Beginner’s Guide: A Comprehensive Look at the Development Lifecycle of Smart Contracts

Highlights: This article describes the smart contract development lifecycle and the steps that should be taken to develop and deploy secure smart contracts.

What is a smart contract in a blockchain?

Smart contracts are a major advance in blockchain technology. Smart contracts were proposed in the 1990s as a transaction agreement that enforces the contractual terms of the agreement. The contractual terms contained in the smart contract will be automatically executed when a specific situation is met (for example, the party who violates the contract will be automatically punished).

Beginner's Guide: A Comprehensive Look at the Development Lifecycle of Smart Contracts

The lifecycle of smart contract development

In the blockchain ecosystem, smart contracts go through four stages:

  • create
  • freeze
  • execute
  • Finalized

     

Beginner's Guide: A Comprehensive Look at the Development Lifecycle of Smart Contracts

Let’s briefly describe each stage.

1. Create phase:

The creation phase consists of the contract negotiation and implementation phases. First, the parties must agree on the broad content and objectives of the contract. This is similar to typical contract negotiation and can be done online or offline. In this phase, complete the following tasks: Multi-party negotiations. 2. Intelligent design, implementation and validation.

II. Freezing:

Transaction verification on the blockchain is performed by a network of computers called nodes. Blockchain miners are these nodes. To prevent the ecosystem from being overwhelmed by smart contracts, miners have to pay a small fee in exchange for the service.

Implementation:

Contracts placed on the distributed ledger are read by participating nodes. The authentication node verifies the integrity of the smart contract, and the code is executed by the smart contract’s interference engine (or compiler). The execution of the smart contract will produce new transactions and update the status of the smart contract. The new status information is entered into the distributed ledger and verified by a consensus program.

Finalization:

After the smart contract is executed, the resulting transactions and updated status information are recorded in a distributed ledger. The previously pledged digital assets are unfrozen and contracts are signed to confirm all transactions.

Beginner's Guide: A Comprehensive Look at the Development Lifecycle of Smart Contracts

How to protect your smart contracts?

One of the main reasons companies use smart contract technology is its high security. However, due to poor execution of smart contracts during the software development process and insufficient security measures, many situations have emerged in smart contract-based systems.

Here are some tips for protecting smart contracts from attacks and vulnerabilities:

  • Follow the best practices used by well-known enterprises to create more secure smart contract code.
  • Conduct regular smart contract security audits and penetration testing.
  • Use a blockchain security checklist.
  • Automatically run smart contract security scans.
  • For design, development, security, auditing, use trusted blockchain tools.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/beginners-guide-a-comprehensive-look-at-the-development-lifecycle-of-smart-contracts/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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