Blockchain development thriving in bear market
I think, till now everyone developer on the earth has heard about the blockchain. It’s the current buzzword. Though the Blockchain industry still needs a lot of talent to produce mainstream products. Today we’ll talk about smart contract development. In my view, a developer’s entry point to the blockchain industry is Smart contract development. That’s how I got in.
What is a smart contract?
Ok, So you understand the contract, correct? An agreement between two or more parties. The condition of the agreement has to be followed by all parties, But what if this thing is enforced by the code. Let’s take an example, Alice agrees to buy a car from Bob on this Christmas. There are below conditions.
- Alice will pay upfront 3% of the total car value.
- Alice has to pay bob remaining 97% before the Christmas day to get the ownership.
- In case, Alice is not able to buy the car, Bob will keep that 3% upfront payment.
- In case, Alice will pay full payment, Car ownership will be transferred to Alice. (Let’s assume car ownership can be acquired by a password)
In a normal world, Alice and Bob will be transacting through cash or online banking payments and agreement will have some intermediate party to enforce the rules of agreement. But in the blockchain world. This can be done automatically. We have a smart contract and let’s see how it works.
- Bob and Alice decide the car’s total worth and put in the smart contract.
- Alice deposit 3% of the car’s total worth in the smart contract.
- Bob stores the car’s password in the smart contract.
- Now if Alice transfer the remaining 97% of the car’s total worth before Christmas, Smart contract will transfer the total amount to Bob and car’s password to Alice.
- In case if Alice were unable to transfer the remaining 97% smart contract will transfer the 3% upfront payment to Bob and destroy the password.
So here a smart contract is working as an intermediary. Isn’t this cool? and this was a very simple example, we can do limitless things with the smart contracts. Think of a smart contract network talking to each other and settling things.
How to start with smart contract development?
You can choose any smart contract development platform but ethereum is one of good to start with. Though you need to learn Solidity, it’s not difficult. believe me. I am attaching a few articles which will help you get started with the ethereum smart contract
Why become a smart contract developer?
The blockchain is growing industry but we are nowhere near producing scalable systems right now. Though tools are getting developed and in future we will have scalable decentralize systems. Blockchain industry needs an army of developers to build tools on it. There is a lot of benefits to learning smart contract development.
1- Lack of good smart contract developers with the understanding of decentralize philosophy.
2- Remote jobs / Freelancing
3- Developing your own project.
Smart contract Jobs Growth
A quick search on AngelList shows that more than 500+ companies hiring smart contract developers and more than 1500+ companies hiring in Blockchain overall. Other than that all the ICO’s you saw last year were developed using smart contracts. Thousands of Dapps are getting developed using smart contracts.
More than 200+ tokens are getting created every day on the ethereum network.
How many smart contracts get created on ethereum every day?
There are thousands of smart contracts are getting created on ethereum main net every day.
How many smart contracts get used monthly?
Last month more than 1.5 million smart contracts got used. Most of them are a general purpose smart contracts. In the bear market, smart contract development is growing.
We just talked about the ethereum network. There are other networks like EOS, Tezos and stellar on which you can build smart contracts too.