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How to Become a Blockchain Developer and Get Great Salary

  • George Shnurenko
    ⭐ Features

    Research states that there’s a widespread demand for Blockchain developers. Are you interested in becoming one?


How to Become a Blockchain Developer and Get Great Salary
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People keep saying that technology is here to take our jobs, but tech keeps proving them wrong. A recent study carried out shows that for every 14 new job offerings which require the skill of a Blockchain developer, only one developer is available to fill this position. This is in addition to the fact that the $/knowledge ratio for the role soars daily.

As enticing as this sounds, the question going on in your mind is obviously about how to be a Blockchain developer so you can start making an amazing salary. Before this, let’s see the different skills and the knowledge required to become a Blockchain developer.

What is a Blockchain developer required to do?

A Blockchain developer definitely plays a major role in the digitization of our world today. Think of developments such as cryptocurrencies, smart contracts, distributed databases, platforms for ICOs, and e-voting systems. All these are possible because we have experts who are adept in Blockchain technology.


To start with, there are certain fundamental concepts which you should have a good grasp of before considering a career as a Blockchain developer. Some of the concepts are explained below.

  1. What is Blockchain? Blockchain is the general name for a chain of blocks with each block holding important pieces of information about a transaction or operation.

  2. What does decentralization connote? Decentralization means that the information or the different details of the transaction are not stored in a centralized hub.

  3. What is a consensus mechanism? Consensus mechanism is the process by which a transaction on the Blockchain network is confirmed and authenticated.

  4. What is mining? This is the underlying process surrounding how blocks are linked in the network.

Depending on the applications you’ll be building, you might be required to learn other aspects of Blockchain. For example, if you’re thinking of how to become a Blockchain developer and your interest is in ICOs and financial services, you will require training in the economics of cryptocurrency. In fact, you might want to learn about other popular currencies in the sphere. Acquire knowledge about Bitcoin here.

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Considerations for a Blockchain developer

As earlier stated, a Blockchain is renowned for the strict adherence to security, anonymity and speed f transactions. This might make it appear as though the demands of the job are enormous. However, it really isn’t. You just need to take note of certain important factors in the process of coding. What are they?

1.The security of the Blockchain network

If there’s something we all agree on about the Blockchain network, it is the security it offers. The transactions are recorded with a timestamp and are immutable. It also requires either Proof of Stake or Proof of Work to verify transactions on the system. This makes people perceive the Blockchain network to be a secure fortress. However, it isn’t always so.

One thing you should note is that the code is open-access, readily available to the public. This means other Blockchain developers with sinister plans can easily check your code for bugs and vulnerabilities. If there’s any slight chance to exploit the network, it is possible that they hack into the system and disrupt a lot of things. This is why Blockchain development takes a lot of time- code testing, debugging, and deployment.

2.How to manage the resources

Once we’ve sorted the issue of security, another challenge is getting how to keep pace with the network. Remember that the system is decentralized and it requires consensus to validate transactions. Think of what will happen if the resources are not well equipped to cater to remote queries.

3.The performance of the Blockchain network

When you think of Ethereum, Ripple, NEO, one thing that comes to mind is the supersonic speed which is at play. This is why they find application in financial institutions and the reason for the public’s acceptance of the technology. As a Blockchain developer, know that there are certain tasks which are parallelizable and others aren’t.

For example, it is possible the digital signature verification task is one which is parallelizable since it only requires the key, transaction, and the signature. But others might not share this attribute.

4.Isolation

Isolation is what causes deterministic behaviors to be upheld. To explain this, let’s reference our hashes. The same way we had variables which were immutable (e.g. X + Y = Z), a hash shares the same attribute. Hash functions are regarded as deterministic and this is because they cannot be altered.

Blockchain developer skills

According to market analysis, here are three skills every employer wants in a Blockchain developer.

  1. Hyperledger Fabric

  2. Ripple Development

  3. Solidity

Blockchain developer salary

When you consider the fact that companies like Bank of America, JP Morgan Chase, and other highly esteemed corporations are exploring the Blockchain market, your eyes will be open to the opportunities that abound. It is reported that Blockchain developers in the US earn almost $130,000 yearly.

The general average reported was $91,528 and this beats the earnings of an engineer and an application developer ($89,091 and $85,637 respectively). This is the result of extensive data collection and processing carried out by Burning Glass Technologies.

Conclusion

One thing is certain, you won’t become an expert overnight. Neither is there any assurance that you’ll begin to take home millions of dollars monthly. In fact, as opposed to what the media feeds, you should tone down your expectations and be ready to go through several rough patches.

The suggestions offered here do not work like magic pills. You do not just take it and then you instantly see the results, rather, it takes time, patience, and perseverance. Keep at it, and you will be proud of the blockchain developer salary you earn on the long-run.

Have a great run!

Cover image via u.today
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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money


Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.


You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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