You may have already noticed it and that’s why you are here: smart contract is a technology with a lot of history and potential.
Its origin dates to the 1990s, when the first prototypes of this type of contract were developed. However, it was not until 2014 when the term became popular following the success of the distributed contracting platform Ethereum.
Since then, smart contracts have been used in a variety of applications, from cryptocurrency trading to asset management.
Now, the problem the first few times is that they’re scary. Either you don’t know where to start developing your contract or you don’t dare to take the first step. But in this article, we’ll reveal how to develop a smart contract from scratch with Enkronos.
Now it’s your turn.
Reminder: What is a smart contract?
A smart contract is a digital agreement that is executed automatically and securely. Also known as an open-source contract, the smart contract allows parties to interact securely and transparently, without the need for an intermediary. But there’s more, it can also store information, send, and receive funds, and perform other operations.
Read on to learn more!
What smart contracts are like: the features?
Behind the functionalities of smart contracts there is an extensive list of features that make them possible. So, pay close attention:
- Automatic execution. Once the conditions pre-set in the contract are met, the contract is executed automatically. They are self-executing programs on the blockchain.
- Interactivity. They allow parties to interact with each other securely and transparently, without the need for an intermediary. They can also interact with other smart contracts.
- Automation. They can automate the flow of information and the fulfillment of contractual obligations.
- Immutability. Once they have been established, they cannot be modified, nor can they be removed.
- Transparency. All parties involved can see the smart contract code and data.
In addition, they can be used to create new types of decentralized applications, such as DApps. Learn more about the development of smart contracts in the following section.
4 key steps to develop a smart contract in Enkronos
Do you know where to start developing a smart contract? We bet you don’t. In fact, we risk stating that many of the concepts related to this process dance in your memory: blockchain, contract code, automatic execution….
The following steps will dispel your doubts:
- planning the smart contract. What do you want to facilitate its creation? What problems do you need to solve?
- Defining the contract code. These are rules and conditions that have been set for a contract and are automatically executed. The smart contract code is written in a specialized programming language and stored on the blockchain.
- Testing of the smart contract. These are performed to ensure that the code behaves as expected. This includes checking the logic of the contract and making sure there are no coding errors. The security of the smart contract is also checked to make sure that it cannot be used improperly or for malicious purposes.
- Compilation and deployment on the blockchain. On the one hand, compilation of a smart contract is the process of translating the code into a format that can be read and executed by a blockchain. On the other hand, deployment is the process of publishing the compiled code of a contract on the blockchain so that it can be accessed and used by other blockchain participants.
Remember that if you are going to develop your first contract with Ethereum, it is best to use the remix.solidity.org development environment.
Did you know that Solidity is a smart contract programming language developed by Ethereum? It was created with the goal of simplifying the development of decentralized applications on its blockchain. This language allows developers to create smart contracts that run on the Ethereum network. In this way, contracts can be used to implement all kinds of decentralized applications: cryptocurrencies, voting systems, prediction markets, etc.
However, with the support of a professional team, everything is possible.
Enkronos helps you develop your smart contract
We are your blockchain development and smart contract creation team. The first step to develop a smart contract when you don’t have the necessary knowledge is to rely on experts or ask for a consultancy.
If you’ve come this far, you’ve probably realized the potential of blockchain technology, but where do you start? What aspects should you take into account? What conditions should your smart contract meet?
It all depends on the needs, circumstances and goals you have in mind. At Enkronos, we listen to you, understand your needs and get down to work.
We know that smart contracts are the future. Because they offer numerous advantages over conventional contracts: elimination of intermediaries, greater security, greater transparency, cost reduction, greater efficiency, and so on.
In short, the possibilities of smart contracts are endless:
- Sales contracts to automate the shipment of a product to a buyer once payment has been confirmed.
- Service contracts to automate payment to a supplier when work has been completed.
- Lease contracts that automate payment and sending a reminder to the tenant when payment is confirmed.
- Loan contracts capable of automating interest payments and sending reminders.
- Insurance contracts to automate premium payments.
- Contracts to control the sale of concert tickets and prevent resale and the production of counterfeit passes.
As you can see, the possibilities for smart contracts are manifold.
Whatever your goal, remember that smart contract is a technology used to enable the parties to a contract to communicate and fulfil their obligations in an automated way.
This can simplify and streamline contracts, as parties do not need to constantly monitor or remind themselves of their obligations.
Do you have an idea in mind and don’t know where to start developing it?
Contact Enkronos without obligation, we can help you clear your doubts and create your project from scratch.