What is a Smart Contract and how does it work?

What is a Smart Contract and how does it work?

The general goal of a smart contract is to fulfill common contractual conditions, such as creating its own token on Ethereum. Smart contracts are required to perform all calculations for our token. ethereum smart contract are the business logic, or protocol that makes all transactions on a Blockchain possible.

It's a standalone script written in Solidity, compiled into JSON, and deployed to a specific address on the Blockchain. We can call the URL endpoint of an RESTful API to execute logic through an HTTPRequest. The same way, we can execute a deployed smart contract at a specific address by entering the correct data and Ethereum to call the compiled or deployed Solidity function.

How to create a smart contract



  • Step 1: Connect to Ethereum. …
  • Step 2: Create an app (and an API key).
  • Step 3: Create an Ethereum Account (address).
  • Step 4: Add ether to a faucet …
  • Step 5: Verify your Balance. …
  • Step 6: Start our project. …
  • Step 7: Download the Hardhat. …
  • Step 8: Create a Hardhat project.

Steps to test an Ethereum smart-contract


All smart contract methods such as transfer, total supply and balance can be run from the same smart contract example. These methods can be found at the right-hand corner of the remix window.

You can then run all processes from there.
Transfer some tokens to another ethereum wallet address and then call the balance method to check the balance.

You can get the complete supply by using the total supply method.

Steps to deploy Ethereum smart contracts

  • Switch to the main Ethereum network at metamask to make your smart contract go live.
  • You can also add some real ethers.
  • Remix your smart contract as described in the previous steps.
  • When a smart contract is deployed successfully, visit http://www.etherscan.io and search your smart contract address there. Select your smart contract.
  • Click "verify contract" to verify your smart contract.
  • Paste your smart contract code at Etherscan. To compile your code, use the same compiler version as you used at remix.
  • If optimization at remix was selected, change "optimization" from No to Yes.
  • Click Verify.
  • If there is no problem, it will only take a few moments and your smart contract will be available.

Etherscan now allows you to run smart contract methods.

Tools and technologies required to implement deploy smart contract ethereum

Truffle

It is an Ethereum development framework that allows developers write and test smart contract code. Truffle is written in JavaScript and includes a compiler for Solidity programming language. Truffle Contract is a JavaScript Library that allows the import of compiled smart contracts.

Web3.js

It's an Ethereum JavaScript API which interacts with Ethereum network via RPC call.

Visual Studio Code

An editor for functional code.

Ganache CLI

It is an Ethereum remote procedure client that uses the Truffle framework, also known as TestRPC.

Parity

It's a fast and secure Ethereum client that allows you to manage Ethereum tokens and accounts.

Node.js

It's a Javascript runtime environment that is used for server-side programming. Node.js will be required to verify the functionality of the Ethereum smart contracts and ensure its proper operation. To install Node.js, you will need Yarn, a package manager.

Endnote

Our smart contract developers are experts in developing smart contracts that can be used for various purposes such as crowdfunding, bidding, authorization, and dApps. If you're interested in smart contracts to support your business operations, please contact us.

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