Interacting with a Blockchain Network

Home

News Feed

Interacting with a Blockchain Network

28 July 2024

updated 28 July 2024

81 views

Crypto News

@cryptonews

Blockchain

Blockchain Development

The post Interacting with a Blockchain Network appeared first on Coinpedia Fintech News

1. Introduction

Interaction with blockchain paves the way for developers aiming to leverage blockchain technology. It helps you build decentralized apps, execute smart contracts, and integrate blockchain functionalities. This article provides you, with all the prerequisites and steps needed to set up a suitable environment, perform operations, and develop better solutions and applications in blockchain. So are you ready?

2. Setting Up the Environment

While configuring your environment, it’s essential to choose the right tools according to your interests and requirements.

BYDFI

Up to $8000+ in Deposit Rewards

Node Connection:

Node connection as the name refers is connecting the node in the network. This node is a gateway to the access of blockchain data and services.

Most of the blockchain nodes provide Remote Procedure Call (RPC) and WebSocket endpoints. Where RPC is mostly used in synchronous requests and Websocket is used in real-time data and event description.

3. Establishing Connections

Libraries and Tools:

There are various libraries available for establishing connections most of them are based on the two most popular programming languages Python and JavaScript.

JavaScript libraries are Web3.js and ethers.js mostly used for interaction with Ethereum nodes. Web3.py is the equivalent of web3.js in Python which is also used for Ethereum node interactions.

Also, some other libraries are Go-Ethereum based on Golang, and Nethereum based on C#.

Further, for other programming languages, you can check the documentation of various languages and their libraries for configuration.

API Integration:

Using APIs and libraries to interact with external networks simplifies the interaction. Some popular APIs are Infura which provides scalable infrastructure, Alchemy used for Ethereum development.Infura Infura offers robust infrastructure to link up with the Ethereum network. Infura makes it easy to connect to Ethereum providing dependable and expandable API services. Some other APIs are Quicknode, Moralis, and Cloudflare’s Ethereum gateway.

There are various APIs available but the setup process has the same generic steps as follows:

Creating an account
Generating the API key
Use the generated key to configure your connection.

4. Querying the Blockchain

Querying in blockchain is similar to querying any other database for time-series data. You can request data access to retrieve it and read it.

Reading Data:

You can get different kinds of information from the blockchain, like block details, transaction data, and account balances. The libraries we talked about before have functions to do read operations. For example, Web3.js has methods such as web3.eth.getBlock() and web3.eth.getTransaction().

Event Listening:

Blockchain networks create events for specific actions. Setting up listeners lets you respond to these events as they occur in real time. Use WebSocket connections or polling to keep up with the newest events and data and this is a type of handling the data.

5. Writing to the Blockchain

Putting data on a blockchain requires you to create and sign transactions, and work with smart contracts. This section will show you how to do these things using well-known libraries.

Creating Transactions:

Building and signing transactions:

Javascript(Web3.js)

const Web3 = require(‘web3’);const web3 = new Web3(‘https://mainnet.infura.io/v3/YOUR_INFURA_PROJECT_ID’);

const account = web3.eth.accounts.privateKeyToAccount(‘YOUR_PRIVATE_KEY’);
web3.eth.accounts.wallet.add(account);
web3.eth.defaultAccount = account.address;

const tx = {
    from: account.address,
    to: ‘RECIPIENT_ADDRESS’,
    value: web3.utils.toWei(‘0.1’, ‘ether’),
    gas: 21000,
};

web3.eth.sendTransaction(tx)
.on(‘receipt’, console.log)
.on(‘error’, console.error);

Using Web3.py(Python code)

from web3 import Web3
web3 = Web3(Web3.HTTPProvider(‘https://mainnet.infura.io/v3/YOUR_INFURA_PROJECT_ID’))

account = web3.eth.account.privateKeyToAccount(‘YOUR_PRIVATE_KEY’)

tx = { ‘from’: account.address, ‘to’: ‘RECIPIENT_ADDRESS’, ‘value’: web3.toWei(0.1, ‘ether’), ‘gas’: 21000, ‘nonce’: web3.eth.getTransactionCount(account.address),
}

signed_tx = account.signTransaction(tx)tx_hash = web3.eth.sendRawTransaction(signed_tx.rawTransaction)receipt = web3.eth.waitForTransactionReceipt(tx_hash)print(receipt)

Now once you have written the transaction it is sent to the blockchain network for validation and getting included in the block.

JavaScript(Web3.js)

web3.eth.sendSignedTransaction(signedTx.rawTransaction)
.on(‘receipt’, console.log)
.on(‘error’, console.error);

Python(Web3.py)

tx_hash = web3.eth.sendRawTransaction(signed_tx.rawTransaction)receipt = web3.eth.waitForTransactionReceipt(tx_hash)print(receipt)

Smart Contract Interaction:

Dealing with smart contracts that are already up and running means you need to use certain functions to read and change the contract’s saved information(state variables). This back-and-forth lets you tap into everything the smart contract can do making it possible to create complex features in your dApps (decentralized applications).

Interacting with smart contracts:

Configuration:
const Web3 = require(‘web3’);const web3 = new Web3(‘https://mainnet.infura.io/v3/YOUR_INFURA_PROJECT_ID’);

Reading from the smart contract:
const contractABI = [/* ABI array */];const contractAddress = ‘YOUR_CONTRACT_ADDRESS’;const contract = new web3.eth.Contract(contractABI, contractAddress);

Calling a function:
contract.methods.getBalance(‘0xYourAccountAddress’).call()
  .then(balance => {
    console.log(‘Balance:’, balance);
})
  .catch(error => {
    console.error(‘Error:’, error);
});

Writing:
const account = web3.eth.accounts.privateKeyToAccount(‘YOUR_PRIVATE_KEY’);
web3.eth.accounts.wallet.add(account);
web3.eth.defaultAccount = account.address;

const data = contract.methods.transfer(‘0xRecipientAddress’, web3.utils.toWei(‘1’, ‘ether’)).encodeABI();

const tx = {
    from: account.address,
    to: contractAddress,
    gas: 2000000,
    data: data,
};

web3.eth.sendTransaction(tx)
  .on(‘receipt’, receipt => {
    console.log(‘Transaction receipt:’, receipt);
})
  .on(‘error’, error => {
    console.error(‘Error:’, error);
});

6. Handling Responses

Handling responses from blockchain interactions the right way is key to creating dependable and easy-to-use apps. This means getting a grip on transaction receipts and figuring out how to parse logs and events that smart contracts generate.

Transaction Receipts:

Post every transaction a receipt is generated which contains information such as:

Transaction hash: It is a unique identification code
Status: Gives the status of transactions as 0 or 1
Block Number: The block in which the transaction was included
Gas Used: The amount of gas utilized for the transaction
Logs: The logs generated by transaction for parsing the event

Example:

tx_hash = web3.eth.sendRawTransaction(signed_tx.rawTransaction)
receipt = web3.eth.waitForTransactionReceipt(tx_hash)
if receipt[‘status’] == 1:
print(‘Transaction successful!’)
else:
print(‘Transaction failed!’)print(‘Transaction receipt:’, receipt)

Logs and Events:

Transactions and smart contracts create logs and events that give useful details about the steps taken and results.

Example: Javascript code

contract.events.MyEvent({
fromBlock: 0
}, (error, event) => {
if (error) {
console.error(‘Event error:’, error);
} else {
console.log(‘Event data:’, event);    }
});

7. Security Considerations

Security is the principal of blockchain hence keeping it in consideration is essential.

Private Keys:

As we know Private keys have restricted access, so safeguarding them is extremely important.You can use hardware wallets or other storage options like AWS KMS, and HashiCorp Vault.

Also never hardcode the value of private keys in your code, always use environment variables or secure vaults.

Access Control:

Implementing proper access control mechanisms for blockchain interactions is essential. Implement role-based access control and multi-signature wallets to ensure the control and critical interactions are secure.

8. Optimizing Performance

Optimizing the performance in the blockchain is necessary for improving the responsiveness and cost efficiency of the applications.

Efficient Querying:

Techniques for efficient data querying to reduce latency are

Batch requests: This means combining multiple requests into one single batch to improve latency.
Using caching mechanisms: Set up a cache to save often-used information and cut down on repeated queries to the blockchain.
Gas Optimization:
- Optimize the gas utilized by optimizing the code of your smart contract.
- Use libraries such as OpenZeppelin for optimized functionalities.
- Reduce the cost of the gas used by minimizing the storage used and carrying out batch operations.

9. Testing Interactions

Testing the product is crucial in every development field and so is here, to ensure reliability and functionality.

Local Test Networks:

Setting up and using local test networks to simulate blockchain interactions:

Ganache for Ethereum setup:

npm install -g ganache-cli
ganache-cli
const web3 = new Web3(‘http://localhost:8545’);

Mocking Blockchain Interactions:

Use Mocking libraries such as Eth-gas-Reporter to track gas usage.

npm install eth-gas-reporter –save-dev

module.exports = {
networks: {
development: {
host: “127.0.0.1”,
port: 8545,
network_id: “*”,
}
  },
plugins: [“solidity-coverage”, “eth-gas-reporter”],
};

10. Continuous Integration and Deployment (CI/CD)

Integrating the blockchain integration tests and automating the deployment enhances the process and improves reliability.

Automated Testing:

When we talk about automated testing CI/CD pipeline incorporation is inevitable, you can use truffle and hardhat for the same.

Deployment Automation:

Writing workflows for automated testing and deployment ensures consistent code and helps with quick iterations.

11. Monitoring and Maintenance

Real-Time Monitoring:

Setting up monitoring tools to track blockchain interactions:

Prometheus and Grafana: They go hand in hand where Prometheus collects the metrics and Grafana visualizes them.

Following are the steps for the installation:

Install from the official website.
Configure:global: scrape_interval: 15s

scrape_configs: – job_name: ‘ethereum’
static_configs:
– targets: [‘localhost:8545’]
Use and exporter to make the metrics available to prometheus:
docker run -d -p 8008:8008 hunterlong/ethereum-prometheus-exporter -ethereum.uri http://localhost:8545

Maintaining Connections:

Ensure persistent and reliable connections to blockchain nodes.Implement a reconnection logic handle the downtime of the node andd maintain the continuous operations aswell.

12. Advanced Topics

Layer 2 Solutions:

Layer 2 solutions are used for scalability.

Lightning Network: Bitcoin uses this off-chain fix for quicker cheaper transfers. It sets up payment paths between users.

Plasma and Rollups: Ethereum scales with these tools. They handle trades off-chain and give the main chain a brief recap. This cuts down work for the main blockchain.

Cross-Chain Interactions:

Cross-chain interactions are used for interoperability.

Techniques of interacting with multiple blockchain networks:

Atomic Swaps:

Allows the exchange between two different blockchains without involving a third party. Uses the hased-time locked contracts (HTLC) to ensure both parties fulfill the conditions.

Interoperability protocols:

Polkadot and Cosmos allow blockchains to exchange messages freely and interoperate with each other using the Inter-blockchain Communication protocol.

BYDFI

Up to $8000+ in Deposit Rewards

13. Conclusion

The blockchain domain is always changing, with new tools and methods popping up all the time. As you keep going, explore how to customize and improve ways to interact based on what your specific project needs. Keep up with the latest breakthroughs to boost your blockchain development skills and create strong, fault-tolerant decentralized apps. Happy Coding!!

Btc

Bitcoin

$62.547
price

0.84959%
price change

TRADE NOW

Also Check Out: Understanding Blockchain Networks and Nodes

Michael Saylor Sets Audacious $49 Million Bitcoin Price Target – Details

Altcoin Season Delayed Until October 2025, While MoonTaurus Will Deliver a Guaranteed 1400% Return in Q4 of 2024

Written by

Crypto News

@cryptonews

15945 posts

Read the latest Crypto news on Bitcoin, Altcoins, Blockchain, Web3 and Market updates. Stay informed with Crypto Adventure our daily news.

VIEW AUTHOR

Publish your own article

Guest post article. Guaranteed publishing with just a few clicks

START PUBLISHING ADVERTISE WITH US

Browse categories

Explore trending topics in the crypto community right now.

Bitcoin

SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets

The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…

Marius Bogdan Dinu

@bdinu89

1 year ago 597 views

Bitcoin Should be Banned in the United States: Charlie Munger

Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…

Andrew Throuvalas @andrew

2 years ago 1.5 k views

Tesla’s BTC Positions Remained Unchanged in Q4 of 2022

According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…

Daami PK @Daami

2 years ago 1.5 k views

Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF

The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…

Andrew Throuvalas @andrew

2 years ago 1.8 k views

Ethereum

Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

Daami PK @Daami

2 years ago 1.6 k views

Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears

Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…

Daami PK @Daami

2 years ago 1.6 k views

FTX Hacker Converts 50k Stolen ETH to BTC

Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…

Daami PK @Daami

3 years ago 1.9 k views

Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…

Daami PK @Daami

3 years ago 1.8 k views

Trading

How to Leverage Arbitrage Opportunities in Crypto Markets

Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…

Gianluca Longinotti @Gianluca

2 years ago 3 k views

The Different Types of Copy Trading in Crypto

Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…

Gianluca Longinotti @Gianluca

2 years ago 1.7 k views

How to Spot an Unsafe Crypto Exchange

Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…

Gianluca Longinotti @Gianluca

2 years ago 2.2 k views

What Is Grid Trading in Crypto?

Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…

Gianluca Longinotti @Gianluca

2 years ago 1.6 k views

Tech

Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity

The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…

Marius Bogdan Dinu

@bdinu89

1 year ago 574 views

Bit2Me Champions WEMIX Token in Pioneering European Listing

Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…

Marius Bogdan Dinu

@bdinu89

1 year ago 404 views

CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades

In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…

Marius Bogdan Dinu

@bdinu89

1 year ago 465 views

Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management

The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…

Marius Bogdan Dinu

@bdinu89

1 year ago 592 views

Live Prices

Wallets

Trading bots

Exchanges

Airdrops

DeFi

Dapps

Staking pools

Portfolio trackers

NFT

Others

Guides

Reviews

Bitcoin

Press Release

Research

Glossary

People

PrimeXBT

Earn Network

Ellipal

Mizar

Octav

BFG

DYP Tools

Interacting with a Blockchain Network

1. Introduction

2. Setting Up the Environment

BYDFI

Up to $8000+ in Deposit Rewards

3. Establishing Connections

4. Querying the Blockchain

5. Writing to the Blockchain

6. Handling Responses

7. Security Considerations

8. Optimizing Performance

9. Testing Interactions

10. Continuous Integration and Deployment (CI/CD)

11. Monitoring and Maintenance

12. Advanced Topics

BYDFI

Up to $8000+ in Deposit Rewards

13. Conclusion

More author posts

BYDFI Perpetual Futures

Up to 200X Leverage - No KYC Required

Publish your own article

Browse categories

Explore trending topics in the crypto community right now.

Bitcoin

Ethereum

Trading

Tech