If you stumbled upon this article, it means that you are excited by the prospect of web3 and want to build something using the concepts of blockchain.
Your next steps involve studying how different projects work, how the tech works and then narrowing down on what you want to build.
Are we aligned? After narrowing down on the industry you wish to target and the idea, you need to figure out the steps you need to take.
For the sake of this article, let us assume that you choose to build some application in the real estate space that allows people fractional ownership of homes. I will explain the idea in more detail as we go on.
As you proceed to finally build your project, you realise that the first thing your application needs is a smart contract (after the idea of-course).
I am assuming you are either one of these:
i) the founder of the project with little technical knowledge
ii) someone who knows coding, has built web2 applications and is exploring the web3 space
iii) someone who knows solidity, rust and other web3 languages.
If you are in the first 2 brackets, you have essentially unlocked the keys to your dream project you are building.
And if you are in the 3rd bracket, your work-flow is going to reduce by more than 80% after exploring what I am going to show you.
What are we going to do?
We are essentially going to be creating and deploying a smart contract in under 10 mins with whatever customisation you want.
I will walk you through the entire process of how to design and deploy your own smart contract. The example we’ll consider for this walkthrough is fractional ownership of real estate as I talked about earlier.
The question that arises is what is fractional ownership in real estate and why blockchain is ideal in its implementation. Let us explore!
With the ever-rising prices of real estate, one cannot deny that it is one of the most lucrative options for any investor.
What can be more enticing than fractional ownership of real estate assets?
Fractional ownership simply means a mechanism where people with limited cash reserves are allowed to own a fraction of their dream property. Now, where exactly does “Blockchain” fit into this process?
Well, here’s why blockchain is a boon in fractional ownership of real estate :
Blockchain technology being safe and efficient, it streamlines the process of investing in fractional ownership by reducing legalities and paperwork around authenticity of the title of owner/seller, escrow wire fraud etc.
The use of distributed ledger technology helps the participants to have access to the history of transfers of the property, actual owner of the property and other critical information.
Since owning Non-fungible tokens (NFTs) represents the ownership of the physical assets which back these tokens, it makes the digital transfer and acquisition a seamless process.
We have now successfully understood our use case.
How do we now create a smart contract for it?
We need some functions that our smart contract will enable us to execute
If you don’t understand tech, fret not.
The explanation of the functions will give you an idea of what functions we need and why!
Here are the core functions used to create a smart contract for fractional ownership in real estate.
Mint : Enables the property owner to create NFT tokens for their real estate listing
Transfer : Transfers the ownership of NFTs from one address to another (in our case, buyer to seller).
Burn : Enables property owner to delist their property
Blacklist : Enables property owner to blacklist certain users from purchasing/owning tokens of their property
Next, show off your developer skills by creating and deploying your first distributed ownership contract over the blockchain.
Don’t worry if you did not understand the technicalities of the functions.
All we need to understand is that the objective of these functions is to transfer the ownership of the property using tokens in a safe manner from the current property owner to the new property owners
Now, the magic of Accelchain comes into picture. Accelchain is a no-code platform to rapidly design, validate and deploy smart contracts with a visual interface.
Not only will it enable you to create these functions without writing any code but also will allow you to deploy the contract with a single click to any blockchain of choice! Crazy right?
For my developer friends, you have the ability to customise any part of the code and integrate it in your existing workflow.
Let us now move on to the step by step guide. I have attached a video too along with this to guide you visually.
Step by step guide to create and deploy a smart contract:
1) Click on connect wallet : Firstly the user needs to login to his metamask account to be able to transact and deploy smart contracts.
2) Click on create new : This initiates the smart contract creation process.
3) Select NFT and click on create contract : The user can choose to create either a DAO or an NFT or a Defi contract or build one completely from scratch. For our use case, let’s choose NFT.
4) Select the generic contract to customize : Let’s select the NFT collection contract since it forms the basis of what we’re trying to build.
5) Customize the generic contract : Let’s remove the functionalities that are not required for our use case – Royalty and TransferOwnership. Let’s search for Burn and add it to the contract as shown in the video guide below.
6) Validate the customized contract : Now that our contract is ready, let’s quickly validate the key functions by deploying it to a localnet and transacting them as per our video guide.
7) Start contract deployment : In order to deploy the contract that the user just created, click on the deploy button and enter the required parameters.
8) Deploy on blockchain : At this step the user will have to choose the blockchain where they want to deploy their smart contract.
9) Integrate with a UI – Use the video guide below to integrate the created contract with your reactjs or any other UI.
Here is the video guide for the above:
Now that you have successfully created a smart contract from scratch and deployed it, you deserve a big shout out!!
Show off your achievement by sharing this on Linkedin, Twitter, Discord so that you can inspire your friends too.
Do mention @Accelchain_ in your post. This will help us stay motivated Join our waitlist here