Ethereum was the pioneer of smart contracts for the 21st century world. Now, there is no dearth of other blockchain platforms too where you would be able to build smart contract but Ethereum stands tall with the biggest share of smart contracts. In fact, Ethereum has created a brand-new programming language exclusively for smart contracts, namely Solidity. As of 2022, around 1.40 million+ smart contracts were built on Ethereum in the first quarter of the year alone. Check out more at Multibank.io.
Do you too have plans to build smart contract on Ethereum? Is it for a new gaming platform or NFT? Smart contracts are one of the most disruptive blockchain applications that hold the potential to revolutionize almost any industry out there. From gaming to insurance to health to supply chain to finance to web 3.0 technologies like Metaverse and NFT, smart contracts are casting a highly dominant presence in all these sectors and more.
Read more: ethereum smart contract – Multibank
Well, the post below offers a convenient easy-to-comprehend guide on creation of these contracts, right from creation through testing, to finally deployment.
Now, we can finally consider the steps to build smart contract, followed by testing and deployment.
Build MetaMask wallet
A highly useful Chrome extension, MetaMask is both an Ethereum wallet and browser. It allows easy interaction with dApps and smart contracts over the virtual world.
The first step to build smart contract starts with the installation of MetaMask in Chrome. Enable the extension. Now, shift to the top right and click on the icon. Find a tab like “Create Wallet”. Click on the tab, agree to given conditions, and click on “I Agree”.
After that, get ready to set the password. Do not ever share the password even with the closest ones.
Next, check for the tab that shows “Main ETH Network”. You will find a small checkbox close to it. So, you see a checkmark? If so, then you are on the right track.
Choose test network
Your work doesn’t end after you build smart contract. Put simply, you will test the contract thoroughly before you launch it officially. There are several testing networks in the MetaMask wallet such as Robsten, Rinkeby, Kovan, and so on.
Deposit Dummy Ethers
You need some ETH for testing after you build smart contract. Don’t worry, the testing part doesn’t need your real ETH holdings- just dummy ETH would do.
Go to your chosen test network, say Rinkeby. Check the balance – you will find 0 ETH. So, you will add dummy ETH to it. So, go to the “Deposit” tab and click on it. Then, shift to the small tab that says “Get Ether”. You will find it below the Test Faucet.
After that, find the tab that shows “Request 1 ETH from faucet”. As soon as you click on the tab, 1 Ether will be immediately added to MetaMask wallet. Now, of course, you can add more Ethers to your testing network.
Write smart contract
This is where you would finally write a smart contract through editor remix in Solidity. According to pro smart contract developers, Remix is probably the #1 tool for writing smart contracts till date. The Browser IDE is packed with a host of useful features that have made it a top favorite among smart contract developers. Also, the Remix tool extends a comprehensive and seamless development experience.
Go to the remix page of Ethereum website to write your preferred smart contract.
Open Remix. Next, move to the top left and find the “plus” icon. Click and create the .sol extension.
Creation of ERC20 token
The standard template used for the ERC20 tokens is ERC20.sol.
Next, you would have to select a compiler version from Remix for compiling Solidity Smart Contract coding.
Deployment of the contract
Find the “Deploy” tab. You will get it at the right corner of the Remix screen. Click on the specified tab. Once the transaction is successful, you will be able to see the smart contract address at the right side of the Remix window.
Initially, all ERC20 tokens would be stored in your user wallet. Check for them after you find the address. Move to the MetaMask window. Then, look for a tab displaying “add tokens”. Next step is to enter the address of smart contracts. Now, click on “ok”. The screen will flash how many Ethers are currently present in your wallet.
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We will conclude the guide to build smart contracts with necessary pointers on testing as well as deployment of the contracts.
Testing the contracts:
- Run all the methods which will be executed through the contracts, like total supply, balance, and transfer
- Transfer tokens to your other ETH wallet addresses. Then, check your balance
- Run the method of total supply to check if you can get data on total supply
Deploying the contracts:
- Go to ETH network to bring the contract live
- Add real ETH
- The next step is to deploy the contract through Remix. Follow the steps mentioned in Step 7.
- After the deployment, click right on etherscan.io. Check for the address of your contract. Select the contract
- Go to “Verify Contract” for verification of contract
- Copy the contract code. Now, paste it directly at Etherscan. Next, choose compiler version for compiling the code
- Look for the tab that shows “Optimization”. Click on “Yes”, provided the same type of the optimization had already been selected at remix. If not, click on “No”
- Go to the tab that says “Verify”. Click on the located tab
- The contract will need some time before it is finally ready to come live. It won’t happen immediately but if there’s no glitch, you will find it live soon enough
- Now, finally, you have reached a point where you can run contract methods on Etherscan
You need training in Solidity to build smart contract. However, if you are too preoccupied for training, you have to at least hire a developer who is well versed in the nuances of Solidity. Some blockchain platforms allow to build smart contract in traditional languages. But for Ethereum, Solidity know-how is a must.