- Why does smart contract development require a different mindset than regular programming?
Security is paramount in smart contract development as opposed to other programming paradigms, where it is more of an afterthought. This is because once a smart contract is deployed, it is challenging and expensive to change. As a result, developers must take extra care to ensure that their contracts are secure and bug-free before deployment.
Another key difference is that smart contracts are immutable - once deployed, they cannot be changed. This means that developers must think carefully about every aspect of the contract before deploying it. They also need to account for future changes and make sure that the contract can be easily upgraded if necessary.
Finally, smart contracts run on a decentralized network (usually Ethereum) which brings its own challenges. For example, developers need to account for network congestion and high transaction fees.
In summary, smart contract development requires a different mindset because of the extra security considerations, the immutability of contracts, and the decentralized nature of the Ethereum network.
- Argue with your own words why clarity in your code is more important than performance.
The clarity in code is more important than performance for smart contracts because of the immutable nature of contracts. Once a contract is deployed, it cannot be changed. This means that if there is an error in the code, it will be extremely difficult and expensive to fix. As a result, it is essential that smart contract code is clear and easy to understand. Performance is secondary to clarity because even if a contract is not the most efficient, it can still function correctly as long as the code is clear. In contrast, if a contract has errors in the code, it may not work at all or could lead to security vulnerabilities.
- As the article says, all data and functions are public in a smart contract. What false beliefs might someone have around private data and private functions in a smart contract that could have dangerous consequences?
There are a few false beliefs about private data and functions in smart contracts that could have dangerous consequences. Firstly, some people believe that they can create truly private data or functions by using encryption. However, this is not the case - all data and functions on the Ethereum blockchain are public. As a result, any information that is encrypted can be decrypted by anyone with the right tools. Secondly, some people believe that they can hide information by storing it off-chain. However, this is also not possible - all data stored on the Ethereum blockchain is public. As a result, any information stored off-chain can be easily accessed by anyone. Finally, some people believe that they can create truly private contracts by using a permissioned blockchain. However, this is also not the case - all smart contracts on Ethereum are public. As a result, anyone can access and view the code of a smart contract, even if it is stored on a permissioned blockchain. In summary, any information that is stored on the Ethereum blockchain is public and can be easily accessed by anyone. This includes data, functions, and smart contracts. As a result, it is important to be careful about what information is stored on the Ethereum blockchain.
- Why do you think all the fundamental principles mentioned in the article comes down to tradeoffs?
The tradeoffs mentioned in the article come down to the different goals of smart contract development. The first goal is clarity, which is more important than performance. The second goal is security, which is more important than functionality. The third goal is decentralization, which is more important than scalability. These tradeoffs exist because each goal has different priorities. Clarity is more important than performance because errors in code can be extremely costly to fix. Security is more important than functionality because smart contracts can hold large amounts of money and need to be secure to avoid theft or fraud. Decentralization is more important than scalability because Ethereum is a decentralized platform and needs to be able to handle a large number of transactions without centralized points of failure. In summary, the tradeoffs mentioned in the article come down to the different goals of smart contract development.