May 19, 2022

8 min read

Web3.o Building Blocks with CSC — Gateway to $2,000,000 and more.

Who starts construction without a solid foundation? surely any construction without solid foundation must crash, be it a building, a bridge or that DApp you’re building. It all starts from that very solid foundation.

The foundation is the base of everything you build, you just dont dive into development on a wobbly foundation, one day all your work would be in vain, who wants that? definitely not me, thats why i choose CSC as my foundation.

Today, blockchain has become the mainstream technology, powering applications with its decentralized nature. The increasing popularity and promising intrinsic properties of blockchain technology have built trust among people, and hence it has been receiving mass adoption across multiple industries worldwide. However, there’s a gap between increasing demand and the practical implementation of blockchain, and this friction is caused by the lack of knowledge and understanding of blockchain development.

Starting my journey as a blockchain developer wasnt all joy and fun, i was confused, clueless, frustrated but upon all i never gave up. There were lots of trial and errors, disappointments, self doubt. Not anymore, all i needed to do was know exactly what i wanted and find ways to achieve just that. I started expending my knowledge and learning more.

The beginning of any web3.o project starts with a blockchain, any DApp that need to be developed must be built on an existing blockchain network. Developing a blockchain application from scratch and its implementation requires significant time and thorough research. The development starts with finding and selecting the right blockchain protocol that best suits your requirements.

Why Do I Need A Blockchain Afterall?

Innovators are discovering ways to implement blockchain across financial services, supply chains, government, healthcare, retail, and many other industries to transform business models.

Blockchain adds value to your project and business by offering ;

Transparency — The history of transactions is becoming more transparent with the implementation of blockchain. Since blockchain is a distributed ledger, all network members share the same updated ledger. A consensus in the network validates the ledger, which implies that everyone must agree on it.
Changing a single record would result in the modification of all subsequent records. Thus, the data saved on the blockchain is:
more secure
accurate
transparent
available only to members with permissioned access
Traceability — If your company manages products traded via a complicated supply chain, you would understand how difficult it can be to track an item from its origin. When the supply of goods from one place to another is recorded on the blockchain, you get a complete audit trail representing where an asset came from and tracks each stop that it covers on the journey.
Previous records saved on the blockchain can help verify the authenticity of products and protect them from fraud.
Increased Speed — Currently, the traditional processes are:
paper-based
time-consuming
using third-party intermediaries to verify the authenticity
prone to errors

You can execute transactions fastly and securely by automating and simplifying business processes with blockchain. As a single digital ledger shared with the network participants can be used for record-keeping, you don’t need to manage multiple ledgers. Everyone within the network can access the same information at all times, which results in a quick settlement.

Reduced Costs — Reducing costs is a priority for most businesses. Using blockchain, you don’t need intermediaries or third parties to establish trust as the network participants validate everything on the network through a consensus. You won’t have to review documentation to perform the trade because everyone will have access to an immutable version.

Blockchain Development Process

Before you start building your project on any blockchain, there are certain factors to be considered.

The blockchain development process consists of the following stages:

Identify the Goal
Choose the right Blockchain Platform — (CSC)
Brainstorming and Blockchain Ideation
Proof of Concept
Visual and Technical Designs
Development

1. Identify problems you want to solve with blockchain

First of all, it is essential to develop a problem statement and understand all of the issues you want to solve with a proposed solution. Ensure that the blockchain solution will benefit your business abilities. Analyze whether you need to migrate your current solution to the blockchain, or you require a new application to be developed from scratch.

2. Choose the right blockchain platform

As mentioned above in the article, building a blockchain from scratch requires thorough research and takes months to years to develop successfully. I believe this is one of the most important step to take as this is the base foundation of your project. Therefore, you should build a blockchain app on top of a blockchain platform that meets your business requirements. You should identify the right blockchain platform for your application based on the factors like consensus mechanism and problems you want to solve. CoinEx Smart Chain — CSC has proven to be a highly efficient blockchain to work with, CSC has made the development process extremely simple for developers to build or migrate their project onto their network.

3. Brainstorming and blockchain ideation

Once you identify the platform for developing a blockchain application, you should focus on drafting business requirements and brainstorming ideas. Find what technology components should be added to the blockchain ecosystem as off-chain or on-chain entities. Create a product roadmap that will help you build an application within a decided deadline. You should develop a blockchain model and conceptual workflow for the blockchain application.
Also, decide if the application needs to be developed on a permissioned or permissionless blockchain network.

4. Doing a Proof-of-Concept

A proof of concept is done to represent the practical applicability of a blockchain project. It can be either a design prototype or a theoretical build-up. In Theoretical Build-up, each project requires theoretical cases so that users could understand the applicability and viability of the product.

5. Visual and Technical Designs

Since you have planned an entire application at this stage, start creating UIs for each software component. Designs APIs that will be integrated with user interfaces to run an application at the back-end. Visual designs are created to give a look and feel to the application, whereas technical designs represent the application’s technology architecture.

Development

Development is the significant phase of the blockchain development process, where you should be ready to build the blockchain app. In this specific stage, you either have to develop or integrate APIs for particular use cases of the application.

What is CoinEx Smart Chain — CSC

Based on PoS consensus protocol, CoinEx Smart Chain is a decentralized and energy efficient, easy to use blockchain. CSC is also fully compatible with Ethereum virtual machine(EVM) and protocols while supporting high-performance transactions.

CSC makes it easy to build your own decentralized applications. Its the perfect foundation to start building on.

Cost of Developing A Blockchain-Based platform

The cost of blockchain app development depends on the following factors:

Type of Blockchain App you need
The complexity of a Blockchain Project
People involved in developing an app
Third-Party Tool Subscription Costs

1. Type of Blockchain App you require

Every business requires a digital solution to run its business operations efficiently. Building a blockchain app can build trust and transparency while removing additional intermediaries.
Before implementing blockchain technology and estimating its cost, you must understand the type of blockchain app you need.
Also, the cost of a blockchain application varies from industry to industry. For example, you may need an app for supply chain management, healthcare, real estate, education, and many other business domains. The cost of an app will depend on the complexity of the project.

2. The complexity of a Blockchain Project

The complexity of a blockchain project depends on the issues that an application wants to solve.

Here are some examples of blockchain projects based on the complexity level:

Low Complexity Blockchain Apps: Payment apps, Smart Contracts Development App
Medium Complexity Blockchain Apps: dApps developed on blockchain platforms, Semi-decentralized apps, Hybrid blockchain apps, Blockchain dApps
High Complexity Blockchain Apps: Development of Blockchain platform from scratch, A complete decentralized network

3. People involved in developing an app

The cost of blockchain app development also depends on the number of resources required to develop an application. Salaries of blockchain experts are the significant expenses you should not miss when calculating the cost to build an app.
Since blockchain is still in its nascent stages, you won’t find the right blockchain talent easily. While investing in blockchain developers, ensure you have hired the best and added their salaries to the total expense.

4. Third-party Subscription Tools

Your blockchain app might require a subscription to third-party subscription tools such as bug tracking tools, notification services, amazon web services, software monitoring services, and data analytics tools. The cost of subscription tools also contributes to blockchain app development.

How Much Can You Earn Developing A Blockchain-Based Project

This is an estimated breakdown of how much blockchain developers earn on an average based on their skillset.

While estimating the cost to build a blockchain-based platform or application, you need to consider the following scenarios:

Developing a blockchain app with an in-house team
Hiring freelancers for blockchain app development
Hiring blockchain development companies for blockchain app development

Here is an analysis of the estimated cost of blockchain development for a minimum viable product when using different development resources. This is what the developer earns.

AS A BEGINER :

IN-HOUSE DEVELOPER : $500,000

FREELANCER : $30,000 to $50,000

AGENCY : $250,000 to $500,000

AS AN EXPERT :

IN-HOUSE DEVELOPER : $2,000,000

FREELANCER : $50,000 to $90,000

AGENCY : $500,000 to $1,000,000

Working with an in-house team of developers is quite expensive, but it can give you more control over blockchain development. However, you should take this path if software development is your core business. On the other hand, hiring freelance blockchain developers could be less expensive but very risky. Hiring freelancers when the project is small is recommended, but risk factors could increase when a project’s scope grows with time.
Working with a third-party company could be a viable option if your project is enormous. Blockchain companies are experienced and can help you with every development process. Compared to an in-house development team, the cost of blockchain companies is lower.

How Long Does Blockchain development take?

The duration of a blockchain project depends on the application’s requirements. The project is initiated with PoC, which typically takes 2–3 weeks. Once the PoC is done, it takes 4–5 weeks to develop a minimum viable product with bare minimum features.

Launching an application on the mainnet takes around 2–3 months based on the requirements of a client.

If you are looking for a blockchain development partner who can help you develop a blockchain application, im just a message away.

Conclusion

The most important step in building a DApp is picking a solid foundation to start building on, thats why i pick CoinEx Smart Chain — CSC as my choice of blockchain to build on.

CoinEx Smart Chain (CSC) is a smart contract chain that supports up to 101 validators, with shorter time for block generation and lower fees for transactions. CSC has made it completely easy to built on their existing smartchain network, which makes blockchain an easy task for developers. Visit CSC and start blockchain development now

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