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# Blockchain, NFT and smart contracts for my application

Blockchains initially scaled to guarantee trust, not system speed. Learn to deploy gas-optimized EVM smart contracts on modern proof-of-stake networks for lightning-fast, scalable Web3 applications.

- **Speakers:** [Hendrik Ebbers](https://www.wearedevelopers.com/@hendrik-ebbers)
- **Event:** WeAreDevelopers LIVE
- **Published:** April 5, 2024
- **Duration:** 57:38
- **URL:** https://www.wearedevelopers.com/videos/877-blockchain-nft-and-smart-contracts-for-my-application

## Summary

This session explores the evolution of Web3 and distributed ledger technologies (DLT), tracing the journey from Bitcoin's conceptual beginnings to the enterprise-grade performance of modern networks. While Bitcoin introduced the foundational idea of a trustless currency secured by cryptography, its proof-of-work (PoW) consensus mechanism proved highly unsustainable, consuming more energy than entire nations. Ethereum solved part of this equation by introducing the Ethereum Virtual Machine (EVM), changing the landscape by allowing developers to run decentralized code called smart contracts. A fundamental insight for developers is that distributed ledgers originally scaled to guarantee trust—not system speed—since every networked node must independently process and validate every transaction to maintain the ledger's integrity.

To overcome the speed and energy limitations of early iterations, third-generation networks like Hedera leverage a proof-of-stake (PoS) model backed by global enterprise councils, achieving high transaction throughput with a carbon-negative footprint. This architectural shift unlocks real-world organizational efficiency. For instance, replacing slow, expensive legacy systems in cross-border banking with a dual-stablecoin DLT infrastructure can reduce multi-day clearing times to mere seconds and plummet $40 transfer fees down to fractions of a cent. Beyond financial transactions, immutable network ledgers are proving indispensable for recording transparent supply-chain logistics and providing unalterable audit trails for Service Level Agreements (SLAs).

For engineers building decentralized applications, the standardization of the EVM ensures that code deployed on testnets can easily port across compatible networks like Hedera or Ethereum. Developers typically write these smart contracts in Solidity, compiling them into EVM-compatible bytecode. Because network execution incurs gas fees strictly correlated to the underlying opcodes running across the chain, writing hyper-optimized smart contracts directly dictates the application's operational cost. Whether building standard platform currencies or Non-Fungible Tokens (NFTs), modern engineering relies heavily on implementing established smart contract interfaces—such as the ERC-20 standard via OpenZeppelin libraries—simplifying wallet integration and ensuring baseline security across the broader cryptocurrency ecosystem.

**Keywords:** blockchain network evolution, smart contract deployment, EVM bytecode execution, proof-of-work vs proof-of-stake, hedera public ledger, cross-border payment architecture, stablecoin transaction optimization, solidity programming language, ERC-20 token standard, gas fee optimization, DLT consensus mechanisms, decentralized application architecture, web3 enterprise adoption, openzeppelin token interfaces, NFT smart contracts

## Chapters

1. **Introduction to blockchain, NFTs, and smart contracts** (00:02) — An overview of distributed ledger technologies, smart contracts, and tokenization principles.
1. **Exploring the history and goals of Bitcoin** (02:14) — Satoshi Nakamoto's whitepaper established Bitcoin to create an everyday digital currency without central banks.
1. **Understanding cryptocurrency wallets and private keys** (06:47) — Wallets securely store public and private keys required to authorize transactions on cryptocurrency networks.
1. **Traditional banking vs distributed ledger cross-border payments** (12:43) — Leveraging stablecoins on Hedera drastically reduces transaction fees and settlement times for international transfers.
1. **Distributed ledger consensus mechanisms and scalability** (18:32) — Scaling a distributed ledger requires every node to execute all transactions to guarantee trust.
1. **Transitioning from proof of work to proof of stake** (21:50) — Proof of stake provides a vastly more energy-efficient network consensus compared to resource-intensive mining.
1. **Executing code on the Ethereum virtual machine** (27:33) — Ethereum introduced the ability to deploy and execute trusted code globally through smart contracts.
1. **Energy consumption of major blockchain networks compared** (32:02) — Comparing the massive electricity footprint of Bitcoin against Ethereum and traditional centralized technology companies.
1. **Enterprise applications and the Hedera public ledger** (34:50) — Global enterprise council members govern the high-speed and carbon-negative Hedera distributed ledger network.
1. **Compiling and deploying Solidity smart contracts** (42:13) — Developers write Solidity code that compiles into EVM bytecode for execution across multiple networks.
1. **Standardizing fungible tokens and NFTs with ERC-20** (47:19) — Standardized smart contract interfaces like ERC-20 enable developers to create interoperable digital assets.
1. **Preventing digital art theft with non-fungible tokens** (52:46) — Non-fungible tokens define ownership metadata independent from the easily copied underlying image files.
1. **Ensuring scalability and trust in blockchain applications** (54:35) — Storing constrained sets of critical data on highly performant ledgers ensures both security and scalability.

## Related Moments

- [Automating programmable logic using smart contracts and JavaScript tools](https://www.wearedevelopers.com/videos/633-a-primer-on-blockchain-and-hedera-an-intro-through-terms) (from "A Primer on Blockchain and Hedera: An Intro Through Terms")
- [Analyzing the core architectural layers of modern blockchains](https://www.wearedevelopers.com/videos/808-future-proofing-fintech-with-blockchain-technology) (from "Future-Proofing FinTech With Blockchain Technology")
- [Transitioning gaming platforms from legacy blockchain architectures](https://www.wearedevelopers.com/videos/20-bitcoin-sv-the-massively-scaled-blockchain-to-meet-developer-needs) (from "Bitcoin SV:  The Massively Scaled Blockchain to Meet Developer Needs")
- [Emphasizing token utility for network code execution](https://www.wearedevelopers.com/videos/999-why-you-should-care-about-the-decentralized-computing-movement) (from "Why You Should Care About the Decentralized Computing Movement")
- [Reducing transaction fees and understanding stablecoins](https://www.wearedevelopers.com/videos/1368-solving-real-world-problems-with-blockchain-at-algorand-brian-whippo) (from "Solving Real-world Problems with Blockchain at Algorand - Brian Whippo")
- [Exploring blockchain use cases and non-fungible token concepts](https://www.wearedevelopers.com/videos/49-build-your-blockchain-application-in-javascript) (from "Build Your Blockchain Application in JavaScript")

## Related Articles

- [From Hype to Code: Real Blockchain Use Cases for Developers](https://www.wearedevelopers.com/magazine/620-from-hype-to-code-real-blockchain-use-cases-for-developers)
- [Why Blockchain? A Developer’s Perspective](https://www.wearedevelopers.com/magazine/616-why-blockchain-a-developer-s-perspective)
- [7 tips on how to become a blockchain developer](https://www.wearedevelopers.com/magazine/53-7-tips-on-how-to-become-a-blockchain-developer)
- [Dev Digest 138 - Are you secure about this?](https://www.wearedevelopers.com/magazine/486-dev-digest-138-are-you-secure-about-this)

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