- Blockchain trends 2022 brings
- What is a smart contract?
- Benefits of hiring a smart contract developer
- Comparison between Polygon and Solana Blockchain Development
- How to develop a Solana smart contract
- Steps to follow in blockchain game development
- How to hire a Blockchain Development team
- Blockchain Development Community: How to find the best Blockchain Developers
- How to Find the Best Blockchain Developers
- How to hire a blockchain developer
- How to hire the best Solidity Developer?
- Critical services from a Solidity programmer
- How to choose a Polygon Developer
- How to choose Solana Developers
- How to hire a blockchain development agency
- Does the company follow the latest trends?
- Why DAO Development has become popular
- Simple steps to follow to create a DAO
- Key features of Blockchain-based virtual worlds
- Major characteristics of web 3 development
- Critical skills to evaluate when hiring Web3 companies.
- What Layer 2 solutions are available in the market?
- How to hire a cryptocurrency wallet development company?
- Interviews with a prospective blockchain development company
- 1. Find out if a developer knows about basic programming concepts
- 2. Find out if the developer understands the security needs of blockchain technology
- 3. Inquire from the developer if they understand data structures
- 4. Inquire whether a developer knows the basic concepts of blockchain
- 5. Find out whether the developer knows the right tools to use
- Key Takeaways on hiring the right Blockchain Development company
Previously, blockchain development used to be jargon in the technology industry. But now it’s attracting multiple businesses in various industries. The technology can cause major disruptions in various fields, such as finance, supply chain, real estate, and hospitality. As the technology gains popularity, many blockchain development companies have emerged in the market. While many companies in the market offer a variety of choices to clients, you may be at a loss on the right one to choose. If you’re looking for a blockchain developer, here is the best guideline to help you in 2022.
Blockchain trends 2022 brings
Evaluating Blockchain trends 2022 helps companies and individuals discover the role blockchain will play in their lives. Blockchain has disrupted business operations with its multiple benefits, and many good use cases continue to emerge. In 2022, blockchain will play a vital role in the way people conduct their business. There are different trends to watch this year.
A potential Achilles Heel for the technology is the massive amounts of energy it produces. And this hugely contributes to high levels of carbon emissions. Stakeholders in the industry have offered various suggestions for overcoming the issue. In 2022, innovative models like Proof-of-Stake will be applied that produce minimal energy.
Many countries are considering how to integrate blockchain into their financial ecosystem. An idea that some countries are assessing is the Central Banks Digital Currencies (CBDCs). With high fees in international remittances and inflation, blockchain offers a practical solution that overcomes these issues.
The pandemic continues to wreak havoc in many countries. Fortunately, vaccines have been manufactured to help individuals. The problem of fake drugs is likely to hit Covid-19 vaccines. Vaccine manufacturers and supply chains will use blockchain to verify the authenticity of batches.
Other trends to watch in 2022 include Metaverse and NFTs. There will be more ideas on how to use the immersive technology of Metaverse on the blockchain. NFTs will find more use cases in the gaming and fashion sectors.
Before that, let’s define a smart contract.
What is a smart contract?
A simple keyword search volume can indicate that the phrase ‘What is a smart contract‘ appears multiple times. This shows that individuals and organizations are interested in understanding how smart contracts can boost their business operations. Smart contracts are self-executing and self-enforceable agreements that reside on the blockchain backbone. Digital contracts have become popular due to various draws, such as reduced transactions, elimination of intermediaries, and reduction of transaction time. Thanks to these contracts, blockchain tasks, like ICOs and NFTs, are possible without the need for parties involved to know each other.
Smart contracts are created on various platforms, including Stellar, Ethereum, Solana, Hyperledger Fabric, Tezos, and Polkadot. Each of these platforms has different pros and cons that you need to evaluate before picking a suitable one for your project. However, if you lack experience in blockchain technology, it’s advisable to work with a blockchain development company. Such a firm has a team of blockchain developers who can help you.
Solana is a blockchain with great scalability that is very effective and developing quickly. As a protocol, it makes it possible to create many kinds of smart contracts that may be used in dApps like P2P lending systems, NFT marketplaces, Wallets, DEXs, and many other types of applications. Let’s compare Polygon and Solana blockchain development.
Benefits of hiring a smart contract developer
A smart contract developer helps a project create a digital agreement that expedites transactions in a decentralized environment. The contract is popular because they remove third parties and deliver affordable settlements.
Besides smart contract development, agreement developers provide various services, such as smart contract auditing, optimization, and strategy development. Due to the importance of smart contracts in a business, hiring experienced developers is critical. There are multiple benefits to enjoy when you partner with knowledgeable, innovative contract developers.
First, your project will incur zero training fees because the developer is already knowledgeable. Developers have been providing services for a long time and understand how to deliver solutions without further training.
Furthermore, developers use the latest tools and technologies to offer their services. This saves you the time and money of buying such tools.
Hiring a smart agreement developer is more affordable than employing a full-time worker. A full-time worker will attract other costs like medical and training expenses.
Finally, developers are flexible and can deliver services that meet your unique needs. The professionals have worked in various business settings and know the best tactics for creating the best agreements.
Comparison between Polygon and Solana Blockchain Development
Solana and Polygon are layer one projects designed to overcome multiple issues with the Ethereum blockchain. Each of the two projects has different features that attract various individuals. Furthermore, the two projects are different from each other on various parameters, including consensus mechanism, scalability, and stateful architecture. Regarding consensus mechanisms, Solana relies on a combination of Proof of Stake (PoS) and Proof of History (PoH). It can process more than 50,000 transactions per second. On the other hand, Polygon uses Proof of Stake (PoS) to create a new Matic.
A stateful architecture explains whether a network keeps data or doesn’t. A stateless procedure doesn’t record information about previous operations. But a stateful application keeps the information about the users’ actions. Whereas Solana is stateless, Polygon pivots towards being stateful. So, Solana is highly expandable in terms of scalability.
Regarding speed, Solana processes around 50,000 settlements per second. However, Polygon beats as it processes 65, 000 transactions per second.
Due to its multiple perks, Polygon beats Solana in many respects, making it the best network for developers.
How to develop a Solana smart contract
A project that uses Solana smart contracts enjoys multiple perks. Solana network processes transactions quickly and overcomes the issues of standard networks, such as Ethereum. Also, Solana uses PoH and PoS agreement mechanisms that are environmentally friendly. Developers follow various steps when developing Solana contracts.
- First, the developer must prepare a suitable Solana environment. For example, developers can use Anchor to create the background. The Anchor ecosystem has technologies developers can use to create a smart contract.
- Secondly, the developers should establish a localnet cluster. The locanet cluster comprises a community of validators who work jointly to keep the integrity of the network and deliver transactions.
- The third step entails writing a Solana program. You can quickly accomplish this through Anchor’s Command Line Interface (CLI).
- In the final step, developers audit and implement the contract. Anchor has various tools to test the agreement before deploying it. Testing helps to remove any flaws and bugs.
Steps to follow in blockchain game development
The introduction of blockchain game development has disrupted gaming the sector. Players can play and earn at the same time. So, publishers can grab opportunities in the market by creating non-fungible games. There are various steps to follow when creating the games.
First, you need to do thorough preparations before you start creating the NFT game. Some preparatory steps include hiring professionals, determining the tech stack, and collecting data. Also, project owners should evaluate the platform to develop the game, create a prototype, and develop a game design document (GDD).
You should proceed to the development stage once you’re through with the initial preparation. Here, game developers should determine the right design, develop smart contracts, and code accordingly.
Once you develop your game, you should test it to remove bugs. Also, testing helps you to discover any errors that require fixing.
The final stage entails deploying your game on the blockchain network. After launching your game, you should market it to the right audiences.
The quality of a project’s blockchain development team can make or break it. If you are unfamiliar with blockchain technology, it is best to work with a blockchain development company. TokenMinds has a team of blockchain developers who can help you.
Services to expect from a crypto game development company
Hiring an experienced crypto game development company can help you propel your business to the next level. Blockchain technology has multiple perks for players and game owners. Because of these games’ many benefits, their demand has increased. Before hiring a developer to help you create a blockchain game, you need to check the services they offer.
First, the developer you choose must provide custom solutions that meet your unique needs. Each project has its particular needs, and the developer should understand them. The knowledge helps them to deliver a solution that meets your expectations.
Secondly, an experienced game developer must understand how to create smart contracts. The contracts expedite transactions and remove third parties from a transaction.
Also, you should check whether the developer offers wallet development services. Wallets will facilitate the storage, distribution, and receiving of cryptocurrencies.
Finally, the company you select should understand the game development circle and what to do at every step. The developer should take you through the steps they follow before delivering your final product.
How to hire a Blockchain Development team
An experienced blockchain development team can help your project to meet its key objectives. Because blockchain is a relatively new area, many business owners and entrepreneurs lack information on how to hire the right blockchain developer. Furthermore, due to the popularity of the technology, many developers have emerged in the market. Some of these developers lack the experience and skills to create the best blockchain solutions.
So, it’s imperative to equip yourself with knowledge before you start looking for a blockchain development company. The company you’re evaluating should develop a profound understanding of blockchain technology. Some of the critical areas to assess include data structures, smart contracts, cryptography, interoperability, and blockchain architecture. You should also consider the price, creativity, competency, and communication aspects of the team. All in all, hiring the best team that you can harmoniously work with is the start of your success in your blockchain project. So, you should ensure that you conduct thorough research to ensure that you contract the best development team.
Blockchain Development Community: How to find the best Blockchain Developers
The quality of the blockchain development team that handles a project can make or mar it. It is nerve-wracking to find the right blockchain developer for your project. Usually, blockchain developers may not easily be found in the public because of the sensitivity of their duty.
Some steps should be taken to achieve this purpose.
Community forums like The Blockchain development community (BCDC) host blockchain developers, investors, and other relevant participants that are intrigued by the concept of blockchain development.
Exploring social media to look for a developer can be tricky, and this is why this guideline was developed.
- Firstly, look for the Blockchain Development Community on Reddit in dedicated subreddit forums.
- Secondly, Topcoder.com has a blockchain development community with skilled developers to create the project of your dream.
- Thirdly, another community that hosts blockchain developers, as well as development courses, is Blockgeeks.
Usually, the forums mentioned above contain a host of blockchain developers that are freelancing.
- Fourthly, another option is to hire a blockchain development company with a wide array of experienced developers who have worked on numerous projects. Tokenomics ticks the necessary boxes, as you have access to the blockchain development community, UI/UX designers, and testers, including project managers and business analysts.
How to Find the Best Blockchain Developers
The quality of the blockchain development team that handles a project can make or mar it. It is nerve-wracking to find the right blockchain developer for your project. Usually, blockchain developers may not easily be found in the public because of the sensitivity of their duty.
Some steps should be taken to achieve this purpose. Community forums like The Blockchain development community (BCDC) host blockchain developers, investors, and other relevant participants that are intrigued by the concept of blockchain development. Exploring social media to look for a developer can be tricky, and this is why this guideline was developed.
- Look for the Blockchain Development Community on Reddit in dedicated subreddit forums.
- Topcoder.com has a blockchain development community with skilled developers to create the project of your dream.
- Another option is to hire a blockchain development company with a wide array of experienced developers who have worked on numerous projects. Tokenomics ticks the necessary boxes, as you have access to the blockchain development community, UI/UX designers, and testers, including project managers and business analysts.
How to hire a blockchain developer
Choosing a blockchain developer is a hard nut to crack for many individuals and companies. Developers are critical in creating blockchain networks and the applications to run on them. With a vast knowledge of blockchain technology, developers can evaluate your idea and deliver blockchain solutions that meet them. When considering a blockchain development firm, there are specific skills that they must possess. Developers with these skills can provide projects that exceed the expectations of the companies hiring them.
How to hire the best Solidity Developer?
If you’ve got a smart contract creation task, you’ll require a solidity developer. These professionals have in-depth knowledge of how to write a virtual agreement. These days, smart contracts have become central in the blockchain ecosystem. Their popularity emanates from the fact that they eliminate the presence of intermediaries. These third parties add up to the high cost of conducting business. A solidity developer creates a smart contract that runs on the Ethereum blockchain.
Thus, it’s crucial to find an experienced blockchain agency to write the smart contract code. However, finding the best solidity programmer in the market is demanding. But with thorough preparation, you can pick the right expert. The developer you’re looking for must understand the blockchain architecture, how to develop Dapps, and the right tools to create virtual contracts. Other things to evaluate include the developer’s experience, location, and reviews by past clients. Independent websites like Clutch have unedited reviews about various developers in the market. You can go through such reviews to better understand the quality of service a specific developer produces.
Critical services from a Solidity programmer
A solidity programmer helps projects to create Solidity smart contracts. Digital contracts have become popular in the blockchain industry because they remove intermediaries and facilitate quick transactions.
If you’re looking for solidity developers, it’s essential to ensure that they have the knowledge and experience to deliver high-quality solutions. Besides digital contracts, there are other services experienced developers offer.
An experienced programmer should understand how to develop digital currencies. Such a developer knows how to mint, transfer, and improve the virtual currencies in the virtual agreements.
Creating decentralized applications (dApps) is another essential service that a developer offers. A developer should know the whole procedure of creating and launching the dApps on various blockchains.
Furthermore, when evaluating a programmer, it’s critical to check whether they offer a crypto exchange development solution. The developer should understand how to deploy contracts on such exchanges.
Developers who understand the various use cases of solidity smart contracts can advise their clients on the suitable digital agreement to choose for their business. So, you need to ensure that the developer offers this solution.
How to choose a Polygon Developer
A polygon developer can help you build a Polygon scaling solution. As a layer 2 solution, Polygon has multiple advantages. The key perks include being compatible with Ethereum Virtual Machine and that it’s listed on major exchanges of the world. Also, Polygon concentrates on improving the operability and scalability of Ethereum transactions. To reap these benefits, you must choose the right developer.
There are multiple developers in the market, and you can get confused about how to choose the right. The best technique is to equip yourself with information before you start looking for a developer.
There are multiple factors to consider before picking a developer. Firstly, the developer you choose must understand the process of polygon development. So, you need to assess whether the developer understands what the whole process entails.
Also, one should check the tech stack of the company they want to hire. A company that uses high levels of technology is likely to deliver a product of high quality.
Another thing to consider before choosing a developer is the professional’s service. Some of the services to expect from such a developer include polygon smart contracts and the creation of polygon dApps. The developer should also provide NFT marketplace development services and wallet development solutions.
Furthermore, the developer you want to choose should demonstrate an understanding of polygon architecture. Polygon has three layers, including PoS, Bor, and staking smart contract of Ethereum. So, the developer should demonstrate an in-depth understanding of these layers.
How to choose Solana Developers
Solana developers can help you in creating the best blockchain solutions. The best developers can help you develop DeFi, NFTs, Cryptos, and other applications based on Solana. It’s essential to hire the best developers if you want to succeed in your blockchain business. However, hiring Solana developers is a daunting task. However, if you arm yourself with information before approaching the market, you can make the right choice.
There are numerous strategies you can employ to pick the right Solana Company. First, ensure that the company you want to choose has the right expertise. Here, you need to determine whether the company you want to hire has experience in the sector you need.
Furthermore, the company you want to choose should be conversant with security issues affecting blockchain and how to surmount them with technology. So, you need to check the company’s history to ensure that their products haven’t had any security issues.
Another tactic to apply is to check whether the developer has the technical knowledge required to deliver a Solana task. Regarding this, you need to ensure that the team understands programming languages like Rust, C, and C++.
You’re sure to pick the right company if you follow these steps. So, it’s essential to do research before approaching the market.
A blockchain development team’s strength can greatly impact it. The importance of working with a blockchain development firm if you are completely new to blockchain technology is non-negotiable for the success of your crypto project.
How to hire a blockchain development agency
A blockchain development agency can help you in various aspects of creating a decentralized ledger. But, hiring the right company is an arduous task. Currently, multiple development companies have emerged in the crypto space. Some of these firms may not have the experience and resources to deliver the best services. Thus, it’s critical to arm yourself with information that can help you make an informed choice when approaching the market.
Does the company follow the latest trends?
Blockchain has spawned multiple innovations that have disrupted the financial world. Still, more technologies keep emerging in the ecosystem. For maximum benefits from blockchain, you should choose a company that follows the latest development trends in the industry. It’s important to find out the developer’s tools and its blockchain development language.
Why DAO Development has become popular
DAO development has various benefits that overcome the difficulties of legacy entities. Organizations using the DAO concept overcome the challenges of trust inherent in online spaces. The use of smart contracts embedded in a code spells out the rules that govern an organization. Thus, due to the multiple perks of DAO, many organizations will use the concept to expand their businesses.
Simple steps to follow to create a DAO
Are you wondering how you can create A DAO and start reaping its multiple benefits. If so, there are simple steps to follow to accomplish your objective.
The first step is to identify your goals. The goals you’ve created will determine the type of DAO to create. For example, we’ve collector DAOs, Philanthropy DAO, and investment DAOs.
In the second step, you create a smart contract for your DAO and its token structure. Before you launch the agreement on the blockchain spine, you need to test it. Testing the digital contract helps you identify bugs to remove. Furthermore, you must ensure that the agreement you create is compatible with various systems, like voting dApps and crypto wallets.
Once you’re through with creating a smart contract for your DAO, you move to the stage of developing a voting portal. The voting portal should seamlessly handle your voting suggestions and enable you to vote on other people’s proposals.
The final stage involves the deployment of your voting portal and other frontend elements. You should also maintain your frontend section by introducing relevant updates regularly.
Key features of Blockchain-based virtual worlds
Blockchain technology has enabled the creation of blockchain-based virtual worlds. These virtual worlds are parcels of land owned by multiple individuals. To create these worlds, developers use various technologies, like augmented and digital realities. Understanding the key attributes of these digital worlds will help you make an informed choice of the ones suitable for you.
Major characteristics of web 3 development
Web 3 development makes it possible for content owners to control how to use their data. It breaks away from web 2 which bestows data on major internet companies. A key component of web3 development is the integration of blockchain technology. Blockchain technology has features like encryption and decentralization, enhancing the security of data. Furthermore, the use of digital agreements makes it possible to eliminate intermediaries from a transaction.
Critical skills to evaluate when hiring Web3 companies.
The demand for Web3 companies is increasing because of the popularity of Web3 technology. The Web3 technology integrates blockchain and uses crypto as a payment mode. Currently, many companies have emerged to offer web3 development solutions. So, when searching for a developer, you might encounter a challenge about the right firm to use. But, you can cut through the noise and pick the right company if you know the technical skills to assess when hiring such a developer.
For starters, the company you want to pick should understand how to develop smart contracts. Intelligent contracts are central to blockchain because they remove intermediaries from a transaction. So, the developer should know the programming language to use when creating these agreements.
An excellent Web3 developer must know how to create dApps. These applications are popular and hold valuable information. Developers should understand the right tools to use when developing these dApps.
Web3 developers should also understand the role of Web3 SDKs and how to use the tools it offers to create dApps, smart contracts, and crypto-wallets.
Finally, developers must demonstrate a deeper understanding of crypto wallets. The storage apps hold critical information and crypto-assets. So, developers should understand the technologies to create secure and robust wallets.
What Layer 2 solutions are available in the market?
Multiple Layer 2 solutions are available in the market. While the objective of Bitcoin and Ethereum is to facilitate faster transactions of any amount of data, they’ve problems with transaction speed and scalability. These are the issues that layer 2 scaling solutions are designed to overcome. Layer 2 scaling products boost the speed and offer the scalability needed in handling high amounts of data.
The consensus mechanisms supported by Ethereum and Blockchain are associated with high energy consumption, leading to increased carbon emissions. Layer 2 solutions overcome the issue by adopting low energy and efficient agreement mechanisms, like proof-of-Stake instead of Proof-of-Work.
The market is now awash with various layer 2 scaling solutions. Available options for Ethereum include Zero-knowledge and Optimistic Rollups. Under these options, users have numerous choices, such as SKALE, Loopring, Aztec, and Polygon. For Bitcoin, users can choose the Bitcoin Lightning Network.
The layer two products are third-party add-ons on the Mainnet and don’t interfere with the base blockchain’s security and initial decentralization. Now that we’ve examined the various layer solutions on the market, it’s critical to understand how to progress in hiring the right wallet development company to handle your blockchain project.
How to hire a cryptocurrency wallet development company?
A Cryptocurrency wallet Development Company helps you to build a storage app for your virtual assets. Many companies offer this service, and you might be confused about the best firm to choose. Thus, the best approach when looking for a wallet developer is to equip yourself with information.
Multiple tactics can help you choose the best developer. Your starting point is to check the reputation of the developer. Regarding this, you need to check the firm’s leadership, how it tackles glitches, and where it stores data.
You should also determine the various features you want to incorporate into your wallet app. For example, we’ve backup, security, and general features for smooth operation. Security features boost the safety of your wallet, while backup features help in rescuing your app in case of a problem.
Besides various features, the best wallet developer should have a robust plan of incorporating updates to your storage app. The company should also have a helpful customer support team. You now know how to hire the right company, but here’s how to interview a prospective blockchain development company so that you can choose only the best fit for your project.
Steps for multi cryptocurrency wallet development
Multi cryptocurrency wallet development services can help create a secure storage app for your business. Crypto assets are online-based and exposed to multiple risks. The idea of a secure storage app makes sense to investors who mind the safety of their assets. Developers follow various steps when developing a crypto wallet.
The first step is to conduct a competitor analysis. This provides insights into what your competitors are doing. You can then develop a solution that beats the competition.
Once you’re through with analyzing the competition, the next step is to evaluate your business’s technological needs. Through this step, you will discover the current problems and how a crypto wallet can solve them. Furthermore, the findings will help you establish the best blockchain network for your business.
A vital step to embark on when you’re through with analysis is establishing the architecture design of your wallet. Here, you must decide the relationship between the back and frontend.
When developing your wallet, you must use the right tech stack. Developers can use the available public library or build their solutions from scratch.
Once you successfully develop and test the wallet, you should deploy it. After deployment, you should continue monitoring it to ensure it works optimally.
Interviews with a prospective blockchain development company
While evaluating the developer, you should pay attention to the following areas:
1. Find out if a developer knows about basic programming concepts
When hiring a blockchain development company, it’s critical to ensure that the company you’re evaluating understands various ideas of programming languages. Some of the development concepts include C, C++, Python, etc. An experienced blockchain developer should also understand the following concepts: OOP (Object-Oriented Programming Structure), syntax, Multi-Threading, and socket programming.
- OOPS: OOPs denotes objective-oriented Programming Structures developed around the idea of objects. These objects are organized into classes, making it possible to group them. It’s possible to modify objects without interfering with other objects in the program. The object-oriented language enables updates to be performed any time when a need arises.
- Syntax: Any blockchain developer should demonstrate profound knowledge of syntax programming language. In programming, syntax entails the principles that particularize the overall sequence of signals used to develop structured programs for the particular functionality of an app.
- Multi-Threading: This is the ability of a computer processor in a multi-core processor to operate many threads or procedures simultaneously. Thus, the best developer should understand the installation of multi-threading in various kinds of applications.
- Socket programming: The socket programming language helps a developer link two nodes, enabling them to interact with each other.
2. Find out if the developer understands the security needs of blockchain technology
The developer should understand the security needs of your blockchain project and use different encryption techniques to deliver it. An experienced developer should understand the concept of secure Hashing Algorithm, Encryption and Decryption, and private and public keys.
- Secure Hashing Algorithm (SHA): SHA technology enables a developer to surmount multiple cyber-security risks and keeps information safe. The algorithm changes the information with the hash feature and comprises modular additions, bitwise, and compression roles. Because blockchain installs encryption protocols, a blockchain developer must have a thorough knowledge of encryption ideas.
- Encryption and Decryption concepts: whereas encryption entails transforming data into unreadable text, decryption involves converting the unreadable information into legible text.
- Private and public keys: the two forms of keys are either used to encrypt or decrypt information. Whereas public keys are accessible to each individual, private keys are confidential and accessible to their respective owner.
3. Inquire from the developer if they understand data structures
Understanding the concept of data structure is essential in software development. Some of the data structures that a developer should demonstrate an understanding of include: Linked List, Hash Table, and Acyclic Graph.
- Linked List: This is a series of data elements linked together through pointers.
- Hash Table: This data structure installs an associative array of info types, which locates keys to their corresponding values. A hash table can turn an index into multiple slots through a hash function, facilitating the location of the required value.
- Acyclic Graph: It’s a bipartite graph without curves. The graph lacks recurring vertices and excludes ends and starting vertices.
4. Inquire whether a developer knows the basic concepts of blockchain
An experienced blockchain developer must understand the fundamental ideas in blockchain development. Here are the basics of blockchain development that a developer should understand:
- Distributed Ledger Technology (DLT): This allows virtual information to be shared and replicated across different nodes. A blockchain development firm should know how DLT functions and how it should be applied in various kinds of blockchain.
- Immutability: The concept of immutability means that something is irreversible. So, when information is put on a blockchain, no one can alter it.
- Consensus: The consensus mechanism enables decisions, as blockchain lacks a central authority to govern it.
- Token creation: Tokens are tradable virtual assets that reside on a blockchain. A skillful blockchain development firm should understand how to create these assets.
- Smart contracts: These are virtual self-executing agreements that allow a quick exchange of shares, property, money, etc. You expect an experienced developer to offer high-quality smart contract services.
- Mining: Is the procedure of adding or validating settlements on the blockchain technology. Miners use their computational knowledge to create new blocks.
- Decentralized applications (DApps): The developer you want to choose should understand the concept of DApps which are delivered on a P2P network of computers. Due to their decentralized nature, DApps lacks a central authority to monitor them.
- Sharding: Sharding is a database division method used by blockchain developers to enhance scalability, allowing the system to execute more settlements per second. Through sharding, developers divide a company’s whole network into minute divisions called shards. Every shard has its own information, making it different and individualistic from the rest.
- Public blockchain: A public blockchain network is a decentralized network where anyone can participate at any time. This network has nil restrictions and anyone can join and participate. Furthermore, a public ledger is visible to everyone, allowing them to participate in the consensus procedure. For instance, Ethereum is one of the public blockchains.
- Permissioned blockchain: In a permissioned blockchain, each person can read the information on the network. However, specific players can mine or confirm settlements. In other words, permissioned blockchain presents an additional security layer, allowing specific individuals to perform particular actions. Examples of permissioned blockchains include Hyperledger Fabric, R3 Corda, and Hyperledger Sawtooth.
5. Find out whether the developer knows the right tools to use
Developers of blockchain technology use multiple tools. The key ones include:
- Composer: It’s an open-source tool to develop blockchain apps.
- Explorer: It’s used to develop user-friendly web apps.
- Remix:: You can use this tool to craft solidity agreements directly from the browser.
- Metamask: This is essential when transferring virtual currencies from one wallet to another.
- Etherscan: This is used to verify various digital agreements and all settlements happening on the Ethereum network.
- Mist: Its role is to manage the transactions and assets in the Ethereum network.
- Caliper: It’s used to evaluate the performance of a specific blockchain installation.
- Bitcoin Blockchain Explorer: The tool provides in-depth information about BTC addresses, settlements, and blocks.
Key Takeaways on hiring the right Blockchain Development company
Finding the best blockchain development team can be a challenging task for most people. With all the searches, interviews, hiring models, and reviews, you’re in the best position to make an informed decision. Suffice to say; you should resist the temptation to focus on choosing contractors with low rates. Technology with the potential abilities to shape the future comes at a premium price, and remember that experienced blockchain developers are somewhere in the middle and top of the pricing list. Furthermore, the best services that come with high prices will be top-notch with minimal issues. If you can find the right development partner to work with, you’re assured of taking your business a notch higher. Here is a summary of the points explored above:
- Hiring model: You can either use an in-house or an outsourced model. An outsourced model is the best for most blockchain projects because of its quick and outstanding solutions.
- Project specification: you need to figure out particular specs of your project by determining what you expect from the blockchain technology, your business idea, and important timelines. Being clear on what you want helps you to find the right company to offer it.
- Identify candidates: when evaluating a candidate, you should ask them what they know about programming languages, the security of blockchain networks, the basic ideas about blockchain, and the tools to use. You should also inquire about their experience in the industry.