BITCOIN and the wider cryptocurrency market is volatile, with a track record of bull and bear cycles.
2022 has seen a downturn for cryptocurrency on the back of a number of news stories with BTC alone remaining more 70 per cent down from its all-time high in November 2021.
But it’s not the only cryptocurrency that has had a tumultuous year with the global stock market going into a downturn on the back of the war in Ukraine, inflationary fears and higher interest rates – making it more expensive for businesses to borrow money.
This has spilled over into the crypto market, along with fears over further regulation.
Cryptocurrency exchange Coinbase has been forced to cull over 1,000 employees after previously rescinding job offers, however, competitor Binance has announced it is hiring 2,000 more staff.
And with the industry only in its infancy and constantly evolving, demand for blockchain developers is increasing.
Read more on 24/7 Crypto
What is a Blockchain Developer, and What do they do?
Blockchain developers are software developers who specialize in blockchain technology. They are responsible for building, testing, and implementing software systems. Blockchain developers fall into two categories:
Blockchain Software Developers
Developers of blockchain software build applications that run on the blockchain. Web developers use the products of web architects, who develop web applications.
Developers of blockchain applications are responsible for creating and managing decentralized applications (Dapps). They also oversee the operations of Dapps.
Core Blockchain Developers
Developers working on blockchain projects are focused on designing and implementing a system’s consensus protocol. They also make the necessary decisions regarding its development.
Blockchains developers oversee the design and construction of the network’s architecture. They also play a vital role in maintaining the network’s security.
There are various roles included under the blockchain umbrella, including:
- Blockchain engineer
- Blockchain developer
- Blockchain architect
- Blockchain UX designer
- Blockchain administrator
- Blockchain analyst
- Blockchain project management
How Much Do Blockchain Developers Make?
Blockchain developers’ salaries are vary depending on the location. Developers can expect to earn between $6,766 to $231,500 annually.
The United States
The average annual salary for a blockchain developer in the US is $154,550. A junior-level developer can expect to earn around $123,817, while the senior specialists can earn around $231,500.
The salary for blockchain developers in Silicon Valley is significantly higher than the average wage of similar positions in the country, ranging from $150,000 to $175,000.
Canada
In Canada, a junior blockchain developer can expect to earn around $61,263, while the average salary for this sector is $85,769. Experienced professionals can expect to earn over $116,809.
Australia
Developers in Australia earn a starting salary of $69,296 but this increases to $103,945 as they gain experience. Blockchain engineers earn around $134,174 as senior engineers.
Asia
In Asia, an entry-level blockchain developer can expect to earn around $8,430, while companies typically pay mid-level specialists around $11,800.
The average salary for a blockchain developer in India is $9,221. For senior blockchain developer jobs, the pay is around $20,000 annually.
Western Europe
In Western Europe, entry-level blockchain engineers can earn around $31,000 annually.
Those with more than three years of experience can expect to earn approximately $75,283.
Experienced programmers can earn about $95,118 per annum after around five years.
READ MORE: Do you have to pay tax on cryptocurrency in the UK?
Eastern Europe
The average blockchain developer salary in this region is around $13,577, while a mid-level programmer earns around $25,433 annually.
Senior-level blockchain engineers in Eastern Europe earn around $54,000 annually.
What is a Blockchain?
A blockchain is a type of distributed database that is used to store information. It is commonly used in cryptocurrencies such as Bitcoin to maintain a secure and verifiable record of transactions. Its innovation ensures the data is stored in a digital format and generates trust without requiring a third party to provide a secure and verifiable record.
One of the main differences between a database and a blockchain is how data is organized. A blockchain includes groups of information that each hold different sets of data. When a block is filled, it is closed and linked to the previous block, forming a chain of data. When new information is added to the chain, it is then compiled into a new block, which will also be added to the chain once it is filled.
A database typically structures its data into tables, while a blockchain structures its data into blocks. This type of structure makes an irreversible timeline of data when implemented in a decentralized way. Each block in the chain is then added to the data’s timeline, and its exact time stamp is computed.
According to statistics released by TripleA, more than 300 million people globally used cryptocurrencies for transactions in 2021.
How can I become a blockchain developer?
Due to the increasing number of companies looking into blockchain technology, there is currently a gap between the number of available jobs and the number of skilled individuals in the field.
The first step in becoming a blockchain developer is learning multiple programming languages such as C, Python, and C++.
One of the best ways to start is by joining a community of programmers. Various platforms such as Reddit, StackExchange, and GitHub allow people to connect.