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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.

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Ethereum 2.0 Serenity: All you need to know

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According to Ethereum Founder Vitalik Buterin, the Ethereum 2.0 Senerity is a realization of the research that ethereum is spending time on from 4 years.

Main Features of Ethereum 2.0

– Proof of Stake (Casper)
– Scalability (Sharding)
– VM Improvements (EWASM)
– Improvements to cross-contract logic
– Improvements to protocol economics

 

Serenity Begins

What is Serenity?

According to Ethereum Founder Vitalik Buterin, the Senerity is a realization of the research that ethereum is spending time on, over the last 4 years. Serenity is a new blockchain in the sense of being a data structure which will have to link to the existing proof of work chain. So the proof of stake chain will be aware of the block hashes over the proof to work chain and the users will be able to move ETH from the proof of work chain into the proof of stake chain.

 

Expected Phases of Ethereum 2.0

Phase 0: Beacon Chain Proof of Stake
Phase 1: Shards as data chains
Phase 2: Enabling state transitions
Phase 3: iterate, improve and adding technology

 

Expected Feature of Ethereum 2.0

– Pure proof of stake consensus
– Faster time to synchronous confirmation )only 8-16 seconds)
– Economic finality
– Fast Virtual Machine execution via EWASM
– 1000X higher scalability

 

Ethereum 2.0 Post Serenity Innovation

– Layer 2 execution engines
– Privacy
– Cross-shard transactions
– Semi-private chains
– Proof of stake improvements

 

However, Vitalik Buterin did not define the timeline as to when the Ethereum 2.0 will be released and the users will be able to see all these improvements.

One of the lead developers and researchers with the ethereum foundation Justin Drake said in an interview with CNBC that there have been mistakes by the ethereum community for overpromising which is mostly because of miscommunication and underestimating the complexity of things. In reality, the research on moving ethereum to a proof of stake consensus has been moving really fast in accordance to the blockchain space. He also told that the Ethereum 2.0 Phase 0 that is between the mainnet and the testnet will be released in 2019, the Phase 1 that is Sharding will be seen in 2020, the Phase 2 will be live in 2021.

Erik Voorhees, the CEO of Shapeshift wallet and exchange said in the Ethereum Devcon that he believes that Ethereum will be one of the main chains as it has the network effect and more developers than any other blockchain in the world. He also said that Vitalik does not personally control Ethereum and if Vitalik disappeared someday, the ethereum blockchain will still prevail forever despite that fact that the ETH market might crash for a month or so.

 

What is your take on Ethereum 2.0? Will it boost the price of ETH back to four figures? Tell us in the comments section below.

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Ethereum Updates: Proof of Stake, Zero Proof Prototype, JP Morgan and more

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The Ethereum Dev Con in Prague has just wrapped up in a flurry of news and announcements. Vitalik has made some tantalizing announcements about ethereum.

The Ethereum Devcon in Prague has just wrapped up in a flurry of news and announcements. Vitalik Buterin has made some tantalizing announcements about ethereum stating that Proof of Stake is not far away. The serenity updates will see Ethereum moving from a Proof of Work to a Proof of Stake system which will be exciting.

Estimates predict a possible 1000X increase in ethereum speed brings it up to 15000 transactions per second. The updates will also include improvements to the ethereum virtual machine, cross chain contract logic and much more.

 

Ernst & Young ETH Zero-Proof Prototype

Ernst & Young made an announcement on 30th October about the launch of EY Ops Chain Public Edition Prototype which is the first ZERO Knowledge Proof Technology on Ethereum Blockchain. According to sources, the prototype aims to improve the current barriers that prevail in the transactions.

– Company’s ability to conduct transactions on the Public Blockchain securely.
– Improving Blockchain Adoption
– Enabling a traceability trail of the private transactions.

The prototype is set to launch in 2019 and could prove to be highly significant for the upcoming security token industry.

 

JP Morgan ‘big believers’ in Ethereum

Jamie Dimon, the CEO and Chairman of JP Morgan who had earlier said that he did not give a s**t about Bitcoin has recently endorsed Ethereum of having the abilities to provide practical applications to the financial world.
The JP Morgan team is developing a product named as ‘Quorum’ which is defined as an enterprise-focused version of Ethereum. A significant use of the product will be the tokenization of gold bars.

 

Bancor: Ethereum and EOS Cross-Chain DEX

BancorX, a new platform by the Bancor decentralized exchange is now live and enables the conversion between ethereum and EOS based tokens on the blockchain. Currently, it allows the conversion of more than 110 tokens on both Ethereum and EOS blockchain. The BancorX project was established in collaboration with LiquidEOS, an EOS block producer. The project uses BNT tokens (Bancor Tokens) for the transactions. The BNT Token works on both EOS and Ethereum blockchain.

The working: When you convert an Ethereum token into an EOS token, it is first converted into BNT Token. After this, the BNT Token is transfered to the EOS blockchain and gets converted into an EOS Token.

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#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH recover back?

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Ethereum Price Key Features

  • Ethereum price rectified lower strongly in the wake of exchanging over the $222 level against the US Dollar.
  • There is a key bullish pattern line set up with support at $208 on the 4-hours outline of ETH/USD.
  • The pair is probably going to move higher as long for what it’s worth over the $208 and $206 support levels.

Ethereum price is merging late misfortunes versus the US Dollar and Bitcoin. ETH/USD may maybe move higher above $220 on the off chance that it remains over the $206 support.

 

Ethereum Price Analysis

This previous week, we saw a strong bullish wave over the $202 and $210 resistances in ETH price against the US Dollar. The ETH/USD pair picked up pace over the $220 level and settled over the 100 straightforward moving normal (4-hours). The pair exchanged as high as $223 and later began a drawback remedy. It declined underneath the $220 and $210 support levels, however, purchasers showed up close to the $206 support.

All the more essential, there is a key bullish pattern line set up with support at $208 on the 4-hours diagram of ETH/USD. The pattern line support, $206, and the 100 straightforward moving normal (4-hours) are imperative. The price is as of now merging above $206 and it as of late moved over the $210 resistance. There was a break over the 23.6% Lie retracement level of the ongoing drop from the $223 high to $206 low. Also, there was a push over the 23.6% Lie retracement level of the ongoing decay from the $223 high to $206 low. Be that as it may, purchasers attempted to pick up force over the $212-214 resistance.

 

ETHUSD 5 day chart 11 November

ETH/USD 5 day chart

 

The above outline demonstrates that Ethereum price is as of now exchanging pleasantly over the $206 support and the 100 SMA. For whatever length of time that there is no nearby underneath $206, the price could skip back above $215 and $220.

4-hours MACD – The MACD is going to move into the bullish zone.

4-hours RSI – The RSI is right now level close to the 50 level.

Real Support Level – $206

Real Resistance Level – $220

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