Crypto Consulting: What you should know

Crypto Consulting

The growing popularity of blockchain technology is a clear testimony that its future is bright. Multiple industries keep approaching the crypto consulting firms to discover how to combine the technology in their operations. Many crypto consulting companies are now in the market to provide advisory services to various players in the industry. If you’re looking for blockchain consultancy services, you may be at a loss in determining the best company to pick. And this is the reason we’re sharing helpful tips and tricks to help you make an informed choice. Please, stay tuned.

Understanding the role of crypto consulting

Whether you’re looking for a  crypto consulting telegram or a general crypto adviser, you should expect to study, evaluate, create, and test blockchain technologies. Other roles of these consultants include documentation and maintaining of services. Blockchain consultants can translate business objectives into technology maps, helping clients to attain their objectives.

Blockchain consultants are valuable resources for the business due to their ability to integrate business and technical expertise. This helps them to create bespoke solutions that meet the needs of various clients.

How to pick crypto consulting services

Now that you’ve understood the role of a blockchain consultant, the next move is to find out how to choose one. And the decision on the crypto consulting company to choose will depend on various factors.

Although the consulting firms are connected regarding the services they offer, your choice will depend on the solution you require. While specific blockchain consulting firms offer an array of solutions, others focus on a particular area. Here are the factors to consider when looking for crypto consultancy services:

  • Reputation: It’s essential to consider the reputation of a company offering crypto consulting services. The firm’s reputation depends on what the previous customers say about the company and the quality of services it offers. When evaluating the reputation of a blockchain development firm, it’s vital to consider the reviews of past clients. A preponderance of raving reviews shows that the company offers high-quality services. On the other hand, if you encounter multiple negative reviews, you should give a wide berth to such a firm. Negative reviews testify that the firm lacks experience and skills in delivering the best services.
  • Evaluate their work portfolio: Experienced crypto consulting companies have a portfolio of projects they’ve delivered in the past. It’s essential to check the businesses that have offered crypto advisory services in the past.
  • Accessibility: When evaluating crypto advisory services, it’s essential to consider their accessibility. The consultants should be readily available to provide timely services.
  • Cost of the services: Blockchain technology is still evolving and may cost you a fortune as few companies offer the services. However, the cost of consultancy services should be reasonable as the technology undergoes further improvements. For a project working on a tight budget, it’s advisable to choose a fixed price framework as the consultancy firm can agree with a fixed rate. The ideal model for a company with a big-budget allocation is a captive unit model. In this framework, a crypto consulting firm accepts to hire and educate a company’s research and development team.
  • Evaluate their content: A crypto consulting firm should craft well-researched articles, whitepapers, and other helpful content to educate its audience.  By providing helpful content, the blockchain consultant portrays itself as a thought leader in its niche.

Skills to consider when choosing crypto advisory services

Here are the specific qualities that you should consider when hiring a crypto consulting firm:

1.      Understanding of smart contracts

Smart contracts have become an integral component of many business operations. They are virtual agreements that are self-executing. Any outstanding blockchain developer offering crypto advisory services must understand how to create smart contracts. These days, the execution of virtual agreements is considered an essential skill of any crypto consulting firm.

‘Smart contracts are encoded transactions that specify each parties’ rights and obligations. They provide for simultaneous execution of obligations by all parties. In a simple securities transaction, that means a smart contract effects payment and delivery of the security at the same time.’

Source: Forbes

2.      Decentralized networks

A company offering crypto consulting services must demonstrate a deeper understanding of how a distributed network functions. If the firm lacks knowledge on how the decentralized technology works, it may not understand how to implement or maintain it. The distributed technology is the foundation of which smart contracts and other decentralized apps operate.

3.      Blockchain interoperability

The linkage of blockchain across multiple platforms presents various implementation challenges and risks. Thus, a crypto consulting company must show a more profound knowledge of blockchain interoperability. The knowledge helps the consulting firm understand how to surmount challenges and help businesses combine various blockchain solutions in various platforms.

The ability to choose the right crypto platform is critical as it helps the crypto consulting firm offer bespoke solutions that meet the needs of their clients. The blockchain consulting firm should display knowledge on concepts like Hyperledger, R3 Corda, and Ethereum.

  • Ethereum: it’s an open-source crypto-based computing platform conceived by Vitalk Buterin in 2013. It’s a famous platform where smart contracts are built and uses Ethereum Virtual Machine (EVM) to provide a run-down environment. Due to the platform’s popularity, you should expect the crypto consulting firm to understand how Ethereum works.
  • Hyperledger Fabric: It’s used to develop crypto apps with modular architecture. The platform only lets permissioned identities participate in a blockchain environment.
  • EOS: It supports the creation of decentralized apps (dApps), and a blockchain consultant should understand how it works.

4.      Blockchain safety

Blockchain technology operates in the online ecosystem, which is prone to hacking and other security breaches. So, any blockchain firm offering crypto advisory services must be knowledgeable on the various security requirements and the legal environment under which blockchain operates. For example, the consulting firm must demonstrate how to create public and private cryptography keys.

Conclusion on Crypto Consulting

Whether you’ve a small blockchain project or a big one, you may require crypto consulting services to help you. Choosing crypto advisory services can be a daunting task if you don’t understand how to evaluate a candidate. The hints explored here can help to make an informed decision.

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