Smart contract development
A smart contract is a computer algorithm designed to develop and maintain self-executable contracts executed in a blockchain environment. Such contracts are written by smart contract developers as code that exists in a distributed ledger, a blockchain, which is maintained and managed by a network of computers. In layman’s terms, smart contract development allows the exchange of assets without the need for intermediaries.
Advantages of smart contract programming
Once placed on the blockchain network, a smart contract will be always executed uniformly and automatically whenever the programmed events occur.
Security and uniformity of smart contract execution is ensured by the decentralized nature and consensus algorithms of the blockchain network. No party to a smart contract is able to make changes to the smart contract once it is placed on the blockchain network.
We accept your project's native crypto as a payment method for our services.
Smart contract programming services
Developing a tokenomics model
Create a smart contract to develop an effective, comprehensive economic model for your project. In the process of tokenomics creation, a smart contract engineer develops the principles of its functioning and a functional description of smart contracts for working with the project tokens.
A smart contract developer can create architecture for your existing or newly developed software solutions using blockchain platforms and smart contracts.
Non-template smart contracts can be developed for your projects in almost any area of business. Developers can integrate smart contracts into existing solutions.
Developers can set up an audit of smart contracts using automated and manual tools to find bugs and potential security flaws in smart contracts.
Examples of using smart contracts
Crowdfunding, ICO, MLM projects. You can create a smart contract and issue your own tokens on the blockchain in order to attract the interest and capital of investors to implement your business idea as quickly and efficiently as possible.
Development of a personal investor account
Creating a user interface (front-end) for interacting with the blockchain/smart contract
DAPP blockchain apps
Creating smart contracts for decentralized applications. You can develop mobile and web apps that interact with blockchain platforms.
Private blockchain platform deployment
Do you need your own independent blockchain to interact with your counterparties? We can help you deploy a private blockchain and create apps to interact with it.
Blockchain game development
Creating gaming and gambling platforms on TRON and Ethereum blockchains.
Crypto funds development
Creating profitability charts, portfolio structure - clearly and user-friendly. Investors buying crypto assets that go directly in their account and they can monitor the returns.
Enabling acceptance of cryptocurrency for your project or personal account. Using internal billing, crypto payment processing and token accrual.
Technical consulting and support
Completing an external audit of your smart contract. By ordering development from us, you automatically get technical support and access to the expertise of our team.
How the blockchain ecosystem and smart contracts work
The use of smart contracts is related to the blockchain ecosystem operation, as they apply nearly the same algorithm to perform actions in the system. Using Ethereum smart contracts consists of several steps:
When a transaction needs to be executed, the user sends it to a network of peer nodes.
The algorithm verifies the authenticity of digital signatures of both parties involved in the transaction.
After that, the algorithm-based contract makes a decision for the parties involved in the transaction.
If the terms of the contract are fully met, the participants receive money. If the rules are violated, the algorithm imposes a penalty on users and also restricts their access to further actions on the platform.
Essential conditions for smart contract operation
The use of the new technology became possible only in 2013, when Vitalik Buterin’s project financed Ethereum smart contracts. To function properly, the system should have the following features:
An asymmetric encryption method should be used to protect data.
The system should have open databases with information about users entering into a transaction.
There should be complete absence of the human factor.
Decentralized platforms should be used for a transaction.
Only when the conditions are met, it is possible to create smart contracts to transact within blockchain ecosystems. This is why the technology became available for mass use on the network almost 25 years after its invention.
Pros and cons of smart contract development
Modern security technologies for transactions have a number of benefits, including the following:
No intermediary that charges an additional fee is required to complete the transaction.
Business get reliable protection of customer funds and storage of confidential user information.
The algorithm uses multiple duplications, which ensures an additional guarantee of security.
There is no need to fill in the contract manually; the service automatically enters all data about the parties of the transaction.
Users do not need to monitor compliance with the contract terms. If one of the parties violates the requirements, the contract will be automatically deleted.
However, the modern development of smart contracts also has certain disadvantages that do not allow the technology to be used everywhere. Disadvantages of smart contracts include the following:
Advanced solutions can contain code bugs in the system, which often lead to problems in transactions and their execution.
The lack of government oversight is both an advantage and a disadvantage. There are still no laws regulating the use of smart contracts in the blockchain ecosystem.
At this stage, the use of smart contracts is only allowed within blockchain ecosystems.
Some systems have too low data transfer rates, which complicates the conclusion of transactions.
Blockchain ecosystems have long used smart contracts to ensure security of participants. Even despite smart contract shortcomings, the presented technology is being actively promoted in the world of decentralized finance. Thus, many companies are striving to develop the means to apply smart contracts in everyday life to ensure the security of users.
Prospects for smart contracts
The blockchain ecosystem’s smart contracts are used to transact and trade in the world of decentralized finance. The blockchain ecosystem perfectly meets all the requirements for using the smart contracts. However, many global leaders, business owners and bank officials are already considering the application of this technology.