Step 2 - Create a Smart Contract
There are three parts to creating CMB Smart Contracts:
- Fund MetaMask wallet with Avalanche (AVAX) Coins – One time setup
- Create your profile – One time setup
- Create Smart Contracts – Unique to each Smart Contract
System requirements:
Desktop - Google Chrome Browser and MetaMask wallet
Mobile - MetaMask wallet and MetaMask Browser
Note: Safari browsers found on Apple devices are not web 3 compatible.
Set up a MetaMask wallet and fund it with AVAX coins
Go to CryptoMyBiz.io and click on “Download MetaMask and set it up for the Avax Network”
As the Smart contract creator, you need a MetaMask wallet and a few dollars in Avalanche (AVAX) coins to pay for gas fees. Gas fees on the Network are similar to tolls on a freeway: they are a cost for using the service and they are paid directly to the network for processing information. They are required to deploy a Smart Contract to the blockchain and execute the Smart Contract steps as needed. These gas fees are usually inexpensive. They cost pennies per transaction, but you will want to keep several dollars of AVAX in your MetaMask wallet at all times to cover the gas fees. A lack of available AVAX coins will result in a transaction not going through.
Funding your MetaMask wallet can be done directly through the MetaMask App. Funding options include:
- Send money from your bank
- Use a credit card
- Send funds from another wallet
- Send funds from an exchange
Create a Profile
Go to CryptoMyBiz.io and create a profile. The profile is used to gather non- personal information about you, for use when constructing smart contracts, which means you only need to enter your data once, and the CMB system will call it up for every Smart Contract you create. It is EXTREMELY easy to create your profile, it does not collect any personal information, and it can be updated at any time.
Create a Smart Contract
With your profile complete, the system has your non-personal data ready to be called up for the contract. All you need to do is input non-personal information about the client, and terms of the agreement. You will need the clients' MetaMask and email addresses handy when you fill out the Smart Contract Form. If your client does not have a MetaMask wallet, they can go to CryptoMyBiz.io and click on “Download MetaMask and set it up for the AVAX network”.
Smart Contract form fields
The form fields in the Smart Contract are self- explanatory. The only form field requiring further direction is the “Long Description”, which is where all the specific terms of your agreement with your client should be entered.
This is the heart of the Smart Contract so enter all contract details applicable to your agreement in this field.
Updates to the Smart Contract
As the Smart Contract creator, you should adhere as tightly as possible to your agreement with the client. Once the smart contract has been created and sent to the blockchain, neither party is allowed to make changes to the contract. It is your job to create an honest, fair, and detailed contract, and it’s the clients job to accept or refuse the contract as is. When you create the Smart Contract, you will be given the opportunity to review and make changes to the contract before you send the contract to the blockchain. If either you or your client requires changes to a Smart Contract after deployed to the blockchain, a new Smart Contract would need to be created.
Examples of things you may want to include in the “Long Description” form field:
- What product or service will you provide?
- What is the Quantity of things you are providing?
- On what date will you provide these products or services?
- How much will the client pay you for your products or services?
- Will you be paid all at once or in stages?
- Are there any job numbers or quote numbers you want to include in the Smart Contract?
Please note that each Smart Contract is unique and should be treated as such. If there are areas of the agreement that are unclear or need further discussion, it is advantageous to get those areas resolved before you create the Smart Contract.