Blockchain Developers: What do they do?

What is a blockchain developer and what is their average yearly salary?

You’ve probably heard something about the blockchain by now, right? A technology based on cryptography that was created in order to make Bitcoin truly safe and decentralized, it quickly got a life of its own, thanks to Bitcoin’s source code being made freely available from the start.

Now, the blockchain is a security technology based around decentralization and trust, and is able to host much more than just cryptocurrencies coinmarket, including apps, artworks, and even entire games! The best example is probably the Ethereum ecosystem, which was born around Ethereum and now hosts many apps, NFTs, startups, and multiple cryptocurrencies binance us (the tokens, released in ICOs).

So, who is in charge of developing all of those ecosystems and making sure that they are safe and running smoothly? That’s right, the blockchain developer.

The blockchain as a technology

Today, the blockchain has evolved so much that you can take advantage of it in many more ways than just by using crypto.

Decentralized apps (Dapps) give a new way to create, publish and finance apps. Instead of having to pay a fee to be hosted in Google Apps or the Apple Store, you can host an app inside the blockchain, and it will be hosted within the app users’ copies of the blockchain, as well as the copies of other users of the blockchain.

Smart contracts also bring a new and agile way of doing business. In usual business practices, a trust bond between two parties is formed by a contract that is binding according to the local laws. If a contract is broken, a legal battle may start to get compensation. All of this is very bureaucratic and involves large sums being spent on lawyers and court fees.

In the blockchain, a decentralized environment, that way of generating trust doesn’t exist, as it is not regulated or under authority of any government. That’s where smart contracts come in: they are contract apps that live in the blockchain and are programmed to trigger automatically when it detects that the conditions have been met.

Not to mention blockchain as a security technology, whose safety has been so well proven that banks are starting to use it within their own systems, among many other possible applications. You may also Know: Top Paying Tech Jobs

Joining the blockchain

Still, while all those possibilities can bring you many benefits, they aren’t exactly very easy to take advantage of.

For example, developing an app for a blockchain isn’t like developing an app for Android or iOS. You’re not going to be able to create an app for it using Java, Kotlin or Swift. Each blockchain has its own rules, its own programming language, API, and other technicalities. So you can’t just get any app developer to create those kinds of apps, you need someone that specializes in it. That is, a blockchain developer.

This is also true if you are looking into developing your own blockchain. While you can have many types of programmers involved in that, you also need people that are experienced with creating and using blockchains and also know about cryptography in order to define how the blockchain will work, that is, what will validate each block, how the blocks will be structured, hashing algorithms to be used, blockchain API, among many other possible features that the blockchain needs to have.

Demand and salary

If you’re interested in the field but doesn’t know much about career prospects, don’t worry: it isn’t hard to get 100 thousand or more dollars per year even at an entry-level position.

Thanks to its flexibility and security, as well as for cryptocurrency prices, trending and the technology being pushed by tech personalities such as Elon Musk, the blockchain has been gaining traction throughout the world and new applications and derivative functions are being developed each day. Hence, the demand for professionals that know the ins and outs of the technology is also high, as knowledge about this new technology is critical to make it work correctly.

And the demand is bound to grow a lot for the next few years.

Crypto Currency Mining

What is crypto currency mining?

Recently, cryptocurrency and bitcoins have gained rapid traction in the Business market and are the town’s talk. You might have heard mining with cryptocurrency many times and must be pondering over what it means.

In digital money, cryptocurrency mining refers to verifying and assembling new transactions on a blockchain. It is usually done by solving long cryptographic equations and earning cryptocurrency with the help of a computer.

How does cryptocurrency mining function?

Experts in the crypto world known as miners are dedicated to solving cryptographic equations and puzzles. They add a new block to a blockchain using a considerable amount of computational powers and GPU.

Miners use encryption to ensure that the block they created is safe to share across the web. Once the block is encrypted and is safely shared, the miners are rewarded with Bitcoins or other cryptocurrencies for their work.

Upon verification of the new blocks, miners can successfully add new chains to the existing blocks.

According to one statistic of June 2020, there are now over 1,000,000 unique miners.

Mining Pools:

Some miners lack the sufficient computational power or the requisite digital pieces of equipment toine a block and earn. Therefore, various Mining Pools have come into being that help the miners to collaborate with them. They share the earnings equally according to the amount of work miners have contributed to finding a block. Mining Pools provide the miners with their computational resources to verify a block further and continue their successful mining for cryptocurrency.

However, mining pools are often criticized over concentrating powers on the mining owners and promoting centralization rather than decentralization.

New in Market:

There are various latest crypto currency-mining options available in the market. Let’s take a look at them:

  •   Mooncoin

Mooncoin is a unique and relatively new crypto-currency mining. According to the records, at every 1.5 minutes, a moon coin block is mined. As of press time, the moon coin was being traded for $0.00000953.

Mooncoin represents one millimeter of the distance between Earth and Moon. Mooncoin can be mined using ASIC. ASIC is a mining rig machine designed to mine a particular cryptocurrency. ASIC is power-consuming but gives the best results when it comes to Mooncoin mining. 

To become a Mooncoin miner, you can install MinerGate from the play store or join a miner pool. To calculate your profits, you can check Mooncoin profitability charts.  You may also know: Historical Spy Cameras

  •   Sweatcoin

 Sweatcoin is a healthcare app that rewards you with sweatcoins on the number of steps you walk. What you have to do is download the app and start walking. You are rewarded with 0.95 sweatcoins for every 1000 steps you take. After earning a sufficient amount of sweatcoins, you can get them exchanged for rewards such as fitness products, restaurant discounts, or holiday vouchers. You can even win exciting prizes like an iPhone or Apple watches etc., for 20,000 sweatcoins. 

Impact on the current crypto climate:

Cryptocurrency mining has recently stirred a controversy that it is highly power consuming and the electricity comes from the pollution of resources. According to a CCAF team survey, people who manage cryptocurrency networks degrade fossil fuels for energy consumption. New cryptocurrency mining like Mooncoin, which uses ASIS- a high power consuming machine can worsen crypto climatic situations.

However, applications like sweatcoin which is relatively less profitable but less energy-consuming as they have not yet become tokenized, perhaps applications such as these that demand success before becoming a crypto currency can improve the crypto climate.

NFT (NON- FUNGIBLE TOKEN)

What is NFT?

A NFT “Non- Fungible Token” is a unique, not interchangeable item of data referred to as a blockchain. It may represent digital files such as videos, art, audios, and video games. The first form of NFTs were based on Ethereum and introduced in 2015. The rapidly increasing interest in the market for NFTs has caused an increase in speculation, due to an increase in the investors who began trading NFTs in large volumes who had previously speculated on cryptocurrencies.

 

NFTs are similar to cryptocurrencies such as bitcoin. They are verified through a decentralized program of nodes through a consensus protocol and identified individually. Nevertheless, the NFTs are different from cryptocurrencies as they are “non-fungible”, indivisible, and unique. NFTs are unique as each and every piece of content is connected to a token stored in a smart contract. Only one individual can take ownership of a specific token.

 

Why are people spending massive sums on NFTs?

People who buy NFTs view their purchase as a medium to support their favorite actors, artists, athletes, and musicians. Although there have been few expensive sales recently, most NFT sales occur at a reasonable price that facilitates creators to make money out of their work. Just as collectors of different products such as baseball cards, antiques etc. NFT collectors hope that their purchase will increase in value and will thus act as a viable investment option.

Key characteristics of NFTs:

Indivisible: NFTs cannot be broken down into smaller constituents unlike bitcoin satoshis. They are thus indivisible and exist as a single item.

Indestructible: Since all NFT data is stored through contracts on the blockchain, each NFT token cannot be replicated, destroyed, or removed. Gamers and collectors have the possession of their NFTs, not the firms that manufacture them. This differs from purchasing items such as music from the iTunes where purchases do not actually have ownership of their purchase, they just own the license to listen to songs.

Verifiable: Another advantage of storing data on the blockchain is the fact that goods such as digital artwork can be linked back to their original manufacturer. This allows authentication of pieces without the requirement of verification by a third party.

Why are NFTs important?

NFTs have modified the areas of gaming and collectibles to a huge extent which is the reason for their popularity among firms and people who use crypto. Due to the introduction of blockchain technology, gamers have become the owners of in-game products and are able to monetize them.

For artists, the ability to sell their artwork digitally to buyers globally without the requirement of a gallery allows them to be cost efficient and maximize their profits from sales. Royalties can also be converted into digital artwork which allows the creator to receive a portion of profits from sales every time their art is purchased by a new person. William Shatner, the famous Captain Kirk from “Star Trek,” launched 90,000 digital cards on the blockchain portraying several pictures of himself. Each card was in the beginning sold for about $1 and now it provides him with royalty income upon every resold.