Smart Contract Development Services

Smart contracts automate transactions, agreements, and operations that follow them by “programming the rules of consensus”. However, due to their immutable nature, smart contracts must be carefully designed to be future-proof. Smart contract changes are time-consuming and expensive.

Complying with mandatory regulations is a challenge for smart contract developers. The more complex the legal framework, the more difficult it is to develop code that incorporates its rules.

Smart contract vulnerabilities often caused by programming errors, protocol bugs, different attacks, etc. can result in significant losses. Smart contract security and risk mitigation must be taken seriously.

Translating business rules into smart contract code requires deep involvement of both the technical and non-technical parties to ensure the code works as intended and delivers the intended functionality.

When smart contracts require data from off-chain resources (that needs to be “pushed” to them), synchronization issues might occur. Addressing such issues (for example, with the use of “oracles”) requires close attention and expertise.

Smart contracts often cause network congestion, increased transaction fees, and more time to process transactions due to their processing speed. Optimization and smart use of consensus mechanisms are crucial to overall performance.

Consensus algorithms provide security, scalability, and decentralization across blockchain networks. These algorithms include Proof-of-Work (PoW), Proof-of-Stake (PoS), etc. However, they all waste resources. As such, many organizations are moving to new consensus mechanisms such as Proof of Activity (PoA) or Delegated Proof of Stake (DPoS), which promise lower transaction fees and lower energy costs.

In the case of blockchain applications, the backend is built using smart contracts. For the application not to be resource-greedy, blockchain should not be used for heavy computation. Heavy computation can still be relegated to centralized servers while maintaining the decentralization of the overall application.