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Smart legal contracts: Smart legal contracts are a legally binding contract in which the contractual obligations are defined and are executed automatically by a computer program. By using smart legal contracts we can expand several industrial sectors making its execution to be automated.
Decentralized Autonomous organizations: DAOs are special communities of blockchain sticking to specific rules coded into blockchain contracts combined with governance mechanisms.Any action taken by the community members can be replaced by a self-enforcing code and regulated.
Application Logic contracts: It Encloses the codes which are application dependent and is also in touch with other blockchain contracts.It can accomplish the connection of functionalities across the platform.
Business teams collaborate with developers to define their criteria for the smart contract’s desired behavior in response to certain events or circumstances.
Conditions such as payment authorization, shipment receipt, or a utility meter reading threshold are examples of simple events.
More complex operations, such as determining the value of a derivative financial instrument, or automatically releasing an insurance payment, might be encoded using more sophisticated logic.
The developers then use a smart contract writing platform to create and test the logic. After the application is written, it is sent to a separate team for security testing.
An internal expert or a company that specializes in vetting smart contract security could be used.
The contract is then deployed on an existing blockchain or other distributed ledger infrastructure once it has been authorized.
The smart contract is configured to listen for event updates from an “oracle”, which is effectively a cryptographically secure streaming data source, once it has been deployed.
Once it obtains the necessary combination of events from one or more oracles, the smart contract executes.
Solidity is a high-level object-oriented language for creating smart contracts. Solidity is statically typed and, among other things, enables inheritance, libraries, and sophisticated user-defined types.
The other used EVM language and it is a PYTHON-based language used by us. It is a contract-oriented programming language that uses strong security, easy code readability, and compiler simplicity making the language more developer-friendly.
Like other languages, Rust can run on Ethereum but it can be used to deploy other chains like Solana, and Terra and build blockchains like Polkadot. Rust is the performance-based language used outside the smart contracts also.
Frameworks are an essential part of smart contract development. They allow you to test and deploy your smart contracts effectively. Having at least one is a crucial step to success. The testing frameworks are,
Chain links enable the blockchain to become a hybrid smart contract that is it includes some off-chain components and connects to the real world. The majority of top smart contract platforms are hybrid smart contracts and use these oracles as critical components.
Openzeppelin has cemented itself as the “standard library for solidity.”The developer uses this as a quick way to deploy ERC20 smart contracts. Tested and backed up platform to ease the job of smart contract development.
The hardhat framework is easily the most dominant smart contract development framework. Hardhat is a javascript & solidity-based development framework that does a beautiful job of quickly getting your applications up to speed.
Brownie is an open-sourced python-based framework built on top of WEB3.py used by protocols like Badger. It supports both solidity and vyper, but the main draw to this framework is python-based.
The remix isn’t a framework but more of an IDE. A remix is a tool that everyone should at least start with so that it’s a common ground that everyone can meet when trying to share ideas.
Truffle is one of the original frameworks and was originally part of, spun out from, and then merged back into consensys. It’s a javascript-based framework that comes packed with tools like ganache.
Apeworx is the python new kid on the block that branched out from the brownie community to make a more modular finance-focused framework than its brownie ancestor.
Foundry is the fastest deployment toolkit for Ethereum apps development. It is a framework written in Rust language being used to interact with EVM smart contracts, sending & receiving chain data.
Etherscan comes built-in with most services, and they do a fantastic job. Etherscan is easily the most dominant block explorer for the ETH community, and they have built support for projects like a polygon.
GNOSIS SAFE is a massive tool for smart contract developers, especially those handling a lot of money and want to make sure their assets are safe. A lot of DAOs use Gnosis safe as well for storing their treasuries.
Metamask is a tool that just about everyone in this space knows about or should know about. The concept is simple and great for testing things in the browser, which all front-end developers need to do.
Make simple NFT generators and design NFT marketplaces.
Design ICO website to create and sell ERC-721 tokens on the market.
Issuance of own custom tokens.
Smart contract combinations that can enable defi lending services operate with the help of ERC-721 token.
