Do you think that blockchain is just limited to
cryptocurrencies? If so, you are absolutely wrong. Blockchain is a trendy
technology that is not only associated with the crypto market & the
infrastructure related to it, including- trading platforms, crypto wallets,
live games, and other crypto applications but also has a greater impact on the
entire world. As per the Grand View Research report, the global blockchain
technology market is to grow to $394.60 billion by 2028, projecting a CAGR of
82.4% between 2021 and 2028.
Let's dive in to focus on the costs of developing various
blockchain applications that include the complete blockchain development costs,
namely- rates of blockchain developers, the cost of creating a cryptocurrency,
the cost to develop a crypto wallet, and many more. If you are interested in
making blockchain applications and want to have the answer to a widespread
question regarding the cost of developing a blockchain app, you've to take a
closer look¦..
1. COST TO HIRE A BLOCKCHAIN DEVELOPER
It's not a simple task to explain the cost of hiring a
blockchain developer straight away. Both blockchain & cryptocurrencies are
in their infancy, so it's quite the hardest task to search for the appropriate
professionals who can deliver you high-end products in time.
According to Codementor.io, the hourly rates that the
developers charge is of two types, namely- average hourly rates and median
hourly rates. The range of average hourly rates is from $81 up to $100; on the
contrary, the range of median hourly rates is from $61 up to $80.
Do you know the greatest mode of cutting the cost of
blockchain implementation & development cost? You can use nearshore or
offshore software development services. This procedure is also known as
software outsourcing. There are so many companies that have development offices
to provide you with credible and relevant data related to blockchain
development costs. During the process of outsourcing software development, it's
possible for you to hire a remote development team with both a tester & a
project manager. This way, you can acquire neat code and hire a blockchain
developer at very lower hourly rates.
2. COST TO CREATE A CRYPTOCURRENCY
Presently, all have over 2000 cryptocurrencies, so it's
quite simple for you to create a token that can stand out from the crowd. It's
difficult for individuals to trust the newest form of money, namely
cryptocurrency because the entire crypto industry is full of scams. This way,
it'll take more time and effort to convince the people that the new crypto coin
is a worthwhile investment. Let's move ahead to know the entire procedure of
the creation of the cryptocurrency and have the overall estimates.
Below are a few aspects that are must for you to take into
Consideration:-
- Search the team of experts
- Make & sell the crypto-coin
- Make the coins legitimate
For launching a coin on the market more successfully, it's
essential to have a team of experts, including- advisors in marketing,
cybersecurity specialists, software developers, PR managers, and so on. They'll
assist you in searching for investors to provide credibility to your project of
developing blockchain applications. Besides, it's a must for you to find such
an advisor in cryptocurrencies who can guide you through the market and
interact with the targeted customers.
If you want to cater to the requirements of your target
audience, disclose your competitive edge, communicate your major advantages,
and require a marketing advisor for planning your marketing activities, you've
to know the way to promote new cryptocurrency and earn profit. Additionally, to
proceed to the blockchain network development, you've to wait at least a month
so that the developers can form the marketing strategy & network from
scratch with top-notch technology. There is an estimation given by various
technical experts regarding the cost that will range from $15,000 up to
$50,000.
Do you want to make your cryptocurrency legal? It's the most
critical moment that nowadays, the well-prominent cryptocurrencies, namely-
Bitcoin & Ethereum, are facing tough regulation problems worldwide. This
way, for each blockchain product, it's necessary to have a legitimate advisor.
Ultimately, to create a new cryptocurrency, you've to spend approximately
$150,000-$200,000 without any kind of marketing expenses.
3. COST TO DEVELOP A CRYPTO WALLET
"How much will it cost you to develop a crypto
wallet?" is also a significant FAQ-frequently asked question. Precisely
saying, a cryptocurrency wallet is a digital application that is like a real
wallet and is possible for you to use for storing, sending, and receiving
digital currencies securely. Almost all cryptocurrencies mean coins have
official wallet applications or a few recommended third-party wallets. In
simple terms, if you want to use any cryptocurrency, you'll have to use a
cryptocurrency wallet. So let's have a discussion regarding the development
price of a custom crypto wallet.
Usually, there are three kinds of platforms, namely-
Android, iOS, and Web, that you can use for building applications. It's in your
hands to reduce the cost of developing a crypto wallet if you utilize
cross-platform technologies, namely JavaScript & its frameworks. But,
still, you've to do a considerable amount of work if you have got the will to
make a deduction in the costs of the development of a crypto wallet.
For building a crypto wallet at a minimum cost, it's
essential for you to work on both mobile devices or the web and the server side
with the REST API. Another option is to construct standalone apps, familiarize
yourself with the advantages or disadvantages of every approach, and construct
a devoted team consisting of- various senior developers, a project manager, a
business analyst, and a QA engineer. Furthermore, the establishment of a crypto
wallet also involves MVP-minimum viable product that supports the three key
cryptocurrencies, namely, and will cost you near about $40,000.
4. Size of the Agency
The size of the agency you select to work with is one of the
major cost drivers for blockchain application development. You must work with
an agency specialized in blockchain app development or with one of the most
generalized organizations. Generally, there are three types of organizations
available in the market, including-
Small Cap Agencies:-
These agencies are new to the industry and don't have much
expertise. They have around 50 blockchain developers who charge lower rates
compared to the other agencies. But, there is an issue with working with these
agencies is that they are unable to handle your project if it's very complex
and big.
The benefit of working with small agencies is that they make
blockchain apps more quickly and efficiently than other companies. They are
also more flexible regarding changes and offer you higher customer
service.
Medium Size Blockchain App Development Agencies:-
These companies have a team of 500-1000 blockchain experts
who are well-experienced in the field and able to provide you with quality
services. Compared to small-cap agencies, these companies charge high rates for
developing a blockchain app.
Large Size Companies:-
These companies have a team of 1000+ blockchain developers
who have extensive experience in the field to handle large projects more
effectively. They charge higher rates for their services than small-cap
agencies and medium size companies. Additionally, large companies have more
resources available to handle larger projects. They are also able to offer you
a lower price per hour of work.
5. Company You Are Developing A Blockchain App
The cost of creating a blockchain application depends on the
industry which you are targeting. For instance, if you are going to build a
blockchain app for the banking sector, it'll cost you more compared to creating
a blockchain app for the healthcare sector. It's because the banking sector is
more complex than the healthcare sector and also requires more security.
Similarly, if you have the desire to develop a blockchain
app for the supply chain management industry, it'll cost you more compared to
developing a blockchain app for the retail sector. It happens because supply
chain management is more complicated than the retail industry. Here is the cost
estimation of a few industries:
- Healthcare: $55k “ 100k+
- On-demand: $40k “ 80k
- Social Media: $45k “ 100k+
- Public Sector: $70k “ 100k+
- Finance Sector: $60k “ 100k+
6. The complexity of the blockchain application
Blockchain apps' complexity is one of the most significant
factors that impact the cost of the development of blockchain apps. The more
heterogeneous the app, the more costly for you to develop it. It's because more
complex apps require more time as well as more resources to develop these apps.
Below are a few key factors that define the complexity of blockchain mobile
applications namely:
- Data Structures
- Cryptography
- Consensus Mechanisms
- Platform
7. Blockchain App Services
The requirement for blockchain app services also impacts the
development cost of blockchain applications. Here are a few well-recognized
blockchain app development services that impact the overall cost of developing
a blockchain application:
- ICO Development: Initial coin offerings (ICOs)
- Smart Contract Development
- Cryptocurrency Exchange Development
- Wallet Development
Upon Consideration,
In 2022, blockchain app development will be the most
profitable decision. Blockchain applications are the best, as they are also
known as online investment applications, currency exchange apps, and trading
apps; they consist of blockchain capabilities to deliver you the most
trustworthy services, including- instant & secure money transactions,
accessibility to the account anytime or anywhere, transparency, and
personalization.
If you have made up your mind to invest in Blockchain apps,
hiring a well-proficient blockchain app development services is the greatest decision in 2023. This company will
enable you to access not only banks but also various financial companies to
access a wide range of audiences.
