Why Cryptocurrency Developers Are So Valuable in 2023?
Cryptocurrency is a form of digital monetary assets that has no intrinsic value and no physical shape, but used as an exchange for online peer to peer monetary transactions. It is an encrypted digital data generated and stored in the blockchain, and commonly used as a medium of exchange without any centralized control of financial body or authority.
Cryptocurrency is digital data based on peer to peer network consisting of numerous nodes spread across the globe, which are used as the source of transaction authentication, Cryptocurrency through mining software and creation of new currency.
The most important points of the Cryptocurrency include highly secure, unbreakable, centrally uncontrolled, highly encrypted, fully monitored by the strong network of data miners, blockchain developers, Cryptocurrency developers and many software coders dealing with the high power computers and exchange software tools.
Who Are Cryptocurrency Developers
Cryptocurrency developers are the computer programmers who are expert in coding languages such as, Java, PHP, Python, Ruby on Rail, C#, Node.js and others, which are commonly used in the APIs to connect different mobile apps and web services with the blockchain of Cryptocurrency. Bitcoin developers and ethereum developers are in high demand in the present day marketplace owing to the popularity of those two Cryptocurrency platforms – Bitcoin and Ethereum. The Cryptocurrency developers normally manage the bitcoin blockchain and Ethereum platform APIs for smooth integration of different kinds of Cryptocurrency related applications and services dealing with cryptocoins or altcoins transactions. Bitcoin and Ethereum are two most popular digital encrypted currencies in the global marketplace.
Responsibilities of Cryptocurrency Developers
Normally, the Cryptocurrency developers are software application programmers who are very well aware of the technology, terminologies, and operational procedures of different cryptocurrencies and platforms. The major responsibilities of a cryptocurrency developer are given below:
- Assessing existing transaction and exchange infrastructure
- Developing applications and systems based on blockchain technology
- Testing the Cryptocurrency development projects and applications
- Implementation of software apps in the digital currency field
- Using the latest crypto explorer and others tools for better Cryptocurrency development projects
- Understanding the cryptocoin mining concept and implementing the related features into the applications and systems
- Should integrate the software applications with the APIs of major cryptocurrency systems such as, bitcoin, ethereum coin, and other altcoins
- Tracking and updating about the new cryptocurrency related business launches (ICO), bitcoin exchanges and other digital asset progresses
- Troubleshooting and maintaining the applications for smooth operations
As far as the skills of a cryptocurrency coder are concerned, he/she should have strong knowledge of powerful computer languages and working principles and procedures of crypto currency technology as well as trading.
Emerging Opportunities and Challenges for Cryptocurrency Developers in 2023 and Beyond
Advanced blockchain technologies have come to stay, reaching $176 billion by 2025 and $3.1 trillion by 2030. They are the driving power of Web 3.0 products, so token development services are in high demand, and their popularity will only grow. Blockchain projects will need professional developers, from government-operated national banks to private altcoin owners. And hiring them from Ukraine through a reliable provider is one of the most beneficial options.
The popularity of Central Bank Digital Currencies (CBDCs), Non-Fungible Tokens (NFTs), metaverses, and secured social networking is evolving. Emerging BaaS (Blockchain-as-a-Service) companies offer cryptocurrency development services and the creation of other Web3 products using blockchain logic. So the opportunities for crypto developers are growing, as well as the challenges they face. And below are a few of them.
CDBCs and Cryptocurrency Coin Development
The pandemic pushed many governments to reconsider digital currencies. Lack of cash and the desire to avoid using banknotes for better hygiene motivated many countries to explore the features of electronic money. With time, several central banks issued digital currencies to support governmental financial services. That’s how CBDCs emerged — controlled by states and not pegged to commodities.
These two characteristics make Central Bank Digital Currencies different from cryptocurrencies and stablecoins. That’s because crypto coins are decentralized, while stablecoins are backed by physical commodities or fiat money. However, here are some key stats on CBDC implementation:
- 114 countries are exploring CBDCs
- 11 countries have launched CBDCs
- 20 countries are piloting CBDCs.
Since all G7 and 18 G20 countries have either started developing CBDCs or are in the advanced stage of it, the entire world will need more crypto coin development specialists. As economies go digital, governments need to maintain secure financial infrastructure and keep trust in their virtual money.
This way, the demand for professional crypto coin development services will keep growing to help countries:
- Arrange online payments faster
- Make transactions cheaper
- Adopt digitization
- Minimize frauds
- Keep payments transparent
- Secure private information.
Cryptocurrency developers allow central banks to shift to the digital economy and use cross-border payments. CBDC experts let countries enter the global trade ecosystem more securely and cost-effectively. Professionals will check strategies and test solutions before implementation and help to lower processing fees and transaction costs for businesses and consumers.
Cross-Chain Solutions and Cryptocurrency App Development
Users find tens of blockchains that are hardly interoperable. Critical data often can’t move from one network to another, which slows down blockchain technology adoption. Ecosystems are isolated, and the transfer of tokens between them can imply security risks, greater procession time, and even partial fund loss. These challenges open new opportunities for creating solutions with better user experience.
Transferring value and data across multiple cryptocurrency apps isn’t a tough nut to crack for experienced blockchain engineers. There are plenty of protocols that allow cross-chain communication. For instance, developers can use the proof of stake protocol Hyperlane or generic interoperability protocol Wormhole. They may apply the Inter-Blockchain Protocol for the Cosmos Network or an open-source standard Chainlink for transferring tokens and assets.
A cryptocurrency development company can customize applications with bridges, exchanges, conditions, NFTs, message formats, context tracking, and other parameters. However, hiring top experts is essential because they must find suitable algorithms, pick aligned security solutions, and know the necessary programming languages.
This way, changing Ethereum for Bitcoin, for instance, won’t require wallet keepers to address intermediaries and pay additional fees. Luckily, many crypto networks are open to interoperability, and Blocknet, Polkadot, and Cosmos are only some examples.
Environmental-Friendly Cryptocurrency Development Solutions
Servers need pretty much energy to check and complete a blockchain transaction. However, not all servers spend the same energy volume for their consensus algorithms. For example, the most popular cryptocurrencies, Ethereum 1.0, Bitcoin, Litecoin, and Dogecoin, use the Proof of Work (PoW) mechanism, where thousands of users compete to validate payments and make multiple attempts to calculate the result.
The annual electricity consumption of Bitcoin is 140.31 terawatt-hours per year which is approximately how much Norway or Sweden used in 2021. And since most miners use power produced by fossil fuels, carbon pollution grows. Still, low energy-consuming alternatives like Polkadot, Solana, Tezos, Algorand, Ethereum 2.0, and others exist. These networks use the Proof of Stake (PoS) protocol, which works faster.
So once you want to create your own cryptocurrency, blockchain developers can launch a token on green platforms. So energy-efficient, climate-friendly, and sustainable private blockchains are real once you contract a reliable altcoin development company. And we’re glad to offer you high-quality crypto token development services from Ukraine-based engineers.
Career Opportunities for Crypto Developers
Thousands of businesses across the globe explore blockchain technologies and successfully implement them. Large tech organizations can search for a crypto coin development company with tens of use cases, while startups are ready to take one or two specialists on board.
Blockchain project teams often include blockchain legal advisors, crypto community managers, and tech writers, but the spectrum of tech roles is vast:
- Blockchain UX designer
- Blockchain developer
- Blockchain Architect
- Blockchain analyst
- Blockchain quality engineer
- Blockchain project manager.
Digitalization of all spheres makes the demand for blockchain developers only grow. And below are several industries where this technology is successfully used:
- Fintech. Fintech companies implement blockchain technology because it helps them minimize transaction costs, verify identities faster, and remove paperwork. Also, blockchain-based apps improve accessibility, keep unchangeable reports, and store relevant information in one source. Moreover, the decentralized approach allows blockchain solutions to secure the sensitive data of payment system users.
- Healthcare. Hospitals, pharmacies, laboratories, and doctors use blockchain networks to store and exchange data of patients. This technology lets medical workers get insights and improve the analysis of diseases and medical records. Also, blockchain is used for controlling the supply chain of medicines. So this technology embraces everything from protecting patients’ data to preventing serious diseases.
- Real estate. Paper documentation related to land and real estate objects is relatively insecure and compromisable. But blockchain helps to create a unique and secure source of information that relevant parties can use. In addition, smart contracts can automate procurement, agreement setting, and payments in construction projects. Blockchain also allows investors to get real-time financial reports.
- E-commerce. Online marketplaces allow businesses to advertise their products to more people. Blockchain can help secure information about buyers and products, creating a more transparent and, hence, trustful environment. As a superb payment instrument, blockchain also improves transaction security. Consequently, this technology gives a better way to monitor and identify transactions.
The fields of blockchain application are diverse, so blockchain developers can choose the industry they find interesting.
Why Outsource Ukrainian Blockchain Developers
Here are a few benefits you get when hiring experienced blockchain engineers from Ukraine:
- You save up to 20% of the cost. Since the living index in Ukraine is significantly lower than in the US and EU, blockchain developers’ salaries will also be lower. So businesses can save around 20% of their payroll budgets aimed at the cryptocurrency creation service. However, lower remunerations won’t mean you’ll hire low-quality developers. Instead, you’ll get top talents for less money.
- You get your team promptly. Our recruiters use advanced approaches and up-to-date tools to find your team members. They use LinkedIn, popular tech job boards, and professional networks to streamline the search of candidates. This way, our clients have their teams ready to work within 4-6 weeks — depending on the team composition. And our customers get complete control over their project teams.
- Your team speaks English fluently. Most Ukrainian software developers have a B1+ proficiency in English. That’s because the ability to express thoughts freely is one of the basic requirements of American and European customers. So you get top blockchain professionals without communication issues and minor cultural differences. This will help make your team productive and efficient.
- You have common business hours. One of the common problems with remote outsourced teams is an asynchronous working schedule. Sometimes, a US-based project owner will have to wait until the next day to communicate with team members in India or Asia. But Ukraine is in the middle of Europe, which allows you to get up to 8 business hours each day.
So, outsource cryptocurrency wallet development to skilled experts in favorable time zones. With us, you’ll build your blockchain development team within a few weeks and save up to 20% of project costs.
Bitcoin and Blockchain Developers
Blockchain is a technical way of recording the crypto currency transactions, which are fully decentralized and robust in the digital world. It is also known as the public ledger that records all cryptocurrency transactions. The blockchain developers can verify the authentication of the transaction that takes place on the blockchain through different software tools operating on network nodes.
In other words, the blockchain is a logical chain of data blocks, which are maintained in chronicle order so that the transactions can be tracked and verified on the digital network. Numerous technologies are used by the blockchain developers in developing the blockchain ledgers such as, distributed ledger technology DLT and others.
The blockchain consists of the blocks of information, which is generated by the cryptocurrency miners by using the computing power. A reward is awarded to the miners who generate a block of information in the blockchain. The mining of cryptocurrency requires heavy computing power and energy; so many miners share their computing power to mine the data. The bitcoin mining pool is one of such examples that share the computing power for mining the bitcoin blockchain transactions.
Bitcoin Currency & Its Popularity
Bitcoin is the first digital currency of its kind in the marketplace. It was introduced by an unknown entity commonly referred as Satoshi Nagamoto in 2009. The bitcoin software development platform code was released as an open source code. Bitcoin became the pioneer of this new domain of digital assets and the decentralized transaction regime, and presently tens of new cryptocurrencies have been introduced in the marketplace. The smallest unit of bitcoin currency is Satoshi, which is 1/100000000th of a bitcoin. The other small units used in the trading include millibitcoin (mBTC) and Bit.
According to live trading chart developed on the Trading View portal, the bitcoin is leading all digital currencies by big margins. The market capitalization of a Bitcoin currency in terms of US dollars has already crossed the Ethereum platform, which is the second most popular digital currency platform in the world. It was the leading digital currency in terms of market capitalization till August 2017, when it was surpassed by the bitcoin market capitalization, when the bitcoin trading value crossed $2,500 globally.
The ethereum wallet and bitcoin wallet are two most downloaded digital currency wallets in the world. As many as 23.4 million ethereum wallets with distinct addresses are available in the market at the time of writing this article. The number is growing at about 175 thousands on a daily basis. Similarly, the number of bitcoin wallet users has crossed 21 million wallets in December 2017. The increase in bitcoin user was over 4 million just in the last quarter of Year 2017.
According to the Forbes information, a substantial increase of as much as 621% in the demand of Cryptocurrency developers and blockchain developers was noticed since November 2015 till December 2017 across the globe. The search of jobs related to Cryptocurrency and blockchain terms has increased as much as 1056%. Many new companies are offering the share of Cryptocurrency to the developers as a fringe benefit.
According to Glassdoor Website, the average of Cryptocurrency developer salary stands at $79,985 per annum. To hire blockchain developers at entry level, you will need to pay at least $55,000 per annum. According to the Indeed website information, the average of ethereum developer salary in the United States is $88,711 per annum. Many experts in the industry believe that the trend of increase in salary to hire ethereum developers will persist for many years to come.
Who Is an Ethereum Developer?
Ethereum developer is a software developer who is very well aware of the software development languages, tools and methodologies and knows API integration with the ethereum development platform. Normally, the ethereum functionalities are added into the web application or mobile apps through API integration by an ethereum developer in the marketplace.
The ethereum developer necessarily should know different development tools available in the marketplace for easy development of ethereum wallets, apps, or any web service. The integration, testing, troubleshooting and maintenance of the software tools are also parts of the responsibilities of an ethereum developer.
Main Reasons for High Demand of Cryptocurrency Developers
According to a recent survey conducted by DTCC among its clients suggest that more than 70% of their clients are concerned about finding a developer with strong background in Cryptocurrency and blockchain technology. Similarly, UPWORK Inc reports the Blockchain as the second hottest skill in demand in the marketplace. Meanwhile, an exponential growth in the popularity of Cryptocurrency system persists out there in the market, which is the fundamental driver of the market demand to hire blockchain developers across the globe. Other main reasons of the high demand of Cryptocurrency developers include:
- Blockchain technology has become the most disruptive technology nowadays
- A huge increase in the value of cryptocurrency values like Bitcoin, Ether and others
- Adoption of cryptocurrencies by large financial and banking sectors like Bank of America, Capital One and many others
- Emergence of many blockchain based financial services like IBM, JP Morgan platforms and others
- Increasing profit margins in the investment of bitcoin, ether and other altcoins
- Exponential growth in bitcoin exchange and other crypto exchange users
- The mushrooming of the initial coin offers ICO globally
- A lot of developers are not fully skilled and trained for blockchain as yet
Cost of Hiring Blockchain Developers
The cost of hiring the blockchain developers is still in a highly transient phase due to the shortage of the qualified resources in the marketplace. Thus, the availability is the most powerful factor that establishes the cost of hiring a blockchain developer. According to the Bitcoin.com website information, blockchain experts are demanding salaries in the range of £200,000 to £300,000 in the United Kingdom.
This is a very high range of salary not only in the UK, but also across all other countries. This demand of high salary is also confirmed by the Financial News London reports. According to this report, the financial startups are forced to pay high salaries for the blockchain developers to benefit from the power and popularity of crypto currencies in the marketplace. This all happens due to the unavailability of crypto currencies developers – bitcoin developers, ethereum developers and the altcoin developers.
Meanwhile, Indeed.com estimates the average salary of a blockchain developer at $91,863 per annum and that of application developers as $114,526 per annum. The availability of the qualified and skillful resources plays vital role in deciding the cost of hiring a blockchain developer. Some industry experts working with Financial News believe that there are about 200 thousand developers only in the world a few months back.
If we look at the comparative analysis of the two most popular digital currencies – bitcoin and ether – we will be able understand lot of things.
The natural demand of bitcoin developers must be much higher than the ethereum developers due to high market value, old system, and mining based distribution of Bitcoin currency. As far as the salaries of the developers are concerned, both of them use almost same kind of backend computer technologies – proof of work (POW). Therefore, there is no big difference in the salaries of an ethereum developer and bitcoin developer, but the bitcoin developers are in higher demand in the marketplace. A small exception may remain due to the availability of the technical resources in the area.
According to a case study report information carried out by Creighton University, the future of bitcoin is much brighter than other cryptocurrencies. The prospects of ethereum will also remain very strong in the coming years.
If we search for average salaries of bitcoin developer, ethereum developer and blockchain developers on Indeed.com website, we will find the same average salary for all above job titles.
Types of Projects Mobilunity Can Help You with
If we look at the landscape of blockchain technology, we will find so many platforms, terminologies, procedures, and projects that are extensively used in the present day marketplace. Mobilunity is able to help for the following types of projects with the help of high quality and skillful Ukrainian blockchain developers.
- Development of bitcoin wallets for different eCommerce or other financial platforms
- Any software application or web based bitcoin software development platforms
- Crypto coin creation for any upcoming Cryptocurrency or ICO project
- Crypto coin mining projects to earn substantial rewards through proof of work
- Helps you build a bitcoin exchange platform for online trading in cryptocurrencies
- Can help in any kind of crypto wallet development projects
- Can help in creating any exchange software development projects
- Creating robust computer resource sharing mechanism through bitcoin pool mining projects
- Can help check for real cryptocurrency through crypto explorer software projects for you
- Able to help in coin admin development to manage your crypto currencies and its trading
Our blockchain developers are also able to help you maintain your existing platforms and revamp them with new applications, tools and platforms to make your cryptocurrency business more reliable, stable and thriving.
Why to Choose Highly Qualified Crypto Programmers?
The blockchain technology is less than one decade old, but got a huge popularity in domain of digital finance during the past few years. The prices of bitcoin, ether and other coins have surged to new heights and the market capitalization of these currencies has crossed the value of hundreds of billions of dollars during the past couple of years. The cryptocurrency and blockchain have become a big industry with substantial growth along with high level risk factors.
In such circumstances, it is not a DIY kind of thing to deal with the cryptocurrency. You need highly skilled and qualified blockchain developers and professionals to handle such a critical trade. The Mobilunity services can help you in providing the highest level of support through qualified and skillful Ukrainian blockchain developers at very reasonable prices.