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Posted by mulfy on September 27, 2024 at 5:19am 0 Comments 0 Likes
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The life cycle of a smart contract is divided into numerous stages also known as its evolution. These ensure that the technology accurately defines and secures the business needs.
The following is how a smart contract is created.
Define the rationale and requirements for the business
The parties involved establish the smart contract’s specific business conditions and send them to the developer.
Create a smart contract architecture
Developers create the architecture of the contract to represent the business logic once it has been established. During the development phase, this acts as a blueprint.
Develop a smart contract
This level entails building a smart contract for your preferred blockchain platform. This method also involves unit testing to ensure that the contract works as intended.
Internal Audit
An internal audit is conducted using a local blockchain followed by a testnet. The audit verifies that the contract works as planned and meets all security requirements.
Deployment on a distributed ledger
The contract has been deployed to the market where it will be used.
A simple smart contract
Contracts that have legal ramifications for parties that fail to meet their obligations fall into this category, They are also referred to as “ smart legal contracts”.
Smart contract with a lot of complexity
The complex smart contract includes DAO (Decentralised autonomous organizations), ALC (application logic contracts).
DAOs are a type of blockchain community.
ALCs represent the interface between smart contracts and the internet of things and this community functions. It is regulated by a set of rules via a number of smart contracts. ALCs are used to validate and enhance communication between services in the IoT.
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