Web3 smart contracts would play the most significant role in leading the next evolution of the internet. It allows users to interact online through the blockchain and dApps. They lay down rules for decentralized transactions without the need for verification by a centralized third party. It is precisely the web contracts that make the vision of a decentralized internet a reality. This article discusses smart contracts in the new web, their advantages, and the deployment and interaction process.

What are Web3 Smart Contracts?

Smart contracts are self-executing programs stored on a blockchain that run when pre-defined conditions are met. They are typically used to automate the execution of an agreement to ensure the certainty of an outcome. The code and agreement contained in a smart contract exist across a decentralized blockchain network and allow trusted transactions to be carried out among anonymous parties without the involvement of a central authority, legal system, or external enforcement mechanism.

Smart contracts allow various functions, including buying, selling, and trading assets like NFTs and exchanging different currencies, tokens, and property types. Transactions that occur through smart contracts are stored on the blockchain and are transparent for all to view and verify.

A smart contract agreement typically works with three variables:

  1. Parties involved
  2. Type of asset(s) exchanged
  3. Conditions of the transaction

Advantages of Web3 Smart Contracts

With decentralization at its core, Web3 smart contracts allow new ways to transact online without needing an intermediary. Moreover, since they are written in code, smart contracts are anonymous, free of human error, cost-effective, and interruption-free. That said, smart contracts display a wider range of benefits for users, developers, entrepreneurs, and businesses. Smart contracts:

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  1. Allow user authentication without a legacy centralized sign-up process that a single company controls.
  2. It can be used to create decentralized autonomous organizations (DAOs) that help organize many users without needing a corporate entity.
  3. Introduce transparency in the ecosystem. The participants have access to the same information at the same time, minimizing the possibility of manipulation of the contract. This provides involved parties with trust and security.
  4. Reduce economic and time costs by eliminating intermediaries.
  5. Offer autonomy and independence to involved parties.

How does a Smart Contract Work?

Smart contracts follow ‘if/when…then’ commands embedded into a blockchain’s code. When pre-defined conditions have been met and verified, a network of computers executes the actions, ranging from releasing funds to sending notifications to registering a vehicle. The blockchain is updated after the transaction is complete, meaning that the transaction cannot be changed.

How to Deploy and Interact with Smart Contracts using Web3?

Before learning how to deploy it, let us briefly understand how a contract is written in web3. Most people use Solidity to write smart contracts for blockchains like Ethereum. Ethereum is the most popular blockchain for smart contracts. We can deploy these contracts using NodeJS.

Here is the software we’re going to need:

  1. NodeJS
  2. Ganache
  3. VS Code (text editor)

To connect a website with blockchain-deployed contracts, we can use web3.js as an intermediatory to enable interaction between the two. That is to say, in dapps, the front end is connected with the contract at the backend using the web3.js library.

How to choose the right Web3 Developers?

To develop efficient Web3 smart contracts, hiring a competent developer is crucial. Listed below are some parameters that you can consider:

Experience: Hiring an experienced, smart contracts developer ensures that you’re working with someone who knows what they’re doing. One of the ways to check a developer’s experience is to look at their portfolio. Another is to read reviews and testimonials from previous clients.

Skills: A smart contracts developer needs essential skills such as a solid understanding of blockchain technology and familiarity with Solidity. They also need to have a working knowledge of ethers.js and web3.js and should be able to execute tests on a contract.

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Communication: It is important to ensure that the developer you’re hiring is someone you can easily communicate with. The best to test this skill is to have a conversation with them. Pay attention to how well they listen to and explain things.

Frameworks: Smart contract developers should have adequate knowledge of the different frameworks available for development. Truffle is the most popular framework that offers a development environment, testing framework, and asset pipeline for Ethereum. Another well-known framework is Embark which allows you to develop, deploy, and test decentralized apps quickly. Then, there is ZepplinOS—a framework that makes it easy to develop, deploy, and manage smart contracts. It comes with gas optimization, security audits, and more.

Timeline: It is important to ensure that the developer of the smart contract you’re hiring can complete the project in the desired timeframe.

Closing Thoughts

Web3 smart contracts are the backbone of the web3 and metaverse economy. Not only are they essential for building dApps, but they also provide the foundation for transacting without an intermediary or third party. Smart contracts are a powerful tool in gaming, healthcare, real estate, and almost every other metaverse. For businesses thinking of venturing into the web3 space, collaborating with developers who can build smart contracts is a fundamental step.

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