What is Solidity? | The Definitive Guide (2022)
Not really sure what Solidity is? You're not alone. A lot of people are confused about cryptocurrencies and the technology that underpins them all. Let us break it down for you.
Blockchain and Business
The combination of the Internet, social networks, and smartphones has opened the door to a globalized economy with new opportunities. Blockchain technology is expected to provide solutions to many problems of contemporary business.
These solutions range from managing complex supply chains and inventory management to transparent data exchange and copyright protection.
There are several ways to use Blockchain technology, and the scope of potential applications is constantly expanding.
But how can you apply blockchain in your business?
A smart contract is an automated computerized transaction that executes the terms of the agreement on its own when certain conditions are met. Smart contracts allow the performance of credible transactions without third parties.
Here's how smart contracts work: Let's say you want to rent out your apartment for a month, and you've created a contract for that purpose. Smart contracts automatically verify that you're authorized to make the payment and then debit it from your account and send it to your renter. If either party doesn't hold up their end of the bargain, the money automatically gets sent back immediately. These kinds of contracts are written in computer code instead of legal language.
An ICO allows startups to raise money by issuing tokens (similar to shares) in exchange for capital. These tokens can then be sold on cryptocurrency exchanges similar to shares listed on a stock exchange such as Nasdaq or NYSE.
The main reason why we are in the crypto space is to make money. You want to build a business that will earn a lot of money, but this will never happen without a coding language required to build on blockchain.
At present, the most famous and powerful coding language in the blockchain space is Solidity. And when you're thinking about using blockchain technology in your business, it's useful to know what Solidity programming language is.
What is Solidity Programming Language?
Gavin Wood - a British software developer, initiated the development of the Solidity programming language in 2014. Later on, development was completed by Ethereums's Solidity team led by Christian Reitwiessner alongside Alex Beregszaszi, Liana Husikyan, and Yoichi Hirai.
Solidity is a statically-typed programming language, much like Java, C++, or C. It means developers' variable types are known at compile time. It uses the ECMAScript syntax similar to what existing web developers were familiar with; however, it is different from ECMAScript in the sense that it is statically typed and has variadic return types.
- Function Modifiers
- Integer Literals has a Special Type Treatment
- Contracts can Inherit all Members from an Address
- Value and gas can be specified for function calls
- It provides for contract Inheritance
- Solidity supports the conversion between String and Hash types.
Why was Solidity created?
Solidity was developed to solve the complex challenge of creating something else other than cryptocurrencies on the Bitcoin blockchain. The Ethereum team needed a simpler computing language than C++, which is synonymous with Bitcoin - Solidity was the answer.
What can I use Solidity Programming language for?
Solidity is a coding language specifically designed for creating smart contracts on the Ethereum platform and other blockchains competing with Ethereum like Monax. Explained simply, a smart contract is a piece of code that directly controls digital assets and automatically executes when certain conditions are met.
Best Solidity IDEs
IDEs or integrated development environments are tools developed to make the lives of Solidity programmers easier. The IDEs presented in the list below are considered to be the best among them all.
Remix: Remix offers an easy way for Solidity dApps developers to write, run, debug, and deploy smart contracts onto the blockchain and interact with it. One of the main benefits of using Remix is it provides all available libraries, frameworks, and tools required when developing smart contracts on the Ethereum platform.
Other IDE platforms that support Solidity:
- Microsoft Visual Studio[
- Microsoft Visual Studio Code
- Tendermint on Microsoft Azure
Identifying the best programming language for writing smart contracts is always a subject of preference. Solidity, however, has one advantage - it is more recent than other options like Serpent and Mutant and, as such, tend to have fewer bugs and is better supported by developer tools.
That said, Solidity is available on the following blockchain platforms:
- Binance Smart Chain
- Ethereum Classic
- Hedera Hashgraph
Business is not rocket science, but the lack of understanding doesn't help to avoid mistakes. That's why we wrote this article – to help you understand the confluence of blockchain and business and the important role Solidity plays in this inevitable union.