HOW TO CREATE AND DEPLOY A SECURE SMART CONTRACT?
The integration of blockchain technology into our daily routines has been a persistent goal of engineers since the industry's inception. And truthfully, they've managed to do so in many significant ways. Smart contracts, which are autonomous contracts with the terms of agreements between buyers and sellers embedded into the code lines, represent one of the most notable achievements. Offering an unparalleled level of security and transparency, smart contracts have become the go-to solution for a multitude of applications. To grasp the current ubiquity of blockchain, here's a striking fact: 81 of the top 100 publicly traded companies employ blockchain technology. These include industry giants such as Microsoft, Amazon, Visa, Shopify, PayPal, and even MacDonald's. Source Why are these companies drawn to blockchain? The answer lies in the fact that developing and incorporating smart contracts into businesses can usher in a plethora of new opportunities for all involved parties. Smart contracts can automate necessary processes, mitigate risks or human errors, enhance security, facilitate secure fund transfers, provide reliable data backups, and much more. Every industry can profit from the security of smart contracts, regardless of their specialization. If your company hasn't yet adopted this technology, it's something you might want to contemplate. Read Also: The Best Blockchain Development Companies Given our track record of developing and auditing over 400 smart contracts, we decided to compile a set of best practices for creating smart contracts tailored specifically for non-coders. These include business owners, analysts, and project managers who seek to understand if their company needs smart contracts and, if so, how to develop them. P.S.: We assume that if you're reading this article, you're already familiar with smart contracts, how they operate, and how they can enhance your business. However, if you wish to refresh your understanding, you might want to start with this introductory article on smart contracts. Now, let's delve into how to create a smart contract. WHY IS IT ESSENTIAL TO BUILD SECURE SMART CONTRACTS? Before embarking on the journey to develop a smart contract, it's critical to comprehend why it's imperative to do it right. Like any software, smart contracts demand precision and thoroughness during coding. When deploying smart contracts, developers should be mindful of all potential risks and vulnerabilities and adhere to industry best practices. Observing basic rules and obtaining a few security audits from a reputable company before the final deployment of your smart contract could spare you a great deal of trouble in the future. Furthermore, it could safeguard your companys data, funds, and reputation in the event of a cyber-attack. Here are a few potential risks your business might face if you improperly create smart contracts: Code vulnerabilities. Even the smallest coding errors can morph into serious vulnerabilities if not identified and rectified promptly. Insufficient smart contract logic. If a smart contract lacks underlying logic or is created without a comprehensive understanding of business processes and financial instruments, it could become an easy prey for hackers. Inefficient access control. If you build a smart contract and implement the access control ineffectively or not at all, malefactors could gain privileged access to a smart contract and exploit value for their benefit. Lost funds. This is arguably the most severe risk for any protocol owner, as it leads to the direst consequences: loss of user trust, funds, and reputation. Hence, if you decide to build smart contracts for your business, ensure you hire experienced developers who prioritize smart contracts' security and reliability. Read Also: Top-Notch DeFi Startups You Need to Know HOW TO DEVELOP A SMART CONTRACT The process of building a smart contract consists of several key steps: Selecting a platform. Choosing developer tools. Developing smart contracts. Testing and conducting audits. Deploying and implementing contracts. In this article, we will provide a brief description of all these steps, with a particular focus on the development platforms and industry best practices for the primary process of writing code and deploying smart contracts. If you're interested in learning how to deploy a smart contract, keep reading. If the thought of tackling the entire process of building and deploying a smart contract alone feels overwhelming, there's no need to worry. You can engage Revoo, an outsourced team of blockchain developers, to build and incorporate smart contracts into your business. Revoo has a track record of deploying over 400 smart contracts in 5 years and currently boasts a team of 65+ blockchain developers. If you're seeking skilled engineers with a profound understanding of the industry, reach out to us and get a free consultation for your business. You can also read our guide on how to develop a DeFi project. SMART CONTRACT DEVELOPMENT PLATFORMS When integrating a smart contract into an existing business or initiating a project from scratch, one of the primary tasks is to pick a suitable platform. Developers often prefer EVM chains (Ethereum, Binance, Polygon, Avalanche), NEAR, Polkadot and other substrate chains, Solana, EOSIO, etc. Each smart contract development platform has language-specific recommendations, so you should select your developers accordingly. However, all platforms adhere to similar rules and best practices for contract development. Learn how to launch a project on Polkadot in our complete guide. EVM CHAINS (ETHEREUM, BINANCE, POLYGON, AVALANCHE, AURORA) Many companies tend to deploy smart contracts on Ethereum, given its popularity. While the Ethereum blockchain remains a highly trusted andWHERE CAN I FIND THE BEST BLOCKCHAIN DEVELOPERS? Revoo is the top outsourcing company that offers a variety of blockchain development services. Contact us to get experienced developers to work on your project.