How can technology developers make Blockchain more useful? – Cryptopolite

by Arthur · March 27, 2023

For decades, the technology industry has been dominated by breakthrough innovations, paradigm shifts and talented individuals who want to push the boundaries of what is possible. As a developer, you are no stranger to this world. You’re constantly on the lookout for the next big thing, and right now that “thing” seems to be blockchain.

So why are developers like you migrating to the blockchain sphere in droves? Simply put, it offers a unique mix of opportunities, innovation and challenges that a developer cannot resist. Let’s dive deeper into the main reasons behind this growing trend and its implications for the blockchain industry. First, let’s start with why more technology developers are moving into blockchain jobs.

Table of Contents

Why are technology developers moving into blockchain?

High demand, less competition

Blockchain, although based on older principles such as cryptography and hashing, is a relatively new and constantly evolving field. It gained significant traction in 2009, when the enigmatic creator of Bitcoin, Satoshi Nakamoto, introduced it as a system for peer-to-peer transactions. Concepts like programmable money and smart contracts emerged around 2015-2016, thanks in large part to the Ethereum blockchain.

Given its short history of just over a decade, blockchain and cryptocurrencies are still in their infancy. The number of blockchain developers is relatively small compared to other areas. Developers started exploring the field and applying their skills around 2016, along with the introduction of smart contracts by the Ethereum founders. As a result, the blockchain domain has far fewer competitors than more established development sectors such as web, mobile, gaming or desktop applications.

As of 2023, if you possess expertise in blockchain development, you can safely consider yourself part of a very exclusive group of skilled coders in this niche.

The financial incentive

It’s no secret that the blockchain industry has been lucrative for those who have taken the plunge. With cryptocurrencies reaching all-time highs and blockchain-based projects raising millions in funding, developers have a golden opportunity to monetize their skills. From creating decentralized apps (dApps) to working on next-generation financial platforms, there is no shortage of projects that can lead to significant financial rewards.

The software development job market and salaries, like any other industry, are dictated by the forces of supply and demand.

In a nutshell, this means that if there is an increase in demand for a specific field of development, the number of available developers (supply) should correspondingly increase to meet this demand.

However, this is not the current situation. With thousands of ongoing projects and growing interest from institutions (such as banks, governments and fintech companies) in the blockchain and crypto space, demand is escalating. Nevertheless, there is a limited selection of skilled developers in this field.

This means that as a skilled blockchain developer in 2022 (and for the foreseeable future) you will have access to a wealth of opportunities. Also, due to the supply and demand dynamics mentioned earlier, you are likely to secure contracts with significantly higher wage rates.

First mover’s advantage

Being among the first to offer technology or services in the blockchain sector provides a competitive advantage. This is evident with the success of Bitcoin and Ethereum, which have maintained market dominance due to the inventors’ ability to recognize and address the challenges of decentralization. However, after deeper study, it is clear that these blockchains are not perfect solutions, as there are alternative blockchain initiatives with greater technology and unique features. Nevertheless, Bitcoin and Ethereum have an advantage since they were early adopters with a well-established network effect.

Blockchain developers have a special chance to develop and use solutions that do not already exist in the market. This means that you can become a pioneer in the field and gain the benefits of being an early adopter if you effectively build solutions that address actual business challenges.

Furthermore, the disparity between the demand for professional blockchain engineers and the limited pool of available talent offers a favorable climate for those who wish to leverage their abilities. As a result, blockchain engineers often find themselves in a position to negotiate better compensation and obtain more appealing contracts.

The allure of innovation and decentralization

Blockchain technology represents a significant departure from existing centralized systems, promoting transparency, security and fairness through a decentralized alternative. Developers are attracted to blockchain because of its inventive nature and the ability to design systems that are immune to censorship, tampering and manipulation.

The promise of innovative applications and industry transformation is a primary motivator for the wave of developers entering the blockchain field. From decentralized finance (DeFi) platforms to supply chain management solutions, the possibilities for innovation are seemingly endless. By embracing blockchain, developers have the chance to be part of a technological transformation that could reshape society in countless ways.

The excitement of entering a developing field

Developers are natural problem solvers, and blockchain offers a host of fascinating and complex challenges that require ingenuity, creativity and persistence. From optimizing smart contracts to ensuring privacy and scalability in decentralized applications, blockchain offers an intellectual playground that keeps developers engaged and excited about their work.

Tackling these unique challenges not only allows developers to hone their skills and grow professionally, but also gives them the satisfaction of helping to advance cutting-edge technology with far-reaching impact.

A wide range of different possibilities

The blockchain industry is very dynamic, which means that you as a developer are not only entitled to a single monotonous role. Since its inception, the blockchain market trend has been continuously evolving, and with the way the market has reacted and the capital has flourished, it is likely to develop at an exponential rate in the next few years. As a result, many tech giants at all levels are continuously looking for perfect candidates in blockchain technology. Not only technology, but other industries have also been looking for ideal people. Some of the jobs that blockchain engineers can fit into include:

Cryptocurrency Analyst
Blockchain developer
Blockchain architect
Cryptocurrency developer
Systems engineer
Solution architect
Project Manager
UX designer
Blockchain legal consultant
Blockchain analyst
Blockchain Quality Engineer
Junior developers
Blockchain Security Manager
Blockchain Community Manager

What skills are needed to become a skilled blockchain developer?

Becoming a blockchain developer requires a unique blend of technical and strategic talents. Blockchain technology is still in its early stages and its applications are constantly expanding, making it critical for developers to stay current on industry trends and breakthroughs. Some of the important talents necessary to become a blockchain developer include:

Programming language skills

A blockchain developer should be proficient in programming languages such as C++, Java, Python and Solidity. Solidity is a language specific to smart contract development on the Ethereum blockchain, so developers must be well versed in this language.

Understanding of distributed systems

Blockchain is a distributed system, and developers should have a strong understanding of how distributed systems work. This includes knowledge of peer-to-peer networks, distributed databases and consensus algorithms.

Cryptography

Cryptography is at the heart of blockchain technology, and a blockchain developer should have a deep understanding of cryptography concepts such as hashing, digital signatures, and public key cryptography.

Smart contract development

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller written directly into lines of code. A blockchain developer should have experience developing and deploying smart contracts on blockchain networks.

Understanding Blockchain Architecture

A blockchain developer should have a strong understanding of the underlying architecture of blockchain technology. This includes knowledge of blockchain protocols, distributed ledgers and blockchain networks.

Problem solving skills

Blockchain technology is still growing, and developers will face complicated problems that will require creative solutions. A blockchain developer should have good problem solving skills as well as the ability to think outside the box to generate innovative solutions.

Collaboration and communication skills

Blockchain development often requires collaboration between developers, designers and business stakeholders. A blockchain engineer must be able to work effectively in a team atmosphere and have good communication skills.

What can you contribute as a blockchain developer?

So the benefits go two ways, when the technology developers join the blockchain industry, they have to use all their skills to make the industry thrive and maintain its unprecedented growth in all fields so far. The roles and perspectives of nine categories of stakeholders within the blockchain ecosystem, including industry pioneers, venture capitalists, developers, governments, regulators, managers and end users, must be so well defined that no stone is left unturned to make blockchain more useful.

Blockchains are misunderstood by many – even those who have a strong grasp of technological concepts. For this reason, entering or transitioning to blockchain development can seem challenging. But blockchain technology is less mysterious than its reputation suggests. Through the Blockchain: Foundations and Use Cases course, aspiring blockchain developers can expand their knowledge of blockchain architecture, applications and use cases.

Conclusion

The opportunity, creativity and challenge that the world of blockchain presents is too enticing for developers to pass up. It is understandable why more developers are entering the blockchain space given the attractive incentives, the possibility of cutting-edge apps and the joy of taking on new tasks. Developers who embrace the blockchain revolution are in a unique position to shape the future as this technology evolves.