How to deploy and run smart contract on EOS blockchain for your business?

Posted On March 03, 2020 at 06:18 PM
Updated March 07, 2020 at 10:41 AM
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Having an idea to do secure smartcontract on EOS blockchain platform?

Want to build your smartcontract with the best smartcontract development on EOS blockchain company to enhance your crypto business transaction more easily and quickly?

Here the blog completely describes about how to build smartcontract on EOS blockchain, steps to build smartcontract, what are the benefits, who is the best reliable blockchain development company to build smartcontract for your business.

Synopsis:

  • Introduction about EOS smartcontract
  • Introduction about EOS decentralized applications
  • What is specialty in EOS and why to use?
  • How to develop EOS smartcontract?
  • Advantages of EOS blockchain
  • How to develop eosio token contract?
  • Uses of EOS smartcontract
  • What is specialty in EOS technology?
  • Benefits of EOS platform

Introduction about EOS smart contract :

Simple words about contract:

A contract defines a digital asset and a set of inputs/rules to be adhered to by both parties

In daily basis, any contract is meant to ensure an agreement between parties in order to complete a particular service or transactions which attain the goal of meeting their common queries. The transactions will complete when it’s possible as long as all of these strategies are met.

EOS smart contract:

Likewise EOS smart contracts acts in the same thing, it offers a structure for obligations between the parties in order to process financial transactions. Blockchain-registered EOS SCs are executed on EOSIO nodes by executing general contract rules and requirements, the records of which (legal transfers and moves) are transparently stored on the EOS blockchain.

EOS Decentralized Applications:

EOSIO, or simply EOS, is a kind of software featuring blockchain architecture. EOS was created in order to scale decentralized applications (DApps) development and improve performance.

What is specialty in EOS and why to use EOS?

To increase scalability, EOS works with an operative construction that allows application creation. EOS software provides personal authenticated accounts, a user database, and options for communication and app planning via numerous central-processing unit cores or clusters.

 

How to develop EOS smart contract?

Here our blog slightly explains how to establish a local blockchain to work with EOS smart contracts.

1. Starting a Node – Starting a node provides blockchain is live, capable of block creation and further usuage.

2. Wallet creation – A wallet is created with private key for blockchain authorization. The keys are kept in encrypted format which is stored safely by a password manager.

3.  BIOS contract loading - The next step is to set a system contract. The eosio.bios contract is generally used for development purposes to enable direct control over the resource location of other accounts and to access API calls

4. Account creation -  After the completion of basic contract. it is right time to create the accounts. EOS allows you to create  with two accounts: a user account and a tester account. 

Following actions are exposed by the eosio.token contract:

  • Create: Used for creating new currency on this contract.
  • Issue: Issue the created currency to other accounts. This is called by the issuer of the currency.
  • Retire: Decrease the maximum supply of the currency, raising currency price.
  • Transfer: Transfer the specified amount of currency from one account to another.
  • Close: Delete the holder balance record from the contract’s database if empty balance.

Uses of EOS smart contract:

Scalable:

EOS supports thousands of scalable dapps, inter-blockchain communication, separated authentication from execution.

Flexible:

Freeze and fix broken applications, generalized role based permissions.

Usable:

Web toolkit for interface development, self describing interfaces, declarative permission scheme.

What is a specialty in EOS.IO technology?

  • increased scalability
  • high throughput (processing a huge number of transactions per second)
  • cost efficiency (due to the elimination of charges)
  • fast, easy dApp deployment process
  • role-based permission management

Benefits  of EOS platform  

Provides cost efficiency:

To satisfy all user needs, EOS offers a free, flexible platform for sending transactions, where one no longer has to pay for services provided and additional bonuses. It’s possible to provide wide range of monetization strategies for business, organizations and enterprises.

EOS offers enhanced security:  

It is an established fact that all blockchain-based applications, as well as any others, must be improved and upgraded constantly. EOS supports smart-contract code versioning, allowing developers to add new features to existing DApps.

Because software is often vulnerable to bugs and attacks, EOS fixes the problem by providing a robust platform.

Low Latency

EOS provides all users with feedback, with a delay no longer than several seconds. This is crucial to attract more users and eliminate the use of less-competitive blockchains. Hence, supporting low-latency transactions is a priority.

Consistent Performance

EOS supports fast, consistent performance to handle applications that require sequential steps for execution.

Parallel Performance

Scalable decentralized applications often divide work capacity across numerous nodes and central processing units. The EOS platform enables efficient, enhanced parallel performance to handle the DApp workload.

Want to build smart contract on EOS blockchain platform?

Contact our blockchain developers who are experts in building smart contract on EOS blockchain.

Get a free consultation for EOS blockchain smart contract development

 

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