Smart Contracts: App Developer Hurdles
Smart contracts are of one the most fundamental parts of blockchain. But, what does it take to actually build and run a smart contract?
Building simple smart contracts
Advanced smart contracts
Aside from the technical expertise needed to build complex and – most importantly – secure contracts, each smart contract requires extensive testing to make sure it executes properly without disrupting the whole chain. Testing services and bug bounties come with a cost, and these costs must be paid before you even put your contract online. Improperly made contracts are open to hacks and exploitation, and improper execution of a smart contract can destabilize an entire blockchain.
As a result, many companies are turning to specialized smart contract builders to work out all of the kinks. Unfortunately – due to high demand- the costs for outsourcing are also prohibitive for all but the largest companies.
Once the contracts are ready to be deployed, the price of ‘gas’, or processing power, needs to be estimated. The more complex the contract, the more it will cost to execute on the network.
The future of smart contracts
As blockchain and smart contract technology begin to take off, many worry that all but the biggest companies with the most resources will be able to take advantage and all smaller developers will be pushed out. To combat this, more than a few companies are popping up to help everyday developers take advantage of the potential of smart contracts by removing the resource cost barrier. Not only will this help developers but it will also help in continuing innovation in the blockchain space as it begins to jump into the mainstream.
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