A smart contract is a computer program that is designed to execute an agreement when certain conditions are met. It is typically written in a programming language such as Vyper, which runs on the Ethereum Virtual Machine (EVM). This article will provide an overview of the development of smart contracts using the Vyper language, which is a Python-based language and uses .vy file extensions. By utilising Vyper, users can create secure and reliable smart contracts.
Using blockchain technology to create smart contracts: an overview
The utilisation of smart contracts for negotiating contract terms has become increasingly popular in recent years. This is due to the fact that all of the necessary prerequisites can be hard-coded into the program, allowing for automated verification of the contract’s predetermined requirements. This eliminates the need for a witness or notary public to sign the agreement, resulting in increased openness, effectiveness, safety, rapidity, and cost efficiency. It is therefore no surprise that electronic contracts are becoming the preferred method of agreement in the modern business world, replacing paper documents.
Blockchain-based smart contract examples
Let’s use some examples to get a feel for how smart contracts function.
If there was a crowdfunding platform that allowed people to contribute their resources to cover the cost of life-saving medical care, it would enable more individuals to offer assistance. Generally, families of those in need must pay a fee to the platform in order to spread awareness of their circumstances and collect donations. Subsequently, the donations are dispersed to healthcare providers and patients through the website. In this case, the platform acts as an intermediary.
A smart contract could potentially incorporate pertinent information about the patients’ conditions, associated documentation from the hospital as evidence, and procedures for collecting contributions. This arrangement would eliminate the need for an intermediary.
When certain criteria are met, a Vyper smart contract can be programmed to execute all the given activities automatically. If the goal is reached before the deadline, the funds will be promptly transferred to the families of the patients, enabling them to start treatment without any delay. Donors will receive a full refund in the event that the therapy is not feasible. Furthermore, the use of distributed data storage for the smart contracts means that the funds are not under the control of any single individual.
As a Second illustration:
Envision this situation: Tanya has obtained Maria’s apartment. Maria is obligated to provide the apartment’s location to Tanya, meanwhile Tanya is responsible for making the rental payments. This is how a smart contract could be implemented in this scenario:
- To start, two distinct and secure locations should be established where Tanya and Maria can safely store their possessions without giving each other easy access.
- Tanya stores her rent while Maria stores her contact information.
- Once Maria has received confirmation of payment, she will provide Tanya the address.
- When Tanya checks out the apartment, if she discovers that Maria gave her the erroneous location, Maria will reimburse Tanya for the rent.
- If Tanya abruptly decides to terminate her tenancy agreement, she will incur a penalty in the form of liquidated damages and will be eligible to receive a refund for any remaining rental payments.
- When all terms of the agreement have been met, the smart contract is recorded on the distributed ledger.
Smart contracts take on the characteristics of the blockchains in which they are developed and deployed.
- They cannot be changed once they have been created; they are permanent.
- The contracts that have been issued have been acknowledged and accepted by all parties involved, similar to any other type of transaction. Furthermore, due to the fact that any user can identify suspicious activity and reject it, it is impossible for a malicious actor to take advantage of control to steal funds. This is further protected by the blockchain’s secure system, which ensures that security is in place at all times.
Smart contract development on the blockchain: the Vyper way
To put into action a Vyper smart contract, one must do the following.
First, Get Vyper Set Up.
Python 3.6 and later may be obtained from the Python website.
Second, you must actually create the code.
Let’s make a smart contract that can save and show an individual’s physical location.
Note: A MetaMask account is required for Ethereum interaction.
Writing a Smart Contract in Vyper
Create a new directory titled “Vyper Contract” and inside that directory, create a file titled “Contract.vy”. This Contract.vy file will contain the code necessary to generate the desired Vyper smart contract.
The Version Pragma is located on the first line of code, which instructs the Vyper Compiler to use the source code of the Vyper Smart Contract from Version 0.3.1. In this context, an “address” is a State Variable, which is saved as a string to indicate the user’s address. Furthermore, functions marked with “@external” can be invoked from outside of the program.
function is the constructor of the Vyper smart contract. It comes into play when the contract is deployed.
By making use of the @view annotation, Vyper is made aware that the application of the getAddress function will not alter the current state of the blockchain. This particular function enables the retrieval of the user’s address, which is securely stored within the address state variable.
Third, have Vyper’s smart contract built.
In this stage, we ensure sure the agreement performs as expected.
, or in this case, contract vyper vy.vy, is the command to compile the contract.
A hexadecimal string representing the contract’s bytecode is returned.
- Use Remix IDE for remote contract compilation. Make a brand new contract.vy file in the IDE.
- Please add the same Vyper code to this off-site document.
- Connect Vyper to your Remix IDE. To do a similar search, click the socket symbol on the sidebar and enter “vyper.”
- Select the displayed option by clicking the Activate button.
- Select Vyper from the toolbar, then select Compile contract.vy.
Implementing the Contract Fourth, the Contract Is Put Into Action
Just hit the Ethereum button on the sidebar.
From the ENVIRONMENT menu, select Injected Web3. Upon connecting to the Ropsten Testnet, the user interface will be automatically adjusted to reflect the new connection.
Select Deploy and then type anything in the box that appears. This is the user’s address, or the input that is being sought.
When you’re ready to use MetaMask, just hit the “Deploy” button.
Simply Confirm Your Selection by Clicking the Button.
It has been decided to launch the Vyper smart contract on the Ropsten Testnet.
Put the deployed contract through its paces
You may now examine the contract on the Ropsten Ethereum Faucet, or use its functions in the Remix browser IDE.
Select 0x26 from the CONTRACT AT menu. The state variables and functions getAddress and address will be shown. The getAddress option should be used.
Word supplied to the constructor in Step 4 deployment will be returned. The getAddress method in the agreement was used.
We are pleased to announce that our Vyper smart contract, which has the capability to store and display addresses, has been successfully deployed and tested. To use the contract, please use the codes provided and let us know how you find the experience. Additionally, you are welcome to try out the various variables available.
In this article, we conducted a thorough examination of Vyper, a Python-based language used for the development of smart contracts. Additionally, we explored some of the shared characteristics between smart contracts and blockchains.
Blockchain technology is the foundation of Online 3.0, the next era of web infrastructure. Smart contracts, which offer the advantages of being secure, transparent, rapid, and cost-effective, will likely become more popular as confidence in blockchain technology increases.