SMART CONTRACTS 101: STARTUP BONUSES WEBINAR #3
This article was originally published on
on November 1st, 2018.
Our third Startup Bonuses Webinar aired on October 31, 2018, featuring BlockTEST’s developer team, who discussed the basics of blockchain, introduced the purpose of smart contracts, and guided new blockchain developers towards deploying their first smart contract. BlockTEST developer Justin Littman launched the webinar by introducing the core theory of blockchain by comparing its pros and cons with those of the more traditional centralized and distributed databases. A centralized database is easy to set up, the data stored is accurate and consistent, and updates to data are immediate. Its problems are single point of failure, bottleneck and trust issues regarding the central authority. A distributed database does not suffer from single point of failure and is more scalable. However, data consistency becomes an issue and the central authority still has total control over the data. Blockchain, by contrast, has no single point of failure or central authority and is both secure and immutable. It faces certain problems at this stage, however, includes limited adoption, complex setup, and imperfect data consistency. To continue, BlockTEST developer Hoyin Chu explained the concept of block and how blocks were added through mining. Chu further introduced smart contracts — digital agreements enforced by codes which can be added to a blockchain. Chu highlighted the advantages of smart contracts as being transparent, efficient, secure and cost-effective. Finally, BlockTEST blockchain engineer Prateek Adhikaree guided the audience through the process of building a simple smart contract. Adhikaree introduced a set of tools for developers including Remix, Truffle and MetaMask, and illustrated the building process through a brief demo.