Blockchain technology has become the jet fuel for propelling the concept of the smart contract in the world of business transactions. Large corporate institutions are rapidly adopting this concept to remain ahead of their competitors. This has led to a call for an industry-wide initiative for formalizing the design framework of a smart contract. One of the big four auditing firms, Deloitte, teamed up with the advisory board of the Digital Chambers of Commerce, has come up with a six-point anatomy to formalize a smart contract design, which has been summarized in Figure 5.4:
Figure 5.4: Six-point anatomy of smart contract design, Source: Digital Chamber of Commerce, Nov 2016
In Chapter 2, Grokking Ethereum, we discussed the concept of ether and gas (recall the buffet and car-fuel analogy). Smart contracts that are under-optimized consume more gas than necessary. The creator and user of such smart contracts will always be over...