If you are a crypto-enthusiastic startup, your primary query would be ‘How to develop a smart contract?’ Leave your worries, you have landed at the right place. While crypto assets have become an unmatchable investment option for people, security protocols also took the primary position. There comes the role of crypto smart contracts. Not all are ready to say no to advanced-level technology to protect digital assets from scammers and hackers. Well, while the demand increased, on the flip side, the creation of smart contracts also increased. If you are eager to know how to create a smart contract, we are here with this complete guide.
Get ready to embrace the power of smart contracts…First, let’s start with a basic query…
How To Develop A Smart Contract?
We have explained the essential steps for smart contract creation so that you can understand it easily.
Step 1: Gathering Ideas
When you tend to develop a smart contract, analyze the history, types, creation, and use cases of the smart contracts. And, also at the prior stage, be conscious of the creation purpose. You can outline your smart contract development roadmap in the initial stage. You can estimate the cost, time, developer team, and other criteria by gathering the ideas before smart contract creation.
Step 2: Choose the smart contract type
You need to focus on choosing the smart contract type based on the working nature, scalability, and niches.
1. Smart legal contract – This is a common type of smart contract used in various sectors like healthcare, cryptocurrency, and real estate. A simple rule of this smart contract is ‘If this happens, then this will occur’ which means the conditions are pre-defined. So, without any central authority or intermediary, the contract executes itself. Hence, these smart contracts are predominantly used for all crypto purposes.
These smart contracts hold the transparency feature and also they are immutable. So, the chances for hacks, phishing, or scams are zero. In simple words, the smart contract executes when the pre-defined price of the token is attained.
2. Application Logic contract (ALC) – The ALC or Application logic contracts are even used daily for transferring data across various devices. These smart contracts make the data secure, immutable, and legal.
Unlike usual contracts, these smart contracts are signed between machines and other contracts. It also integrates both IoT (Internet of Things) and blockchain technology. These smart contracts increase user-friendliness.
3. Decentralized Autonomous Organization (DAO) – Can you imagine a community or ecosystem without a CEO or boss, how does it work? This has been made possible by the DAO smart contracts. With these smart contracts, the working would be autonomous, transparent, and self-sustained
Also Read: How To Start A DAO in 8 Simple Steps
Step 3: Pick the potential development method
Pick the perfect development method that would be convenient. You can either create a smart contract by yourself or approach a smart contract development company. Even though you are skilled enough to develop a smart contract, you may make mistakes in the creation process.
This would turn your crypto project into a catastrophe. So, we suggest you choose the best smart contract development company. As they have enough developers, experts, technicians, and resources, you can create your smart contract immediately. Not only that, but they would assist you in the development process.
If you have any queries regarding the creation work, you can freely approach them. Hence, it would be both a time-saving and cost-efficient method for creating smart contracts.
Step 4: Choose the Blockchain network
Choose the blockchain based on your project’s relevancy, needs, and requirements. Usually, everyone chooses the Ethereum network for creating smart contracts. They can be widely used for creating dApps, NFTs, and others.
Step 5: Install a non-custodial wallet
So, for that install a non-custodial wallet for development. You can integrate the crypto wallet for connecting to the Testnet. Hence, you can test your smart contract easily after creation.
Ok, now we can take the popular metamask wallet for smart contract development. After installing, click through the option of ‘create wallet’ and then tick the checkbox to agree to all the terms and conditions. Once after that, ensure that you are in the ‘Ethereum Mainnet’. Then without any secondary thoughts, you can proceed with the next step.
Step 6: Pick the Testnet
The metamask wallet shows the options of various test networks of the Ethereum blockchain. The test network is a collection or a group of nodes used to check the working of the Ethereum blockchain. As they don’t have any real value, they are used only for testing purposes. Some of the popular test networks of Ethereum are,
- Rinkeby Network – The Rinkeby network is ideally known for its unique features like enabling network stats, number of nodes, transactions, etc.
- Goerli Network – This is one of the popular test networks of Ethereum blockchains. It replicates all the essential features of the Ethereum mainnet.
- Ropsten Network – This network shows all the latest and recent transactions. This Ropsten network uses a Proof-Of-Authority (PoA) consensus mechanism.
- Kovan Network – Like Ropsten, Kovan Testnet is also a fork of Ethereum Mainnet. It also shows the latest transactions, blocks, etc.
Pick the Testnet based on your business needs and convenience. Then you have to fund your wallet with dummy Ethers. So that you can write the programming code for creating a smart contract.
Step 7 – Design tools for smart contracts
Depending on your business needs, time & cost estimation, and resources, you can choose any of the potential smart contract developing tools. Some of the popular open-source libraries for smart contract creation are,
- OpenZeppelin
- Hardhat
- BlockCAT
- Accelchain
Apart from that, Remix browser IDE is widely used for smart contract creation. It is a potential tool predominantly used for creating, deploying, testing, upgrading, and debugging smart contracts.
Step 8: Write Programming Code
You can pick Remix browser IDE for writing the smart contract code. The Remix is used to write digital contracts in smaller sizes. An integrated debugger, syntax & error highlighter, deployment environment, etc are some of the features of Remix browser IDE.
Hence, you can integrate your essential conditions in the smart contract by using popular solidity languages. After the completion of the smart contract code, you can save them with the .sol extension.
Step 9: Smart Contract Testing
This is the most efficient step in the development process. Test and run your smart contract to check their quality. Through this method, you can reduce the technical errors, bugs, and mistakes at the initial stage. You can also run a beta version for more relevancy.
Step 10: Mainnet Deployment
You can deploy your smart contract in the Main network of the Ethereum blockchain. Check for the transaction completion. Once it is completed successfully without any technical errors, you can launch them.
Now, you can use those smart contracts for various crypto purposes.
Step 11: Monitoring and Support
You must regularly check and monitor the smart contract code to reduce technical errors and bugs. Also, get support if the technical issue is not yet sorted.
The steps may seem to be easy, even though deep knowledge and experience are essential for creating a smart contract. So, as mentioned earlier, join hands with a smart contract development team. They would have plenty of experience in developing smart contracts. So, that you can launch your smart contract as soon as possible.
When we have seen the essential steps for smart contract creation, let’s know their wide usage in the crypto industry. Through that, you can have an idea about their demand in the market.
Benefits of Creating Smart Contracts
The reason behind the high number of smart contract usage has been listed for your reference.
Security
Smart contracts are primarily designed to eliminate third-party interference in crypto transactions. It encourages Peer-to-Peer communication between the token buyer and seller. This helps to reduce frequent confusion regarding the execution of crypto transactions.
Transparent
As blockchain technology is backed for creating a smart contract, they are transparent. Both the user and buyer can view the transaction data for reference. The data provides accurate information for both parties which reduces the manipulation or conflicts. This ensures trustworthiness among users.
Cost-Efficient
When a third party is involved for security purposes, it charges extra costs for maintenance. It is completely reduced by using smart contracts. Invisible or hidden charges of the third party are also minimized. They automate the pre-defined conditions without any approval.
Immutability
Even though they are transparent for everyone, they completely avoid the chance to modify, change, or delete the stored data. Once the data is stored in the blockchain network, it will be permanent. So, one cannot falsely accuse anyone with inappropriate data.
Global Accessibility
Users from everywhere can get access to smart contracts. Smart contracts don’t have any geographical restrictions for specific regions. Hence, people from all over the world can get access to using smart contracts from various blockchains.
Automation
As the conditions are digitalized and pre-defined, the transactions are automated at a higher speed. This reduces the time taken for approval from third parties. It also helps to save time and streamline the crypto process without any interference.
Long tale to short, smart contracts save time and cost. And it also automates the crypto transactions seamlessly. Presently, these smart contracts are replacing traditional contracts and agreements across various sectors.
As they comprise numerous benefits, you may wonder about the time taken to create one. To your surprise, it also takes less time for smart contract development. We gave a short answer to your biggest query. Skip to the next part.
How Much Time Does It Take To Develop A Smart Contract?
The average time taken to develop a smart contract would range between 7 to 15 days. Yet, this is not the exact time duration for creating a smart contract. Some of the potential factors that influence the time taken to create a smart contract are,
- Developer’s expertise in programming language
- Complex contract structure
- Resources
- Testing and clearing the bugs
- To ensure accuracy and security
Even the smart contract creation won’t take more than 1 month to complete. After completion, you can deploy your smart contract immediately as soon as possible. Thanks to an abundant amount of advanced-level technologies for making ease the smart contract creation.
When we say that robust technologies are used for creating smart contracts, many would fear the cost. Fear not, the smart contract development won’t cost you more. We have explained that in the next portion in a detailed manner.
How Much Does A Smart Contract Cost To Create And Deploy?
The approximate and exact cost to create and deploy a smart contract would be around $5,000 to $10,000. Like time estimation, the cost may also vary according to various factors. The major factors include
- Technology Stack
- Blockchain’s Gas Price
- Post-Deployment
- Regular Auditing
- Smart contract types
Apart from these factors, integration of security protocols, complex features, and blockchain network, the cost may vary. So, before entering into the development process estimate the approximate amount. This won’t affect your project or business budget at last. Try to get enough consultations and guidance from experts.
As they have enough experience in creating smart contracts, they can help you out in framing the roadmap. As mentioned earlier, the steps for creating a smart contract seem to be easy, but without technical guidance, your project would be a catastrophe. We, developers at Coinsclone offer you the best Smart Contract Development Services at a startup business budget.
Why Choose Coinsclone For Smart Contract Development?
Coinsclone is a professional Blockchain Development Company has a excellent smart contract developers, experts, and technicians. We will help you to take your smart contract development process to the next level. With the right team, you can level up your crypto aspirations into reality. Join us to turn the code into creation!!