6 Things You Should Know Before Starting A Blockchain Technology Project.

 

The blockchain technology industry is becoming the fastest growing industry in the whole Information Technology world. Since the area is harvesting more and more interest from people around the world, connoisseurs are working hard to specialize in this movement. The main reason behind this is the expectation of the market reach. It is expected to reach 2.3 billion dollars by 2021. The main wizards behind these results are the finance experts and backend developers.

Blockchain has numerable career opportunities, which renders good money too. For example, the averages pay for a software engineer around $80 thousand in the US. The lucrative career is one reason that attracts so many people in this sector. However, if the developer specializes in this area they can get paid over $100 thousand for their projects.

In this blog, we are gonna discuss the things you must know before your first blockchain project. If you are a developer and wish to create your own blockchain project you need to have some preparation. There are 6 things you must consider before becoming a blockchain developer.

  1. The basics: If you want to become an expert at anything, first you must consider knowing the basics. Before programming any complex algorithm, you must think over the very foundation of the blockchain. The basic three principles the blockchain relies on are decentralization, immutability, and transparency.

As we all know that the blockchain is not controlled by any authority, the immutability stands for the fact that every piece of information is secure and permanent. Also, blockchain is easily accessible that brings transparency to the process.

  • The Data structureBlockchain cannot be governed by any central authority, so as a developer you have to grasp the elements of the data structure. Structure such as stack and tree are highly essential for developers, along with time and economy. It is very important to classify resources when it comes to blockchain technology.
  • The Cryptography: The most important element for building the blockchain. Cryptography is needed while building blocks in the blockchain. This can be considered as a skill that is used to protect digital data and encrypting assets. Cryptography makes sure the existence of the data remain forever, but still unavailable to unauthorized users. The blockchain is safe and secure; which attracts more and more businesses and organizations to save money via blockchain.

As I mentioned, cryptography is an essential part of the blockchain and it assures the safety of the blockchain. People are willing to invest in cryptocurrency because of its security, efficiency, and non-taxability.

  • Distributed Computing: If you want to study and master blockchain, you should know how to enables developers to design large scale networks. Unlike other networks such as torrents, merging blockchain with distributed computing networks improves security.

In the blockchain, every participant is involved in security. The more and more investors are contributing to the blockchain security, the more breakthroughs are to be built.

  • The Mechanism Design: It is another important part of the blockchain building. The mechanism can be described as a link between distributed computing and cryptography. It is used to create more secure algorithms for blockchain. Thus helps to involve more peers in the world crypto community. As you stockpile information, it would be easier for you to develop blockchain projects.
  • The Development platforms: There are so many platforms available to develop your blockchain. Having a platform is the best way to accumulate learning. Some of the most prominent platforms include Ethereum, NEO, Dogecoin, and litecoin, there are many others as well. But these were worth to mention. Understanding and analyzing the structure of these platforms will give you profound cognizance of blockchain technology. The fun fact of blockchain apps or cryptocurrency networks is that it is not created from scratch. That is why all the blockchain networks work and support each other for the advancement of the technology.

We are only at the beginning of the blockchain saga, so this high time to expertise in your specialization in the area. Your blockchain projects will be successful if you only take advantage of the unique properties it offers. We mentioned a few of them in this article. If we missed out on something let us know in the comments below. We would love to hear your thoughts.