Upgradable Smart contract

[AnandK-2024]

Smart contracts in Ethereum are immutable by default. Once you create them there is no way to alter them, effectively acting as an unbreakable contract among participants.

However, for some scenarios, it is desirable to be able to modify them. Think of a traditional contract between two parties: if they both agreed to change it, they would be able to do so. On Ethereum, they may desire to alter a smart contract to fix a bug they found (which might even lead to a hacker stealing their funds!), to add additional features, or simply to change the rules enforced by it.

Here’s what you’d need to do to fix a bug in a contract you cannot upgrade:

1. Deploy a new version of the contract
2. Manually migrate all state from the old one contract to the new one (which can be very expensive in terms of gas fees!)
3. Update all contracts that interacted with the old contract to use the address of the new one
4. Reach out to all your users and convince them to start using the new deployment (and handle both contracts being used simultaneously, as users are slow to migrate)

To avoid going through this mess, we have built contract upgrades directly into our plugins. This allows us to change the contract code, while preserving the state, balance, and address.

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for more information about upgradable smart contract reach out this

openzeppelin-contracts-upgradeable

[AnandK-2024]

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