Upgradable contracts (part-1)

#solidity #smartcontract #ethereum #web3

In Part-1, We will see what is Upgradable contract

One of the basic rules of EVM is that once a contract is deployed, it cannot be changed. Instead, an upgradable smart contract uses a special proxy pattern. The latter involves deploying proxy contracts and implementation contracts (logic contracts).

User interacts with proxy contract that intiates fallback function that deligates call to contract implementation(V1).
Proxy contract has upgrade function to deligate call to new contract implementation(V2).
For security purpose, upgrade function should be invoked by only Admin.
Admin interacts with proxy admin contract which interm calls upgrade function of the proxy

what is the need to upgrade our smart contracts ?

fix vulnerability
update bussiness logic
add new functionality

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