider before building a smart contract:

  1.   Research the Basics of Blockchain

As a Web3.0 developer, you should already understand the basics: what blockchain is, how it works, and why its emergence is so significant for society. It is important to realize that this technology is no longer just about cryptocurrency transactions; it has become a truly distributed cloud computing system capable of running full backends to support advanced decentralized applications (DApps).

Today, users can engage in a wide range of different activities using smart contracts and make use of a wide variety of tools. One such tool is hyperledger fabric smart contract development, which helps users develop blockchain-based products, solutions, and applications. It is especially popular within private organizations, mainly due to its improved security attributes and extra privacy characteristics.

  1.   Understand What Decentralized Applications (DApps) Are

Once you explore the topic of blockchain, nodes, consensus, and all the main components of this technology, you will most likely start wondering: “what applications can I develop using the blockchain?”

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The answer is that apps built based on the blockchain are called decentralized apps (DApps) and have the following characteristics:

  •   A standard interface built using JavaScript or frameworks/libraries like React, Vue, Svelte, etc.
  •   Solidity/Solana/Rust backend, built on top of the blockchain.
  1.   Study Front-End Development

As already stated, decentralized applications have a standard JavaScript interface or JavaScript Framework, so before diving deeper into developing your first DApp, it is important to learn the basics of front-end development and how the web works. It would be very beneficial for you to learn basic programming languages like HTML, CSS, HTTP, and JavaScript. Having gained that knowledge, you can choose a framework and start building static websites.

  1.   Learn Everything You Can About Ethereum And How It Works

A web3.0 developer needs to understand how Ethereum works. Here are the basic facts you need to know. Ethereum is blockchain that runs on a network of computers that replicate and process small programs called smart contracts. It was created by Vitalik Buterin in 2015 and has gained popularity ever since.

  1.   Try Developing And Testing Your First DApp Using Smart Contracts

Learning through practice and problem-solving is one of the best ways to succeed, as our brains retain the most information by engaging in an activity. That’s why, before trying to create your dream project, you might wish to consider building a less perfected “test” app – this will help you solidify your understanding of smart-contract development.

After you have finished developing your smart contract, it’s time to start testing. What makes the blockchain so special is that it is irreversible: once a smart contract is added, it cannot be edited or revoked, and it also costs real money (GAS fee) to deploy.

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That is why you should learn how to thoroughly test your smart contracts before deploying them. To simplify the process, as well as to save time and money, you could entrust the process to a smart contract auditing company. If you choose such an organization with care and at least some prior research, it will save you a lot of time and effort in the future, as they will point out all the “holes” that need to be worked on prior to release.

Closing Thoughts

If you are still hesitant about whether to enter the world of crypto or not – it’s about time to learn more about its future. Many experts, starting with celebrities like Elon Musk and ending with professional crypto analysts, say that the emergence of smart contracts brought about a new era in digital currency – giants such as Facebook, Twitter, Tesla, PayPal, and classical banking payment systems are moving towards it by implementing smart-contracts in their day-to-day operations. That’s why knowing how to start developing a contract like this gives you a massive advantage in the modern world.

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