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How to write an Ethereum Smart contract from scratch? : Expert take

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How to write an Ethereum Smart contract from scratch?

How to write an Ethereum Smart contract from scratch? : Expert take

If you have gone through the basics of Ethereum and how the whole things work, you would of course be interested in knowing how the smart contracts are built. One of the most sought after feature of Ethereum is a smart contract and more and more people are looking to build and work with these decentralized applications or dApps. Of course this is a whole another new dimension that people are being introduced to and without any preparation beforehand, plunging yourself straight into the technical depths of this space can be quite daunting.

To help you with getting started on how to simply write an Ethereum smart contract from scratch, here is a little guide to help you by. Since it is always wise to take baby steps while learning something new, we would not be focussing much on deploying the app and testing it but simply how to get started with writing one.

Before we get started, let us have a quick recap and remember what a smart contract exactly is. It is simply a computer protocol that has been codified to enforce the negotiation of a contract on the Ethereum platform.

If you have absolutely no experience with programming, you might face a little difficulty getting on board with writing a smart contract. We first recommend gaining some basic knowledge about coding so that you can ease into your journey of writing a smart contract.

 

Decide on the business logic

Since a smart contract is used to basically implement a business logic, decide on what you want your smart contract to be doing. A vague idea would not help you. You need to know and identify exactly what you want your smart contract to do for you. Do you want to use it in a casino? Do you want to build it for a marketplace? It could be about anything and everything but you need to have a very clear picture in mind. A solid idea.

 

Learn Solidity for ethereum smart contract

Once the business logic or creative thinking part of this endeavor is done and decided, all you are left with is the technical part. The very first step for you to walk upon is to learn Solidity. The Ethereum Virtual Machine works on this programming language. Its structure is very similar to Javascript and C++ and once you have carefully gone through its documentation and learnt the syntax of this language and understood how to write a code in Solidity, you should proceed ahead to get your hands at the required toolkit to completely work your smart contract on. You could learn Solidity from several books like Solidity Programming Essentials: A beginner’s guide to build smart contracts for Ethereum and blockchain, Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners, Ethereum Smart Contract Development: Build blockchain-based decentralized applications using Solidity. You could also access the official Solidity guide by Ethereum at this link.

 

Some basic tools for ethereum smart contract

Now which of all the given tools you would require for your smart contract depends on the business logic you wish to build however these are the tools which almost all of them need.

The very first thing you would need is a tool named Truffle. You can access it on Github at this link. Truffle is basically a development framework for Ethereum in which you would code your business logic using the programming language Solidity. Next you would need to get your hands on Node.js, a runtime environment to write your tests and deploy them. Now for greater efficiency you would need something that would manage your accounts and tokens and that is just what Parity does which is a fast and much more secure Ethereum client than any other available out there. The last must have tool on this list would be Web3.js. You would of course require something that would bridge the gap between your laptop and the Ethereum network. Web3.js does just that by making a communication protocol with the Ethereum network using a Javascript API.

 

Write the ethereum smart contract

Retract a step back from starting to write your smart contract and first write an applicable automated unit test of your business logic in Javascript or even Solidity itself. This would be used to test your smart contract against and see if it actually works correctly or not.

Once you have good practical and working knowledge of how to code in Solidity and you have set up all the others tools on your laptop like Truffle, Node.js, Parity and Web3.js, you can now begin to code your own smart contract, finally. Since you had already set out the business logic you would want your smart contract to work on, you need not brainstorm now. All you have to do is use your knowledge and understanding of Solidity and code your business logic by implementing it in Truffle using the Solidity language.

 

Testing and deploying

Once your business contract is codified and ready, test it against the automated unit test. I fit throws an error, fix it, if it does not, move onto the next step of deployment. Compile your tested smart contract in Truffle and deploy your smart contract on the original Ethereum network or on the Ropsten testnet. Both these options would require some sort of gas to pay for the processing.

 

Follow these simple steps, and although this might take a little more time than you would like, remember, patience is virtuous and in the long run it would provide you great outputs.

#Polkadot

Alert: Polkadot Blockchain: A threat to Ethereum?

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Polkadot blockchain is the interpolation of networks that connect the multiple blockchains. It’s a bridge between the collections of blockchains.

Polkadot blockchain is an impending multiple chain structured platform which is technologically designed with the financial aspects to facilitate interoperability and scalability of blockchains which can be stopple into the ‘Relay chain’. Polkadot blockchain is the interpolation of networks that connect the multiple blockchains. It’s a bridge between the collections of blockchains. In technical jargon, it is the parachain. The operation of the parachain is through the minimized trust federation structure.

 

Characteristics of Polkadot Blockchain

Polkadot primarily provides interoperability, security assistance, and scalability. Polkadot creates the relay chain which acts as the nucleus of all the parachains. It connects the all other parachains and operates in coordination along with the transmission of data takes place. This leverage of the interconnections of blockchains is granted to both public and permission blockchains. For the blockchains to be allowed for parachain network must fulfill the following criteria for compatibility.

  1. It should be able to form compact and high-end client evidence.
  2. The authority must be distributed amongst a large number of authorities to standardize any transaction.

Polkadot which has its own consensus has the ability to form bridges with different chains such as Etherum. Polkadot is divided into layers and the lowermost layer of the Polkadot protocol are called Polkadot Runtime environment and stays uniform throughout the complete parachain network. Polkadot is simple language is the consortium of chains which allows numerous blockchains to share secured transactions via the Relay chain. Relay chain is the source of transmission of data. Polkadot connects the public and private blockchains. Polkadot is one of the biggest projects for the future for the accomplishment of the agenda of web decentralization. The transmission of information and data to all the blockchains and the necessary information and operations of the blockchain bifurcated to all the levels. This idea of blockchain data transmission – Polkadot was initially presented by Gavin Wood who is the co-founder of Ethereum and the founder of Parity Technologies. The data to a certain extent is classified. The focused agenda of this multi sharing blockchain technology Polkadot is to make sure that information transmitted stays secure and the transactions initiated must fulfill.

 

Polkadot Coin: DOT

DOT is the token or coin in the Polkadot ecosystem. The bizarre yet most important aspect of DOT is that there is a complete absence of information of limits. Polkadot is the sub technology of blockchain which can take the application of blockchain all together to the new level. It is one of the most ambivalent topics as there is so much of ambiguity in its every aspect.

 

What is Ethereum?

Ethereum is also a digital ledger like bitcoin but it is slightly different as it has a different approach and acts as a platform through which tokens can be created and creation of smart contracts and then directly uploaded onto the blockchain. Smart contracts is the digital code once the delivery of an agreed amount of currency takes place the system automatically transmits the key to unlock. These days our information is not at all 100% concealed. Most of our data is saved on the online accounts even after adding multiple passwords and locks. Still, there are blind spots where someone has the access to your information. The aim of Bitcoin technology is to replace the actual money and money transfer websites like online banking, Paytm and Paypal ethereum seeks to replace all the other third parties of the internet through blockchain. Ether is a form of cryptocurrency whose blockchain is formed by the ethereum platform. Ethereum is the kind of Decentralizing computing machine. Ethereum is divided into divided into two separate blockchains.  Ethereum with the theft reversed (ETH), and the original one being Ethereum classic (ETC). Ethereum prevents the third party from accessing or altering the data in any manner. It provides security to the information. Ethereum also makes the censorship virtually possible. In layman’s language, Ethereum is the best alternative provided for the strict digital base.

 

Is Polkadot a threat to ethereum?

Parity is one of the main clients of Ethereum. Polkadot is somewhat the direct competitor of Ethereumm. Ethereum itself has a potential of being the parachain but it would need a connection through the bridge but the working of a bridge is not clear yet. As ethereum  is an open source system that features smart contract functionality, the Polkadot has come up with the one of its advanced kinds. Even though Etherum is a potential parachain but polkatot is the connection of multiple parachains. As all the parachains cannot be connected to the scope of ethereum in the longer run stays limited. Ethereum is also founded by the Gavin Wood but he left it and founded Polkadot blockchain. Polkadot blockchain is more advanced technology as it is focusing on the transfer of data.

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#Ethereum Price Analysis

Ethereum Price Analysis: ETH going to correct downwards?

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Ethereum price showed strong increases. ETH tested the $150 resistance level which was quite strong so the price may correct downwards.

Technical Indicators

Support Level – $140

Resistance Level – $150

  • Ethereum price broadened the ongoing rally and moved over the $144 and $148 resistances against the US Dollar.
  • There is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.
  • There could be a downward correction for the short term. However, a lot of buyers are placed around $140 to push the price upwards again.

Ethereum price showed strong increases against the US Dollar as well as bitcoin. ETH tested the $150 resistance level which was quite strong so the price may correct downwards for a short term before starting a bull run again.

 

Ethereum Price Analysis

Recently, we saw an awful upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair revitalized over the $130 and $136 resistance levels to move into a bullish zone. Afterward, buyers drove the price over the $140 and $142 resistance levels. There was a bearish response noted close to the $148 level and the price plunged towards the $140 support. Sellers could not push the price downwards resulting in a new upward move over the $145 and $148 resistance levels. Ethereum price moved near the $150 resistance and settled well over the 100 hourly SMA.

At present, the price is uniting increases above $145, with a couple of bearish moves. There are numerous supports on the drawback close to the $145, $142 and $140 levels. All the more vitally, there is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.

In the event that there is a break underneath the pattern line, the price could test the $140 support territory. Any further misfortunes could start an all-inclusive drawback amendment beneath $138 and $136. To the topside, the $148 and $150 levels are solid obstructions for buyers in the short term.

ETHUSD Price Chart

ETHUSD Price Chart

Taking a look at the chart, Ethereum price is by all accounts confronting a large number of sellers around $150. In this way, there could be several swing moves above $140 before a crisp upward move. Above $150, the next resistance is around $155.

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#Ethereum Price Analysis

Ethereum Price Analysis: ETH strong enough for $200?

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Ethereum price is picking up strength after breaking the major resistance. ETH could soon move towards $145 in the short term.

Technical Indicators

Support Level – $130

Resistance Level – $140

  • Ethereum price picked up strength over the $125 and $130 resistance levels against the US Dollar.
  • There was an appropriate close over the $130 resistance level and the 100 hourly SMA.
  • There is a bullish pattern line formed with support around $129 on the hourly chart of ETH/USD.
  • Ethereum price is probably going to proceed higher towards $140 and $145.

Ethereum price is picking up strength after breaking the major resistance against the US Dollar and bitcoin. ETH is trading above $130 support level and it could soon move towards $145 in the short term.

 

Ethereum Price Analysis

Ethereum price picked up strength and broke numerous resistances between $125 and $130. There was a legitimate close over the $130 resistance level and the 100 hourly SMA. There was a little bearish response from the $130 resistance, yet the $124 level went about as strong support. The price revived and broke the $130 and $132 resistances.

Ethereum price tested the $135 resistance, and later there was a minor drawback adjustment. ETH plunged underneath the $133 level, yet the $132 level went about as good support. There appears to be a lot of supports shaping around $130. There is a key bullish pattern line formed with support at $129 on the hourly chart of ETH/USD.

ETHUSD Price Chart

ETHUSD Price Chart

Taking a look at the chart, Ethereum price is picking up strength over the $132 resistance levels. It will in all probability break the $135 level and expand gains in the coming sessions towards $140 and $145 levels. The major support is around $130, beneath which the price may test the $125 support zone.

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