Is the blockchain developer salary measured in money only?
Blockchain is an innovative technology. And, you know, when these words “technology” and “innovative” are put together, costs tend to be sky high. But so are the opportunities. And profits. Just take a look at TokenData news and the highest amount raised ($230B by Tezos) since 2017.
Put it short, recruiting a talented blockchain developer isn’t going to be any cheap, but if you manage to get one, the success will be significant.
The core of the problem
With the bitcoin – the first blockchain offspring – being launched in 2009 and the potential of the approach remaining unseen for another a couple of years, the industry simply hasn’t got enough time to grow a generation of blockchain experts.
We’ve often heard from ICO-backed startup founders that there are hundreds of blockchain engineers listed on freelancer platforms but in fact, only few of them are real experts. Moreover, currently, there are no common technical standards for blockchain, and it is almost unrealistic to believe we will get them soon, if ever, across all use cases.
Hence, the short supply.
On the other hand, the success of bitcoin and ethereum, as well as advantages of smart contracts, decentralization, and security that blockchain platform provides, ensure the interest to the blockchain growing exponentially. Gartner Inc. projects that blockchain’s business value-add will grow to $176 billion by 2025.
Hence, the high demand.
Applying the basic economic rule, the high value can be derived. As for 2017, the average income of a blockchain developer reaches 150,000-200,000$ a year. Double that figure if you’re interested in a pro. Triple, if your project is a major one and you need a world-class specialist.
Hourly payment will range from 70$ up to 200$. With a remote freelance expert, the price tends to be lower; with a full-time employee – higher.
As for 2017, the average income of a blockchain developer reaches 150,000-200,000$ a year.Click to tweet
How to get the right guy and not go bust?
Experience is not the only thing determining the cost. Geography also matters.
Blockchain specialists, much like the programming itself, are most expensive in North America. Searching in Western Europe, you can find more affordable developers.
Moving further East, to the well-known IT hubs such as Ukraine, Poland or Bulgaria, you can cut your spends even more. For instance, a senior blockchain developer hired in Ukraine would cost $100 per hour in comparison with $150-170 you would have to pay if hiring blockchain specialists in San Francisco as Glassdor or Angel.co stated.
The least expensive developers are, as usual, located even farther East – India. You can find a freelance blockchain developer for $40 per hour. The quality, however, can be lower as Bitcoin Forum or Bitcoin.com declare.
The fact is that more than 80% of blockchain engineers are located beyond the U.S. They charge less not because they deliver lower quality, but because they live in a different economic climate.
Such portals as Cryptohire, Moneo, or XPlace can help you to find the right guy and evaluate all the pros and cons of your choice as well as to learn more about their completed projects in blockchain.
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Not a guy?
Blockchain is progressive. Hiring women for what is used to be done by men is considered progressive, too.
The fact that your development team consists of girls only or that your team lead is a woman can make you excellent ad in the modern world.
However, it means extra spends. Massive spends, in case of the blockchain development. Experienced she-engineers do exist, but their number is so low and the demand is so high that you can spend a million a year hiring one. And it’s not that easy to find her in the first place.
So far, there is not a single hiring platform for female developers, however, there are many programming communities for women developers such as Girls Who Code and Women Who Code, to name a few. It’s hard to say whether they provide enough blockchain experts, but you can give it a try.
Money is not a whole story
Many believe that blockchain will change this world for the better, and the majority of those who do are actually those who code. At the same time, top-end blockchain developers have already become millionaires. It’s almost impossible to entice them with money only. The idea is what you need if you want to attract best high-end blockchain specialists.
If your project is revolutionary; if you really want to change something rather than just scrape up a fortune, then you will very likely be able to attract the talent even without heavy expenses.
So, the question “How much does it cost to hire a blockchain developer” may be just a wrong one. Given the perspectives and potential of the technology, those who know how to properly apply it will very likely be interested in something besides the $ figure.
Author: Helen Petrashchuk, Partner at 4ire Labs.
About Our Partner Vendor
4IRE Labs (ex Seductive Mobile) works since 2011. During that time there were several pivots from product startup, to advertising tech leader in Ukraine, to the international mobile development company. Now they’re focused on decentralization & blockchain solutions and selected to Improve Economies with Tech as our mission.