Smart contracts explained: key points
With smart contracts, your business gets a secure and trusted solution powered on blockchain.
What are the smart contracts?
Smart contracts are self-executing contracts with the terms embedded in code.
These decentralized programs run on blockchain, and autonomously perform transactions when pre-set conditions are met, enforcing contractual rules automatically without any intermediaries.
They provide:
1. Speed
2. Efficiency
3. Automation
4. Cost reduction
5. Immutability
Where are they implemented?
Smart contracts are used in industries ranging from real estate to banking. They are often at the core of blockchain projects such as:
— Decentralized Exchanges
— Marketplaces
— DAO
— DeFi
— GameFi
— IDO
— Cross-chain bridges
— Betting
For the most part, blockchain interactions can be embedded in any web application. It makes sense where there is a demand for trustless solutions or full transparency.
Some areas where smart contracts can be utilized:
— Trading, investing, lending and other financial operations
— Carbon credits
— Game items tokenization
— Healthcare
— Real estate
— Asset tokenization
— Configuration of entire corporate structures
— Legal agreements
— Ticketing
— DAO governance
The advantages of smart contracts for your business
- Swift Operations, Precision, and Productivity
With smart contracts, actions are carried out instantly once the agreed conditions are satisfied. The entire process cuts out laborious paperwork and reduces the chance of human errors commonly seen with manual document handling.
- Confidence and Openness
Smart contracts eliminate the need for a third party. With encrypted transaction records being shared among participants, any concern about information tampering for personal advantage is substantially minimized.
- Robust Security
Every transaction record within a blockchain is encrypted, making it highly resistant to breaches. Each record is inherently connected to those before and after it on a distributed ledger. Therefore, to alter a single record, hackers would need to modify the entire chain — an almost impossible feat.
- Cost Efficiency
By doing away with the need for intermediaries in transactions, smart contracts also eradicate the time lags and associated fees that come with traditional methods. Thus, businesses can enjoy more savings.
But to take full advantage of all these benefits, it’s important to find an experienced development team that will ensure secure and highly efficient smart contracts for your project.
Why trust us?
With over 7 years of experience in the blockchain market, Crypton Studio excels in both custom and product development. Our track record includes the successful implementation of numerous web3 projects for clients from different countries and industries.
Smart contract development is at the heart of our expertise, ensuring secure and efficient solutions for your needs.
Explore our portfolio to see our capabilities. To find out more about our projects, contact us today.
We propose smart contracts solutions for next industries
— Healthcare
— Banking
— Real Estate
— Retail
— Sport
— Transportation and logistics
— Hospitality & Travel
— Legal Services
— Education
— Fashion
— Supply Chains
— Food & Beverages
— Energy
How we create smart contracts: step-by-step
- Requirements gathering
- Developing the architecture
- Writing a smart contract and covering it with tests
- Code review by a tech lead
- Testing the smart contract in the testnet
- Delivery of the code to the customer and/or deployment of the smart contract in mainnet
Roadmap: how to order project from Crypton Studio
- Contact our manager via the form on the website.
- We will schedule a call where we will gather your project requirements, study your needs.
- Then you will receive a borders and scope document, estimate of cost and timeframe.
- Once agreed, we will sign the contract.
Our company employs various development approaches, but two are of paramount importance:
- Full development cycle, where we take responsibility for all stages of the project.
- R&D-only, the initial stage of the complete development cycle, focusing on detailed requirement analysis.The primary result of this stage is the formation of the Software Requirements Specification, encompassing all necessary development requirements and aligning them with the client’s expectations.
What happens after the contract is signed?
- After developing detailed requirements, we provide a refined project estimation (Re-Estimation).
- We assemble a dedicated team for your project, consisting of a Project Manager, Business Analyst, Designer, QA Engineer, and Development Team.
- We apply the Scrum methodology, which allows us to complete the work on time and with high quality.
- Regular meetings and progress updates keep you informed about the development process.
- As we near project completion, we conduct comprehensive testing to ensure the functionality, performance, and security of the solution.
- Once all the testing is complete and you’re satisfied with the final product, we move forward with the project launch.
Our tech stack
- Programming languages: Solidity, Typescript
- Development environment: Hardhat, Foundry
Our projects and solutions
Samurai by CyberFi is a crowdfunding platform built to advance the DeFi evolution. The CyberFi launchpad is focused on bringing only the best quality projects, whether it’s DeFi, NFTs, or Layer 2 protocols.
Polylastic is a digital finance index geared towards offering the greatest indices in the cryptocurrency market. Polylastic’s native governance token, POLX, allows its holders to vote on proposals for protocol updates, management of index baskets, and future development.
Magnum Meta is a Magnumbit (MGB) governance token sale metaverse page. Their e-business and e-commerce will be redefined through immersive experiences. That will enable new ways to earn, monetize, and own.
Want to know more about our projects and smart contract solutions for them? Write to us.
FAQ
How long does it take to create a smart contract?
It depends mostly on the complexity of the smart contract. We estimate time for each specific project.
How much does it cost?
The cost of creating a smart contract can significantly vary depending on various factors:
- Contract complexity: The complexity of a smart contract can have a significant impact on its cost. If the contract contains intricate logical conditions, numerous functions, and complex algorithms, its development may require more time and resources, ultimately affecting its cost.
- Required functionalities: The specific functionalities required for the smart contract, such as multiple tokens, unique assets, numerous roles, or intricate access rules, can increase its overall cost.
- Blockchain platform: The choice of blockchain platform can also influence the cost of creating a smart contract. Different blockchains may offer free or more accessible environments for contract development.
What kind of smart contracts are there?
In general there are tokens (ERC-20, ERC-721, ERC-1155), stakings, launchpads, marketplaces, DEX’s, IDO’s, lotteries, bridges, DAO’s.
How do I choose which smart contract is right for my project?
The world of smart contracts offers tremendous opportunities, and we are here to help you find the perfect solution. A suitable smart contract is the key to the success of your idea, and there is a wide range of types to choose from:
- Financial smart contracts for ensuring secure and efficient financial operations.
- NFT smart contracts for creating and managing unique assets and digital collections.
- DAO smart contracts for democratic decision-making and community participation.
- Supply chain management smart contracts for greater transparency and traceability.
These are just some of the types of smart contracts, and each one can be further customized and adapted to the specific needs of your project and blockchain network. The selection of the right solution depends on your business idea, the goals of the planned project, and various other factors.
How do I ensure that smart contracts are secure and stable?
To be sure that your smart contract is secure, trust experienced development teams. In Crypton Studio, during the development process, the smart contract is reviewed by a technical lead. Also our team uses static analysis tools (e.g. Slither) and property-based testing for smart contracts with complex mathematics.
We also have a deep understanding of Ethereum Virtual Machine (EVM) and how to optimize the code for gas costs — fees for every transaction.
Smart contracts are generally very stable and fail-safe. Their throughput depends on the blockchain network, so it is important to choose the right blockchain for your specific task. In Crypton Studio, we can help you with this task.
How can I order a project from Crypton Studio?
To begin our collaborative journey, simply reach out to us through the convenient form on our website. We will arrange a meeting where our Sales Manager will gather key requirements for your project, taking into account all your needs.
The outcomes of these discussions will be:
- A document outlining the scope and boundaries of the project (Border and Scope) to clearly define its parameters.
- A preliminary estimation of costs and timelines (Preliminary Estimation) to understand the anticipated expenses and timeframes.
- Once we reach an agreement, we will proceed to sign the contract. Our company employs various development approaches, but two are of paramount importance:
— Full development cycle, where we take responsibility for all stages of the project.
— R&D-only, the initial stage of the complete development cycle, focusing on detailed requirement analysis.
Can I hire individual developers in my team to work under my supervision?
Yes, we can provide you with a separate smart contract developer, or a team of specialists for the duration of your project. Find out more about our outstaffing services. We also recommend downloading our free app to find developers for blockchain projects. You can find suitable specialists in our database already today.
Install it from Google Play or App Store.
