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Blockchain is well on its way to generating a whopping revenue of $10 billion by 2023. In addition to its major advantages of being a decentralized, immutable and transparent system, it has amassed an enormous user base for its smart contracts feature. Read on to know what smart contracts are and what tools you need to develop them.
Smart contracts are automated programs that facilitate and validate a contract. It eliminates the need for third-parties, thereby eliminating costs that go into verifying contracts. The protocol of a smart contract is defined by the conditions given to it. When a process demands the verification of the smart contract, only upon meeting the given conditions, it validates the process.
In order to develop a smart contract, the following languages are compatible. In this blog, we refer to smart contract development on Ethereum.
- Solidity
- eWASM
- Vyper
- Ethereum bytecode
In addition to using a programming language, the following tools are required to establish a functional smart contract.
- Truffle - Truffle is a command-line development management tool that is used to develop distributed applications (DApps). It deploys, compiles and tests contracts.
- Remix IDE - It is a tool-set that allows developers to write Solidity contracts. As it debugs contracts and supports testing of contracts, it is a necessary Interactive Development Environment.
- MetaMask - MetaMask is a browser-based tool for Erethreum. It provides an interface to manage user identities to sign blockchain transactions on different sites.
- DAppBoard - This platform analyzes daily transactions and displays activities that take place on the blockchain in an organized manner.
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