Before moving on to this article, you must have considered hiring a developer for your project. Hiring outsourced developers does have its advantages, as explained in The Pros and Cons of Outsourced Software Development: Which One is Outweigh?
Developing a smart contract is also the right choice because its popularity is rising. The most significant benefit is that it provides a new way to transact online without intermediaries, making it more accurate, hassle-free, and power-efficient.
Smart contracts are effective for cryptocurrency transactions and various types of crypto in a blockchain platform. As a businessman, you have seen business opportunities here, so you want to involve your business.
However, the part you look forward to the most may fall on cost. How much must you spend to get a competent developer? You also need to know what kind of developer can adequately develop your smart contract.
Below, let’s discuss one by one these matters.
How Much Should I Spend to Hire a Smart Contract Developer?
For business people, including smart contracts in the business can bring benefits by more convincing participants in making financial deals. It also benefits from first movers in adapting blockchain to their specific needs and offering better services to customers.
However, developing smart contracts should note that creating a smart contract is costly. The cost of developing one may vary.
- To make a simple program, you need at least more than 7.000 USD.
- Meanwhile, 45,000 USD for more complicated.
Prices may also vary if you hire a dedicated smart contract from across the country. Let’s take a few examples of countries with different developer levels and benefits in the image below:
Each of the costs listed above may be relatively inexpensive. It all depends on your company’s ability to issue a budget for smart contract developers. It is also essential to consider whether the costs incurred will be comparable to the profits expected by the company.
However, regardless of the costs that you will incur, of course, you don’t want to be wrong in hiring a developer. So you need to know that there are several skills that a smart contract developer must have. Let’s discuss them in the next paragraph.
Don’t Miss Out: Looking For Smart Contract Development Services? We Have You Covered!
4 Skills That For Smart Contract Developers Must Have
If you want to develop a large project, then you must choose a highly skilled developer who has the following criteria:
It is obvious how the need for Solidity developer jobs has suddenly increased recently. The efficiency of smart contract developers could increase with such a powerful language for creating smart contracts across many blockchain networks. Businesses developing smart contract features for blockchain networks could also benefit from Solidity at the same time.
Given the availability of other alternatives, many people would question the decision to use Solidity to develop smart contracts. Why is Solidity a popular platform for creating smart contracts? The following arguments can provide an effective response to your inquiry.
- Support for the Ethereum Virtual Machine makes it easier to run Solidity’s machine-level code.
- Another intriguing feature of the programming language Solidity is its compile flexibility. Developers can use a Remix online compiler or a command-line compiler on their PC, depending on their preferences.
- The steady development of Solidity itself is the leading cause of the rising demand for developer positions. New features and bug fixes are added with fresh language updates to enhance the developer experience.
- An essential requirement for a smart contract developer is to understand and be proficient in this programming language.
Don’t Miss Out: Can Smart Contracts Fail or Even Get Hack? Vulnerabilities & Cases
2. Ethereum Virtual Machine or EVM
EVM is the software for implementing smart contracts based on the Ethereum Network. This software is essential for a smart contract developer because EVM audits network conditions after the chain has built new blocks.
For developers, the EVM serves as the overarching program that runs smaller executable programs. These programs are known as smart contracts in Ethereum. Moreover, developers can write these smart contracts in various programming languages such as Solidity, Vyper, Python, and Yul, among others.
Because of the flexibility provided by the EVM, the Ethereum blockchain has spawned thousands of DApps in the decentralized finance (DeFi) and nonfungible token (NFT) space. Each of these DApps and the smart contracts that comprise them is converted into bytecode, which is then fed into the EVM and distributed to all Ethereum network nodes. The EVM is in charge of communicating with all nodes and changing state when a consensus is reached when a smart contract is deployed.
3. Consensus Algorithm
On the blockchain, the consensus algorithm is a computer science process that helps achieve trust in networks with various users and nodes. The consensus algorithm solves the most challenging problem that a distributed or multi-agent system faces. It ensures that consensus is reached with minimal resources while maintaining integrity and transparency in its decisions.
The consensus algorithm only requires a response from 51% of the resources at a time to ensure that the entire system is fault-tolerant. Let us try understanding it using the PoW consensus algorithm as an example. A person sends 0.2 BTC from his wallet to another wallet. To ensure that the transaction is completed, the miner mines the block that the transaction requires.
The miners have now begun mining the block. After a while, it will be validated when the system performs the minimum of validations. In the case of BTC, it only takes six proofs to reach a consensus.
Don’t Miss Out: Smart Contract Future and Challenges
Cryptography is a crucial element of blockchain technology and is essential in everyday life. However, it presents a challenge as everything on a blockchain is visible, so one must consider how to protect private information. This leads to an interesting problem: How do you handle more private details?
The answer to encrypting data within a smart contract differs from what one might expect. It needs to be encrypted before being sent to the smart contract to store sensitive information, and only the rightful owner can decrypt it.
Why does that affect you? Well, because it is your job to know those details, it will be your job to work this out with the clients. As someone who learned all this, it’s your job to implement the specific functions for your clients, so they can continue to focus on the front end. In other circumstances, you should build a backend for such use cases, which would also be your job to implement.
Wanting to always be up to date with technological developments requires providing the best service for your customers is undoubtedly challenging. You have to spend many things as payment for participating in the times.
One of them is running your business by developing smart contracts. We have discussed several benefits of using smart contract can feel by using a smart contract. Even in creating a smart contract plan in development must prepare several things.
Finding a smart contract developer might seem difficult if you don’t have the support knowledge, but this article has given your brain a snack regarding that knowledge. A smart contract project developer must have certain capabilities, and the cost of hiring one is dependent on their level of experience and their country of origin.
We are an outsourcing company. You can get a workforce that fits your criteria and budget through us.
Working with emveep without setting costs in advance, you can discuss ideas at the first stage, find the developer you want, and discuss costs. Isn’t it interesting? Take your chance below.