What Is The Process Of Smart Contract Development?

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What Is The Process Of Smart
Contract Development?
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 contracts specific business
conditions and send them to the developer.
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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.
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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
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