If you are looking to be successful in the role of a blockchain developer then skills which spans from cryptography to smart contract and then web development must be taken into consideration.
With Blockchain grabbing the attention of the whole world, there is a rise in the software development known as the Blockchain development and this is becoming a piece to chew on and so many people have become independent through acquiring the necessary skills to make some earnings as a developer and you can also be one.
Before we delve into the skills, there are some concepts that need to be addressed:
What is Blockchain?
Blockchain can be defined as a chain of blocks containing data. They are immutable records of data that are not owned by a single entity but it uses the basics of cryptography for its verification and through computers across a network. The block data after being added to the chain cannot be reversed and this ensures the security of the blockchain process.
Watch the video below to learn more:
Who is a Blockchain Developer?
A blockchain developer is one who understands the fundamentals and the basics of the decentralized blockchain system ranging from the Blockchain architectural designs and technology to knowing how to fully implement these systems. As a developer, you must proficient in the programming languages needed to build these blockchain components and with a skill engulfing smart contracts.
5 skills needed to become Blockchain Developers
Here are some top skills that will be required to become a Blockchain developer in order to get hired:
1. The Blockchain Development Theory
With the cutting-edge technology of blockchain, a developer must be equipped with an outstanding knowledge of what exactly is the theory of blockchains. To become a Blockchain developer then you must have knowledge about blockchain and its terminologies at the tip of your finger always ready to blast them out like a furnace and this knowledge is a must-have as this is the first part of the journey.
This theory covers sections from smart contracts, nodes, wallets and miners. Don’t be perplexed about these terms a little journey to enrolling for a blockchain course can scale you through easily to landing all these terms on a platter of gold.
Getting knowledge about programming will put you ahead of other blockchain developers. programming languages such as Solidity which is a programming language that was made for writing smart contracts and which runs on the EVM also known as Ethereum Virtual Machine to Viper, Golang, C# which is similar to Java and C++, to Java and simplicity. All these programming languages are necessary to increase your tentacles of knowledge and to make you one of the best.
3. Smart Contract
Smart contracts are collections of codes and data that saves in a given address that runs on the Ethereum blockchain. To become a blockchain developer, you must acquire the know-how of smart contracts, its importance and applications, and also the programming languages which are necessary to execute its actions such as Solidity and Viper.
4. Data Structures
With an in-depth study of the Blockchain network, a blockchain developer should be equipped with an understanding of the Blockchain data as this is one of the core aspects of the network. Recall that this whole platform of the Blockchain network is built using data structures and as such this is inevitable because it will help you further understand the domain of the entire blockchain network.
Looking to keep the network secured? This is a must-do. Cryptography is an integral component of the Blockchain network. It helps to protect sensitive information, wallets and ensure that the content embedded in these safe sections are only accessible to the owner. Cryptography helps to prevent access of unauthorized individuals to a particular data in the Blockchain Technology, A smart move and a must-have skill as a blockchain developer.
With the last piece on this content, Web development is also not a term to be thrown out of the list. Understanding the technology of web designs and web applications and what it takes to optimize and secure them must be taken into consideration for a blockchain developer.
You can take a step forward today and start a career on the most highly-sort skill today; the Blockchain development.
How to reduce Cryptocurrency Risks and Protect your Profits
Interested in making money with cryptocurrencies but worried about its volatility? Well, you should know what you need to know.
Cryptocurrencies are widely known for their high volatility, with Bitcoin hitting a high of $68,000 in November 2021, but drops to $21,589.98 in August 2022. Experts say blockchain networks will take hold, even if they won’t replace traditional currencies in the near future.
Cryptocurrency volatility and price fluctuations appear to be very high, but there is no precise basis for fluctuations. Unlike the relatively safe financial markets, crypto markets are not backed by financial institutions or governments, as they are backed by regulatory bodies that constantly oversee the safety and interests of investors.
What are the risks associated with cryptocurrencies?
- High Volatility: The volatility of the crypto markets is extremely high. Price fluctuations are very large. Furthermore, fluctuations and volatility cannot be accurately accounted for. Due to the volatile nature of cryptocurrencies, people are reluctant to invest in them.
- Irreversible Transactions: Transactions occur within minutes. Once a transaction is made, it cannot be reversed unless the other party agrees to do the same. Because the identity is anonymous, the risk of irreversibility is very high.
- Unregulated: Unlike relatively secure financial markets, cryptocurrencies are not backed by financial institutions or governments as they are backed by regulators who are constantly monitoring the safety and interests of investors.
- Highly Vulnerable to Hacking and Cyber Fraud: The growing popularity of cryptocurrencies has attracted the attention of many hackers and scammers
Although crypto is highly encrypted, it is still vulnerable to hackers looking for ways to commit fraud that can be avoided with the help of cryptocurrency risk management.
Why is risk management important?
Here’s a simple example to further back it up. Let’s say you want to invest in cryptocurrencies and have bought Ripple, a relatively strong and stable project for your total deposits. 50% drop and drop. This is more than just speculation, but a look at Ripple’s chart shows a series of ups and downs.
In summary, you can lose half of your deposit by performing only one trade.
The key here is that if you act intuitively without a risk management strategy, you will definitely lose money.
Without further ado, let’s take a look at some tips on how to mitigate these risks when investing in a platform:
– Do extensive research
Cryptocurrency platforms contain thousands of digital coins. You may be familiar with the most popular ones like Bitcoin, Ethereum and ALTCOIN. Before investing in cryptocurrencies, you should do thorough research before investing any asset. Choose a suitable project that can bring you good profits.
Be sure to read the whitepaper to understand their vision, roadmap and tokennomics before diving deep into investing. This is very important. This will help you see if the plans of the company you want to invest in match yours. Remember that your research is very different from other people’s research.
Paying attention to detail and spending valuable time reading and understanding digital currencies is a sure way to avoid risk in the long run. Doing nothing may cost you fortune, avoid it.
– Define the ENTRY-EXIT Strategy
The ENTRY-EXIT strategy is an important part of trading that cannot be ignored.
A good entry is the cake on a profitable trade, but when exiting, consider your losses as well as your gains. Planning for exit points is an important part of a sound risk management strategy. Everything in crypto comes with risks and bonuses. Instead of blindly following trends, you should choose the best.
Hedging refers to an investment strategy in which you place a primary trade in the direction you expect the market to go and a secondary trade in the opposite direction.
It protects you from losses if the value of an asset rises or falls. Cryptocurrency investors can hedge their investments by going short or long in the futures market. Participate in a long-term strategy where you agree to buy cryptocurrencies at today’s price at a given time in the future in the hope that they will appreciate in value. In contrast, short selling is a strategy in which you agree to sell your cryptocurrency at today’s price at a given time in the future if you think the value of the cryptocurrency will fall.
In some cases, leveraged trading can be used as a hedging tool. For example, if the price starts to fall after buying Bitcoin, you have the opportunity to open a short position with a small shoulder and recoup your losses.
Leverage is a tool that should be used in the right places.
– Guessing the Size of Trades
Traders are often guided by emotion rather than logic or serious calculations. There is even a special term to describe this phenomenon. It’s called FOMO, or Fear of Missing Out.
Inspired by the hype, novice traders act recklessly and invest 30-40% of their deposits in trading. Failed trades can lead to serious losses. So don’t forget the 6% and 2% rules.
The latter states that a trader should open positions at no more than 2% of total deposits. Some even recommend investing less than 1% of your deposit. Using this strategy you will never run out of your entire deposit. The 6% rule states that if you keep losing money trading cryptocurrencies and are unable to stop a series of failed transactions when you lose more than 6% of your deposit, you should stop trading. In this case, it is recommended to take a break from trading for 1.5-2 weeks to recover mentally and stop making hasty decisions.
This principle is closely related to the capital loss limit. When entering a position, the total risk of all orders should not exceed 25%.
This ensures that at least 75% of the deposit remains even if all transactions prove unprofitable.
– Determining Transaction Profitability
Note that not all transactions are profitable. Even professional traders lose money. Losing is part of the deal and you have to accept it.
The most important thing to consider is the win/loss ratio
Ideally, it should be 3:1 or at least 2:1.
How to measure your profit/loss ratio with a simple process:
- Evaluate your Stop Loss (SL) and Profit Target (PT) potential price levels.
- Measures the distance between entry and stop loss (SL). This Is Your Potential Risk
- Measures the distance between your entry and your profit target (PT). This is your “potential reward”.
- Divided into two: Potential Reward / Potential Risk
- Don’t invest in digital assets just because others do
You might even feel like you’re missing out on a big money opportunity, but it’s important not to give in to pressure just because someone else is investing. Take the time to do your research and only invest if it makes sense. It’s not the right approach to say that because other people invest, so should you.
All things have risks and benefits. Instead of blindly following trends, do your research and then choose what works best for you. When investing, be sure to review the various risk management techniques of crypto trading to avoid future mishaps.
How much can I make as a blockchain developer?
Blockchain is by far one of the best industries for developers in 2022. It’s one of the highest-paying fields. Becoming a blockchain developer is one of the fastest ways to change your career. You can earn a six-figure salary, whether you’re an experienced developer already or just starting out because the demand is absolutely insane.
What exactly is a blockchain developer job?
Let’s talk about this blockchain developer job that’s paying over $130,000 a year. You can see $130,000 – $190,000 a year for somebody with just one full year of experience. So if you want to land one of these jobs and have a huge announcement to make, of course, you need the skills to pay the bills in order to get something like this.
How much does blockchain developer jobs pay?
All right. So let’s jump back into this let’s look at this blockchain job paying $130,000 to $190,000 per year and break down what the requirements are if you want to get a job like this, and you know what you need to know and how to actually go through that process.
So let’s look at the job description; this is a fully remote job. If you want to work from wherever you want, you can. One of the big benefits of the blockchain industry is you can work remotely so they’re looking for a blockchain engineer who assists with research design, development, and deployment of cutting-edge blockchain solutions. So they’re going to basically work on development, writing code, and documenting functionality. So they’ll be developing secure smart contract protocols.
So let’s look at the requirements:
- One plus years solidity and smart contract development experience, so one plus your backing development experience, and then you know, experience with the popular things like Bitcoin, Etherium, and Defi and so that’s what you need. If you want to get this job. You need to be able to create smart contracts and solidity programming language, you need some back-end development experience, and then you need you to know, one year of working experience with either those things or all of those things in order to be qualified.
So let me tell you how I would approach getting this job from wherever your background is, let’s say that you’re a complete beginner programmer with no prior programming experience. Well, you’re probably not going to be able to just go out and land this job unless you’re really good. You might be able to as see beginners get high salaries out the gate. Because, you know, just with some experience, you could get up to that, you know, six-figure level and become qualified for this job. So how would you do that? Well, I would look at a different job like this one.
For instance, let’s say this is a junior solidity engineer, okay, so on the same website on indeed.com, this is 898 to $125,000 per year, and the biggest responsibility here is that you just are able to develop a solidity, so what you could do is you could go get a solidity developer job that’s going to give you that year of experience that works in a place like that, okay? And then, you know, you could get this extra backhand experience while you’re working a regular job and then use that to leverage a better job at a place like this.
That’s the strategy that I would take and if you’re an experienced developer already, okay, and you have, you know, one year of backend experience plus, you know, they might take you assuming that you can prove that you’re good at solidity and that you’ve got that skill outside the workplace, and that you basically learn solidity on your own because you’ve already got that professional developer experience.
What does blockchain developer job entail?
So I was just searching for blockchain developer jobs, and it remembers that I searched for these types of things, and so I just literally went to the indeed.com homepage and it suggested this job for me, sometimes people will sponsor stuff, and sometimes a job posting websites have like algorithms that will show you recommended jobs based on your past search history.
So I routinely go to these websites to keep a pulse on the market and search for you to solidity developer, Blockchain developer, different keywords, sometimes you just look up cryptocurrency and things will be like it’d be kind of mask is like back end developer or front end developer, but they’ll require like some smart contract experience and that’s where you can find those types of things and get creative and what you’re searching for and it will send you new things.
You can also look at other popular crypto-specific job websites like cryptojobslist.com. They’ve got like solidity developer recommendations, they got specific blockchain developer filtering stuff, he goes look at other ones like cryptocurrency jobs is another one. There are plenty of job websites out there that have got these opportunities, so I’ll talk about some tips for applying for the jobs and landing them.
We’ve talked about you know, some ways where you can find them, you can look at the job posting websites, if you’re gonna go that route, you definitely want to apply to as many places as possible, especially if you’re a new developer or you’re a web developer trying to transition to web three never had a web 3.0 job before. Like ultimately, somebody’s going take a chance on you. So like, you want to try to up your chances by applying to as many places as possible. So how do you also increase the likelihood someone’s going to do that? So you definitely want to prequalify yourself before someone tries to interview you.
Why would I do this with a resume? They try to just send out something that says “hey, here’s my work experience, here’s my educational experience”, even pictures of them. What you really want to have is a portfolio website that shows what you can do in that portfolio website. You, of course, want to create your own real-world project.
If you’re a web developer getting into web 3, or you’re just a brand new developer from scratch, you need to prove that you have the skills to pay the bills for somebody to take a chance on you and so like I was saying, like, it’s like how do you get that first job with that experience? Where you get that experience outside the workplace.
How do I start my crypto journey as a beginner?
It is always common for lots of crypto newbies to become overwhelmed or discouraged after discovering how huge the crypto space is and how much that can be gained or lost. To be honest, cryptocurrency is diverse and this is why it keeps expanding as more people get involved day by day.
You will definitely hear terms like Defi, staking, NFTs, private wallets, blockchain, BTC mining, and so on. All these in their own way are broad with more spaces being created daily.
Besides, let’s not overlook the cryptocurrency scam that you need to be wary of because these scams keep getting more advanced every day such that anyone can easily fall for them.
If you’re new to crypto and you don’t know where to start, but you want to make lots of money from crypto either by being an investor or a trader, you also want to be part of the crypto space, you want to get a job in crypto, learn or build your own cryptocurrency project.
The question that stares at you in the face is “how do I start?”
What you need to know about cryptocurencies
Cryptocurrency is not your next Ponzi scheme/ get rich quick scheme as much as cryptocurrency has the capacity to make you a millionaire does not mean that it is your next money doubling scheme.
You need to understand the fundamentals and basics of cryptocurrency for you to be able to maximize it and make profit from cryptocurrency. Cryptocurrency is simply money evolved.
Money has evolved to what we know it as, cryptocurrency which is the digital form of money. Crypto is simply money evolved to solve a problem.
What brought cryptocurrency was the fact that money was centralized or governed by authorities; meaning that money was restricted to a certain kind of persons within a country or place. All you need to access finance through crypto is to have internet access.
The first kind of cryptocurrency to exist is Bitcoin. Bitcoin was created in 2008 and every other form of cryptocurrency can be converted back to bitcoin. Each of these cryptocurrencies has what they are offering to the space. What quality a coin is bringing to the space shows how good it is.
Trading is one way to monetize cryptocurrency.
Each individual cryptocurrency coin is like the serial number on a physical bill without a physical bill. Just like regular bills almost every cryptocurrency can be divided into smaller pieces.
In the case of Bitcoin, each BTC can be divided into one million pieces called satoshis, which are like cents to a Dollar.
Any difference between a cryptocurrency wallet and a bank account?
A cryptocurrency wallet address is like a bank account except that it has no physical card that goes along with it, it is just an account number. Because you don’t need to provide any personal information to create a cryptocurrency wallet, this means your identity is not attached to your crypto wallet like a bank account is.
Most importantly any cryptocurrency held in your personal wallet is held directly by you, not in the custody of the bank. this means that nobody can shut down your cryptocurrency wallet or block your transactions because you have total control over that account at all times.
The trade-off here is that if you lose access to your cryptocurrency wallet or forget to write down the recovery phase you get when you create a wallet, then you lose all your cryptocurrency forever.
The banks and the governments keep track of everyone’s bills and account balances, these records are stored across all the computers connected to a cryptocurrency network. These transactions and account balances are public and can be viewed by anyone using something called a Blockchain explorer. Because computers can earn cryptocurrency for processing cryptocurrency transactions on a cryptocurrency network incentivize more computers to join the network to process transactions and earn cryptocurrency.
This is called decentralization and it’s the polar opposite of centralized setups of the government and banks.
There are two types of cryptocurrency;
Cryptocurrency coins belong to cryptocurrency network that were built from the ground up and bought from the ground up. Someone spent a lot of time and a lot of money putting together the code required to create a safe and reliable cryptocurrency network.
Cryptocurrency coins are the cryptocurrencies given to computers when they process transactions for a cryptocurrency network. For example, BTC is a cryptocurrency coin because the bitcoin network is built from the ground up.
Because cryptocurrency networks are so hard to make from scratch, only a few dozens of cryptocurrencies are actually a coin, the rest are cryptocurrency tokens.
Cryptocurrency tokens are easy to make and can often be created in the nature of minutes with little to no effort. This is why they are tens of thousands of tokens out there.
The NFTs are actually cryptocurrency tokens that are like digital certificates of ownership for physical or digital art pieces. NFTs are just the tip of an iceberg of what you can do with tokens. For example, there’s a company called Circle that issues a cryptocurrency called USDC.
USDC is fully backed by real U.S dollar which means that for every one USDC in circulation, Circle has one U.S dollar in the bank. You can create USDC by giving them your dollars and redeem your dollars with USDC.
Another company called Paxos issues a cryptocurrency called PAXG. Each PAXG token is backed by one trance of gold, you can redeem it with physical gold or U.S dollar.
A lot of tokens are nothing more than scams, this is primarily because cryptocurrency tokens are easy to create. All a scammer needs to do is create a token, set up a fancy website, pay for few ads on social media, pay a few news outlets, and get featured on shitcoins.
Watch the video below and learn how to create your own token:
Do not invest what you can’t afford to lose! One of the biggest mistakes that so many people have made is just investing more than they can afford to lose, people have lost more money than they were comfortable with losing. They put in a lot of money at an all-time high.
The other things have to look at are: there are like two different types of strategies; You have investors where you just kind of buy, HODL and walk away, and you have traders.
Short-term trading: if a coin is running absolutely parabolic, It’s going to the moon. It’s been going straight up for three days. You should probably sell at some point because assuming it’s going to go up indefinitely, is beyond naïve.
Long-term hold: figure out what projects you like and what projects are aligned with your values, every project has a white paper, read the white paper, join communities, ask questions, and get involved. Get in at a price that’s so low. if it’s a project you want to hold, just simply hold. If you’re investing in a project that is a newer project that’s recently coming out from an ICO (initial coin offering), you can do more research on that but basically, know the token metrics know the distribution. Did the ICO give massive discounts to pre-sales? were the pre-sale people getting, you know, 50% Bonus 70% Bonus tokens?
Margin trading: Refers to the practice of using borrowed funds from a broker to trade a financial asset that forms the collateral for the loan from the broker. A stock bought on margin generally requires the investor to supply 30% to 50% of the value of the purchase. So you can come over to sites like this for example. BitMEX offers margin trading.
Hodling: hodling means if your token or your coin or whatever is falling in value, just hold, just hold it and the price will go back up.
Now, if the coin has gone up, and maybe it’s come down a little bit and you’re starting to notice that it’s getting close to where you bought in maybe just sell. If the token starts to go back up again, maybe you could buy it back .
Market cap: If Tron has a market cap of $1.3 billion, in order for Tron to go to four cents, another $1.3 billion has to enter the market. In order to go to $1 Tron would have to 50x.
Is cryptocurrency safe?
Whether a cryptocurrency is safe or not ultimately depends on the context. For starters, not all cryptocurrencies are created equal. Some cryptocurrencies are built to prioritize speed over security. The consequences of that play out quickly as there are always hackers somewhere looking to crack cryptocurrency networks so they can trick them into creating new coins and tokens to sell for a fancy profit.
Why are cryptocurrencies so volatile?
Crypto natives and investors are no strangers to the rollercoaster ride that is the crypto market. Popular cryptocurrencies can fluctuate 10%, 20% and even 30% within a regular trade. Why is that so? Fundametally, any market is driven by supply and demand, in crypto markets the effect is more exaggerated as there is less liquidity.
Liquidity refers to the ease with which an asset can be bought, sold or converted without affecting its market price.
What makes the tokens in your wallet valuable?
Cryptocurrencies are valuable because of what they do.
Obviously, this value changes on which cryptocurrency we’re talking about. Bitcoin has value because BTC coin has an economic profile similar to gold. it has a maximum supply and only a small amount of BTC is created each day and that amount is cut in half every four years.
Demand for Bitcoin has increased over time as we realize how weak regular currencies can be.
Which cryptocurrency should I buy?
The cryptocurrency you decide to buy alt down to your timeline and risk tolerance.
In terms of timeline, cryptocurrency market seems to follow a four-year circle.
Looking to buying coins that will 10x? Read: Best 5 crypto coins that will go parabolic this year
PS: this is not financial/ investment advice.
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