With a preset condition-based execution policy, a smart contract is essentially a computer programme. It is created using programming languages like Vyper, that operates on the Ethereum Virtual Machine (EVM). This blog gives a succinct summary of Vyper usage in constructing smart contracts, using .vy file extensions, which is a language built on Python. Employing Vyper for smart contract development ensures excellent security and dependability.
An Overview of Creating Smart Contracts through Blockchain Technology
In current times, the employment of smart contracts in contract term discussions has gained considerable popularity. Integration of needed prerequisites to the programme makes it possible to have the contract’s specified requirements automatically verified, thereby removing the need for a witness or notary public to authenticate the agreement. This results in improved transparency, efficiency, security, rapidity, and cost-effectiveness of the contract. As a result, electronic contracts have taken over traditional paper documents, as the preferred method of agreement in the contemporary business world. For more information, refer here.
Examples of Smart Contracts Built on Blockchain Technology
To better understand smart contracts, let us examine a few examples.
A Basic Representation:
By providing a crowdfunding platform to raise funds for urgent medical care expenses, more people can provide assistance. Typically, the platform requires the family of the individual in need to pay a fee to distribute awareness of their condition and receive donations. The collected donations are then channelled to health providers and patients via the website. Here, the platform serves as an intermediary. For more insights on the growing demand for medical device contract manufacturing, refer here.
Incorporating relevant details about the patient’s condition, meeting the necessary hospital documentation requirements as evidence, and processes to solicit contributions could be effortlessly integrated into a smart contract. This would eliminate the need for intermediaries.
Vyper smart contracts can be designed to execute all the specified activities automatically when certain conditions are accomplished. If the set target is achieved before the deadline, the funds will rapidly move to the patient’s family, ensuring an undisrupted start to the treatment. In case the treatment does not proceed, the donor will receive a complete refund. Additionally, by using distributed data storage for smart contracts, the funds are not controlled by any single person.
A Second Example:
Consider the following scenario: Tanya has leased Maria’s apartment. Maria is required to provide Tanya with the apartment’s location, while Tanya is responsible for paying the rent. Here’s an example of how a smart contract could be utilised in this situation:
- Initially, two secure and separate places should be designated for Tanya and Maria to store their goods without granting each other easy access.
- Tanya stores her rental payments, while Maria stores her contact details.
- After receiving payment confirmation, Maria will provide Tanya with the address.
- If Tanya comes across an incorrect address after inspecting the apartment, Maria will reimburse Tanya for the rental payments.
- If Tanya decides to terminate her lease agreement unexpectedly, she will incur a penalty in the form of liquidated damages and may be eligible to receive a refund for any unused rental payments.
- Upon fulfilling all the conditions of the agreement, the smart contract is registered on the distributed ledger.
Smart contracts adopt the features of the blockchains in which they are created and deployed.
- Once smart contracts are generated, they are irrevocable and remain in place.
- Like any other type of transaction, all parties involved in the contracts have acknowledged and accepted them. Additionally, since any user can detect and prevent fraudulent activity, it is impossible for a malicious user to manipulate the system to steal funds. The blockchain’s secure system reinforces this by ensuring continuous security measures.
Developing smart contracts on the blockchain: the Vyper approach
To implement a Vyper smart contract, the following steps must be taken:
Step One: Configuring Vyper.
Python 3.6 and newer can be acquired from the Python website here.
Step Two: Creating the Code.
We will create a smart contract that can record and display a person’s physical location.
Note: To engage with Ethereum, a MetaMask account is necessary.
Creating a Vyper Smart Contract
Make a new folder called “Vyper Contract,” and within it, make a file called “Contract.vy.” The code that produces the desired Vyper smart contract will be stored in this Contract.vy file.
The Version Pragma is the first line of code, which instructs the Vyper Compiler to use Version 0.3.1 of the Vyper Smart Contract’s source code. In this instance, the “address” is a State Variable that is kept as a string to represent the user’s address. Additionally, functions designated with “@external” can be invoked from outside of the program.
__init__function is the constructor of the Vyper smart contract. It comes into play when the contract is deployed.
The “@view” annotation informs Vyper that applying the getAddress function will not modify the current state of the blockchain. This function allows for the retrieval of the user’s address, which is securely retained in the address state variable.
Step Three: Building Vyper’s Smart Contract.
During this phase, we verify that the contract functions as intended.
, or in this case, contract vyper vy.vy, is the command to compile the contract.
The function will return a hexadecimal string that represents the bytecode of the contract.
- Compile the contract remotely using the Remix IDE. Create a new contract.vy file in the IDE.
- Kindly include the same Vyper code in this external document.
- Link Vyper to the Remix IDE. To perform a comparable search, select the socket symbol in the sidebar and enter “vyper.”
- Click the “Activate” button to choose the option shown.
- From the toolbar, choose Vyper, then select “Compile contract.vy.”
Step Four: Implementation of the Contract
Simply click the Ethereum button located on the sidebar.
Under the ENVIRONMENT menu, pick “Injected Web3.” Once you are connected to the Ropsten Testnet, the user interface will adapt accordingly.
Click on “Deploy” and type anything in the box that appears. This is the user’s address or the desired input.
To use MetaMask, simply click on the “Deploy” button when you’re prepared.
To confirm your selection, click the button.
The decision has been made to deploy the Vyper smart contract to the Ropsten Testnet.
Test the deployed contract extensively
You can now check the contract on the Ropsten Ethereum Faucet, or utilize its functions in the Remix browser IDE.
Pick 0x26 from the CONTRACT AT menu to view the state variables and functions ‘getAddress’ and ‘address.’ It’s recommended to choose the ‘getAddress’ option.
The word given to the constructor during the Step 4 deployment will be returned, utilizing the ‘getAddress’ method within the contract.
We are thrilled to inform you that our Vyper smart contract, designed to store and present addresses, has been effectively deployed and tested. To utilize the contract, use the given codes and share your experience with us. Furthermore, we encourage you to experiment with the various variables at your disposal.
This article provides a comprehensive exploration of Vyper, a Python-based language designed for building smart contracts. Furthermore, we examine some of the common features shared by smart contracts and blockchains.
Blockchain technology serves as the groundwork for Online 3.0, the upcoming age of web infrastructure. As faith in blockchain technology grows, smart contracts, which provide the benefits of security, transparency, speed, and cost-effectiveness, are expected to become more widespread.