New times require new solutions – the same thing happens in the workflow. Traditional paper contracts are a thing of the past. Computer files certified by EDS (electronic digital signature) are beginning to crowd them more and more. And recently, the use of SMART contracts has been increasingly mentioned. Like a traditional document, it contains the required details – the parties to the contract, subject, deadlines. But nothing prevents to bring a variety of additional conditions, requirements and clauses to the SMART contract. The main thing is that they can be formalized as an algorithm for executing a transaction. But the most important advantage of SMART contracts is that their implementation is absolutely independent of further behavior or unwillingness to fulfill it by the parties to the contract. All possible situations are prescribed in advance and will be executed strictly according to the algorithm thanks to the decentralized network – the Ethereum blockchain.
How to make a SMART contract?
As a rule, a smart contract is a program (program code) written in the Solidity language and executed on the basis of the Ethereum blockchain. But with the development of the fintech and blockchain industry, new projects appear, such as TRON, EOS, Stellar, Hyperledger Fabric and others. They also allow you to create a SMART contract and execute it on their virtual machines integrated into their own blockchain.
Below is a small snippet of smart contract code in Solidity for implementing voting functionality on the Ethereum blockchain.
In its activities, the CryptoBox platform actively uses solutions based on SMART contracts. Dozens of different building blocks were developed and tested, of which large and complex SMART contracts can be assembled as a puzzle. The result of this work was the development of the CryptoWizard application. In addition to standard tasks – cryptocurrency loans processing and open crypto savings account, it also has additional functionality. Thanks to this, any registered user of our platform can quickly and efficiently create their own SMART contracts, quickly test them and upload them to virtual machine EVM (Ethereum Virtual Machine).
Using the CryptoWizard* Application
- save you from having to learn the Solidity programming language to write your own smart contract
- insures against possible financial losses due to inattention or incorrectly composed algorithm of a smart contract
- save from the routine and painstaking work of smartcontract programming in which you are not an expert
- will perform automated audit and testing of a SMART contract
*CryptoWizard application is available for download and free use only to registered members of the CryptoBox platform
«The concept with smart contracts is so complex that understanding how to make them safer comes only with experience. We have to wait and let people do projects that sometimes explode. As cars and planes became safer over time, so we with experience will understand how to make smart contracts with an acceptable level of risk» Vitalik Buterin, co-founder of Ethereum and Bitcoin Magazine